Common use of Expense Accrual and Payment Services Clause in Contracts

Expense Accrual and Payment Services. (1) For each valuation date, calculate the expense accrual amounts as directed by each Portfolio as to methodology, rate, or dollar amount. (2) Upon receipt of written authorization from the Fund's Administrator, initiate payment of each Portfolio's expenses by the Fund's custodian. (3) Account for each Portfolio's expenditures and maintain expense accrual balances at the level of accounting detail specified by the Fund. (4) Provide accounting information to the Fund's Administrator or designated expense control agent from the Fund's accounting records as to actual expense activity versus expense accrual amounts for specified time periods. (5) Maintain accounting control over payment checks issued and outstanding.