Common use of Manager’s Fee Clause in Contracts

Manager’s Fee. The Manager shall be entitled to receive from each Fund for its overall direction a management fee equal to or up to the annual percentage rate set out opposite the name of that Fund in Schedule “A” hereto of the Series Net Asset Value of the applicable series of Units of the Fund at the end of the relevant period or of the average of such Series Net Asset Value during the relevant period, calculated and paid either monthly or quarterly or at such other times as the Manager and the Trustee may agree upon, from time to time, unless the fee is billed by the Manager directly to the Unitholder. However, no management fee shall be payable, and the Manager shall ensure that it does not charge a management fee, in respect of a Fund on that portion of that Fund’s net assets that are invested in units or shares of another mutual fund in which a fee is paid to the Manager. The Manager may from time to time waive any portion of the fees otherwise payable to it hereunder, but no such waiver shall affect its right to receive fees subsequently accruing hereunder.