Common use of Fees and Expenses Upon Termination Clause in Contracts

Fees and Expenses Upon Termination. Should the Transfer Agent terminate with cause or the Trust terminate for any reason, all reasonable out-of-pocket expenses or costs associated with the movement of records and material will be borne by the Trust. Additionally, the Transfer Agent reserves the right to charge a reasonable fee for its Deconversion services. In the event of termination of this Agreement, the Trust agrees to pay the Transfer Agent promptly all amounts due the Transfer Agent hereunder for services performed and reasonable out-of-pocket expenditures incurred prior to such termination. If the Trust terminates this Agreement unilaterally without cause prior to the end of the Initial Term, it will be in default hereunder, causing substantial damages to the Transfer Agent. Because of the difficulty of estimating the damages that will result, the Trust agrees to pay to the Transfer Agent, as liquidated damages for such default, an amount equal to twenty-five percent (25%) of the annual fee in effect at the time of termination (the “Default Payment”). The parties agree that the Default Payment is a reasonable forecast of probable actual loss to the Transfer Agent and that this sum is agreed to as liquidated damages and not as a penalty.

Fees and Expenses Upon Termination. Should the Transfer Agent terminate with cause or the Trust Fund or CornerCap terminate for any reason, all reasonable out-of-pocket expenses or costs associated with the movement of records and material will be borne by CornerCap and the TrustFund. Additionally, the Transfer Agent reserves the right to charge a reasonable fee for its Deconversion services. In the event of termination of this Agreement, CornerCap and the Trust Fund agrees to pay the Transfer Agent promptly all amounts due the Transfer Agent hereunder for services performed and reasonable out-of-pocket expenditures incurred prior to such termination. If the Trust Fund terminates this Agreement unilaterally without cause prior to the end of the Initial Term, it will be in default hereunder, causing substantial damages to the Transfer AgentALPS. Because of the difficulty of estimating the damages that will result, the Trust Fund agrees to pay to the Transfer AgentALPS, as liquidated damages for such default, an amount equal to twenty-five percent (25%) of the annual fee in effect at the time of termination (the “Default Payment”). The parties agree that the Default Payment is a reasonable forecast of probable actual loss to the Transfer Agent ALPS and that this sum is agreed to as liquidated damages and not as a penalty.