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, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under 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 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 (but excluding interest, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act, taxes, acquired fund brokerage fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which that are capitalized in accordance with generally accepted accounting principles principles, acquired fund fees and expenses, 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, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under 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 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 year, including but not limited to investment advisory fees of the Adviser Advisor (but excluding interest, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short salessecurities sold short, 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 Advisor (but excluding interest, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under 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 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 year, including but not limited to investment advisory fees of the Adviser (but excluding interest, expenses incurred under a plan of borrowing expenses, distribution adopted fees pursuant to Rule 12b-1 under the 1940 ActPlans, taxes, acquired fund fees and expenses, brokerage fees and commissions, dividend expenses on short sales, and other litigation expenses, expenditures which are capitalized in accordance with generally accepted accounting principles and 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 the Fund in any fiscal year, including but not limited to investment advisory fees of the Investment Adviser (but excluding interest, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short salesRule 12b-1 fees, fees paid pursuant to an Administrative Services Plan 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 the Funds in any fiscal year, including but not limited to investment advisory fees of the Adviser (but excluding interest, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under 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 principles, other extraordinary expenses not incurred in the ordinary course of such Fund’s businessFunds’ 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 year, including but not limited to investment advisory fees of the Adviser (but excluding interest, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under 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 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 (but excluding interest, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act, taxes, acquired fund brokerage fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which that are capitalized in accordance with generally accepted accounting principles principles, acquired fund fees and expenses, 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 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, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under 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 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 the Adviser (but excluding interest, expenses incurred under a plan of borrowing expenses, distribution adopted fees pursuant to Rule 12b-1 under the 1940 Actplans, taxes, acquired fund fees and expenses, brokerage fees and commissions, dividend expenses on short sales, and litigation expenses, 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 After the fee waiver as described in Section 1 and 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, expenses incurred under a plan of distribution adopted fees pursuant to Rule 12b-1 under the 1940 ActPlans, 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 2.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 Investment Adviser (but excluding interest, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short salesRule 12b-1 fees, fees paid pursuant to an Administrative Services Plan 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 total operating expenses of every character incurred by a the Fund in any fiscal year, (including (but not limited to to) investment advisory fees of the Adviser Adviser, distribution/service (Rule 12b-1) fees, and shareholder services fees, but excluding excluding, as applicable, any taxes, leverage interest, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act, taxesbrokerage commissions, acquired fund fees and expenses, brokerage commissions, dividend expenses on short salesincurred in connection with any merger or reorganization, and other expenditures which are capitalized in accordance with generally accepted accounting principles extraordinary expenses (such as litigation and other extraordinary expenses not incurred in the ordinary course of such the Fund’s business)) 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 any class-specific expenses, interest, taxes, brokerage commissions and other costs and expenses incurred under a plan of distribution adopted pursuant relating to Rule 12b-1 under the 1940 Act, taxessecurities that are purchased and sold by the Fund, 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 principles, and other extraordinary non-routine 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 After the fee waiver as described in Section 1 and 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, expenses incurred under a plan of distribution adopted fees pursuant to Rule 12b-1 under the 1940 ActPlans, 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 2.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, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, expenses incurred under a shareholder servicing or administrative servicing plan, if applicable) 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 After taking into account the fee waiver as described in Section 1 and to the extent that the aggregate operating 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, expenses incurred under a plan of distribution adopted fees pursuant to Rule 12b-1 under the 1940 ActPlans, 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 2.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, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Acttaxes, taxesbrokerage commissions, dividend payments on short sales, 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 expenses for which payment has been made through the use of the Adviser all or a portion of brokerage commissions (or markups or markdowns) generated by that Fund (but excluding interest, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Acttaxes, 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 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 year, including but not limited to investment advisory fees of the Adviser (but excluding any class-specific expenses, interest, taxes, brokerage commissions and other costs and expenses incurred under a plan of distribution adopted pursuant relating to Rule 12b-1 under the 1940 Act, taxessecurities that arc purchased and sold by the Fund, 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 principles, and other extraordinary non-routine 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, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short salessecurities sold short, 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 AdviserAdvisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every character incurred by a the Class 2 shares of the Fund in any fiscal year, including but not limited to to, the investment advisory fees of payable to the Adviser under the Advisory Agreement, Rule 12b-1 fees, and Other Expenses (as set forth in the Fund’s prospectus), but excluding exclusive of any interest, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Acttaxes, taxesbrokerage commissions, acquired fund fees and expenses, brokerage commissionstransaction costs, dividend expenses on short saleslitigation expenses, 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) business (collectively, the “Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 2.2 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, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under 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 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 interestdistribution (12b-1) fees, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Actbrokerage 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 year, including but not limited to investment advisory fees of the Adviser (but excluding interest, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Acttaxes, taxesbrokerage commissions, acquired fund fees and expenses, brokerage commissionsinvestment advisory and/or variable performance incentive fees paid to the Advisor, 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 Funds’ 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 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, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under 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 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, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, expenses incurred under a shareholder servicing or administrative servicing plan, if applicable) 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, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Acttaxes, taxesbrokerage commissions, dividend payments on short sales, 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 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 the Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser (but excluding interest, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under 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 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, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under 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 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, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 l2b-l under 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 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, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Actinterest expense, 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 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. Only the Funds identified in Schedule A include acquired fund fees and expenses within the Maximum Annual Expenses.

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, or AXA Equitable, in the case of the Money Market Fund (but excluding interest, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under 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 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, or of AXA Equitable in the case of the Money Market 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 Investment Adviser (but excluding interest, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act, taxes, acquired fund fees and expenses, brokerage commissions, dividend Rule 12b-1 fees, fees paid pursuant to an Administrative Services Plan, wrapper fee, premiums and expenses on short sales, related to wrapper agreements for the Fund 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.