Common use of Excess Expenses Clause in Contracts

Excess Expenses. In consideration of the Adviser’s agreement as provided herein, the Trust agrees to carry forward the amount of the foregone fees and Ordinary Operating Expenses paid, absorbed or reimbursed by the Adviser (the “Excess Expenses”), for a period not to exceed three years from the end of the fiscal quarter in which such fees are foregone or expense is incurred by the Adviser (the “Recoupment Period”). The Adviser shall be entitled to recoup from the Trust the amount of such Excess Expenses during the Recoupment Period to the extent that such recoupment does not cause the Trust’s Ordinary Operating Expenses plus recoupment to exceed the Expense Limitation. For the avoidance of doubt, if, at the end of any fiscal year in which the Adviser has recouped from the Trust any Excess Expenses, the Trust’s Ordinary Operating Expenses for such fiscal year exceed the Expense Limitation, the Adviser shall promptly pay the Trust an amount equal to the lesser of: (i) the amount by which the Trust’s Ordinary Operating Expenses for such fiscal year exceed the Expense Limitation; and (ii) the amount recouped by the Adviser for Excess Expenses in such fiscal year. Any payment by the Adviser to the Trust pursuant to the foregoing sentence shall be subject to later recoupment by the Adviser in accordance with this Section 4. The Adviser’s obligations under this Section 4 shall survive termination of this Agreement.

Excess Expenses. In consideration of the Adviser’s agreement as provided herein, the Trust agrees to carry forward the amount of the foregone fees and Ordinary Operating Expenses paid, absorbed or reimbursed by the Adviser (the “Excess Expenses”), for a period not to exceed three years from the end of the fiscal quarter in which such fees are foregone or expense is incurred by the Adviser (the “Recoupment Period”). The Adviser shall be entitled to recoup from the Trust the amount of such Excess Expenses during the Recoupment Period to the extent that such recoupment does not cause the Trust’s Ordinary Operating Expenses plus recoupment to exceed the lesser of the Expense LimitationLimitation at the time of the original waiver or expense reimbursement and at the time of recoupment or reimbursement. For the avoidance of doubt, if, at the end of any fiscal year in which the Adviser has recouped from the Trust any Excess Expenses, the Trust’s Ordinary Operating Expenses for such fiscal year exceed the Expense Limitation, the Adviser shall promptly pay the Trust an amount equal to the lesser of: (i) the amount by which the Trust’s Ordinary Operating Expenses for such fiscal year exceed the Expense Limitation; and (ii) the amount recouped by the Adviser for Excess Expenses in such fiscal year. Any payment by the Adviser to the Trust pursuant to the foregoing sentence shall be subject to later recoupment by the Adviser in accordance with this Section 4. The Adviser’s obligations under this Section 4 shall survive termination of this Agreement.

Excess Expenses. In consideration of the Adviser’s agreement as provided herein, the Trust Fund agrees to carry forward repay, the amount of the foregone fees and Ordinary Operating Expenses paid, absorbed waived or reimbursed by the Adviser in accordance with Section 1 above, when and if requested by the Adviser, as promptly as possible, on a monthly basis, but only if and to the extent that such waiver or reimbursement does not cause the Fund’s Specified Expenses plus recoupment to exceed 0.40% of the of the average daily value of the Fund’s net assets (or, if a lower expense limit is in effect, such lower limit) within the 36-month period after the Adviser bears the expense (“Excess Expenses”), for a period not to exceed three years from the end of the fiscal quarter in which such fees are foregone or expense is incurred by the Adviser (the “Recoupment Period”). The Adviser shall be entitled to recoup from the Trust the amount of such Excess Expenses during the Recoupment Period to the extent that such recoupment does not cause the Trust’s Ordinary Operating Expenses plus recoupment to exceed the Expense Limitation. For the avoidance of doubt, if, at within the end of any fiscal year in which 36-month period after the Adviser has recouped from waived fees and/or reimburses expenses, the Trust Fund has reimbursed the Adviser for any Excess Expenses, the TrustFund’s Ordinary Operating Specified Expenses for such fiscal year once again exceed the Expense Limitation, the Adviser shall promptly pay the Trust Fund an amount equal to the lesser of: (i) the amount by which the Trust’s Ordinary Operating Specified Expenses for such fiscal year exceed the Expense Limitation; and (ii) the amount recouped by the Adviser of reimbursements for Excess Expenses in such fiscal yearpaid by the Fund to the Adviser. Any payment by the Adviser to the Trust Fund pursuant to the foregoing sentence shall be subject to later recoupment reimbursement by the Adviser Fund in accordance with this Section 4. The Adviser’s obligations under this Section 4 shall survive termination of this Agreementletter agreement.

