Common use of Applicable Expense Limit Clause in Contracts

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of such Fund’s business) (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the “Excess Amount”) shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser Advisor (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such Fund’s 's business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act, if any) (“"Fund Operating Expenses”"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the “"Excess Amount”") shall be the liability of the AdviserAdvisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal yearcharacter, including but not limited to investment advisory fees of the Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on related to short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 0000 Xxx) incurred by a Fund in any fiscal year (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1(b) below, such excess amount (the “Excess Amount”) shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser Advisor (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such Fund’s 's business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) (“"Fund Operating Expenses”"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the “"Excess Amount”") shall be the liability of the AdviserAdvisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of such Fund’s business) (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1.b below, such excess amount (the “Excess Amount”) shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal yearcharacter, including but not limited to investment advisory fees of the Adviser (but excluding interest, taxes, brokerage fees and commissions, distribution and shareholder service fees under a distribution plan pursuant to Rule 12b-1 Plans12b-1, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which that are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such Fund’s businessbusiness and acquired fund fees and expenses) incurred by the Fund in any fiscal year (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1(b) below, such excess amount (the “Excess Amount”) shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal yearcharacter, including but not limited to investment advisory fees of the Adviser Advisor (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 0000 Xxx) incurred by the Fund in any fiscal year (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1(b) below, such excess amount (the “Excess Amount”) shall be the liability of the AdviserAdvisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal yearcharacter, including but not limited to investment advisory fees of the Adviser Advisor (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such Fund’s 's business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 0000 Xxx) incurred by the Fund in any fiscal year (“"Fund Operating Expenses”"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1(b) below, such excess amount (the “"Excess Amount”") shall be the liability of the AdviserAdvisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal yearcharacter, including but not limited to investment advisory fees of the Adviser Advisor (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such Fund’s 's business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) incurred by the Fxxx xx xny fiscal year (“"Fund Operating Expenses”"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1(b) below, such excess amount (the “"Excess Amount”") shall be the liability of the AdviserAdvisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal yearcharacter, including but not limited to investment advisory fees of the Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Planstaxes, taxesbrokerage commissions, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such the Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1000 Xxx) incurred by the Fund in any fiscal year (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1(b) below, such excess amount (the “Excess Amount”) shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such Fund’s 's business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act, if any) (“"Fund Operating Expenses”"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the “"Excess Amount”") shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of such Fund’s 's business) (“"Fund Operating Expenses”"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the “"Excess Amount”") shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal yearcharacter, including but not limited to investment advisory fees of the Adviser Advisor (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such a Fund’s business, and amounts, if any, payable pursuant to plans adopted in accordance with Rule 12b-1 under the 0000 Xxx) incurred by a Fund in any fiscal year (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1(b) below, such excess amount (the “Excess Amount”) shall be the liability of the AdviserAdvisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal yearcharacter, including but not limited to investment advisory fees of the Adviser Advisor (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses payments on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1000 Xxx) incurred by a Fund in any fiscal year (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1(b) below, such excess amount (the “Excess Amount”) shall be the liability of the AdviserAdvisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal year, including but not limited to organizational costs and investment advisory management fees of the Adviser Manager (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such Fund’s business's business and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) (“"Fund Operating Expenses”"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the “"Excess Amount”") shall be the liability of the AdviserManager.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal yearcharacter, including but not limited to investment advisory fees of the Adviser Advisor (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses payments on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 0000 Xxx) incurred by a Fund in any fiscal year (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1(b) below, such excess amount (the “Excess Amount”) shall be the liability of the AdviserAdvisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund or a class of a Fund in any fiscal year, including but not limited to investment advisory fees of the Investment Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an Administrative Services Plan, short sale dividend expenses on short salesexpenses, and other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of such the Fund’s 's business) (“"Fund Operating Expenses”"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the “"Excess Amount”") shall be the liability of the Investment Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund or a class of a Fund in any fiscal year, including but not limited to investment advisory fees of the Investment Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an Administrative Services Plan, short sale dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of such the Fund’s 's business) (“"Fund Operating