Common use of SERVICES AS UNDERWRITER Clause in Contracts

SERVICES AS UNDERWRITER. 1.1 Capital will act as principal underwriter for the distribution of the Shares covered by the registration statement, prospectus, and statement of additional information then in effect (the "Registration Statement") under the Securities Act of 1933, as amended (the "1933 Act"), and the Investment Company Act of 1940, as amended (the "1940 Act"). 1.2 Capital agrees to use its best efforts to solicit orders for the sale of the Shares at the public offering price, as determined in accordance with the Registration Statement, and will undertake such advertising and promotion as it believes is reasonable in connection with such solicitation. 1.3 All activities by Capital as underwriter of the Shares shall comply with all applicable laws, rules, and regulations, including, without limitation, all rules and regulations made or adopted by the Securities and Exchange Commission (the "SEC") or by any securities association registered under the Securities Exchange Act of 1934. 1.4 Capital will provide one or more persons during normal business hours to respond to telephone questions concerning the Fund. 1.5 Capital acknowledges that, whenever in the judgment of the Fund's officers such action is warranted for any reason, including, without limitation, market, economic, or political conditions, those officers may decline to accept any orders for, or make any sales of, the Shares until such time as those officers deem it advisable to accept such orders and to make such sales. 1.6 Capital shall be deemed to be an independent contractor and, except as specifically provided or authorized herein, shall have no authority to act for or represent the Fund. Capital will act only on its own behalf as principal should it choose to enter into selling agreements with selected dealers or others. 1.7 In consideration of the services rendered pursuant to this Agreement, the Fund shall pay Capital the proceeds from any contingent deferred sales charges imposed on the redemption of Shares. In addition, Capital may receive dealer reallowances (up to a maximum of 1% of the public offering price) and/or distribution payments and/or service fees on purchases by the Fund of mutual funds which are sold with a sales load and/or which have a distribution plan and/or which pay service fees. ND Holdings, Inc., shall provide Capital with any funds necessary to defray the costs of sales commissions paid to dealers who sell Shares and to reimburse Capital for any costs and expenses it incurs in discharging its responsibilities under this Agreement. 1.8 Capital will bear all expenses in connection with the performance of its services and the incurring of distribution expenses under this Agreement. For purposes of this Agreement, "distribution expenses" of Capital shall mean all expenses borne by Capital or by any other person with which Capital has an agreement approved by the Fund, which expenses represent payment for activities primarily intended to result in the sale of Shares, including, but not limited to, the following: (a) payments made to, and expenses of, persons who provide support services in connection with the distribution of Shares, including, but not limited to, office space and equipment, telephone facilities, answering routine inquiries regarding the Fund, processing shareholder transactions, and providing any other shareholder services; (b) costs relating to the formulation and implementation of marketing and promotional activities, including, but not limited to, direct mail promotions and television, radio, newspaper, magazine, and other mass media advertising; (c) costs of printing and distributing prospectuses and reports of the Fund to prospective shareholders of the Fund; (d) costs involved in preparing, punting, and distributing sales literature pertaining to the Fund; and (e) costs involved in obtaining whatever information, analyses, and reports with respect to marketing and promotional activities that the Fund may, from time to time, deem advisable; except that distribution expenses shall not include any expenditures in connection with services which Capital, any of its affiliates, or any other person has agreed to bear without reimbursement. 1.9 Capital shall prepare and deliver reports to the Treasurer of the Fund and to the Investment Adviser on a regular, at least quarterly, basis, showing the distribution expenses incurred pursuant to this Agreement and the purposes therefor, as well as any supplemental reports as the Directors, from time to time, may reasonably request.