Excess Expenses. In consideration of the Adviser’s agreement as provided herein, the Trust Fund agrees to carry forward the amount of the foregone management fees and Ordinary Operating Expenses incentive fees, as applicable, and expenses paid, absorbed absorbed, or reimbursed by the Adviser (the “Excess Expenses”)Adviser, for a period not to exceed three years from thirty-six (36) months after the end of the fiscal quarter in which Adviser waived or reimbursed such fees are foregone or expense is incurred by expenses (“Excess Expenses”) and to reimburse the Adviser (the “Recoupment Period”). The Adviser shall be entitled to recoup from the Trust in the amount of such Excess Expenses during the Recoupment Period as promptly as possible, on a monthly basis, but only to the extent that such recoupment reimbursement does not cause the TrustFund’s Ordinary Operating Specified Expenses plus recoupment to exceed 0.50% of the Expense Limitationaverage daily value of the Fund’s net assets (on an annualized basis). For the avoidance of doubt, if, at within the end of any fiscal year in which 36-month period after the Fund has reimbursed the Adviser has recouped from the Trust for any Excess Expenses, the TrustFund’s Ordinary Operating Specified Expenses for such fiscal year once again exceed the Expense Limitation, the Adviser shall promptly pay the Trust Fund an amount equal to the lesser of: (i) the amount by which the TrustFund’s Ordinary Operating Specified Expenses for such fiscal year exceed the Expense Limitation; and (ii) the amount recouped by the Adviser of reimbursements for Excess Expenses in such fiscal yearpaid by the Fund to the Adviser. Any payment by the Adviser to the Trust Fund pursuant to the foregoing sentence shall be subject to later recoupment reimbursement by the Adviser Fund in accordance with this Section 4. The Adviser’s obligations under this Section 4 shall survive termination of this Agreementletter agreement.

Excess Expenses. In consideration of the Adviser’s agreement as provided herein, the Trust Company agrees to carry forward the amount of the foregone fees and Ordinary Operating Other Expenses paid, absorbed or reimbursed by the Adviser (the “Excess Expenses”), for a period not to exceed three years from the end of the fiscal quarter in which such fees are foregone or expense is incurred by the Adviser (the “Recoupment Period”). The Adviser shall be entitled to recoup from the Trust Company the amount of such Excess Expenses during the Recoupment Period to the extent that such recoupment does not cause the TrustCompany’s Ordinary Operating Other Expenses plus recoupment to exceed 1.0% of the Expense Limitationof the quarter-end value of the Company’s gross assets during the fiscal year. For the avoidance of doubt, if, at the end of any fiscal year in which the Adviser has recouped from the Trust Company any Excess Expenses, the TrustCompany’s Ordinary Operating Other Expenses for such fiscal year exceed the Expense Limitation, the Adviser shall promptly pay the Trust Company an amount equal to the lesser of: (i) the amount by which the TrustCompany’s Ordinary Operating Other Expenses for such fiscal year exceed the Expense Limitation; and (ii) the amount recouped by the Adviser for Excess Expenses in such fiscal year. Any payment by the Adviser to the Trust Company pursuant to the foregoing sentence shall be subject to later recoupment by the Adviser in accordance with this Section 4. The Adviser’s obligations under this Section 4 shall survive termination of this Agreement.

Excess Expenses. In consideration of the Adviser’s agreement as provided herein, the Trust agrees to carry forward the amount of the foregone fees and Ordinary Operating Expenses paid, absorbed or reimbursed by the Adviser (other than organizational and initial offering expenses, which are those expenses incurred by the Trust in order to permit the Trust to be declared effective by the Securities and Exchange Commission and to commence operations) (the “Excess Expenses”), for a period not to exceed three years from the end of the fiscal quarter in which such fees are foregone or expense is expenses are incurred by the Adviser (the “Recoupment Period”). The Adviser shall be entitled to recoup from the Trust the amount of such Excess Expenses during the Recoupment Period to the extent that such recoupment does not cause the Trust’s Ordinary Operating Expenses plus recoupment to exceed the Expense Limitation. For the avoidance of doubt, if, at the end of any fiscal year in which the Adviser has recouped from the Trust any Excess Expenses, the Trust’s Ordinary Operating Expenses for such fiscal year exceed the Expense Limitation, the Adviser shall promptly pay the Trust an amount equal to the lesser of: (i) the amount by which the Trust’s Ordinary Operating Expenses for such fiscal year exceed the Expense Limitation; and (ii) the amount recouped by the Adviser for Excess Expenses in such fiscal year. Any payment by the Adviser to the Trust pursuant to the foregoing sentence shall be subject to later recoupment by the Adviser in accordance with this Section 4. The Adviser’s obligations under this Section 4 shall survive termination of this Agreement.