Common use of Allocation of Costs and Expenses Clause in Contracts

Allocation of Costs and Expenses. The Company shall bear all costs and expenses for the administration of its business and shall reimburse the Administrator for any such costs and expenses which have been paid by the Administrator on behalf of the Company on the terms and conditions set forth in Section 6. These costs and expenses shall include, but not be limited to: (a) office administration; (b) allocable portion of expenses and rent pertaining to the Administrator’s duties performed hereunder; (c) allocable portion of salaries, rent and expenses, including board meeting travel expenses, of executive officers of the Administrator also serving in the capacity of chief financial officer and chief compliance officer; (d) costs associated with the monitoring and preparation of regulatory reporting, including registration amendments, prospectus supplements, and tax reporting,; (e) costs and expenses related to preparation for, and conducting of, Board of Director and annual shareholder meetings, secretarial services, oversight of corporate calendar, shareholder and director communications and services; (f) soliciting and oversight of risk management protocols, including fidelity bond, and director and officers insurance policies; (g) coordination and oversight of service provider activities and the direct cost of such contractual matters related thereto; and (h) Coordination and oversight of audits, regulatory inquiries, certifications and sub-certifications. The Administrator shall use commercially reasonable efforts to prepare, prior to each fiscal year end of the Company, an estimated budget for anticipated costs and expenses related hereunder in such form and substance as shall be requested by the Board of Directors. The Company acknowledges that this estimated budget is for reporting purposes only and it shall remain obligated to reimburse the Administrator, subject to the limitations below, for any costs and expenses which may exceed the initial or any amended budget as approved by the Board of Directors (the “Approved Budget”). The Administrator shall obtain subsequent approval from the Board of Directors prior to incurring any material expense not otherwise specified in the Approved Budget. For purposes of this section, “material expense” shall mean any expense which individually or as a series of related expenses, exceeds $50,000 or 5%, whichever is greater, of the Approved Budget. The Administrator acknowledges that it shall be responsible to ensure that (i) any reimbursement to the Company’s investment advisers and/or sub-advisers, or any other person for deferred Organization and Offering Expenses, including any interest thereon, if any, shall not exceed the 18% limitation on Front End Fees (as defined in the Articles of Incorporation), regardless of the source of payment, and (ii) the percentage of gross proceeds of any offering committed to investment shall be at least eighty-two percent (82%). All items of compensation to underwriters or dealers, including, but not limited to, selling commissions, expenses, rights of first refusal, consulting fees, finders’ fees and all other items of compensation of any kind or description paid by the Company, directly or indirectly, shall be taken into consideration in computing the amount of allowable Front End Fees.

Allocation of Costs and Expenses. The Each Company shall bear all costs and expenses for the administration of its business and shall reimburse the Administrator for any such costs and expenses which that have been paid incurred by the Administrator on behalf of the such Company on the terms and conditions set forth in Section 65. These costs and expenses shall include, but not be limited to:: 3 (a) office administration; ; (b) allocable portion of expenses and rent pertaining to the Administrator’s duties performed hereunder; ; (c) allocable portion of salaries, rent and expenses, including board meeting travel expenses, of executive officers of the Administrator also serving in the capacity of chief financial officer and chief compliance officer; officer of each Company (subject to approval by a majority of the Independent Trustees); (d) costs associated with the monitoring and preparation of regulatory reporting, including registration statement amendments, prospectus supplements, and tax reporting,; ; (e) costs and expenses related to preparation for, and conducting of, Board board of Director trustees and annual shareholder meetings, secretarial services, oversight of corporate calendar, shareholder and director trustee communications and services; ; (f) costs and expenses related to soliciting and oversight of risk management protocols, including fidelity bondbonds, and director trustees and officers insurance policies; ; (g) costs and expenses related to coordination and oversight of service provider activities and the direct cost of such contractual matters related thereto; and and (h) Coordination costs and expenses related to preparation of all financial statements and the coordination and oversight of audits, regulatory inquiries, certifications and sub-certifications. The Administrator shall use commercially reasonable efforts to prepare, prior to each fiscal year end of the a Company, an estimated budget for anticipated costs and expenses related hereunder in such form and substance as shall be requested by the Board of DirectorsBoards. The Each Company acknowledges that this estimated budget is for reporting