Common use of Expense Limitation Clause in Contracts

Expense Limitation. If, for any fiscal year, the total of all ordinary business expenses of a Fund, including all investment advisory fees, but excluding brokerage commissions, fees, taxes, interest and extraordinary expenses, such as litigation costs, would exceed the applicable expense limitations imposed by state securities regulations in any state in which the Funds' shares are qualified for sale, as such limitations may be raised or lowered from time to time, the aggregate of all such investment advisory fees shall be reduced by the amount of such excess. The amount of any such reduction to be borne by the Adviser shall be deducted from the monthly investment advisory fee otherwise payable to the Adviser during such fiscal year. If required pursuant to such state securities regulations, the Adviser will, not later than the last day of the first month of the next succeeding fiscal year, reimburse the Fund for any such annual operating expenses (after reduction of all investment advisory fees in excess of such limitation). For the purposes of this paragraph, the term "fiscal year" shall exclude the portion of the current fiscal year which shall have elapsed prior to the date hereof and shall include the portion of the current fiscal year which shall have elapsed at the date of termination of this Agreement.

Expense Limitation. If, for any fiscal yearyear of the Company, the total of all ordinary business expenses of a Fundthe Funds, including all investment advisory fees, but excluding brokerage commissions, commissions and fees, taxes, interest and extraordinary expenses, such as litigation costs, would exceed the applicable expense limitations imposed by state securities regulations in any state in which the Funds' shares are qualified for sale, as such limitations may be raised or lowered from time to time, the aggregate of all such investment advisory fees shall be reduced by the amount of such excess. The amount of any such reduction to be borne by the Adviser Advisor shall be deducted from the monthly investment advisory fee otherwise payable to the Adviser Advisor during such fiscal year. If required pursuant to such state securities regulations, the Adviser Advisor will, not later than the last day of the first month of the next succeeding fiscal year, reimburse the Fund Funds for any such annual operating expenses (after reduction of all investment advisory fees in excess of such limitation). For the purposes of this paragraph, the term "fiscal year" shall exclude the portion of the current fiscal year which shall have elapsed prior to the date hereof and shall include the portion of the then current fiscal year which shall have elapsed at the date of termination of this Agreement. The application of expense limitations shall be applied to each Fund of the Company separately unless the laws or regulations of any state shall require that the expense limitations be imposed with respect to the Company as a whole.

Expense Limitation. If, for any fiscal yearyear of the Company, the total of all ordinary business expenses of a Fundthe Funds, including all investment advisory fees, but excluding brokerage commissions, commissions and fees, taxes, interest and extraordinary expenses, such as litigation costs, would exceed the applicable expense limitations imposed by state securities regulations in any state in which the Funds' shares are qualified for sale, as such limitations may be raised or lowered from time to time, the aggregate of all such investment advisory fees shall be reduced by the amount of such excess. The amount of any such reduction to be borne by the Adviser Advisor shall be deducted from the monthly investment advisory fee otherwise payable to the Adviser Advisor during such fiscal year. If required pursuant to such state securities regulations, the Adviser Advisor will, not later than the last day of the first month of the next succeeding fiscal year, reimburse the Fund Funds for any such annual operating expenses (after reduction of all investment advisory fees in excess of such limitation). For the purposes of this paragraphSection, the term "fiscal year" shall exclude the portion of the current fiscal year which shall have elapsed prior to the date hereof and shall include the portion of the then current fiscal year which shall have elapsed at the date of termination of this Agreement. The application of expense limitations shall be applied to each Fund of the Company separately unless the laws or regulations of any state shall require that the expense limitations be imposed with respect to the Company as a whole.

Expense Limitation. If, for any fiscal year, the total of all ordinary business expenses of a Fundthe Portfolios, including all investment advisory fees, but excluding brokerage commissions, commissions and fees, taxes, interest and extraordinary expenses, such as litigation costslitigation, would exceed the applicable expense limitations imposed by state securities regulations in any state in which the FundsPortfolios' shares are qualified for sale, as such limitations may be raised or lowered from time to time, the aggregate of all such investment advisory fees shall be reduced by the amount of such excess. The amount of any such reduction to be borne by the Adviser Advisor shall be deducted from the monthly investment advisory fee otherwise payable to the Adviser Advisor during such fiscal year. If required pursuant to such state securities regulations, the Adviser Advisor will, not later than the last day of the first month of the next succeeding fiscal year, reimburse the Fund Portfolios for any such annual operating expenses (after reduction of all investment advisory fees in excess of such limitation). For the purposes of this paragraph, the term "fiscal year" shall exclude the portion of the current fiscal year which shall have elapsed prior to the date hereof and shall include the portion of the then current fiscal year which shall have elapsed at the date of termination of this Agreement. The application of expense limitations shall be applied to each Portfolio of the Company separately unless the laws or regulations of any state shall require that the expense limitations be imposed with respect to the Company as a whole.

