COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER. The Fund will pay to the Manager as compensation for the Manager's services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), (c) and (e) of Section 1, a fee, computed and paid quarterly at the lesser of (i) an annual rate of 0.50% of the average net asset value of the Fund or (ii) the following annual rates: (a) 0.600% of the first $500 million of the average net asset value of the Fund; (b) 0.500% of the next $500 million of such average net asset value; (c) 0.450% of the next $500 million of such average net asset value; (d) 0.400% of the next $5 billion of such average net asset value; (e) 0.375% of the next $5 billion of such average net asset value; (f) 0.355% of the next $5 billion of such average net asset value; (g) 0.340% of the next $5 billion of such average net asset value; (h) 0.330% of any excess over $21.5 billion of such average net asset value. Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during such quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each fiscal quarter within 30 days after the close of such quarter and shall commence accruing as of the date of the initial issuance of shares of the Fund to the public. The fees payable by the Fund to the Manager pursuant to this Section 3 shall be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments. In the event that expenses of the Fund for any fiscal year should exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year shall be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager shall be reduced, and, if necessary, the Manager shall assume expenses of the Fund to the extent required by the terms and conditions of such expense limitation. If the Manager shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.
Appears in 7 contracts
Samples: Management Contract (Putnam Florida Tax Exempt Income Fund), Management Contract (Putnam Florida Tax Exempt Income Fund), Management Contract (Putnam Florida Tax Exempt Income Fund)
COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER. The Fund will pay to the Manager as compensation for the Manager's services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), (c) and (e) of Section 1, a fee, computed and paid quarterly at the lesser of (i) an annual rate of 0.50% of the average net asset value of the Fund or (ii) the following annual ratesof:
(a) 0.6000.65% of the first $500 million of the average net asset value of the Fund;
(b) 0.5000.55% of the next $500 million of such average net asset value;
(c) 0.4500.50% of the next $500 million of such average net asset value;
; (d) 0.4000.45% of the next $5 billion of such average net asset value;
(e) 0.3750.425% of the next $5 billion of such average net asset value;
(f) 0.3550.405% of the next $5 billion of such average net asset value;
(g) 0.3400.39% of the next $5 billion of such average net asset value;; and
(h) 0.3300.38% of any excess over $21.5 billion of such average net asset valueamount thereafter. Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during such quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each fiscal quarter within 30 days after the close of such quarter and shall commence accruing as of the date of the initial issuance of shares of the Fund to the publicquarter. The fees payable by the Fund to the Manager pursuant to this Section 3 shall be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments. In the event that expenses of the Fund for any fiscal year should exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year shall be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager shall be reduced, and, if necessary, the Manager shall assume expenses of the Fund to the extent required by the terms and conditions of such expense limitation. If the Manager shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.
Appears in 2 contracts
Samples: Management Contract (Putnam Equity Income Fund/New/), Management Contract (Putnam Equity Income Fund/New/)
COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER. The Fund will pay to the Manager as compensation for the Manager's services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), (c) and (e) of Section 1, a fee, computed and paid quarterly at the lesser of (i) an annual rate of 0.50% of the average net asset value of the Fund or (ii) the following annual ratesof:
(a) 0.6000.70% of the first $500 million of the average net asset value of the Fund;
(b) 0.5000.60% of the next $500 million of such average net asset value;
(c) 0.4500.55% of the next $500 million of such average net asset value;
(d) 0.4000.50% of the next $5 billion of such average net asset value;
(e) 0.3750.475% of the next $5 billion of such average net asset value;
(f) 0.3550.455% of the next $5 billion of such average net asset value;
(g) 0.3400.44% of the next $5 billion of such average net asset value;; and
(h) 0.3300.43% of any excess over $21.5 billion of such average net asset valuethereafter. Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during such quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each fiscal quarter within 30 days after the close of such quarter and shall commence accruing as of the date of the initial issuance of shares of the Fund to the public. The fees payable by the Fund to the Manager pursuant to this Section 3 shall be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments. In the event that expenses of the Fund for any fiscal year should exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year shall be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager shall be reduced, and, if necessary, the Manager shall assume expenses of the Fund to the extent required by the terms and conditions of such expense limitation. If the Manager shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.
Appears in 2 contracts
Samples: Management Contract (Putnam Utilities Growth & Income Fund), Management Contract (Putnam Diversified Income Trust Ii)
COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER. The Fund will pay to the Manager as compensation for the Manager's services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), (c) and (e) of Section 1, a fee, computed and paid quarterly at the lesser of (i) an annual rate of 0.50% of the average net asset value of the Fund or (ii) the following annual rates:
(a) 0.6000.70% of the first $500 million of the average net asset value of the Fund;
(b) 0.5000.60% of the next $500 million of such average net asset value;
(c) 0.4500.55% of the next $500 million of such average net asset value;
(d) 0.4000.50% of the next $5 billion of such average net asset value;
(e) 0.3750.475% of the next $5 billion of such average net asset value;
(f) 0.3550.455% of the next $5 billion of such average net asset value;
(g) 0.3400.440% of the next $5 billion of such average net asset value;
(h) 0.3300.430% of any excess over the next $21.5 5 billion of such average net asset value;
(i) 0.420% of the next $5 billion of such average net asset value;
(j) 0.410% of the next $5 billion of such average net asset value;
(k) 0.400% of the next $5 billion of such average net asset value;
(l) 0.390% of any excess thereafter. Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during such quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each fiscal quarter within 30 days after the close of such quarter and shall commence accruing as of the date of the initial issuance of shares of the Fund to the public. The fees payable by the Fund to the Manager pursuant to this Section 3 shall be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments. In the event that expenses of the Fund for any fiscal year should exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year shall be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager shall be reduced, and, if necessary, the Manager shall assume expenses of the Fund to the extent required by the terms and conditions of such expense limitation. If the Manager shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.