SERVICES AS UNDERWRITER. 1.1 Capital will act as principal underwriter for the distribution of the Shares covered by the registration statement, prospectus, and statement of additional information then in effect (the "Registration Statement") under the Securities Act of 1933, as amended (the "1933 Act"), and the Investment Company Act of 1940, as amended (the "1940 Act"). 1.2 Capital agrees to use its best efforts to solicit orders for the sale of the Shares at the public offering price, as determined in accordance with the Registration Statement, and will undertake such advertising and promotion as it believes is reasonable in connection with such solicitation. 1.3 All activities by Capital as underwriter of the Shares shall comply with all applicable laws, rules, and regulations, including, without limitation, all rules and regulations made or adopted by the Securities and Exchange Commission (the "SEC") or by any securities association registered under the Securities Exchange Act of 1934. 1.4 Capital will provide one or more persons during normal business hours to respond to telephone questions concerning the Fund. 1.5 Capital acknowledges that, whenever in the judgment of the Fund's officers such action is warranted for any reason, including, without limitation, market, economic, or political conditions, those officers may decline to accept any orders for, or make any sales of, the Shares until such time as those officers deem it advisable to accept such orders and to make such sales. 1.6 Capital shall be deemed to be an independent contractor and, except as specifically provided or authorized herein, shall have no authority to act for or represent the Fund. Capital will act only on its own behalf as principal should it choose to enter into selling agreements with selected dealers or others. 1.7 In consideration of the services rendered pursuant to this Agreement, as promptly as is possible after the last day of each month this Agreement is in effect, the Fund shall pay Capital a fee, calculated daily and paid monthly, at the proceeds from any contingent deferred sales charges imposed on the redemption annual rate of Shares. In addition, Capital may receive dealer reallowances (up to a maximum of 10.75% of the public offering price) and/or distribution payments and/or service fees on purchases average daily net assets of the Shares for the prior month. The payment by the Fund of mutual funds which are sold with a sales load and/or which have a distribution plan and/or which pay service fees. ND Holdings, Inc., shall provide Capital with any funds necessary to defray the costs of sales commissions paid to dealers who sell Shares and to reimburse Capital for any costs and expenses it incurs in discharging its responsibilities fees under this AgreementAgreement is authorized pursuant to the Fund's Distribution Plan adopted in accordance with Rule 12b-I under the 1940 Act (the "Plan"). 1.8 Capital will bear all expenses in connection with the performance of its services and the incurring of distribution expenses under this Agreement. For purposes of this Agreement, "distribution expenses" of Capital shall mean all expenses borne by Capital or by any other person with which Capital has an agreement approved by the Fund, which expenses represent payment for activities primarily intended to result in the sale of Shares, including, but not limited to, the following: (a) payments made to, and expenses of, persons who provide support services in connection with the distribution of Shares, including, but not limited to, office space and equipment, telephone facilities, answering routine inquiries regarding the Fund, processing shareholder transactions, and providing any other shareholder services; (b) costs relating to the formulation and implementation of marketing and promotional activities, including, but not limited to, direct mail promotions and television, radio, newspaper, magazine, and other mass media advertising; (c) costs of printing and distributing prospectuses and reports of the Fund to prospective shareholders of the Fund; (d) costs involved in preparing, puntingprinting, and distributing sales literature pertaining to the Fund; and (e) costs involved in obtaining whatever information, analyses, and reports with respect to marketing and promotional activities that the Fund may, from time to time, deem advisable; except that distribution expenses shall not include any expenditures in connection with services which Capital, any of its affiliates, or any other person has agreed to bear without reimbursement. 1.9 Capital shall prepare and deliver reports to the Treasurer of the Fund and to the Investment Adviser on a regular, at least quarterly, basis, showing the distribution expenses incurred pursuant to this Agreement and the Plan and the purposes therefor, as well as any supplemental reports as the Directors, from time to time, may reasonably request.

SERVICES AS UNDERWRITER. 1.1 Capital will act as principal underwriter for the distribution of the Shares covered by the registration statement, prospectus, and statement of additional information then in effect (the "Registration Statement") under the Securities Act of 1933, as amended (the "1933 Act"), and the Investment Company Act of 1940, as amended (the "1940 Act"). 1.2 Capital agrees to use its best efforts to solicit orders for the sale of the Shares at the public offering price, as determined in accordance with the Registration Statement, and will undertake such advertising and promotion as it believes is reasonable in connection with such solicitation. 1.3 All activities by Capital as underwriter of the Shares shall comply with all applicable laws, rules, and regulations, including, without limitation, all rules and regulations made or adopted by the Securities and Exchange Commission (the "SEC") or by any securities association registered under the Securities Exchange Act of 1934. 1.4 Capital will provide one or more persons during normal business hours to respond to telephone questions concerning the Fund. 1.5 Capital acknowledges that, whenever in the judgment of the Fund's officers such action is warranted for any reason, including, without limitation, market, economic, or political conditions, those officers may decline to accept any orders for, or make any sales of, the Shares until such time as those officers deem it advisable to accept such orders and to make such sales. 