Allocation of Excess Amount. For so long as the fee payable to the Portfolio Manager under the Portfolio Management Agreement is equal to 50% of the advisory fee payable to the Investment Manager by a Sub-Advised Fund, the Portfolio Manager shall waive or reduce its portfolio management fee and/or promptly remit to the Investment Manager an amount that is sufficient to pay 50% of any Excess Amount paid to that Sub-Advised Fund by the Investment Manager pursuant to Section 1 of this Agreement. The Investment Manager may offset amounts owed to the Investment Manager pursuant to this Section 3.1 against the portfolio management fee paid to the Portfolio Manager.
Appears in 4 contracts
Samples: Expense Limitation Agreement (Pilgrim Mutual Funds), Expense Limitation Agreement (Nicholas Applegate Mutual Funds), Expense Limitation Agreement (Nicholas Applegate Mutual Funds)