Appears in 2 contracts
Samples: Management Contract (Putnam Voyager Fund), Management Contract (Putnam New Opportunities Fund)
COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER. The Fund will pay to the Manager as compensation for the Manager's services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), (c) and (e) of Section 1, a fee, computed and paid quarterly at the lesser of (i) an annual rate of 0.50% of the average net asset value of the Fund or (ii) the following annual rates:
(a) 0.6000.50% of the first $500 100 million of the average net asset value of the Fund;
(b) 0.5000.40% of the next $100 million of such average net asset value;
(c) 0.35% of the next $300 million of such average net asset value;
(d) 0.325% of the next $500 million of such average net asset value;
(ce) 0.4500.30% of the next $500 million of such average net asset value;
(df) 0.4000.275% of the next $2.5 billion of such average net asset value;
(g) 0.25% of the next $2.5 billion of such average net asset value;
(h) 0.225% of the next $5 billion of such average net asset value;
(ei) 0.3750.205% of the next $5 billion of such average net asset value;
(fj) 0.3550.19% of the next $5 billion of such average net asset value;; and
(gk) 0.340% of the next $5 billion of such average net asset value;
(h) 0.3300.18% of any excess over $21.5 billion of such average net asset valuethereafter. Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during such quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each fiscal quarter within 30 days after the close of such quarter and shall commence accruing as of the date of the initial issuance of shares of the Fund to the publicquarter. The fees payable by the Fund to the Manager pursuant to this Section 3 shall be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments. In the event that expenses of the Fund for any fiscal year should exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or and sale, the compensation due the Manager for such fiscal year shall be reduced by the amount of such excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager shall be reduced, and, if necessary, the Manager shall assume expenses of the Fund Fund, to the extent required by the terms and conditions of such expense limitation. If the Manager shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.
Appears in 2 contracts
Samples: Management Contract (Putnam Tax Exempt Money Market Fund), Management Contract (Putnam Money Market Fund)
COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER. The Fund will pay to the Manager as compensation for the Manager's services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), (c) and (e) of Section 1, a fee, computed and paid quarterly at the lesser of (i) an annual rate of 0.50% of the average net asset value of the Fund or (ii) the following annual rates:
(a) 0.6000.65% of the first $500 million of the average net asset value of the Fund;
(b) 0.5000.55% of the next $500 million of such average net asset value;
(c) 0.4500.50% of the next $500 million of such average net asset value;
(d) 0.4000.45% of the next $5 billion of such average net asset value;
(e) 0.3750.425% of the next $5 billion of such average net asset value;
(f) 0.3550.405% of the next $5 billion of such average net asset value;
; (g) 0.3400.39% of the next $5 billion of such average net asset value;
; and (h) 0.3300.38% of any excess over $21.5 billion of such average net asset valueamount thereafter. Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during such quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee fees shall be payable for each fiscal quarter within 30 days after the close of such quarter and shall commence accruing as of the date of the initial issuance of shares of the Fund to the public. The fees payable by the Fund to the Manager pursuant to this Section 3 shall be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments. In the event that expenses of the Fund for any fiscal year should exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year shall be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager shall be reduced, and, if necessary, the Manager shall assume expenses of the Fund to the extent required by the terms and conditions of such expense limitation. If the Manager shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.
Appears in 1 contract
Samples: Management Contract (Putnam American Government Income Fund)
COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER. The Fund will pay to the Manager as compensation for the Manager's services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), (c) and (e) of Section 1, a fee, computed and paid quarterly at the lesser of (i) an annual rate of 0.50% of the average net asset value of the Fund or (ii) the following annual ratesrate:
(a) 0.6000.65% of the first $500 million of the average net asset value of the Fund;
(b) 0.5000.55% of the next $500 million of such average net asset value;
(c) 0.4500.50% of the next $500 million of such average net asset value;
(d) 0.4000.45% of the next $5 billion of such average net asset value;
(e) 0.3750.425% of the next $5 billion of such average net asset value;
(f) 0.3550.405% of the next $5 billion of such average net asset value;
(g) 0.3400.390% of the next $5 billion of such average net asset value;; and
(h) 0.3300.380% of any excess over $21.5 billion of such average net asset value. Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during such quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each fiscal quarter within 30 days after the close of such quarter and shall commence accruing as of the date of the initial issuance of shares of the Fund to the publicquarter. The fees payable by the Fund to the Manager pursuant to this Section 3 shall be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments. In the event that expenses of the Fund for any fiscal year should exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or and sale, the compensation due the Manager for such fiscal year shall be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager shall be reduced, and, if necessary, the Manager shall assume expenses of the Fund to the extent required by the terms and conditions of such expense limitation. If the Manager shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.