purposes only and it shall remain obligated to reimburse the Administrator, subject to the limitations below, for any costs and expenses which that may exceed the initial or any amended budget as approved by the Board of Directors Boards (the “Approved Budget”). The Administrator shall obtain subsequent approval from the Board of Directors Boards prior to incurring any material expense not otherwise specified in the Approved Budget. For purposes of this section, “material expense” shall mean any expense which individually or as a series of related expenses, exceeds the greater of (i) $50,000 or (ii) 5%, whichever is greater, % of the Approved Budget. The Administrator acknowledges that it shall be responsible to ensure for ensuring that (i) any reimbursement to the Master Company’s investment advisers adviser and/or sub-advisersadviser, or any other person for deferred Organization and Offering Expenses, including any interest thereon, if any, shall not exceed the eighteen percent (18% %) limitation on Front End Fees (as defined in the Articles each Company’s Declaration of IncorporationTrust), regardless of the source of payment, and (ii) the percentage of gross proceeds of any offering committed to investment shall be at least eighty-two percent (82%). All items of compensation to underwriters or dealers, including, but not limited to, selling commissions, expensestrailing commissions (i.e., rights of first refusaldistribution and shareholder service fees), consulting fees, finders’ fees and all other items of compensation of any kind or description paid by the a Company, directly or indirectly, shall be taken into consideration in computing the amount of allowable Front End Fees.

Allocation of Costs and Expenses. The Each Company shall bear all costs and expenses for the administration of its business and shall reimburse the Administrator for any such costs and expenses which that have been paid incurred by the Administrator on behalf of the Company on the terms and conditions set forth in Section 65. These costs and expenses shall include, but not be limited to: (a) office administration; (b) allocable portion of expenses and rent pertaining to the Administrator’s duties performed hereunder; (c) allocable portion of salaries, rent and expenses, including board meeting travel expenses, of executive officers of the Administrator also serving in the capacity of chief financial officer and chief compliance officerofficer of the Company (subject to approval by a majority of the Independent Trustees); (d) costs associated with the monitoring and preparation of regulatory reporting, including registration statement amendments, prospectus supplements, and tax reporting,; (e) costs and expenses related to preparation for, and conducting of, Board of Director Trustees and annual shareholder meetings, secretarial services, oversight of corporate calendar, shareholder and director communications and services; (f) costs and expenses related to soliciting and oversight of risk management protocols, including fidelity bond, and director and officers insurance policies; (g) costs and expenses related to coordination and oversight of service provider activities and the direct cost of such contractual matters related thereto; and (h) Coordination costs and expenses related to preparation of all financial statements and the coordination and oversight of audits, regulatory inquiries, certifications and sub-certifications. The Administrator shall use commercially reasonable efforts to prepare, prior to each fiscal year end of the a Company, an estimated budget for anticipated costs and expenses related hereunder in such form and substance as shall be requested by the Board of DirectorsTrustees of the Company. The Each Company acknowledges that this estimated budget is for reporting purposes only and it shall remain obligated to reimburse the Administrator, subject to the limitations below, for any costs and expenses which that may exceed the initial or any amended budget as approved by the Board of Directors Trustees (the “Approved Budget”). The Administrator shall obtain subsequent approval from the Board of Directors Trustees of a Company prior to incurring any material expense not otherwise specified in the Approved Budget. For purposes of this section, “material expense” shall mean any expense which individually or as a series of related expenses, exceeds the greater of (i) $50,000 or (ii) 5%, whichever is greater, % of the Approved Budget. The Administrator acknowledges that it shall be responsible to ensure for ensuring that (i) any reimbursement to the Master Company’s investment advisers adviser and/or sub-advisersadviser, or any other person for deferred Organization and Offering Expenses, including any interest thereon, if any, shall not exceed the eighteen percent (18% %) limitation on Front End Fees (as defined in the Articles Company’s Declaration of IncorporationTrust), regardless of the source of payment, and (ii) the percentage of gross proceeds of any offering committed to investment shall be at least eighty-two percent (82%). All items of compensation to underwriters or dealers, including, but not limited to, selling commissions, expensestrailing commissions (i.e., rights of first refusaldistribution and shareholder service fees), consulting fees, finders’ fees and all other items of compensation of any kind or description paid by the a Company, directly or indirectly, shall be taken into consideration in computing the amount of allowable Front End Fees.

