Common use of Conditional Reimbursement Clause in Contracts

Conditional Reimbursement. The Advisor shall be permitted to recoup in later periods expenses that the Advisor has paid or otherwise borne (whether through reduction of its advisory fee or otherwise), provided total expenses of the Fund, including such recoupment, do not exceed the annual expense limit in effect at the time of such waiver/reimbursement or recoupment. The Advisor shall not be permitted to recoup any such fees or expenses beyond three years from the time such fee was waived or such expense was reimbursed.