Appears in 1 contract
Samples: Management Contract (Putnam Balanced Retirement Fund)
COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER. The Fund will pay to the Manager as compensation for the Manager's services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), (c) and (e) of Section 1, a fee, computed and paid quarterly at the lesser of (i) an annual rate of 0.50% of the average net asset value of the Fund or (ii) the following annual ratesof:
(a) 0.6000.65% of the first $500 million of the average net asset value of the Fund;
(b) 0.5000.55% of the next $500 million of such average net asset value;
(c) 0.4500.50% of the next $500 million of such average net asset value;
(d) 0.4000.45% of the next $5 billion of such average net asset value;
(e) 0.3750.425% of the next $5 billion of such average net asset value;
(f) 0.3550.405% of the next $5 billion of such average net asset value;
(g) 0.3400.39% of the next $5 billion of such average net asset value;; and
(h) 0.3300.38% of any excess over $21.5 billion of such average net asset value. Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during such quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each fiscal quarter within 30 days after the close of such quarter and shall commence accruing as of the date of the initial issuance of shares of the Fund to the publicquarter. The fees payable by the Fund to the Manager pursuant to this Section 3 shall be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments. In the event that expenses of the Fund for any fiscal year should exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year shall be reduced by the amount of such excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager shall be reduced, and, if necessary, the Manager shall assume expenses of the Fund to the extent required by the terms and conditions of such expense limitation. If the Manager shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.
Appears in 1 contract
COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER. The Fund will pay to the Manager as compensation for the Manager's services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), (c) and (ef) of Section 1, a fee, computed and paid quarterly at the lesser of (i) an annual rate of 0.50% of the average net asset value of the Fund or (ii) the following annual ratesof:
(a) 0.6000.70% of the first $500 million of the average net asset value of the Fund;
(b) 0.5000.60% of the next $500 million of such average net asset value;
(c) 0.4500.55% of the next $500 million of such average net asset value;
(d) 0.4000.50% of the next $5 billion of such average net asset value;
(e) 0.3750.475% of the next $5 billion of such average net asset value;
(f) 0.3550.455% of the next $5 billion of such average net asset value;
(g) 0.3400.44% of the next $5 billion of such average net asset value;; and
(h) 0.3300.43% of any excess over $21.5 billion of such average net asset valuethereafter. Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during such quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each fiscal quarter within 30 days after the close of such quarter and shall commence accruing as of the date of the initial issuance of shares of the Fund to the publicquarter. The fees payable by the Fund to the Manager pursuant to this Section 3 shall be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments. In the event that expenses of the Fund for any fiscal year should exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year shall be reduced by the amount of such excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager shall be reduced, and, if necessary, the Manager shall assume expenses of the Fund to the extent required by the terms and conditions of such expense limitation. If the Manager shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.
Appears in 1 contract
Samples: Management Contract (Putnam Global Natural Resources Fund)
COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER. The Fund will pay to the Manager as compensation for the Manager's services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), (c) and (e) of Section 1, a fee, computed and paid quarterly at the lesser of (i) an annual rate of 0.50% of the average net asset value of the Fund or (ii) the following annual rates:
(a) 0.6000.60% of the first $500 million of the average net asset value of the Fund;
(b) 0.5000.50% of the next $500 million of such average net asset value;
(c) 0.4500.45% of the next $500 million of such average net asset value;
(d) 0.4000.40% of the next $5 billion of such average net asset value;
(e) 0.375% of the next $5 billion of such average net asset value;
(f) 0.355% of the next $5 billion of such average net asset value;
(g) 0.3400.34% of the next $5 billion of such average net asset value;; and
(h) 0.3300.33% of any excess over $21.5 billion of such average net asset value. Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during such quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each fiscal quarter within 30 days after the close of such quarter and shall commence accruing as of the date of the initial issuance of shares of the Fund to the publicquarter. The fees payable by the Fund to the Manager pursuant to this Section 3 shall be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments. In the event that expenses of the Fund for any fiscal year should exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year shall be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager shall be reduced, and, if necessary, the Manager shall assume expenses of the Fund Fund, to the extent required by the terms and conditions of such expense limitation. If the Manager shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.
