Common use of Expenses Payable by the Adviser Clause in Contracts

Expenses Payable by the Adviser. The Adviser shall furnish, without expense to the Fund or to the Series, the services of those of its executive officers and full-time employees who may be duly elected executive officers or Trustees of the Fund, subject to their individual consent to serve and to any limitations imposed by law, and shall pay all the compensation and expenses of such persons. For purposes of this Agreement, only a president, a treasurer or a vice-president in charge of a principal business function shall be deemed to be an executive officer. The Adviser shall also pay all expenses which it may incur in performing its duties under Paragraph 1 hereof and shall reimburse the Fund for any space leased by the Fund and occupied by the Adviser. In the event the Fund shall qualify shares of the Series for sale in any jurisdiction, the applicable statutes or regulations of which expressly limit the amount of the Series' total annual expenses, the Adviser agrees to reduce its annual investment advisory fee for the Series, to the extent that such total annual expenses (other than brokerage commissions and other capital items, interest, taxes, distribution fees, extraordinary items and other excludable items, charges, costs and expenses) exceed the limitations imposed on the Series by the most stringent regulations of any such jurisdiction.

Expenses Payable by the Adviser. The Adviser shall furnish, without expense to the Fund or to the Series, the services of those of its executive officers and full-time employees who may be duly elected executive officers or Trustees of the Fund, subject to their individual consent to serve and to any limitations imposed by law, and shall pay its pro rata share of all of the compensation salaries and expenses of such personsthe Fund's executive officers. For purposes of this Agreement, only a presidentthe President, a treasurer or a vice-president in charge any Vice President and the Treasurer of a principal business function the Fund shall be deemed to be an executive officerofficers of the Fund. The Adviser shall also pay all expenses which it may incur in performing its duties under Paragraph 1 hereof and shall reimburse the Fund for any space leased by the Fund and occupied by the Adviser. In the event the Fund shall qualify shares of the Series for sale in any jurisdiction, the applicable statutes or regulations of which expressly limit the amount of the Series' total annual expenses, the Adviser agrees to reduce its annual investment advisory fee for the Series, Series to the extent that such total annual expenses (other than brokerage commissions and other capital items, interest, taxes, distribution fees, extraordinary items and other excludable items, charges, costs and expenses) exceed the limitations imposed on the Series by the most stringent regulations of any such jurisdiction.