Common use of Services of Distributor Clause in Contracts

Services of Distributor. (a) The Distributor will act as agent for the distribution of Series Fund shares in accordance with the prospectus and Statement of Additional Information (collectively, the “Prospectus”) of the Series Fund. The Distributor shall not be obligated to make any payment to any entity in connection with such distribution activities nor obligated to offer any such shares to the public. (b) The Distributor will act as principal underwriter and distributor of Series Fund shares in compliance with all applicable laws, rules, and regulations, including, without limitation, all rules and regulations made or adopted from time to time by the Securities and Exchange Commission (the “SEC”) and the NASD. (c) The Series Fund agrees to make its shares available on those days on which the Series Fund calculates its net asset value pursuant to SEC rules. Notwithstanding the foregoing, the Series Fund may refuse to sell shares of any Fund to any person, or suspend or terminate the offering of shares of any Fund if such action is required by law or by regulatory authorities having jurisdiction or is, in the sole discretion of the Board of Directors of the Series Fund acting in good faith and in light of their fiduciary duties, necessary or in the best interests of the shareholders of such Fund. The Series Fund agrees to notify the Distributor if and when it has determined to refuse to sell shares of any Fund. The right to redeem shares or to receive payment with respect to any redemption may be suspended only in accordance with SEC rules.

Services of Distributor. (a) The Distributor will act as agent for the distribution of Series Fund shares in accordance with the prospectus and Statement of Additional Information (collectively, the “"Prospectus”") of the Series Fund. The Distributor shall not be obligated to make any payment to any entity in connection with such distribution activities nor obligated to offer any such shares to the public. (b) The Distributor will act as principal underwriter and distributor of Series Fund shares in compliance with all applicable laws, rules, and regulations, including, 2 without limitation, all rules and regulations made or adopted from time to time by the Securities and Exchange Commission (the “"SEC”") and the NASD. (c) The Series Fund agrees to make its shares available on those days on which the Series Fund calculates its net asset value pursuant to SEC rules. Notwithstanding the foregoing, the Series Fund may refuse to sell shares of any Fund to any person, or suspend or terminate the offering of shares of any Fund if such action is required by law or by regulatory authorities having jurisdiction or is, in the sole discretion of the Board of Directors of the Series Fund acting in good faith and in light of their fiduciary duties, necessary or in the best interests of the shareholders of such Fund. The Series Fund agrees to notify the Distributor if and when it has determined to refuse to sell shares of any Fund. The right to redeem shares or to receive payment with respect to any redemption may be suspended only in accordance with SEC rules.