1.6 Capital shall be deemed to be an independent contractor and, except as specifically provided or authorized herein, shall have no authority to act for or represent the Fund. Capital will act only on its own behalf as principal should it choose to enter into selling agreements with selected dealers or others. 1.7 In consideration Capital shall retain the sales charge resulting from the sale of Fund Shares from which it shall allow discounts from the services rendered pursuant applicable public offering price to this Agreement, investment dealers. The usual discount allowed to dealers is set forth in the Fund shall pay Capital the proceeds from any contingent deferred following table. Upon notice to all dealers with whom it has sales charges imposed on the redemption of Shares. In additionagreements, Capital may receive dealer reallowances (reallow up to a maximum of 1% of the public offering price) and/or distribution payments and/or service fees on purchases by the Fund of mutual funds which are sold with a full applicable sales load and/or which have a distribution plan and/or which pay service fees. ND Holdings, Inc., shall provide Capital with any funds necessary to defray the costs of sales commissions paid to dealers who sell Shares and to reimburse Capital for any costs and expenses it incurs in discharging its responsibilities under this Agreement. 1.8 Capital will bear all expenses in connection with the performance of its services and the incurring of distribution expenses under this Agreement. For purposes of this Agreement, "distribution expenses" of Capital shall mean all expenses borne by Capital or by any other person with which Capital has an agreement approved by the Fund, which expenses represent payment for activities primarily intended to result charge as shown in the sale of Shares, including, but not limited to, the following: (a) payments made totable during periods or for transactions specified in such notice, and expenses of, persons who provide support services in connection with the distribution such reallowances may be based upon attainment of Shares, including, but not limited to, office space and equipment, telephone facilities, answering routine inquiries regarding the Fund, processing shareholder transactions, and providing any other shareholder services; (b) costs relating to the formulation and implementation of marketing and promotional activities, including, but not limited to, direct mail promotions and television, radio, newspaper, magazine, and other mass media advertising; (c) costs of printing and distributing prospectuses and reports of the Fund to prospective shareholders of the Fund; (d) costs involved in preparing, punting, and distributing minimum sales literature pertaining to the Fund; and (e) costs involved in obtaining whatever information, analyses, and reports with respect to marketing and promotional activities that the Fund may, from time to time, deem advisable; except that distribution expenses shall not include any expenditures in connection with services which Capital, any of its affiliates, or any other person has agreed to bear without reimbursementlevels. 1.9 Capital shall prepare and deliver reports to the Treasurer of the Fund and to the Investment Adviser on a regular, at least quarterly, basis, showing the distribution expenses incurred pursuant to this Agreement and the purposes therefor, as well as any supplemental reports as the Directors, from time to time, may reasonably request.

SERVICES AS UNDERWRITER. 1.1 1.1. Capital will act as principal underwriter for the distribution of the Shares covered by the registration statement, prospectus, and statement of additional information then in effect (the "Registration Statement") under the Securities Act of 1933, as amended (the "1933 Act"), and the Investment Company Act of 1940, as amended (the "1940 the"1940 Act"). 1.2 1.2. Capital agrees to use its best efforts to solicit orders for the sale of the Shares at the public offering price, as determined in accordance with the Registration Statement, and will undertake such advertising and promotion as it believes is reasonable in connection with such solicitation. 1.3 1.3. All activities by Capital as underwriter of the Shares shall comply with all applicable laws, rules, and regulations, including, without limitation, all rules and regulations made or adopted by the Securities and Exchange Commission (the "SEC") or by any securities association registered under the Securities Exchange Act of 1934. 1.4 1.4. Capital will provide one or more persons during normal business hours to respond to telephone questions concerning the Fund. 1.5 1.5. Capital acknowledges that, whenever in the judgment of the Fund's officers such action is warranted for any reason, including, without limitation, market, economic, or political conditions, those officers may decline to accept any orders for, or make any sales of, the Shares until such time as those officers deem it advisable to accept such orders and to make such sales. 1.6 1.6. Capital shall be deemed to be an independent contractor and, except as specifically provided or authorized herein, shall have no authority to act for or represent the Fund. Capital will act only on its own behalf as principal should it choose to enter into selling agreements with selected dealers or others. 1.7 1.7. In consideration of the services rendered pursuant to this Agreement, the Fund shall pay Capital the proceeds from any contingent deferred sales charges imposed on the redemption of Shares. In addition, Capital may receive dealer reallowances (up to a maximum of 1% of the public offering price) and/or distribution payments and/or service fees on purchases by the Fund of mutual funds which are sold with a sales load and/or which have a distribution plan and/or which pay service services fees. ND Holdings, Inc., shall provide Capital with any funds necessary to defray the costs of sales commissions paid to dealers who sell Shares and to reimburse Capital for any costs and expenses it incurs in discharging its responsibilities under this Agreement. 