Common use of FEES; EXPENSES; EXPENSE REIMBURSEMENT Clause in Contracts

FEES; EXPENSES; EXPENSE REIMBURSEMENT. (a) As compensation for the services rendered to the Company for U.S. Trust pursuant to this Agreement, U.S. Trust shall pay Sub-Transfer Agent monthly $15.00 per account and subaccount of each Fund of the Company per year or for any portion of a year plus Sub-Transfer Agent's out-of-pocket expenses relating to such services, including, but not limited to, expenses of postage, telephone, TWX rental and line charges, communication forms, and checks and check processing. Such fees are to be billed monthly and shall be due and payable upon receipt of the invoice. Upon any termination of this Agreement before the end of any month, the fee for the part of the month before such termination shall be prorated according to the proportion which such part bears to the full monthly period and shall be payable upon the date of termination of this Agreement. (b) For the purpose of determining fees calculated as a function of the Company's assets, the value of the Company's assets and net assets shall be computed as required by its Prospectuses, generally accepted accounting principles, and resolutions of the Board of Directors.