Short-Term Redemption Fee Sample Clauses

Short-Term Redemption Fee. (1) The Trustee may determine in its discretion that the Fund may charge a short-term redemption fee to a holder of Units payable to the Fund in respect of the redemption of Units which are redeemed within 90 days (or such other period of time as the Trustee may from time to time determine) of the purchase of such Units and/or with respect to multiple transfers among Palos mutual funds, and if the Trustee determines that the Fund may charge such fee, the amount of the fee and the circumstances in which the fee is payable shall be determined from time to time by the Trustee. (2) Fees charged will be paid directly to the Fund, and are designed to deter excessive trading and offset its associated costs. For the purposes of determining whether a fee applies, the Trustee will consider the Units that were held the longest to be the Units which are redeemed first. The fee will not apply in certain circumstances, including: (a) redemptions of Units purchased by the reinvestment of distributions; (b) reclassification of Units from one Series to another Series of the Fund; or (c) redemptions initiated by the Trustee.