Appears in 1 contract
Samples: Management Contract (Putnam New York Tax Exempt Opportunities Fund)
COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER. The Fund will pay to the Manager as compensation for the Manager's services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), (c) and (e) of Section 1, a fee, computed and paid quarterly at the lesser of (i) an annual rate of 0.50% of the average net asset value of the Fund or (ii) the following annual rates:
(a) 0.6000.60% of the first $500 million of the average net asset value of the Fund;
; (b) 0.5000.50% of the next $500 million of such average net asset value;
; (c) 0.4500.45% of the next $500 million of such average net asset value;
; (d) 0.4000.40% of the next $5 billion of such average net asset value;
; (e) 0.375% of the next $5 billion of such average net asset value;
; (f) 0.355% of the next $5 billion of such average net asset value;
; and (g) 0.3400.34% of the next $5 billion of such average net asset value;
; and (h) 0.3300.33% of any excess over $21.5 billion of such average net asset value. Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during such quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each fiscal quarter within 30 days after the close of such quarter and shall commence accruing as of the date of the initial issuance of shares of the Fund to the public. The fees payable by the Fund to the Manager pursuant to this Section 3 shall be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments. In the event that expenses of the Fund for any fiscal year should exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year shall be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager shall be reduced, and, if necessary, the Manager shall assume expenses of the Fund to the extent required by the terms and conditions of such expense limitation. If the Manager shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.
Appears in 1 contract
Samples: Management Contract (Putnam Intermediate Us Govt Income Fund)
COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER. The Fund will pay to the Manager as compensation for the Manager's services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), (c) and (e) of Section 1, a fee, computed and paid quarterly at the lesser of (i) an annual rate of 0.50% of the average net asset value of the Fund or (ii) the following annual rates:
(a) 0.6000.60% of the first $500 million of the average net asset value of the Fund;
(b) 0.5000.50% of the next $500 million of such average net asset value;
(c) 0.4500.45% of the next $500 million of such average net asset value;
(d) 0.4000.40% of the next $5 billion of such average net asset value;
(e) 0.375% of the next $5 billion of such average net asset value;
(f) 0.355% of the next $5 billion of such average net asset value;
(g) 0.340% of the next $5 billion of such average net asset value;; and
(h) 0.3300.33% of any excess over $21.5 billion of such average net asset valuethereafter. Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during such quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each fiscal quarter within 30 days after the close of such quarter and shall commence accruing as of the date of the initial issuance of shares of the Fund to the publicquarter. The fees payable by the Fund to the Manager pursuant to this Section 3 shall be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments. In the event that expenses of the Fund for any fiscal year should exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or and sale, the compensation due the Manager for such fiscal year shall be reduced by the amount of such excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager shall be reduced, and, if necessary, the Manager shall assume expenses of the Fund Fund, to the extent required by the terms and conditions of such expense limitation. If the Manager shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.
Appears in 1 contract
Samples: Management Contract (Putnam Tax Exempt Income Fund)
COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER. The Fund will pay to the Manager as compensation for the Manager's services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), (c) and (e) of Section 1, a fee, computed and paid quarterly at the lesser of (i) an annual rate of 0.50% of the average net asset value of the Fund or (ii) the following annual rates:
(a) 0.6000.800% of the first $500 million of the average net asset value of the Fundvalue;
(b) 0.5000.700% of the next $500 million of such average net asset value;
(c) 0.4500.650% of the next $500 million of such average net asset value;
(d) 0.4000.600% of the next $5 billion of such average net asset value;
(e) 0.3750.575% of the next $5 billion of such average net asset value;
(f) 0.3550.555% of the next $5 billion of such average net asset value;
(g) 0.3400.540% of the next $5 billion of such average net asset value;; and
(h) 0.3300.530% of any excess over $21.5 billion of such average net asset valuethereafter. Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during such quarter at the close of business on each business day during such quarter while this the Contract is in effect. Such fee shall be payable for each fiscal quarter within 30 days after the close of such quarter and shall commence accruing as of the date of the initial issuance of shares of the Fund to the publicquarter. The fees payable by the Fund to the Manager pursuant to this Section 3 shall be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments. In the event that expenses of the Fund for any fiscal year should exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year shall be reduced by the amount of such excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager shall be reduced, and, if necessary, the Manager shall assume expenses of the Fund to the extent required by the terms and conditions of such expense limitation. If the Manager shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.
Appears in 1 contract
COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER. The Fund will pay to the Manager as compensation for the Manager's services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), (c) and (e) of Section 1, a fee, computed and paid quarterly at the lesser of (i) an annual rate of 0.50% of the average net asset value of the Fund fund or (ii) the following annual rates:
(a) 0.6000.60% of the first $500 million of the average net asset value of the Fund;
(b) 0.5000.50% of the next $500 million of such average net asset value;
(c) 0.4500.45% of the next $500 million of such average net asset value;
(d) 0.4000.40% of the next $5 billion of such average net asset value;
(e) 0.375% of the next $5 billion of such average net asset value;
(f) 0.355% of the next $5 billion of such average net asset value;
(g) 0.3400.34% of the next $5 billion of such average net asset value;; and
(h) 0.3300.33% of any excess over $21.5 billion of such average net asset value. Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during such quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each fiscal quarter within 30 days after the close of such quarter and shall commence accruing as of the date of the initial issuance of shares of the Fund to the public. The fees payable by the Fund to the Manager pursuant to this Section 3 shall be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments. In the event that expenses of the Fund for any fiscal year should exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year shall be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager shall be reduced, and, if necessary, the Manager shall assume expenses of the Fund to the extent required by the terms and conditions of such expense limitation. If the Manager shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.
