Common use of Fees and Transaction Costs Clause in Contracts

Fees and Transaction Costs. In respect of each Custody Account, Customer shall pay Custodian such fees and charges as are set forth in the fee schedule annexed hereto as Schedule A, as such fee schedule may from time to time be revised by Custodian upon fourteen (14) days’ prior written notice to Customer. Any annual fee payable by Customer, and any transaction charges incurred by it, shall be paid monthly by automatic deduction from funds available therefor in each Account or, if there are no such funds, upon presentation of an invoice therefor. The annual fee shall be calculated on the basis of the total market value of the assets in any Account on the last business day of the month for which such fee is charged. Out-of-pocket expenses incurred by Custodian in the performance of its services hereunder, any and all taxes (including any interest and penalties with respect thereto) which may be levied or assessed under present or future laws upon or in respect of any Account or income thereof, and all other proper charges and disbursements of any Account, shall be charged to the applicable Account by Custodian and paid in the same manner as the annual fee referred to in this Section 9.