Expenses”"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the “"Excess Amount”") shall be the liability of the Investment Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal yearcharacter, including but not limited to investment advisory fees of the Adviser Advisor (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on related to short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1000 Xxx) incurred by a Fund in any fiscal year (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1(b) below, such excess amount (the “Excess Amount”) shall be the liability of the AdviserAdvisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal yearcharacter, including but not limited to investment advisory fees of the Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such each Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 0000 Xxx) incurred by the Funds in any fiscal year (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1(b) below, such excess amount (the “Excess Amount”) shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal yearcharacter, including but not limited to investment advisory fees of the Adviser Advisor (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such Fund’s 's business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) incurred by the Xxxx xx any fiscal year (“"Fund Operating Expenses”"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1(b) below, such excess amount (the “"Excess Amount”") shall be the liability of the AdviserAdvisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of such Fund’s business) (“"Fund Operating Expenses”"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the “"Excess Amount”") shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal yearcharacter, including but not limited to investment advisory fees of the Adviser Advisor (but excluding interest, distribution fees pursuant to Rule 12b-1 Planstaxes, taxesbrokerage commissions, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such a Fund’s business, and amounts, if any, payable pursuant to plans adopted in accordance with Rule 12b-1 under the 0000 Xxx) incurred by a Fund in any fiscal year (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1(b) below, such excess amount (the “Excess Amount”) shall be the liability of the AdviserAdvisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal yearcharacter, including but not limited to investment advisory fees of the Adviser Advisor (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 0000 Xxx) incurred by a Fund in any fiscal year (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1(b) below, such excess amount (the “Excess Amount”) shall be the liability of the AdviserAdvisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser and acquired fund fees and expenses of the Fund (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses dividends on short salessecurities sold short, and litigation, indemnification, other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such Fund’s business) (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the “Excess Amount”) shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser (but excluding interest, dividend expense on short sales, taxes, brokerage commissions, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of such Fund’s business) (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the “Excess Amount”) shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal yearcharacter, including but not limited to investment advisory fees of the Adviser Advisor (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on related to short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) incurred by a Fund in any fiscal year (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1(b) below, such excess amount (the “Excess Amount”) shall be the liability of the AdviserAdvisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal year, including but not limited to organizational costs and investment advisory management fees of the Adviser Manager (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such Fund’s businessbusiness and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the “Excess Amount”) shall be the liability of the AdviserManager.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of such Fund’s business) (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1.b below, such excess amount (the “Excess Amount”) shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal yearcharacter, including but not limited to investment advisory fees of the Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which that are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such the Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1000 Xxx) incurred by the Fund in any fiscal year (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1(b) below, such excess amount (the “Excess Amount”) shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, and acquired fund fees and expensesexpenses (but excluding interest expense, taxes, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such Fund’s business, and amounts payable pursuant to any plan adopted in accordance with Rule 12b-1 under the 1940 Act) (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the “Excess Amount”) shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal yearcharacter, including but not limited to investment advisory fees of the Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such Fund’s 's business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 0000 Xxx) incurred by the Fund in any fiscal year (“"Fund Operating Expenses”"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1(b) below, such excess amount (the “"Excess Amount”") shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plansbrokerage costs, taxes, acquired fund interest, borrowing costs such as interest and dividend expenses on securities sold short, Acquired Fund fees and expenses, brokerage commissions, dividend and extraordinary expenses on short sales, such as litigation costs and other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of such the Fund’s business) (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1.b below, such excess amount (the “Excess Amount”) shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 12b-l Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of such Fund’s business) (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1.b below, such excess amount (the “Excess Amount”) shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal yearcharacter, including but not limited to investment advisory fees of the Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 0000 Xxx) incurred by the Fund in any fiscal year (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1(b) below, such excess amount (the “Excess Amount”) shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal yearcharacter, including but not limited to investment advisory fees of the Adviser Advisor (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1900 Xxx) incurred by a Fund in any fiscal year (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1(b) below, such excess amount (the “Excess Amount”) shall be the liability of the AdviserAdvisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal year, including but not limited to organizational costs investment advisory management fees of the Adviser Manager, or administration fees of AXA Equitable (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such Fund’s businessbusiness and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the “Excess Amount”) shall be the liability of the AdviserManager or of AXA Equitable, except that AXA Equitable’s liability hereunder shall be limited to the amount of the administration fee paid by each Fund.