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. (b) For each of the Fund's full fiscal years during which this Agreement remains in force, SMC agrees that if the total annual expenses of the Fund, exclusive of those expenses listed in paragraph 2(b) of this Agreement, but inclusive of SMC's compensation, exceed any expense limitation imposed by state securities law or regulation in any state in which shares of the Fund are then qualified for sale, as such regulations may be amended from time to time, SMC will contribute to the Fund such funds or waive that portion of its fee on a monthly basis as may be necessary to insure that its total expenses will not exceed any state limitation. If this paragraph of the Agreement shall be effective for only a portion of one of the Fund's fiscal years, then the maximum annual expenses shall be prorated for such portion.

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. (b) For each of the Fund's full fiscal years during which this Agreement remains in force, SMC agrees that if the total annual expenses of the Fund, exclusive of those interest and taxes, extraordinary expenses listed in paragraph 2(b(such as litigation) of this Agreementdistribution fees paid under the Fund's Class B and Class C Distribution Plans, but inclusive of SMC's compensation, exceed any expense limitation imposed by state securities law or regulation in any state in which shares of the Fund are then qualified for sale, as such regulations may be amended from time to time, SMC will contribute to the Fund such funds or waive that such portion of its fee on a monthly basis fee, adjusted monthly, as may be necessary requisite to insure that its total such annual expenses will not exceed any state such limitation. If this paragraph of the Agreement shall be effective for only a portion of one of the Fund's any fiscal yearsyear, then the maximum annual expenses shall be prorated for such portion. Brokerage fees and commissions incurred in connection with the purchase or sale of any securities by the Fund shall not be deemed to be expenses within the meaning of this paragraph (b).

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. (b) For each of the Fund's full fiscal years during which this Agreement remains in force, SMC agrees that if the total annual expenses of the Fund, exclusive of those interest and taxes, extraordinary expenses listed in paragraph 2(b(such as litigation) of this Agreementdistribution fees paid under the Fund's Class B and Class C Distribution Plans, but inclusive of SMC's compensation, exceed any expense limitation imposed by state securities law or regulation in any state in which shares of the Fund are then qualified for sale, as such regulations may be amended from time to time, SMC will contribute to the Fund such funds or waive that such portion of its fee on a monthly basis fee, adjusted monthly, as may be necessary requisite to insure that its total such annual expenses will not exceed any state such limitation. If this paragraph of the Agreement shall be effective for only a portion of one of the Fund's any fiscal yearsyear, then the maximum annual expenses shall be prorated for such portion. Brokerage fees and commissions incurred in connection with the purchase or sale of any securities by the Fund shall not be deemed to be expenses within the meaning of this paragraph (b).

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. (b) For each of the Fund's full fiscal years during which this Agreement remains in force, SMC agrees that if the total annual expenses of the Fund, exclusive of those expenses listed in paragraph 2(b) of this Agreement, but inclusive of SMC's compensation, exceed any expense limitation imposed by state securities law or regulation in any state in which shares of the Fund are then qualified for sale, as such regulations may be amended from time to time, SMC will contribute to the Fund such funds or waive that portion of its fee on a monthly basis as may be necessary to insure that its total expenses will not exceed any state limitation. If this paragraph of the Agreement shall be effective for only a portion of one of the Fund's fiscal years, then the maximum annual expenses shall be prorated for such portion.