Common use of Expenses Borne by Manager Clause in Contracts

Expenses Borne by Manager. 1. In connection with the services rendered by the Manager under this Agreement, the Manager will bear all of the following expenses: (i) The salaries and expenses of all personnel of the Trust and the Manager, except the fees and expenses of Trustees who are not interested persons of the Manager or of the Trust, and the salary (or a portion thereof) of the Trust’s Chief Compliance Officer that the Board approves for payment by the Funds; and (ii) All expenses incurred by the Manager in connection with managing the investment operations of the Funds other than those assumed by the Trust, Fund or administrator of the Fund or the Trust or other third party under a separate agreement. 2. The Manager will not be required to pay expenses of any activity which is primarily intended to result in sales of Shares if and to the extent that (i) such expenses are required to be borne by a principal underwriter that acts as the distributor of the Funds’ Shares pursuant to an underwriting agreement that provides that the underwriter will assume some or all of such expenses, or (ii) the Trust on behalf of the Funds will have adopted a plan in conformity with Rule 12b-1 under the 1940 Act providing that the Funds (or some other party) will assume some or all of such expenses. The Manager will pay such sales expenses only to the extent they are not required to be paid by the principal underwriter pursuant to the underwriting agreement or are not permitted to be paid by a Fund (or some other party) pursuant to such a plan.

Expenses Borne by Manager. 1. In connection with the services rendered by the Manager under this Agreement, the Manager will bear all of the following expenses: (i) The salaries and expenses of all personnel of the Trust and the Manager, except the fees and expenses of Trustees who are not interested persons of the Manager or of the Trust, and the salary (or a portion thereof) of the Trust’s Chief Compliance Officer that the Board approves for payment by the Funds; and (ii) All expenses incurred by the Manager in connection with managing the investment operations of the Funds other than those assumed by the Trust, Fund or administrator of the Fund or the Trust or other third party under a separate agreement. 2. The Manager will not be required to pay expenses of any activity which is primarily intended to result in sales of Shares if and to the extent that that: (i) such expenses are required to be borne by a principal underwriter that acts as the distributor of the Funds’ Fund's Shares pursuant to an underwriting agreement that provides that the underwriter will assume some or all of such expenses, ; or (ii) the Trust on behalf of the Funds Fund will have adopted a plan in conformity with Rule 12b-1 under the 1940 Act providing that the Funds Fund (or some other party) will assume some or all of such expenses. The Manager will pay such sales expenses only to the extent they are not required to be paid by the principal underwriter pursuant to the underwriting agreement or are not permitted to be paid by a Fund (or some other party) pursuant to such a plan.

Expenses Borne by Manager. 1. In connection with the services rendered by the Manager under this Agreement, the Manager will bear all of the following expenses: (i) The salaries and expenses of all personnel of the Trust and the Manager, except the fees and expenses of Trustees who are not interested persons of the Manager or of the Trust, and the salary (or a portion thereof) of the Trust’s Chief Compliance Officer that the Board approves for payment by the FundsPortfolios; and (ii) All expenses incurred by the Manager in connection with managing the investment operations of the Funds Portfolios other than those assumed by the Trust, Fund Portfolio or administrator of the Fund Portfolio or the Trust or other third party under a separate agreement. 2. The Manager will not be required to pay expenses of any activity which is primarily intended to result in sales of Shares if and to the extent that (i) such expenses are required to be borne by a principal underwriter that acts as the distributor of the FundsPortfolios’ Shares pursuant to an underwriting agreement that provides that the underwriter will assume some or all of such expenses, or (ii) the Trust on behalf of the Funds Portfolios will have adopted a plan in conformity with Rule 12b-1 under the 1940 Act providing that the Funds Portfolios (or some other party) will assume some or all of such expenses. The Manager will pay such sales expenses only to the extent they are not required to be paid by the principal underwriter pursuant to the underwriting agreement or are not permitted to be paid by a Fund Portfolio (or some other party) pursuant to such a plan.

