Common use of OFFERING OF SHARES Clause in Contracts

OFFERING OF SHARES. (a) The Distributor shall have the right to buy from the Trust the Shares needed to fill unconditional orders for unsold Shares of the Funds as shall then be effectively registered under the Securities Act placed with the Distributor by investors or selected dealers or selected agents (each as defined in Section 11 hereof) acting as agent for their customers or on their own behalf. Alternatively, the Distributor may act as the Trust's agent, to offer, and to solicit offers to subscribe to, unsold Shares of the Funds as shall then be effectively registered under the Securities Act. The Distributor will promptly forward all orders and subscriptions to the Trust. The price that the Distributor shall pay for Shares purchased from the Trust shall be the net asset value per Share, determined as set forth in Section 3(c) hereof, used in determining the public offering price on which the orders are based. Shares purchased by the Distributor are to be resold by the Distributor to investors at the public offering price, as set forth in Section 3(b) hereof, or to selected dealers or selected agents acting as agent for their customers that have entered into agreements with the Distributor pursuant to Section 11 hereof or acting on their own behalf. The Trust reserves the right to sell Shares directly to investors through subscriptions received by the Trust, but no such direct sales shall affect the sales charges due to the Distributor hereunder.

OFFERING OF SHARES. (a) The Distributor Foreside shall have the right to buy from the Trust the Shares needed to fill unconditional orders for unsold Shares of the Funds as shall then be effectively registered under the Securities Act placed with the Distributor Foreside by investors or selected dealers or selected agents (each as defined in Section 11 hereof) acting as agent for their customers or on their own behalf. Alternatively, the Distributor Foreside may act as the Trust's agent, to offer, and to solicit offers to subscribe to, unsold Shares of the Funds as shall then be effectively registered under the Securities Act. The Distributor Foreside will promptly forward all orders and subscriptions to the Trust. The price that the Distributor Foreside shall pay for Shares purchased from the Trust shall be the net asset value per Share, determined as set forth in Section 3(c) hereof, used in determining the public offering price on which the orders are based. Shares purchased by the Distributor Foreside are to be resold by the Distributor Foreside to investors at the public offering price, as set forth in Section 3(b) hereof, or to selected dealers or selected agents acting as agent for their customers that have entered into agreements with the Distributor Foreside pursuant to Section 11 hereof or acting on their own behalf. The Trust reserves the right to sell Shares directly to investors through subscriptions received by the Trust, but no such direct sales shall affect the sales charges due to the Distributor Foreside hereunder.

OFFERING OF SHARES. (a) The Distributor Underwriter shall have the right to buy from the Trust Fund the Shares needed to fill unconditional orders for unsold Shares of the Funds Portfolios as shall then be effectively registered under the Securities Act placed with the Distributor Underwriter by investors or selected dealers Selected Dealers or selected agents Selected Agents (each as defined in Section 11 10 hereof) acting as agent for their customers customer or on their own behalf. Alternatively, the Distributor Underwriter may act as the TrustFund's agent, to offer, and to solicit offers to subscribe to, unsold Shares of the Funds Portfolios as shall then be effectively registered under the Securities Act. The Distributor Underwriter will promptly forward all orders and subscriptions to the TrustFund. The price that the Distributor Underwriter shall pay for Shares purchased from the Trust Fund shall be the net asset value per Share, determined as set forth in Section 3(c2(c) hereof, used in determining the public offering price on which the orders are based. Shares purchased by the Distributor Underwriter are to be resold by the Distributor Underwriter to investors at the public offering price, as set forth in Section 3(b2(b) hereof, or to selected dealers Selected Dealers or selected agents Selected Agents acting as agent for their customers that have entered into agreements with the Distributor Underwriter pursuant to Section 11 10 hereof or acting on their own behalf. The Trust Fund reserves the right to sell Shares directly to investors through subscriptions received by the TrustFund, but no such direct sales shall affect the sales charges due to the Distributor Underwriter hereunder.