Common use of Recoupment Balance Clause in Contracts

Recoupment Balance. Any fee reduced by the Adviser or Operating Expenses paid by it with respect to a class of a Fund (collectively, “subsidies”) pursuant to this Agreement may be reimbursed by the Fund to the Adviser no later than the end of the third full fiscal year following the year to which the subsidy relates if the aggregate Operating Expenses of that class for that period do not exceed the relevant Expense Cap in effect at the time the subsidies were incurred or any more restrictive limitation to which the Adviser has agreed (subsidies available for reimbursement to the Adviser under this paragraph with respect to a Fund are collectively referred to as the “Recoupment Balance”) and the Board of Trustees of the Trust approves the reimbursement. The Adviser generally shall seek reimbursement with respect to each Fund on a rolling three-year basis whereby the oldest subsidies are recouped first. The Adviser shall not request or receive reimbursement of the Recoupment Balance with respect to a Fund before payment of the Operating Expenses of the relevant class of the Fund for the current year and shall not cause the Operating Expenses of such class of the Fund to exceed the Expense Cap or any other more restrictive expense limitation agreed upon for that year in making such reimbursement. The Adviser agrees not to request or seek reimbursement of subsidized Operating Expenses that are no longer eligible for reimbursement.

Recoupment Balance. Any Starting October 1, 2017, any fee reduced by the Adviser or Operating Expenses paid by it with respect to a class of a Fund (collectively, “subsidies”) pursuant to this Agreement may be reimbursed by the Fund to the Adviser no later than within the end of the third full fiscal year 36 months following the year to month in which the subsidy relates if the aggregate Operating Expenses of that class for that period do not exceed the relevant Expense Cap in effect at the time the subsidies were incurred or any more restrictive limitation to which the Adviser has agreed (subsidies available for reimbursement to the Adviser under this paragraph with respect to a Fund are collectively referred to as the “Recoupment Balance”) and the Board of Trustees of the Trust approves the reimbursement. The Adviser generally shall seek reimbursement with respect to each Fund on a rolling three-year basis whereby the oldest subsidies are recouped first. The Adviser shall not request or receive reimbursement of the Recoupment Balance with respect to a Fund before payment of the Operating Expenses of the relevant class of the Fund for the current year and shall not cause the Operating Expenses of such class of the Fund to exceed the Expense Cap or any other more restrictive expense limitation agreed upon for that year in making such reimbursement. The Adviser agrees not to request or seek reimbursement of subsidized Operating Expenses that are no longer eligible for reimbursement.

Recoupment Balance. Any fee reduced by the Adviser or Operating Expenses paid by it with respect to a class of a Fixed Income Fund (collectively, “subsidies”) pursuant to this Agreement may be reimbursed by the such Fixed Income Fund to the Adviser no later than the end of the third fifth full fiscal year following the year to which the subsidy relates if the aggregate Operating Expenses of that class expenses for that period do not exceed the relevant an Expense Cap Caps in effect at the time the subsidies were incurred or any more restrictive limitation to which the Adviser has agreed (subsidies available for reimbursement to the Adviser under this paragraph with respect to a Fund are collectively referred to as the “Recoupment Balance”) and the Board of Trustees of the Trust approves the reimbursement. The Adviser generally shall seek reimbursement with respect to each Fund on a rolling threefive-year basis whereby the oldest subsidies are recouped first. The Adviser shall not request or receive reimbursement of the Recoupment Balance with respect to a Fund before payment of the Operating Expenses operating expenses of the relevant class of the a Fixed Income Fund for the current year and shall not cause the Operating Expenses of such class of the a Fixed Income Fund to exceed the an Expense Cap or any other more restrictive agreed upon expense limitation agreed upon for that year in making such reimbursement. The Adviser agrees not to request or seek reimbursement of subsidized Operating Expenses that are no longer eligible for reimbursement.

Recoupment Balance. It is the intention of the parties that the Advisor may recoup amounts waived of the investment advisory fee provided that the following conditions are met: Any investment advisory fee reduced reduction by the Adviser or Operating Expenses paid by it with respect to a class of a Fund (collectively, “subsidies”) Advisor pursuant to this Agreement (hereafter, a “subsidy”) may be reimbursed by the Fund to the Adviser no later than Advisor within the end of the third full fiscal year 36 months following the year to month in which the subsidy relates if the aggregate Operating Expenses total expenses of that class for that period do not exceed the relevant Expense Cap in effect at the time the subsidies were incurred or any more restrictive limitation to which the Adviser Advisor has agreed (subsidies available for reimbursement to the Adviser Advisor under this paragraph with respect to a the Fund are collectively referred to as the “Recoupment Balance”) and the Board of Trustees of the Trust approves the reimbursement. The Adviser Advisor generally shall seek reimbursement with respect to each the Fund on a rolling three-year basis whereby the oldest subsidies are recouped first. The Adviser Advisor shall not request or receive reimbursement of the Recoupment Balance with respect to a the Fund before payment of the Operating Expenses investment advisory fees of the relevant class of the Fund for the current year and shall not cause the Operating Expenses of such class of the Fund to exceed the Expense Cap or any other more restrictive expense limitation agreed upon for that year in making such reimbursementyear. The Adviser Advisor agrees not to request or seek reimbursement of subsidized Operating Expenses Investment Advisory fees that are no longer eligible for reimbursement. It is understood that any recoupment of the investment advisory fee as described above may be made either pursuant to the Expense Limitation Agreement or this Investment Advisory Fee Waiver Agreement.