Expense Limitation. If, for any fiscal yearyear of the Company, the total of all ordinary business expenses of a Fundthe Portfolios, including all investment advisory fees, but excluding brokerage commissions, commissions and fees, taxes, interest and extraordinary expenses, such as litigation costs, would exceed the applicable expense limitations imposed by state securities regulations in any state in which the FundsPortfolios' shares are qualified for sale, as such limitations may be raised or lowered from time to time, the aggregate of all such investment advisory fees shall be reduced by the amount of such excess. The amount of any such reduction to be borne by the Adviser Advisor shall be deducted from the monthly investment advisory fee otherwise payable to the Adviser Advisor during such fiscal year. If required pursuant to such state securities regulations, the Adviser Advisor will, not later than the last day of the first month of the next succeeding fiscal year, reimburse the Fund Portfolios for any such annual operating expenses (after reduction of all investment advisory fees in excess of such limitation). For the purposes of this paragraphSection, the term "fiscal year" shall exclude the portion of the current fiscal year which shall have elapsed prior to the date hereof and shall include the portion of the then current fiscal year which shall have elapsed at the date of termination of this Agreement. The application of expense limitations shall be applied to each Portfolio of the Company separately unless the laws or regulations of any state shall require that the expense limitations be imposed with respect to the Company as a whole.

Expense Limitation. If, for any fiscal year, the total of all ordinary business expenses of a Fundthe Portfolios, including all investment advisory fees, but excluding brokerage commissions, commissions and fees, taxes, interest and extraordinary expenses, such as litigation costslitigation, would exceed the applicable expense limitations imposed by state securities regulations in any state in which the FundsPortfolios' shares are qualified for sale, as such limitations may be raised or lowered from time to time, the aggregate of all such investment advisory fees shall be reduced by the amount of such excess. The amount of any such reduction to be borne by the Adviser Advisor shall be deducted from the monthly investment advisory fee otherwise payable to the Adviser Advisor during such fiscal year. If required pursuant to such state securities regulations, the Adviser Advisor will, not later than the last day of the first month of the next succeeding fiscal year, reimburse the Fund Portfolios for any such annual operating expenses (after reduction of all investment advisory fees in excess of such limitation). For the purposes of this paragraphSection, the term "fiscal year" shall exclude the portion of the current fiscal year which shall have elapsed prior to the date hereof and shall include the portion of the current fiscal year which shall have elapsed at the date of termination of this Agreement.fiscal

Expense Limitation. If, for any fiscal year, the total of all ordinary business expenses of a Fundthe Funds, including all investment advisory fees, but excluding brokerage commissions, commissions and fees, taxes, interest and extraordinary expenses, such as litigation costslitigation, would exceed the applicable expense limitations imposed by state securities regulations in any state in which the Funds' shares are qualified for sale, as such limitations may be raised or lowered from time to time, the aggregate of all such investment advisory fees shall be reduced by the amount of such excess. The amount of any such reduction to be borne by the Adviser Advisor shall be deducted from the monthly investment advisory fee otherwise payable to the Adviser Advisor during such fiscal year. If required pursuant to such state securities regulations, the Adviser Advisor will, not later than the last day of the first month of the next succeeding fiscal year, reimburse the Fund Funds for any such annual operating expenses (after reduction of all investment advisory fees in excess of such limitation). For the purposes of this paragraph, the term "fiscal year" shall exclude the portion of the current fiscal year which shall have elapsed prior to the date hereof and shall include the portion of the then current fiscal year which shall have elapsed at the date of termination of this Agreement.. The application of expense limitations shall be applied to each Fund of the Company

Expense Limitation. If, for any fiscal year, the total of all ordinary business expenses of a the Fund, including all investment advisory fees, but excluding brokerage commissions, commissions and fees, taxes, interest and extraordinary expenses, such as litigation costslitigation, would exceed the applicable expense limitations imposed by state securities regulations in any state in which the Funds' Fund's shares are qualified for sale, as such limitations may be raised or lowered from time to time, the aggregate of all such investment advisory fees shall be reduced by the amount of such excess. The amount of any such reduction to be borne by the Adviser Advisor shall be deducted from the monthly investment advisory fee otherwise payable to the Adviser Advisor during such fiscal year. If required pursuant to such state securities regulations, the Adviser Advisor will, not later than the last day of the first month of the next succeeding fiscal year, reimburse the Fund for any such annual operating expenses (after reduction of all investment advisory fees in excess of such limitation). For the purposes of this paragraph, the term "fiscal year" shall exclude the portion of the current fiscal year which shall have elapsed prior to the date hereof hereof, and shall include the portion of the then current fiscal year which shall have elapsed at the date of termination of this Agreement.