Appears in 1 contract
COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER. The Fund will pay to the Manager as compensation for the Manager's services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), (c) and (ec) of Section 1, a fee, computed and paid quarterly at the lesser of (i) an annual rate of 0.50% of the average net asset value of the Fund or (ii) the following annual ratesof:
(a) 0.6000.65% of the first $500 million of the average net asset value of the Fund;
(b) 0.5000.55% of the next $500 million of such average net asset value;
(c) 0.4500.50% of the next $500 million of such average net asset value;
(d) 0.4000.45% of the next $5 billion of such average net asset value;
(e) 0.3750.425% of the next $5 billion of such average net asset value;
(f) 0.3550.405% of the next $5 billion of such average net asset value;
(g) 0.3400.39% of the next $5 billion of such average net asset value;; and
(h) 0.3300.38% of any excess over $21.5 billion of such average net asset valuethereafter. Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during such quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each fiscal quarter within 30 days after the close of such quarter and shall commence accruing as of the date of the initial issuance of shares of the Fund to the publicquarter. The fees payable by the Fund to the Manager pursuant to this Section 3 shall be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments. In the event that expenses of the Fund for any fiscal year should exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year shall be reduced by the amount of such excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager shall be reduced, and, if necessary, the Manager shall assume expenses of the Fund to the extent required by the terms and conditions of such expense limitation. If the Manager shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.
Appears in 1 contract
Samples: Management Contract (Putnam Convertible Income Growth Trust)
COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER. The Fund will pay to the Manager as compensation for the Manager's services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), (c) and (e) of Section 1, a fee, computed and paid quarterly at the lesser of (i) an annual rate of 0.50% of the average net asset value of the Fund or (ii) the following annual rates:
(a) 0.6000.65% of the first $500 million of the average net asset value of the Fund;
(b) 0.5000.55% of the next $500 million of such average net asset value;
(c) 0.4500.50% of the next $500 million of such average net asset value;
(d) 0.4000.45% of the next $5 billion of such average net asset value;
(e) 0.3750.425% of the next $5 billion of such average net asset value;
(f) 0.3550.405% of the next $5 billion of such average net asset value;
(g) 0.3400.39% of the next $5 billion of such average net asset value;; and
(h) 0.3300.38% of any excess over $21.5 billion of such average net asset value. Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during such quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each fiscal quarter within 30 days after the close of such quarter and shall commence accruing as of the date of the initial issuance of shares of the Fund to the publicquarter. The fees payable by the Fund to the Manager pursuant to this Section 3 shall be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such paymentscommissions. In the event that expenses of the Fund for any fiscal year should exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year shall be reduced by the amount of such excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager shall be reduced, and, if necessary, the Manager shall assume expenses of the Fund to the extent required by the terms and conditions of such expense limitation. If the Manager shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.
Appears in 1 contract
COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER. The Fund will pay to the Manager as compensation for the Manager's services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), (c) and (e) of Section 1, a fee, computed and paid quarterly at the lesser of (i) an following annual rate of 0.50% rates for each series of the average net asset value of the Fund or (ii) the following annual ratesFund: PUTNAM U.S. CORE TAX MANAGED FUND:
(a) 0.6000.70% of the first $500 million of the average net asset value of the Fundseries;
(b) 0.5000.60% of the next $500 million of such average net asset value;
(c) 0.4500.55% of the next $500 million of such average net asset value;
(d) 0.4000.50% of the next $5 billion of such average net asset value;
(e) 0.3750.475% of the next $5 billion of such average net asset value;
(f) 0.3550.455% of the next $5 billion of such average net asset value;
(g) 0.3400.44% of the next $5 billion of such average net asset value;; and
(h) 0.3300.43% of any excess over $21.5 billion of such average net asset valuethereafter. Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during such quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each fiscal quarter within 30 days after the close of such quarter and shall commence accruing as of the date of the initial issuance of shares of the Fund to the public. The fees payable by the Fund to the Manager pursuant to this Section 3 shall be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments. In the event that expenses of the Fund or any series of the Fund for any fiscal year should exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund or such series are qualified for offer or sale, the compensation due the Manager for such fiscal year shall be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund or any series of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager shall be reduced, and, if necessary, the Manager shall assume expenses of the Fund or such series to the extent required by the terms and conditions of such expense limitation. If the Manager shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.
Appears in 1 contract
Samples: Management Contract (Putnam Tax Managed Funds Trust)
COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER. The Fund will pay to the Manager as compensation for the Manager's services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), (c) and (e) of Section 1, a fee, computed and paid quarterly at the lesser of (i) an annual rate of 0.50% of the average net asset value of the Fund or (ii) the following annual rates:
(a) 0.6000.70% of the first $500 million of the average net asset value of the Fund;
(b) 0.5000.60% of the next $500 million of such average net asset value;
(c) 0.4500.55% of the next $500 million of such average net asset value;
(d) 0.4000.50% of the next $5 billion of such average net asset value;
(e) 0.3750.475% of the next $5 billion of such average net asset value;
(f) 0.3550.455% of the next $5 billion of such average net asset value;
(g) 0.3400.44% of the next $5 billion of such average net asset value;; and
(h) 0.3300.43% of any excess over $21.5 billion of such average net asset value. Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during such quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each fiscal quarter within 30 days after the close of such quarter and shall commence accruing as of the date of the initial issuance of shares of the Fund to the publicquarter. The fees payable by the Fund to the Manager pursuant to this Section 3 shall be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such paymentscommissions. In the event that expenses of the Fund for any fiscal year should exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year shall be reduced by the amount of such excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager shall be reduced, and, if necessary, the Manager shall assume expenses of the Fund to the extent required by the terms and conditions of such expense limitation. If the Manager shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.
