Common use of Share Purchases Eligibility to Receive Distributions Clause in Contracts

Share Purchases Eligibility to Receive Distributions. (a) Shares shall be issued to investors at the net asset value next determined after FFC receives a completed purchase order. (b) A purchase order shall be complete when FFC receives: (1) an instruction directing investment in a Series or Class of a Series of the Fund; (2) a check or wire in the amount designated in the instruction; and, (3) in the case of an initial purchase, a completed account application; or, (4) the information required for purchases pursuant to a selected dealer agreement, processing organization agreement, or a similar contract with a financial intermediary. (c) Shares issued after receipt of a completed purchase order shall be eligible to receive dividend and capital gain distributions: (1) in the case of Series that do not declare dividends daily, on the next Fund Business Day after FFC receives the completed purchase order; (2) in the case of Series that are money market funds, on the same Fund Business Day as FFC receives Federal Funds; and, (3) in the case of Series, other than money market funds, that declare dividends daily, on the next Fund Business Day after FFC receives Federal Funds. (d) Shareholder payments shall be considered Federal Funds no later than on the day indicated below unless such other times shall be noted in a Prospectus: (1) for a wire received, at the time of the receipt of the wire; (2) for a check drawn on a member bank of the Federal Reserve System and received prior to 12:00 noon, Eastern time on a Fund Business Day, on the Fund Business Day following receipt; (3) for a check drawn on a member bank of the Federal Reserve System and received at or after 12:00 noon, Eastern time on a Fund Business Day, on the second Fund Business Day following receipt; and (4) for a check drawn on an institution that is not a member of the Federal Reserve System, at such time as the Transfer Agent actually receives Federal funds in respect of that check.

Share Purchases Eligibility to Receive Distributions. (a) Shares shall be issued to investors at the net asset value next determined after FFC receives a completed purchase order. (b) A purchase order shall be complete when FFC receives: (1i) an instruction directing investment in a Series or Class of a Series of the FundTrust; (2ii) a check or wire in the amount designated in the instruction; and, (3iii) in the case of an initial purchase, a completed account application; or, (4iv) the information required for purchases pursuant to a selected dealer agreement, processing organization agreement, or a similar contract with a financial intermediary. (c) Shares issued after receipt of a completed purchase order shall be eligible to receive dividend and capital gain distributions: (1i) in the case of Series that do not declare dividends daily, on the next Fund Business Day after FFC receives the completed purchase order; (2ii) in the case of Series that are money market funds, on the same Fund Business Day as FFC receives Federal Funds; and, (3iii) in the case of Series, other than money market funds, that declare dividends daily, on the next Fund Business Day after FFC receives Federal Funds. (d) Shareholder payments shall be considered Federal Funds no later than on the day indicated below unless such other times shall be noted in a Prospectus: (1i) for a wire received, at the time of the receipt of the wire; (2ii) for a check drawn on a member bank of the Federal Reserve System and received prior to 12:00 noon., Eastern time Time on a Fund Business Day, on the Fund Business Day following receipt; (3iii) for a check drawn on a member bank of the Federal Reserve System and received at or after 12:00 noon., Eastern time on a Fund Business Day, on the second Fund Business Day following receipt; and (4iv) for a check drawn on an institution that is not a member of the Federal Reserve System, at such time as the Transfer Agent actually receives Federal funds Funds in respect of that check.