Common use of SEVENTH Clause in Contracts

SEVENTH. The Distributor shall act as agent of the Company on behalf of each Fund in connection with the sale and redemption of Class B Shares. Except with respect to such sales and repurchases, the Distributor shall act as principal in all matters relating to the promotion or the sale of Class B Shares and shall enter into all of its own engagements, agreements and contracts as principal on its own account. The Distributor shall enter into agreements with investment dealers and financial institutions selected by the Distributor, authorizing such investment dealers and financial institutions to offer and sell Class B Shares to the public upon the terms and conditions set forth therein, which shall not be inconsistent with the provisions of this Agreement. Each agreement shall provide that the investment dealer and financial institution shall act as a principal, and not as an agent, of the Company on behalf of the Funds. The Distributor or such other investment dealers or financial institutions will be deemed to have performed all services required to be performed in order to be entitled to receive the asset based sales charge portion of any amounts payable with respect to Class B Shares to the Distributor pursuant to the Plan and Agreement adopted by the Company on behalf of each Fund upon the settlement of each sale of a Class B Share (or a share of another fund from which the Class B Share derives).

SEVENTH. The Distributor shall act as agent of the Company on behalf of each Fund in connection with the sale and redemption of Class B Shares. Except with respect to such sales and repurchasesredemptions, the Distributor shall act as principal in all matters relating to the promotion or the sale of Class B Shares and shall enter into all of its own engagements, agreements and contracts as principal on its own account. The Distributor shall enter into agreements with investment dealers and financial institutions selected by the Distributor, authorizing such investment dealers and financial institutions to offer and sell Class B Shares to the public upon the terms and conditions set forth therein, which shall not be inconsistent with the provisions of this Agreement. Each agreement shall provide that the investment dealer and financial institution shall act as a principal, and not as an agent, of the Company on behalf of the Funds. The Distributor or such other investment dealers or financial institutions will be deemed to have performed all services required to be performed in order to be entitled to receive the asset based sales charge portion of any amounts payable with respect to Class B Shares to the Distributor pursuant to the Plan and Agreement adopted by the Company on behalf of each Fund upon the settlement of each sale of a Class B Share (or a share of another fund from which the Class B Share derives).