Expenses Borne by Manager. 1. In connection with the services rendered by the Manager under this Agreement, the Manager will bear all of the following expenses: (i) The salaries and expenses of all personnel of the Trust and the Manager, except the fees and expenses of Trustees who are not interested persons of the Manager or of the Trust, and the salary (or a portion thereof) of the Trust’s Chief Compliance Officer that the Board approves for payment by the Funds; and (ii) All expenses incurred by the Manager in connection with managing the investment operations of the Funds other than those assumed by the Trust, Fund or administrator of the Fund or the Trust or other third party under a separate agreement. 2. The Manager will not be required to pay expenses of any activity which is primarily intended to result in sales of Shares if and to the extent that (i) such expenses are required to be borne by a principal underwriter that acts as the distributor of the Funds’ Shares pursuant to an underwriting agreement that provides that the underwriter will assume some or all of such expenses, or (ii) the Trust on behalf of the Funds will have adopted a plan in conformity with Rule 12b-1 under the 1940 Act providing that the Funds (or some other party) will assume some or all of such expenses. The Manager will pay such sales expenses only to the extent they are not required to be paid by the principal underwriter pursuant to the underwriting agreement or are not permitted to be paid by a Fund (or some other party) pursuant to such a plan.

Expenses Borne by Manager. 1. In connection with the services rendered by the Manager under this Agreement, the Manager will bear all of the following expenses: (i) The salaries and expenses of all personnel of the Trust Company and the Manager, except the fees and expenses of Trustees Directors who are not interested persons of the Manager or of the TrustCompany, and the salary (or a portion thereof) of the TrustCompany’s Chief Compliance Officer that the Board approves for payment by the Funds; and (ii) All expenses incurred by the Manager in connection with managing the investment operations of the Funds other than those assumed by the TrustCompany, Fund or administrator of the Fund or the Trust Company or other third party under a separate agreement. 2. The Manager will not be required to pay expenses of any activity which is primarily intended to result in sales of Shares if and to the extent that (i) such expenses are required to be borne by a principal underwriter that acts as the distributor of the Funds’ a Fund’s Shares pursuant to an underwriting agreement that provides that the underwriter will assume some or all of such expenses, or (ii) the Trust Company on behalf of the Funds Fund will have adopted a plan in conformity with Rule 12b-1 under the 1940 Act providing that the Funds Fund (or some other party) will assume some or all of such expenses. The Manager will pay such sales expenses only to the extent they are not required to be paid by the principal underwriter pursuant to the underwriting agreement or are not permitted to be paid by a Fund (or some other party) pursuant to such a plan.

Expenses Borne by Manager. 1. In connection with the services rendered by the Manager under this Agreement, the Manager will bear all of the following expenses: (i) The salaries and expenses of all personnel of the Trust Funds and the Manager, except the fees and expenses of Trustees who are not interested persons of the Manager or of the TrustFunds, and the salary (or a portion thereof) of the Trust’s Funds’ Chief Compliance Officer that the Board approves for payment by the Funds; and (ii) All expenses incurred by the Manager in connection with managing the investment operations of the Funds other than those assumed by the Trust, Fund Funds or administrator of the Fund or the Trust Funds or other third party under a separate agreement. 2. The Manager will not be required to pay expenses of any activity which is primarily intended to result in sales of Shares shares if and to the extent that (i) such expenses are required to be borne by a principal underwriter that acts as the distributor of the Funds’ Shares shares pursuant to an underwriting agreement that provides that the underwriter will assume some or all of such expenses, or (ii) the Trust on behalf of the Funds will have adopted a plan in conformity with Rule 12b-1 under the 1940 Act providing that the Funds (or some other party) will assume some or all of such expenses. The Manager will pay such sales expenses only to the extent they are not required to be paid by the principal underwriter pursuant to the underwriting agreement or are not permitted to be paid by a Fund (or some other party) pursuant to such a plan.

Expenses Borne by Manager. 1. In connection with the services rendered by the Manager under this Agreement, the Manager will bear all of the following expenses: (i) The salaries and expenses of all personnel of the Trust Fund and the Manager, except the fees and expenses of Trustees who are not interested persons of the Manager or of the TrustFund, and the salary (or a portion thereof) of the TrustFund’s Chief Compliance Officer that the Board approves for payment by the FundsFund; and (ii) All expenses incurred by the Manager in connection with managing the investment operations of the Funds Fund other than those assumed by the Trust, Fund or administrator of the Fund or the Trust or other third party under a separate agreement. 2. The Manager will not be required to pay expenses of any activity which is primarily intended to result in sales of Shares shares if and to the extent that (i) such expenses are required to be borne by a principal underwriter that acts as the distributor of the Funds’ Shares Fund’s shares pursuant to an underwriting agreement that provides that the underwriter will assume some or all of such expenses, or (ii) the Trust on behalf of the Funds Fund will have adopted a plan in conformity with Rule 12b-1 under the 1940 Act providing that the Funds Fund (or some other party) will assume some or all of such expenses. The Manager will pay such sales expenses only to the extent they are not required to be paid by the principal underwriter pursuant to the underwriting agreement or are not permitted to be paid by a the Fund (or some other party) pursuant to such a plan.