1.8 1.8. Capital will bear all expenses in connection with the performance of its services and the incurring of distribution expenses under this Agreement. For purposes of this Agreement, "distribution expenses" of Capital shall mean all expenses borne by Capital or by any other person with which Capital has an agreement approved by the Fund, which expenses represent payment for activities primarily intended to result in the sale of Shares, including, but not limited to, the following: (a) payments made to, and expenses of, persons who provide support services in connection with the distribution of Shares, including, but not limited to, office space and equipment, telephone facilities, answering routine inquiries regarding the Fund, processing shareholder transactions, and providing any other shareholder services; (b) costs relating to the formulation and implementation of marketing and promotional activities, including, but not limited to, direct mail promotions and television, radio, newspaper, magazine, and other mass media advertising; (c) costs of printing and distributing prospectuses and reports of the Fund to prospective shareholders of the Fund; (d) costs involved in preparing, puntingprinting, and distributing sales literature pertaining to the Fund; and (e) costs involved in obtaining whatever information, analyses, and reports with respect to marketing and promotional activities that the Fund may, from time to time, deem advisable; except that distribution expenses shall not include any expenditures in connection with services which Capital, any of its affiliates, or any other person has agreed to bear without reimbursement. 1.9 1.9. Capital shall prepare and deliver reports to the Treasurer of the Fund and to the Investment Adviser on a regular, at least quarterly, basis, basis showing the distribution expenses incurred pursuant to this Agreement and the purposes therefor, as well as any supplemental reports as the Directors, Directors from time to time, time may reasonably request.

SERVICES AS UNDERWRITER. 1.1 Capital IFD will act as principal underwriter for the distribution of the Shares covered by the registration statement, prospectus, and statement of additional information then in effect (the "Registration Statement") under the Securities Act of 1933, as amended (the "1933 Act"), and the Investment Company Act of 1940, as amended (the "1940 Act"). 1.2 Capital IFD agrees to use its best efforts to solicit orders for the sale of the Shares at the public offering price, as determined in accordance with the Registration Statement, and will undertake such advertising and promotion as it believes is reasonable in connection with such solicitation. 1.3 All activities by Capital IFD as underwriter of the Shares shall comply with all applicable laws, rules, and regulations, including, without limitation, all rules and regulations made or adopted by the Securities and Exchange Commission (the "SEC") or by any securities association registered under the Securities Exchange Act of 1934. 1.4 Capital IFD will provide one or more persons during normal business hours to respond to telephone questions concerning the Fund. 1.5 Capital IFD acknowledges that, whenever in the judgment of the Fund's officers such action is warranted for any reason, including, without limitation, market, economic, or political conditions, those officers may decline to accept any orders for, or make any sales of, the Shares until such time as those officers deem it advisable to accept such orders and to make such sales. 1.6 Capital IFD shall be deemed to be an independent contractor and, except as specifically provided or authorized herein, shall have no authority to act for or represent the Fund. Capital IFD will act only on its own behalf as principal should it choose to enter into selling agreements with selected dealers or others. 1.7 In consideration of the services rendered pursuant to this Agreement, the Fund shall pay Capital IFD the proceeds from any contingent deferred sales charges imposed on the redemption of Shares. In addition, Capital IFD may receive dealer reallowances (up to a maximum of 1% of the public offering price) and/or distribution payments and/or service fees on purchases by the Fund of mutual funds which are sold with a sales load and/or which have a distribution plan and/or which pay service fees. ND HoldingsIntegrity Mutual Funds, Inc., shall provide Capital IFD with any funds necessary to defray the costs of sales commissions paid to dealers who sell Shares and to reimburse Capital IFD for any costs and expenses it incurs in discharging its responsibilities under this Agreement. 1.8 Capital IFD will bear all expenses in connection with the performance of its services and the incurring of distribution expenses under this Agreement. For purposes of this Agreement, "distribution expenses" of Capital IFD shall mean all expenses borne by Capital IFD or by any other person with which Capital IFD has an agreement approved by the Fund, which expenses represent payment for activities primarily intended to result in the sale of Shares, including, but not limited to, the following: (a) payments made to, and expenses of, ' persons who provide support services in connection with the distribution of Shares, including, but not limited to, office space and equipment, telephone facilities, answering routine inquiries regarding the Fund, processing shareholder transactions, and providing any other shareholder services; (b) costs relating to the formulation and implementation of marketing and promotional activities, including, but not limited to, direct mail promotions and television, radio, newspaper, magazine, and other mass media advertising; (c) costs of printing and distributing prospectuses and reports of the Fund to prospective shareholders of the Fund; (d) costs involved in preparing, puntingprinting, and distributing sales literature pertaining to the Fund; and; (e) costs involved in obtaining whatever information, analyses, and reports with respect to marketing and promotional activities that the Fund may, from time to time, deem advisable; except that distribution expenses shall not include any expenditures in connection with services which CapitalIFD, any of its affiliates, or any other person has agreed to bear without reimbursement. 1.9 Capital IFD shall prepare and deliver reports to the Treasurer of the Fund and to the Investment Adviser on a regular, at least quarterly, basis, showing the distribution expenses incurred pursuant to this Agreement and the purposes therefortherefore, as well as any supplemental reports as the Directors, from time to time, may reasonably request.

