Common use of CUSTODIAN FEES Clause in Contracts

CUSTODIAN FEES. The Fund will pay the Custodian a Fee of one-twelfth (1/12) of 3 per cent per Phase on the total Assets Under Management (AUM) on the valuation day for said Phase (Last day of the Phase), before the withdrawal of the Performance Fees, and adjusted for any Subscriptions and Redemptions. The Custodian Fee will be payable in either USDC or USDT (digital variants of the USD). If the Custodian is not acting as Custodian for a Phase, the Custodian Fee payable for such period will be prorated to reflect the portion of the period in which the Custodian was active.The Custodian Fee for a Phase will be paid to the Custodian within the Administrative Period.