COMPENSATION OF SMC. (a) As compensation for the services to be rendered by SMC as provided for herein, for each of the years this Agreement is in effect, the Fund shall pay SMC an annual fee equal to 2 percent of the first $10 million of the average net assets, 1 1/2percent of the next $20 million of the average net assets, and 1 percent of the remaining average net assets of the Equity Series of the Fund for any fiscal year, and 2 percent of the first $70 million of the average net assets and 1 1/2 percent of the remaining average net assets of the Global Series of the Fund for any fiscal year. Such fees shall be determined and payable monthly. If this Agreement shall be effective for only a portion of a year, then SMC's compensation for said year shall be prorated for such portion. For purposes of this Section 3, the value of the net assets of each such Series shall be computed in the same manner at the end of the business day as the value of such net assets is computed in connection with the determination of the net asset value of the Fund's shares as described in the Fund's prospectus.
Appears in 8 contracts
Samples: Investment Management and Services Agreement (Security Equity Fund), Investment Management and Services Agreement (Security Equity Fund), Investment Management and Services Agreement (Security Equity Fund)