Allocation of Costs and Expenses. The Each Company shall bear all costs and expenses for the administration of its business and shall reimburse the Administrator for any such costs and expenses which that have been paid incurred by the Administrator on behalf of the such Company on the terms and conditions set forth in Section 65. These costs and expenses shall include, but not be limited to: (a) office administration; (b) allocable portion of expenses and rent pertaining to the Administrator’s duties performed hereunder; (c) allocable portion of salaries, rent and expenses, including board meeting travel expenses, of executive officers of the Administrator also serving in the capacity of chief financial officer and chief compliance officerofficer of each Company (subject to approval by a majority of the Independent Trustees); (d) costs associated with the monitoring and preparation of regulatory reporting, including registration statement amendments, prospectus supplements, and tax reporting,; (e) costs and expenses related to preparation for, and conducting of, Board board of Director trustees and annual shareholder meetings, secretarial services, oversight of corporate calendar, shareholder and director trustee communications and services; (f) costs and expenses related to soliciting and oversight of risk management protocols, including fidelity bondbonds, and director trustees and officers insurance policies; (g) costs and expenses related to coordination and oversight of service provider activities and the direct cost of such contractual matters related thereto; and (h) Coordination costs and expenses related to preparation of all financial statements and the coordination and oversight of audits, regulatory inquiries, certifications and sub-certifications. The Administrator shall use commercially reasonable efforts to prepare, prior to each fiscal year end of the a Company, an estimated budget for anticipated costs and expenses related hereunder in such form and substance as shall be requested by the Board of DirectorsBoards. The Each Company acknowledges that this estimated budget is for reporting purposes only and it shall remain obligated to reimburse the Administrator, subject to the limitations below, for any costs and expenses which that may exceed the initial or any amended budget as approved by the Board of Directors Boards (the “Approved Budget”). The Administrator shall obtain subsequent approval from the Board of Directors Boards prior to incurring any material expense not otherwise specified in the Approved Budget. For purposes of this section, “material expense” shall mean any expense which individually or as a series of related expenses, exceeds the greater of (i) $50,000 or (ii) 5%, whichever is greater, % of the Approved Budget. The Administrator acknowledges that it shall be responsible to ensure for ensuring that (i) any reimbursement to the Master Company’s investment advisers adviser and/or sub-advisersadviser, or any other person for deferred Organization and Offering Expenses, including any interest thereon, if any, shall not exceed the 18% fifteen percent (15%) limitation on Front End Fees (as defined in the Articles each Company’s Declaration of IncorporationTrust), regardless of the source of payment, and (ii) the percentage of gross proceeds of any offering committed to investment shall be at least eighty-two five percent (8285%). All items of compensation to underwriters or dealers, including, but not limited to, selling commissions, expensestrailing commissions (i.e., rights of first refusaldistribution and shareholder service fees), consulting fees, finders’ fees and all other items of compensation of any kind or description paid by the a Company, directly or indirectly, shall be taken into consideration in computing the amount of allowable Front End Fees.

Allocation of Costs and Expenses. The Each Company shall bear all costs and expenses for the administration of its business and shall reimburse the Administrator for any such costs and expenses which that have been paid incurred by the Administrator on behalf of the such Company on the terms and conditions set forth in Section 65. These costs and expenses shall include, but not be limited to: 4 (a) office administration; ; (b) allocable portion of expenses and rent pertaining to the Administrator’s duties performed hereunder; ; (c) allocable portion of salaries, rent and expenses, including board meeting travel expenses, of executive officers of the Administrator also serving in the capacity of chief financial officer and chief compliance officer; officer of each Company (subject to approval by a majority of the Independent Trustees); (d) costs associated with the monitoring and preparation of regulatory reporting, including registration statement amendments, prospectus supplements, and tax reporting,; ; (e) costs and expenses related to preparation for, and conducting of, Board board of Director trustees and annual shareholder meetings, secretarial services, oversight of corporate calendar, shareholder and director trustee communications and services; ; (f) costs and expenses related to soliciting and oversight of risk management protocols, including fidelity bondbonds, and director trustees and officers insurance policies; ; (g) costs and expenses related to coordination and oversight of service provider activities and the direct cost of such contractual matters related thereto; and and (h) Coordination costs and expenses related to preparation of all financial