Recoupment Balance. It is the intention of the parties that the Advisor may recoup amounts waived of the investment advisory fee provided that the following conditions are met: Any investment advisory fee reduced reduction by the Adviser or Operating Expenses paid by it with respect to a class of a Fund (collectively, “subsidies”) Advisor pursuant to this Agreement (hereafter, a “subsidy”) may be reimbursed by the Fund to the Adviser no later than Advisor within the end of the third full fiscal year 36 months following the year to month in which the subsidy relates if the aggregate Operating Expenses total expenses of that class for that period do not exceed the relevant Expense Cap in effect at the time the subsidies were incurred or any more restrictive limitation to which the Adviser Advisor has agreed (subsidies available for reimbursement to the Adviser Advisor under this paragraph with respect to a the Fund are collectively referred to as the “Recoupment Balance”) and the Board of Trustees of the Trust approves the reimbursement. The Adviser Advisor generally shall seek reimbursement with respect to each the Fund on a rolling three36-year month basis whereby the oldest subsidies are recouped first. The Adviser Advisor shall not request or receive reimbursement of the Recoupment Balance with respect to a the Fund before payment of the Operating Expenses investment advisory fees of the relevant class of the Fund for the current year and shall not cause the Operating Expenses of such class of the Fund to exceed the Expense Cap or any other more restrictive expense limitation agreed upon for that year in making such reimbursementyear. The Adviser Advisor agrees not to request or seek reimbursement of subsidized Operating Expenses Investment Advisory fees that are no longer eligible for reimbursement. It is understood that any recoupment of the investment advisory fee as described above may be made either pursuant to the Expense Limitation Agreement or this Investment Advisory Fee Waiver Agreement.

Recoupment Balance. Any fee reduced by the Adviser or Operating Expenses paid by it with respect to a class of a the International Fund (collectively, “subsidies”) pursuant to this Agreement may be reimbursed by the International Fund to the Adviser no later than the end of the third fifth full fiscal year following the year to which the subsidy relates if the aggregate Operating Expenses of that class for that period do not exceed the relevant Expense Cap in effect at the time the subsidies were incurred or any more restrictive limitation to which the Adviser has agreed (subsidies available for reimbursement to the Adviser under this paragraph with respect to a Fund are collectively referred to as the “Recoupment Balance”) and the Board of Trustees of the Trust approves the reimbursement. The Adviser generally shall seek reimbursement with respect to each Fund on a rolling threefive-year basis whereby the oldest subsidies are recouped first. The Adviser shall not request or receive reimbursement of the Recoupment Balance with respect to a Fund before payment of the Operating Expenses of the relevant class of the International Fund for the current year and shall not cause the Operating Expenses of such class of the International Fund to exceed the Expense Cap or any other more restrictive expense limitation agreed upon for that year in making such reimbursement. The Adviser agrees not to request or seek reimbursement of subsidized Operating Expenses that are no longer eligible for reimbursement.

Recoupment Balance. Any fee reduced by the Adviser or Operating Expenses paid by it with respect to a class of a the Global Fund (collectively, “subsidies”) pursuant to this Agreement may be reimbursed by the Global Fund to the Adviser no later than the end of the third fifth full fiscal year following the year to which the subsidy relates if the aggregate Operating Expenses of that class for that period do not exceed the relevant Expense Cap in effect at the time the subsidies were incurred or any more restrictive limitation to which the Adviser has agreed (subsidies available for reimbursement to the Adviser under this paragraph with respect to a Fund are collectively referred to as the “Recoupment Balance”) and the Board of Trustees of the Trust approves the reimbursement. The Adviser generally shall seek reimbursement with respect to each Fund on a rolling threefive-year basis whereby the oldest subsidies are recouped first. The Adviser shall not request or receive reimbursement of the Recoupment Balance with respect to a Fund before payment of the Operating Expenses of the relevant class of the Global Fund for the current year and shall not cause the Operating Expenses of such class of the Global Fund to exceed the Expense Cap or any other more restrictive expense limitation agreed upon for that year in making such reimbursement. The Adviser agrees not to request or seek reimbursement of subsidized Operating Expenses that are no longer eligible for reimbursement.

Recoupment Balance. Any fee reduced by the Adviser or Operating Expenses paid by it with respect to a class of a the Fund (collectively, “subsidies”) pursuant to this Agreement may be reimbursed by the Fund to the Adviser no later than the end of the third full fiscal year following the year to which the subsidy relates if the aggregate Operating Expenses of that class the Fund for that period do not exceed the relevant Expense Cap in effect at the time the subsidies were incurred or any more restrictive limitation to which the Adviser has agreed (subsidies available for reimbursement to the Adviser under this paragraph with respect to a the Fund are collectively referred to as the “"Recoupment Balance”") and the Board of Trustees of the Trust approves the reimbursement. The Adviser generally shall seek reimbursement with respect to each the Fund on a rolling three-year basis whereby the oldest subsidies are recouped first. The Adviser shall not request or receive reimbursement of the Recoupment Balance with respect to a the Fund before payment of the Operating Expenses of the relevant class of the Fund for the current year and shall not cause the Operating Expenses of such class of the Fund to exceed the Expense Cap or any other more restrictive expense limitation agreed upon for that year in making such reimbursement. The Adviser agrees not to request or seek reimbursement of subsidized Operating Expenses that are no longer eligible for reimbursement.