Appears in 1 contract
COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER. The Fund will pay to the Manager as compensation for the Manager's services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), (c) and (e) of Section 1, a fee, computed and paid quarterly at the lesser of (i) an annual rate of 0.50% of the average net asset value of the Fund or (ii) the following annual rates:
(a) 0.6000.60% of the first $500 million of the average net asset value of the Fund;
(b) 0.5000.50% of the next $500 million of such average net asset value;
(c) 0.4500.45% of the next $500 million of such average net asset value;
(d) 0.4000.40% of the next $5 billion of such average net asset value;
(e) 0.375% of the next $5 billion of such average net asset value;
(f) 0.355% of the next $5 billion of such average net asset value;
(g) 0.3400.34% of the next $5 billion of such average net asset value;; and
(h) 0.3300.33% of any excess over $21.5 billion of such average net asset valuethereafter. Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during such quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each fiscal quarter within 30 days after the close of such quarter and shall commence accruing as of the date of the initial issuance of shares of the Fund to the publicquarter. The fees payable by the Fund to the Manager pursuant to this Section 3 shall be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments. In the event that expenses of the Fund for any fiscal year should exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year shall be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager shall be reduced, and, if necessary, the Manager shall assume expenses of the Fund to the extent required by the terms and conditions of such expense limitation. If the Manager shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.
Appears in 1 contract
Samples: Management Contract (Putnam California Tax Exempt Money Market Fund)
COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER. The Fund will pay to the Manager as compensation for the Manager's services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), (c) and (e) of Section 1, a fee, computed and paid quarterly at the lesser of (i) an annual rate of 0.50% of the average net asset value of the Fund or (ii) the following annual rates:
(a) 0.6000.65% of the first $500 million of the average net asset value of the Fund;
(b) 0.5000.55% of the next $500 million of such average net asset value;
(c) 0.4500.50% of the next $500 million of such average net asset value;
(d) 0.4000.45% of the next $5 billion of such average net asset value;
(e) 0.3750.425% of the next $5 billion of such average net asset value;
(f) 0.3550.405% of the next $5 billion of such average net asset value;
(g) 0.3400.390% of the next $5 billion of such average net asset value;
(h) 0.3300.380% of any excess over $21.5 billion of such average net asset valueamount thereafter. Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during such quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee fees shall be payable for each fiscal quarter within 30 days after the close of such quarter and shall commence accruing as of the date of the initial issuance of shares of the Fund to the publicquarter. The fees payable by the Fund to the Manager pursuant to this Section 3 shall be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments. In the event that expenses of the Fund for any fiscal year should exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year shall be reduced by the amount of such excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager shall be reduced, and, if necessary, the Manager shall assume expenses of the Fund Fund, to the extent required by the terms and conditions of such expense limitation. If the Manager shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.
Appears in 1 contract
COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER. The Fund will pay to the Manager as compensation for the Manager's services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), (c) and (e) of Section 1, a fee, computed and paid quarterly monthly at the lesser of (i) an annual rate of 0.50% of the average net asset value of the Fund or (ii) the following annual rates:
(a) 0.6000.70% of the first $500 million of the average net asset value of the Fund;
(b) 0.5000.60% of the next $500 million of such average net asset value;
(c) 0.4500.55% of the next $500 million of such average net asset value;
(d) 0.4000.50% of the next $5 billion of such average net asset value;
(e) 0.3750.475% of the next $5 billion of such average net asset value;
(f) 0.3550.455% of the next $5 billion of such average net asset value;
(g) 0.3400.44% of the next $5 billion of such average net asset value;; and
(h) 0.3300.43% of any excess amount over $21.5 billion of such average net asset value. Such fee computed with respect to the net asset value of each of the Series shall be paid from the assets of such Series. Such average net asset value of each Series of the Fund shall be determined by taking an average of all of the determinations of such net asset value during such quarter month at the close of business on each business day during such quarter month while this Contract is in effect. Such fee shall be payable for each fiscal quarter month within 30 days after the close end of such quarter and shall commence accruing as of the date of the initial issuance of shares of the Fund to the publicmonth. The fees payable by the Fund to the Manager pursuant to this Section 3 shall be reduced by any commissions, fees, brokerage or similar payments received by the Manager or of any affiliated person affiliate of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments. In the event that expenses of any Series of the Fund for any fiscal year should exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund that Series are qualified for offer or and sale, the compensation due the Manager for such fiscal year shall be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of any Series of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager shall be reduced, and, if necessary, the Manager shall assume expenses of the Fund Series, to the extent required by the terms and conditions of such expense limitation. If the Manager shall serve for less than the whole of a quartermonth, the foregoing compensation shall be prorated.
