Common use of INVESTMENT FEES; EXPENSES Clause in Contracts

INVESTMENT FEES; EXPENSES. (a) Company shall pay to Investment Manager a fee equal to the Investment Manager's allocated costs in rendering the services in this Agreement. Allocation shall be made at the end of each calendar quarter and shall be derived from the Investment Manager's costs for such quarter allocated on the basis of the Fair Market Value of the Investment Assets for which services are rendered under this Agreement to the Fair Market Value of all Investment Assets the Investment Manager managed or for which services similar to the services under this Agreement were rendered during such Quarter. The fee shall be payable in arrears 30 days after the end of each calendar quarter in which the Investment Services Agreement is in force. (b) Fair Market Value on any date shall mean the fair market value of the Investment Assets as reported in the Company or Investment Manager Investment Reporting System for such date in accordance with the procedures and rules for such Reporting System as audited by the auditors of Company. Quarterly Ending Fair Market Value shall be the Fair Market Value on the last day of any calendar quarter. (c) If services rendered hereunder shall commence on a day other than the first day of a calendar quarter or terminate other than on the last day of a calendar quarter, the above fee shall be fairly and equitably prorated. (d) Investment Manager shall furnish at its own expense all facilities and administrative, accounting, clerical, statistical, correspondence and other services necessary to supply the investment services required under this Agreement. However, Company shall be responsible for the expenses of: (1) brokerage commissions, issue and transfer taxes and other costs in connection with securities transactions to which Company is a party, including any portion of such commissions attributable to research and brokerage services; (2) taxes payable by Company to federal, state and other governmental agencies, (3) primary record keeping and (4) custodial fees and expenses.