Common use of Administrative Service Fee Clause in Contracts

Administrative Service Fee. For the services, the Insurance Parties or their affiliate shall receive a fee of 0.25% per annum of the average aggregate daily net asset value of shares of the Designated Portfolio(s) held in the Accounts, payable by the Distributor directly to the Insurance Parties or their affiliate. Such fee shall be paid in arrears quarterly. Each quarterly fee will be determined based on average assets in the Accounts for each quarter and each quarterly fee will be independent of every other quarterly fee. Such fee shall be due and payable automatically within 30 (thirty) days upon receipt of invoice from the Insurance Parties. The fee shall be calculated by the Insurance Parties or their designee and invoiced to the Distributor. The Insurance Parties will verify the asset balance for each day on which the fee is to be paid pursuant to this Agreement with respect to each Designated Portfolio.