SERVICES AS UNDERWRITER. 1.1 Capital will act as principal underwriter for the distribution of the Shares covered by the registration statement, prospectus, and statement of additional information then in effect (the "Registration Statement") under the Securities Act of 1933, as amended (the "1933 Act"), and the Investment Company Act of 1940, as amended (the "1940 Act"). 1.2 Capital agrees to use its best efforts to solicit orders for the sale of the Shares at the public offering price, as determined in accordance with the Registration Statement, and will undertake such advertising and promotion as it believes is reasonable in connection with such solicitation. 1.3 All activities by Capital as underwriter of the Shares shall comply with all applicable laws, rules, and regulations, including, without limitation, all rules and regulations made or adopted by the Securities and Exchange Commission (the "SEC"') or by any securities association registered under the Securities Exchange Act of 1934. 1.4 Capital will provide one or more persons during normal business hours to respond to telephone questions concerning the Fund. 1.5 Capital acknowledges that, whenever in the judgment of the Fund's officers such action is warranted for any reason, including, without limitation, market, economic, or political conditions, those officers may decline to accept any orders for, or make any sales of, the Shares until such time as those officers deem it advisable to accept such orders and to make such sales. 1.6 Capital shall be deemed to be an independent contractor and, except as specifically provided or authorized herein, shall have no authority to act for or represent the Fund. Capital will act only on its own behalf as principal should it choose to enter into selling agreements with selected dealers or others. 1.7 In consideration of the services rendered pursuant to this Agreement, as promptly as is possible after the last day of each month this Agreement is in effect, the Fund shall pay Capital a fee, calculated daily and paid monthly, at the proceeds from any contingent deferred sales charges imposed on the redemption annual rate of Shares. In addition, Capital may receive dealer reallowances (up to a maximum of 10.75% of the public offering price) and/or distribution payments and/or service fees on purchases average daily net assets of the Shares for the prior month. The payment by the Fund of mutual funds which are sold with a sales load and/or which have a distribution plan and/or which pay service fees. ND Holdings, Inc., shall provide Capital with any funds necessary to defray the costs of sales commissions paid to dealers who sell Shares and to reimburse Capital for any costs and expenses it incurs in discharging its responsibilities fees under this AgreementAgreement is authorized pursuant to the Fund's Distribution Plan adopted in accordance with Rule 12b-1 under the 1940 Act (the "Plan"). 1.8 Capital will bear all expenses in connection with the performance of its services and the incurring of distribution expenses under this Agreement. For purposes of this Agreement, "distribution expenses" of Capital shall mean all expenses borne by Capital or by any other person with which Capital has an agreement approved by the Fund, which expenses represent payment for activities primarily intended to result in the sale of Shares, including, but not limited to, the following: (a) payments made to, and expenses of, persons who provide support services in connection with the distribution of Shares, including, but not limited to, office space and equipment, telephone facilities, answering routine inquiries regarding the Fund, processing shareholder transactions, and providing any other shareholder services; (b) costs relating to the formulation and implementation of marketing and promotional activities, including, but not limited to, direct mail promotions and television, radio, newspaper, magazine, and other mass media advertising; (c) costs of printing and distributing prospectuses and reports of the Fund to prospective shareholders of the Fund; (d) costs involved in preparing, puntingprinting, and distributing sales literature pertaining to the Fund; and (e) costs involved in obtaining whatever information, analyses, and reports with respect to marketing and promotional activities that the Fund may, from time to time, deem advisable; except that distribution expenses shall not include any expenditures in connection with services which Capital, any of its affiliates, or any other person has agreed to bear without reimbursement. 1.9 Capital shall prepare and deliver reports to the Treasurer of the Fund and to the Investment Adviser on a regular, at least quarterly, basis, showing the distribution expenses incurred pursuant to this Agreement and the Plan and the purposes therefor, as well as any supplemental reports as the Directors, from time to time, may reasonably request.