statements and the coordination and oversight of audits, regulatory inquiries, certifications and sub-certifications. The Administrator shall use commercially reasonable efforts to prepare, prior to each fiscal year end of the a Company, an estimated budget for anticipated costs and expenses related hereunder in such form and substance as shall be requested by the Board of DirectorsBoards. The Each Company acknowledges that this estimated budget is for reporting purposes only and it shall remain obligated to reimburse the Administrator, subject to the limitations below, for any costs and expenses which that may exceed the initial or any amended budget as approved by the Board of Directors Boards (the “Approved Budget”). The Administrator shall obtain subsequent approval from the Board of Directors Boards prior to incurring any material expense not otherwise specified in the Approved Budget. For purposes of this section, “material expense” shall mean any expense which individually or as a series of related expenses, exceeds the greater of (i) $50,000 or (ii) 5%, whichever is greater, % of the Approved Budget. The Administrator acknowledges that it shall be responsible to ensure for ensuring that (i) any reimbursement to the Master Company’s investment advisers adviser and/or sub-advisersadviser, or any other person for deferred Organization and Offering Expenses, including any interest thereon, if any, shall not exceed the eighteen percent (18% %) limitation on Front End Fees (as defined in the Articles each Company’s Declaration of IncorporationTrust), regardless of the source of payment, and (ii) the percentage of gross proceeds of any offering committed to investment shall be at least eighty-two percent (82%). All items of compensation to underwriters or dealers, including, but not limited to, selling commissions, expensestrailing commissions (i.e., rights of first refusaldistribution and shareholder service fees), consulting fees, finders’ fees and all other items of compensation of any kind or description paid by the a Company, directly or indirectly, shall be taken into consideration in computing the amount of allowable Front End Fees.

Allocation of Costs and Expenses. The Company shall bear all costs and expenses for the administration of its business and shall reimburse the Administrator for any such costs and expenses which have been paid by the Administrator on behalf of the Company on the terms and conditions set forth in Section 6. These costs and expenses shall include, but not be limited to: (a) office administration; (b) allocable portion of expenses and rent pertaining to the Administrator’s duties performed hereunder; (c) allocable portion of salaries, rent and expenses, including board meeting travel expenses, of executive officers of the Administrator also serving in the capacity of chief financial officer and chief compliance officer; (d) costs associated with the monitoring and preparation of regulatory reporting, including registration amendments, prospectus supplements, and tax reporting,; (ed) costs and expenses related to preparation for, and conducting of, Board of Director Trustee and annual shareholder meetings, secretarial services, oversight of corporate calendar, shareholder and director communications and services; (fe) soliciting and oversight of risk management protocols, including fidelity bond, and director and officers insurance policies; (gf) coordination and oversight of service provider activities and the direct cost of such contractual matters related thereto; and (hg) Coordination and oversight of audits, regulatory inquiries, certifications and sub-certifications. The Administrator shall use commercially reasonable efforts to prepare, prior to each fiscal year end of the Company, an estimated budget for anticipated costs and expenses related hereunder in such form and substance as shall be requested by the Board of DirectorsTrustees. The Company acknowledges that this estimated budget is for reporting purposes only and it shall remain obligated to reimburse the Administrator, subject to the limitations below, for any costs and expenses which may exceed the initial or any amended budget as approved by the Board of Directors Trustees (the “Approved Budget”). The Administrator shall obtain subsequent approval from the Board of Directors Trustees prior to incurring any material expense not otherwise specified in the Approved Budget. For purposes of this section, “material expense” shall mean any expense which individually or as a series of related expenses, exceeds $50,000 or 5%, whichever is greater, of the Approved Budget. The Administrator acknowledges that it shall be responsible to ensure that (i) any reimbursement to the Company’s investment advisers and/or sub-advisers, or any other person for deferred Organization and Offering Expenses, including any interest thereon, if any, shall not exceed the 18% limitation on Front End Fees (as defined in the Articles Declaration of IncorporationTrust), regardless of the source of payment, and (ii) the percentage of gross proceeds of any offering committed to investment shall be at least eighty-two percent (82%). All items of compensation to underwriters or dealers, including, but not limited to, selling commissions, expenses, rights of first refusal, consulting fees, finders’ fees and all other items of compensation of any kind or description paid by the Company, directly or indirectly, shall be taken into consideration in computing the amount of allowable Front End Fees.