Common use of Recapture of Waived Fees and Reimbursements Clause in Contracts

Recapture of Waived Fees and Reimbursements. If, at the end of a fee payment period, there is no liability of Penn Mutual to pay Penn Series any excess amount described in paragraph 1, 2 or 3 above and, during the preceding three fiscal years, any payment of the administrative services fee has been reduced pursuant to paragraph 4.a. or any reimbursement has been made pursuant to paragraph 4.b. in order to maintain expenses within the expense limitation, the amount of such reduction and reimbursement shall be recaptured by Penn Mutual and shall be payable by Penn Series to Penn Mutual along with the administrative services fee payable to Penn Mutual for that period, provided that Penn Mutual shall not be entitled to recapture any amount that would cause a Fund to exceed its expense limitation for that fee payment period.