Appears in 1 contract
Samples: Management Contract (Putnam Otc Emerging Growth Fund)
COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER. The Fund will pay to the Manager as compensation for the Manager's services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), (c) and (e) of Section 1, a fee, computed and paid quarterly at the lesser of (i) an annual rate of 0.50% of the average net asset value of the Fund or (ii) the following annual ratesrates of:
(a) 0.6000.45% of the first $500 million of the average net asset value of the Fund;
(b) 0.5000.35% of the next $500 million of such average net asset value;
(c) 0.4500.30% of the next $500 million of such average net asset value;
(d) 0.4000.25% of the next $5 billion of such average net asset value;
(e) 0.3750.225% of the next $5 billion of such average net asset value;
(f) 0.3550.205% of the next $5 billion of such average net asset value;
(g) 0.3400.19% of the next $5 billion of such average net asset value;; and
(h) 0.3300.18% of any excess over $21.5 billion of such average net asset valuethereafter. Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during such quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each fiscal quarter within 30 days after the close of such quarter and shall commence accruing as of the date of the initial issuance of shares of the Fund to the public. The fees payable by the Fund to the Manager pursuant to this Section 3 shall be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments. In the event that expenses of the Fund for any fiscal year should exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year shall be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager shall be reduced, and, if necessary, the Manager shall assume expenses of the Fund to the extent required by the terms and conditions of such expense limitation. If the Manager shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.
Appears in 1 contract
Samples: Management Contract (Putnam Tax Exempt Money Market Fund)
COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER. The Fund will pay to the Manager as compensation for the Manager's services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), (c) and (e) of Section 1, a fee, computed and paid quarterly at the lesser of (i) an annual rate of 0.50% of the average net asset value of the Fund or (ii) the following annual rates:
(a) 0.6000.60% of the first $500 million of the average net asset value of the Fund;
(b) 0.5000.50% of the next $500 million of such average net asset value;
(c) 0.4500.45% of the next $500 million of such average net asset value;
(d) 0.4000.40% of the next $5 billion of such average net asset value;
(e) 0.375% of the next $5 billion of such average net asset value;
(f) 0.355% of the next $5 billion of such average net asset value;
(g) 0.340% of the next $5 billion of such average net asset value;; and
(h) 0.330% of any excess over $21.5 billion of such average net asset valuethereafter. Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during such quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each fiscal quarter within 30 days after the close of such quarter and shall commence accruing as of the date of the initial issuance of shares of the Fund to the public. The fees payable by the Fund to the Manager pursuant to this Section 3 shall be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments. In the event that expenses of the Fund for any fiscal year should exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year shall be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager shall be reduced, and, if necessary, the Manager shall assume expenses of the Fund to the extent required by the terms and conditions of such expense limitation. If the Manager shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.
Appears in 1 contract
Samples: Management Contract (Putnam New York Tax Exempt Opportunities Fund)
COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER. The Fund will pay to the Manager as compensation for the Manager's services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), (c) and (e) of Section 1, a fee, computed and paid quarterly at the lesser of (i) an annual rate of 0.50% of the average net asset value of the Fund or (ii) the following annual rates:
(a) 0.6000.60% of the first $500 million of the average net asset value of the Fund;
(b) 0.5000.50% of the next $500 million of such average net asset value;
(c) 0.4500.45% of the next $500 million of such average net asset value;
(d) 0.4000.40% of the next $5 billion of such average net asset value;
(e) 0.375% of the next $5 billion of such average net asset value;
(f) 0.355% of the next $5 billion of such average net asset value;
(g) 0.340% of the next $5 billion of such average net asset value;; and
(h) 0.3300.33% of any excess over $21.5 billion of such average net asset valuethereafter. Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during such quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each fiscal quarter within 30 days after the close of such quarter and shall commence accruing as of the date of the initial issuance of shares of the Fund to the publicquarter. The fees payable by the Fund to the Manager pursuant to this Section 3 shall be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments. In the event that expenses of the Fund for any fiscal year should exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or and sale, the compensation due the Manager for such fiscal year shall be reduced by the amount of such excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager shall be reduced, and, if necessary, the Manager shall assume expenses of the Fund Fund, to the extent required by the terms and conditions of such expense limitation. If the Manager shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.
Appears in 1 contract
Samples: Management Contract (Putnam Tax Exempt Income Fund)
COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER. The Fund will pay to the Manager as compensation for the Manager's services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), (c) and (e) of Section 1, a fee, computed and paid quarterly at the lesser of (i) an annual rate of 0.50% of the average net asset value of the Fund or (ii) the following annual rates:
(a) 0.6000.70% of the first $500 million of the average net asset value of the Fund;
(b) 0.5000.60% of the next $500 million of such average net asset value;
(c) 0.4500.55% of the next $500 million of such average net asset value;
(d) 0.4000.50% of the next $5 billion of such average net asset value;
(e) 0.3750.475% of the next $5 billion of such average net asset value;
(f) 0.3550.455% of the next $5 billion of such average net asset value;
(g) 0.3400.44% of the next $5 billion of such average net asset value;; and
(h) 0.3300.43% of any excess over $21.5 billion of such average net asset valuethereafter. Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during such quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each fiscal quarter within 30 days after the close of such quarter and shall commence accruing as of the date of the initial issuance of shares of the Fund to the publicquarter. The fees payable by the Fund to the Manager pursuant to this Section 3 shall be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments. In the event that expenses of the Fund for any fiscal year should exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or and sale, the compensation due the Manager for such fiscal year shall be reduced by the amount of such excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager shall be reduced, and, if necessary, the Manager shall assume expenses of the Fund Fund, to the extent required by the terms and conditions of such expense limitation. If the Manager shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.