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Planstaxes, taxesbrokerage commissions, dividends, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of such Fund’s 's business) and expenses for which payment has been made through the use of all or a portion of brokerage commissions (“or markups or markdowns) generated by that Fund ("Fund Operating Expenses”"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the “"Excess Amount”") shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal yearcharacter, including but not limited to investment advisory fees of the Adviser Advisor (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such the Fund’s 's business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) incurred by the Fxxx xx xny fiscal year (“"Fund Operating Expenses”"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1(b) below, such excess amount (the “"Excess Amount”") shall be the liability of the AdviserAdvisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a the Fund in any fiscal year, including but not limited to investment advisory fees of excluding the Adviser (but excluding management fee, incentive fee, interest, expenses incurred under a plan of distribution fees adopted pursuant to Rule 12b-1 Plansunder the 1940 Act, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of such the Fund’s business) (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the “Excess Amount”) shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal year, including but not limited to organizational costs, investment advisory management fees of the Adviser Manager or administration fees of the Administrator (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such Fund’s businessbusiness and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the “Excess Amount”) shall be the liability of the AdviserManager.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal year, including but not limited to organizational costs investment advisory management fees of the Adviser Manager, or administration fees of the Administrator (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such Fund’s businessbusiness and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the “Excess Amount”) shall be the liability of the AdviserManager or of AXA Equitable, except that the Administrator’s liability hereunder shall be limited to the amount of the administration fee paid by each Fund.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a the Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such the Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act, if any) (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the “Excess Amount”) shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act, if any) (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the “Excess Amount”) shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser (but excluding interest, taxes, brokerage commissions, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses expense on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of such Fund’s business) (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the “Excess Amount”) shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend fees and expenses on short salesunder any Rule 12b-1 plan, and other expenditures which are capitalized in accordance with generally accepted accounting principles principles, and other extraordinary expenses not incurred in the ordinary course of such the Fund’s 's business) (“"Fund Operating Expenses”"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the “"Excess Amount”") shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal yearcharacter, including but not limited to investment advisory fees of the Adviser Advisor (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such Fund’s 's business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) incurred by the Fund in any fiscal year (“"Fund Operating Expenses”Operatinx Xxxxxxes"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1(b) below, such excess amount (the “"Excess Amount”") shall be the liability of the AdviserAdvisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal yearcharacter, including but not limited to investment advisory fees of the Adviser Advisor (but excluding interest, distribution fees pursuant to Rule 12b-1 Planstaxes, taxesbrokerage commissions, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such Fund’s a Fund 's business, and amounts, if any, payable pursuant to plans adopted in accordance with Rule 12b-l under the 0000 Xxx) incurred by a Fund in any fiscal year (“"Fund Operating Expenses”"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 l(b) below, such excess amount (the “"Excess Amount”") shall be the liability of the AdviserAdvisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal yearcharacter, including but not limited to investment advisory fees of the Adviser Advisor (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on related to short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such the Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1000 Xxx) incurred by the Fund in any fiscal year (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1(b) below, such excess amount (the “Excess Amount”) shall be the liability of the AdviserAdvisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of such Fund’s 's business) (“"Fund Operating Expenses”"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1.b below, such excess amount (the “"Excess Amount”") shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund the Class A Shares in any fiscal year, including but not limited to investment advisory fees of the Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such Fund’s the Class A Shares' business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act, if any) (“Fund "Class Operating Expenses”"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the “"Excess Amount”") shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser (but excluding interest, taxes, brokerage commissions, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of such Fund’s 's business) (“"Fund Operating Expenses”"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the “"Excess Amount”") shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a the Fund in any fiscal year, including but not limited to investment advisory fees of excluding the Adviser (but excluding management fee, incentive fee, interest, expenses incurred under a plan of distribution fees adopted pursuant to Rule 12b-1 Plansunder the 1940 Act, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of such the Fund’s 's business) (“"Fund Operating Expenses”"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the “"Excess Amount”") shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal yearcharacter, including