Common use of Proration of Fees Clause in Contracts

Proration of Fees. In the event of (a) inception of this Investment Advisory Agreement on a day other than the first day of a calendar quarter or (b) termination of this Investment Advisory Agreement on a day other than the last day of a calendar quarter, the fee accrued during the quarter in which such event occurs shall be prorated on the basis of the number of days that the Investment Advisory Agreement is in effect during such quarter relative to the number of days in such quarter.