Common use of Recoupment Balance Clause in Contracts

Recoupment Balance. Any fee reduced by the Advisor, or Operating Expenses paid by it (collectively, "subsidies"), pursuant to this Agreement may be reimbursed by a Fund to the Advisor no later than the end of the third fiscal year following the year to which the subsidy relates if the aggregate expenses for that period do not exceed any more restrictive limitation to which the Advisor has agreed (subsidies available for reimbursement to the Advisor under this paragraph are collectively referred to as the "Recoupment Balance") and the Board of Trustees approves the reimbursement. For example, subsidized Operating Expenses relating to the period September 1, 2002 through August 31, 2003 would no longer be eligible for reimbursement after September 1, 2006. The Advisor generally seeks reimbursement on a rolling three-year basis whereby the oldest subsidies are recouped first. The Advisor may not request or receive reimbursement of the Recoupment Balance before payment of the Fund's operating expenses for the current year and cannot cause the Fund to exceed the Expense Cap or any other agreed upon expense limitation for that year in making such reimbursement. The Advisor 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 Advisor, or Operating Expenses paid by it (collectively, "“subsidies"”), pursuant to this Agreement may be reimbursed by a Fund to the Advisor no later than the end of the third fiscal year following the year to which the subsidy relates if the aggregate expenses for that period do not exceed any more restrictive limitation to which the Advisor has agreed (subsidies available for reimbursement to the Advisor under this paragraph are collectively referred to as the "“Recoupment Balance"”) and the Board of Trustees approves the reimbursement. For example, subsidized Operating Expenses relating to the period September 1, 2002 through August 31, 2003 would no longer be eligible for reimbursement after September 1, 2006. The Advisor generally seeks reimbursement on a rolling three-year basis whereby the oldest subsidies are recouped first. The Advisor may not request or receive reimbursement of the Recoupment Balance before payment of the Fund's ’s operating expenses for the current year and cannot cause the Fund to exceed the Expense Cap or any other agreed upon expense limitation for that year in making such reimbursement. The Advisor 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 Advisor, or Operating Expenses paid by it (collectively, "subsidies"), pursuant to this Agreement may be reimbursed by a Fund to the Advisor no later than at anytime in the end three fiscal years next succeeding the fiscal year of the third fiscal year following the year to which the subsidy relates withholding if the aggregate expenses for that period do following conditions are met: (i) the reimbursement does not cause the Fund to exceed any more restrictive limitation to which applicable expense limit; (ii) the Advisor has agreed effect of the reimbursement is measured after all ordinary operating expenses are calculated; and (iii) the Board of Trustees approves the reimbursement as being not inconsistent with the best interests of shareholders (subsidies available for reimbursement to the Advisor under this paragraph are collectively referred to as the "Recoupment Balance") and the Board of Trustees approves the reimbursement). For example, subsidized Operating Expenses relating to the period September 1, 2002 through August 31, 2003 would no longer be eligible for reimbursement after September 1, 2006. The Advisor generally seeks reimbursement on a rolling three-year basis whereby the oldest subsidies are recouped first. The Advisor may not request or receive reimbursement of the Recoupment Balance before payment of the Fund's operating expenses for the current year and cannot cause the Fund to exceed the Expense Cap or any other agreed upon expense limitation for that year in making such reimbursement. The Advisor agrees not to request or seek reimbursement of subsidized Operating Expenses that are no longer eligible for reimbursement.