but not limited to investment advisory fees of the Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such the Fund’s 's business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 0000 Xxx) incurred by the Fund in any fiscal year (“"Fund Operating Expenses”"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1(b) below, such excess amount (the “"Excess Amount”") shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser (but excluding interestdistribution (12b-1) fees, distribution fees pursuant to Rule 12b-1 Plansbrokerage costs, taxes, acquired fund interest, borrowing costs such as interest and dividend expenses on securities sold short, costs to organize the Fund, Acquired Fund fees and expenses, brokerage commissions, dividend and extraordinary expenses on short sales, such as litigation and merger or reorganization costs and other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of such the Fund’s business) (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1.b below, such excess amount (the “Excess Amount”) shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal yearcharacter, including but not limited to investment advisory fees of the Adviser Advisor (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1000 Xxx) incurred by a Fund in any fiscal year (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1(b) below, such excess amount (the “Excess Amount”) shall be the liability of the AdviserAdvisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund brokerage fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles principles, and other extraordinary expenses not incurred in the ordinary course of such Fund’s 's business) ), offset by the amount of revenue to the Fund from securities lending activities of the Fund (“the net amount referred to as "Fund Operating Expenses”"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the “"Excess Amount”") shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal yearcharacter, including but not limited to investment advisory fees of the Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such the Fund’s 's business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) incurred by the Fxxx xx xny fiscal year (“the "Fund Operating Expenses”"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1(b) below, such excess amount (the “"Excess Amount”") shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal yearcharacter, including but not limited to investment advisory fees of the Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on related to short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 0000 Xxx) incurred by the Fund in any fiscal year (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1(b) below, such excess amount (the “Excess Amount”) shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal yearcharacter, including but not limited to investment advisory fees of the Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such the Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1000 Xxx) incurred by the Fund in any fiscal year (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1(b) below, such excess amount (the “Excess Amount”) shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal yearcharacter, including but not limited to investment advisory fees of the Adviser (but excluding interest, taxes, brokerage fees and commissions, distribution and shareholder service fees under a distribution plan pursuant to Rule 12b-1 Plans12b-1, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such Fund’s businessbusiness and acquired fund fees and expenses) incurred by the Fund in any fiscal year (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1(b) below, such excess amount (the “Excess Amount”) shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal yearcharacter, including but not limited to investment advisory fees of the Adviser Advisor (but excluding interestexcept brokerage and other transaction expenses including taxes; extraordinary legal fees or expenses, such as those for litigation or arbitration; extraordinary expenses; and distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 Plans, taxes, acquired fund fees under the 1940 Act) incurred by a Fund from the date hereof up to and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in including the ordinary course of such Fund’s business) Limit Expiration Date (“"Fund Operating Expenses”"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1(b) below, such excess amount (the “"Excess Amount”") shall be the liability of the AdviserAdvisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser Advisor (but excluding interest, distribution fees pursuant to Rule 12b-1 Planstaxes, taxesbrokerage commissions, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the “Excess Amount”) shall be the liability of the Adviser.the

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal year, including but not limited to organizational costs investment advisory management fees of the Adviser Manager, or administration fees of the Administrator (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such Fund’s businessbusiness and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the “Excess Amount”) shall be the liability of the AdviserManager or of AXA Equitable, except that the Administrator’s liability hereunder shall be limited to the amount of the administration fee paid by the Fund.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a the Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such the Fund’s 's business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act, if any) (“"Fund Operating Expenses”"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the “"Excess Amount”") shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short salesinvestment advisory and/or variable performance incentive fees paid to the Advisor, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such Fund’s the Funds' business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) incurred by the Fxxxx xx any fiscal year (“"Fund Operating Expenses”"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1(b) below, such excess amount (the “"Excess Amount”") shall be the liability of the AdviserAdvisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal yearcharacter, including but not limited to investment advisory fees of the Adviser Advisor (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such the Fund’s 's business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 0000 Xxx) incurred by the Fund in any fiscal year (“"Fund Operating Expenses”"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 1(b) below, such excess amount (the “"Excess Amount”") shall be the liability of the AdviserAdvisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every ofevery character incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of such Fund’s business) (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the “Excess Amount”) shall be the liability of the Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and principles, other extraordinary expenses not incurred in the ordinary course of such Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act, if any) (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the “Excess Amount”) shall be the liability of the Adviser.