Appears in 1 contract
COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER. The Fund will pay to the Manager as compensation for the Manager's services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), (c) and (e) of Section 1, a fee, computed and paid quarterly at the lesser of (i) an following annual rate of 0.50% rates for each series of the average net asset value of the Fund or (ii) the following annual ratesFund: PUTNAM INTERNATIONAL GROWTH AXX XXXOME FUND AND PUTNAM HIGH YIELD FUND IIX:
(a) 0.6000.80% of the first $500 million of the average net asset value of the Fundeach series;
(b) 0.5000.70% of the next $500 million of such average net asset value;
(c) 0.4500.65% of the next $500 million of such average net asset value;
(d) 0.4000.60% of the next $5 billion of such average net asset value;
(e) 0.3750.575% of the next $5 billion of such average net asset value;
(f) 0.3550.555% of the next $5 billion of such average net asset value;
(g) 0.3400.54% of the next $5 billion of such average net asset value;; and
(h) 0.3300.53% of any excess over $21.5 billion of such average net asset valuethereafter. Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during such quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each fiscal quarter within 30 days after the close of such quarter and shall commence accruing as of the date of the initial issuance of shares of the Fund to the public. The fees payable by the Fund to the Manager pursuant to this Section 3 shall be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments. In the event that expenses of the Fund or any series of the Fund for any fiscal year should exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund or such series are qualified for offer or sale, the compensation due the Manager for such fiscal year shall be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund or any series of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager shall be reduced, and, if necessary, the Manager shall assume expenses of the Fund or such series to the extent required by the terms and conditions of such expense limitation. If the Manager shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.
Appears in 1 contract
COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER. The Fund will pay to the Manager as compensation for the Manager's services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), (c) and (e) of Section 1, a fee, computed and paid quarterly at the lesser of (i) an annual rate of 0.50% of the average net asset value of the Fund or (ii) the following annual ratesof:
(a) 0.6000.60% of the first $500 million 1.0 billion of the average net asset value of the Fund;
(b) 0.5000.50% of the next $500 million of such average net asset value;
(c) 0.4500.45% of the next $500 million 5 billion of such average net asset value;
(d) 0.4000.425% of the next $5 billion of such average net asset value;
(e) 0.3750.405% of the next $5 billion of such average net asset value;
(f) 0.3550.39% of the next $5 billion of such average net asset value;; and
(g) 0.340% of the next $5 billion of such average net asset value;
(h) 0.3300.38% of any excess over $21.5 billion of such average net asset valuethereafter. Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during such quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each fiscal quarter within 30 days after the close of such quarter and shall commence accruing as of the date of the initial issuance of shares of the Fund to the public. The fees payable by the Fund to the Manager pursuant to this Section 3 shall be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments. In the event that expenses of the Fund for any fiscal year should exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year shall be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager shall be reduced, and, if necessary, the Manager shall assume expenses of the Fund to the extent required by the terms and conditions of such expense limitation. If the Manager shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.
Appears in 1 contract
Samples: Management Contract (Putnam Intermediate Us Govt Income Fund)
COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER. The Fund will pay to the Manager as compensation for the Manager's services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), (c) and (e) of Section 1, a fee, computed and paid quarterly at the lesser of (i) an annual rate of 0.50% of the average net asset value of the Fund or (ii) the following annual ratesrates of:
(a) 0.6000.65% of the first $500 million of the average net asset value of the Fund;
(b) 0.5000.55% of the next $500 million of such average net asset value;
(c) 0.4500.50% of the next $500 million of such average net asset value;
(d) 0.4000.45% of the next $5 billion of such average net asset value;
(e) 0.3750.425% of the next $5 billion of such average net asset value;
(f) 0.3550.405% of the next $5 billion of such average net asset value;
(g) 0.3400.39% of the next $5 billion of such average net asset value;; and
(h) 0.3300.38% of any excess over $21.5 billion of such average net asset valuethereafter. Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during such quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each fiscal quarter within 30 days after the close of such quarter and shall commence accruing as of the date of the initial issuance of shares of the Fund to the publicquarter. The fees payable by the Fund to the Manager pursuant to this Section 3 shall be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments. In the event that expenses of the Fund for any fiscal year should exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year shall be reduced by the amount of such excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager shall be reduced, and, if necessary, the Manager shall assume expenses of the Fund to the extent required by the terms and conditions of such expense limitation. If the Manager shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.
Appears in 1 contract