Expenses Borne by Manager. 1. In connection with the services rendered by the Manager under this Agreement, the Manager will bear all of the following expenses: (i) The salaries and expenses of all personnel of the Trust Company and the Manager, except the fees and expenses of Trustees Directors who are not interested persons of the Manager or of the TrustCompany, and the salary (or a portion thereof) of the TrustCompany’s Chief Compliance Officer that the Board approves for payment by the Funds; and (ii) All expenses incurred by the Manager in connection with managing the investment operations of the Funds other than those assumed by the TrustCompany, Fund or administrator of the Fund or the Trust Company or other third party under a separate agreement. 2. The Manager will not be required to pay expenses of any activity which is primarily intended to result in sales of Shares if and to the extent that that: (i) such expenses are required to be borne by a principal underwriter that acts as the distributor of the Funds’ Fund’s Shares pursuant to an underwriting agreement that provides that the underwriter will assume some or all of such expenses, or (ii) the Trust Company on behalf of the Funds Fund will have adopted a plan in conformity with Rule 12b-1 under the 1940 Act providing that the Funds Fund (or some other party) will assume some or all of such expenses. The Manager will pay such sales expenses only to the extent they are not required to be paid by the principal underwriter pursuant to the underwriting agreement or are not permitted to be paid by a Fund (or some other party) pursuant to such a plan.

Expenses Borne by Manager. 1. In connection with the services rendered by the Manager under this Agreement, the Manager will bear all of the following expenses: (i) The salaries and expenses of all personnel of the Trust and the Manager, except the fees and expenses of Trustees who are not interested persons of the Manager or of the Trust, and the salary (or a portion thereof) of the Trust’s 's Chief Compliance Officer that the Board approves for payment by the Funds; and (ii) All expenses incurred by the Manager in connection with managing the investment operations of the Funds other than those assumed by the Trust, Fund or administrator of the Fund or the Trust or other third party under a separate agreement. 2. The Manager will not be required to pay expenses of any activity which is primarily intended to result in sales of Shares if and to the extent that that: (i) such expenses are required to be borne by a principal underwriter that acts as the distributor of the Funds’ Fund's Shares pursuant to an underwriting agreement that provides that the underwriter will assume some or all of such expenses, ; or (ii) the Trust on behalf of the Funds Fund will have adopted a plan in conformity with Rule 12b-1 under the 1940 Act providing that the Funds Fund (or some other party) will assume some or all of such expenses. The Manager will pay such sales expenses only to the extent they are not required to be paid by the principal underwriter pursuant to the underwriting agreement or are not permitted to be paid by a Fund (or some other party) pursuant to such a plan.

Expenses Borne by Manager. 1. In connection with the services rendered by the Manager under this Agreement, the Manager will bear all of the following expenses: (i) The salaries and expenses of all personnel of the Trust Company and the Manager, except the fees and expenses of Trustees Directors who are not interested persons of the Manager or of the TrustCompany, and the salary (or a portion thereof) of the TrustCompany’s Chief Compliance Officer that the Board approves for payment by the FundsPortfolios; and (ii) All expenses incurred by the Manager in connection with managing the investment operations of the Funds Portfolios other than those assumed by the TrustCompany, Fund Portfolio or administrator Administrator of the Fund Portfolio or the Trust Company or other third party under a separate agreement. 2. The Manager will not be required to pay expenses of any activity which is primarily intended to result in sales of Shares if and to the extent that that: (i) such expenses are required to be borne by a principal underwriter that acts as the distributor of the Funds’ Portfolio's Shares pursuant to an underwriting agreement that provides that the underwriter will assume some or all of such expenses, ; or (ii) the Trust Company on behalf of the Funds Portfolio will have adopted a plan in conformity with Rule 12b-1 under the 1940 Act providing that the Funds Portfolio (or some other party) will assume some or all of such expenses. The Manager will pay such sales expenses only to the extent they are not required to be paid by the principal underwriter pursuant to the underwriting agreement or are not permitted to be paid by a Fund Portfolio (or some other party) pursuant to such a plan.