Common use of Fee Recovery Clause in Contracts

Fee Recovery. If in any fiscal year in which this Agreement is still in effect and the Fund’s currently accrued operating expenses for such fiscal year are less than the Fee Cap for that fiscal year, the Adviser shall be entitled to recover from the Fund, in whole or in part as provided below, the advisory fees waived or reduced and/or Fund expenses reimbursed by the Adviser to the Fund pursuant to Section 1 hereof. The total amount of reimbursement to which the Adviser may be entitled with respect to any fiscal year (“Reimbursement Amount”) shall equal the sum of all advisory fees previously waived or reduced by the Adviser and all Fund expenses reimbursed by the Adviser to the Fund, pursuant to Section 1 hereof, during any of the previous three (3) fiscal years, less any reimbursement previously paid by such Fund to the Adviser, pursuant to this Section 2, with respect to such waivers, reductions, and reimbursements during any of the previous three (3) fiscal years. The Reimbursement Amount shall not include any additional charges or fees whatsoever, including, e.g., interest accruable on the Reimbursement Amount.

Fee Recovery. If in any fiscal year in which this Agreement is still in effect and the Fund’s currently accrued operating expenses for such fiscal year are less than the Fee Cap for that fiscal year, the Adviser shall be entitled to recover from the Fund, subject to approval by the Board of Trustees of the Trust, in whole or in part as provided below, the advisory fees waived or reduced and/or Fund expenses reimbursed by the Adviser to the Fund pursuant to Section 1 hereof. The total amount of reimbursement to which the Adviser may be entitled with respect to any fiscal year (“Reimbursement Amount”) shall equal the sum of all advisory fees previously waived or reduced by the Adviser and all Fund expenses reimbursed by the Adviser to the Fund, pursuant to Section 1 hereof, during any of the previous three (3) fiscal years, less any reimbursement previously paid by such Fund to the Adviser, pursuant to this Section 2, with respect to such waivers, reductions, and reimbursements during any of the previous three (3) fiscal years. The Reimbursement Amount shall not include any additional charges or fees whatsoever, including, e.g., interest accruable on the Reimbursement Amount.