Common use of COMPENSATION OF SMC Clause in Contracts

COMPENSATION OF SMC. (a) In consideration of the services to be rendered by SMC pursuant to this Agreement, the Fund shall pay SMC an annual fee equal to 2% of the first $10 million of the average net assets of the Fund, and 1 1/2% of the next $20 million of the average net assets, and 1% of the remaining average net assets of the Fund for any fiscal year, determined and payable monthly. If this Agreement shall be effective for only a portion of a year in which a fee is owed, then SMC's compensation for the year shall be prorated for such portion. For purposes of this Section 3, the value of the net assets of the Fund shall be computed in the same manner as the value of such net assets is computed in connection with the determination of the net asset value of the shares of the Fund as described in the Fund's Prospectus and Statement of Additional Information.

COMPENSATION OF SMC. (a) In consideration of the services to be rendered by SMC pursuant to this Agreement, the Fund shall pay SMC an annual fee equal to 2% of the first $10 million of the average net assets of the Fund, and 1 1/2% of the next $20 million of the average net assets, and 1% of the remaining average net assets of the Fund for any fiscal year, determined and payable monthly. If this Agreement shall be effective for only a portion of a year in which a fee is owed, then SMC's compensation for the year shall be prorated for such that portion. For purposes of this Section 3, the value of the net assets of the Fund shall be computed in the same manner as the value of such net assets is computed in connection with the determination of the net asset value of the shares of the Fund as described in the Fund's Prospectus and Statement of Additional Information.