Common use of Reduction of Fee Clause in Contracts

Reduction of Fee. If in any fiscal year the aggregate expenses of the Portfolio (including fees pursuant to this Agreement and the Portfolio's administration agreements, if any, but excluding interest, taxes, brokerage and extraordinary expenses) exceed the expense limitation of any state having jurisdiction over the Portfolio, the Manager shall reduce its fee to the Portfolio by the proportion of such excess expense equal to the proportion that its fee hereunder bears to the aggregate of fees paid by the Portfolio for investment management, advice and administration in that year, to the extent required by state law. A fee reduction pursuant to this paragraph 8, if any, shall be estimated, reconciled and paid on a monthly basis. The Company confirms that, as of the date of this Agreement, no such expense limitation is applicable to the Portfolio.

Reduction of Fee. If in any fiscal year the aggregate expenses of the Portfolio (including fees pursuant to this Agreement and the Portfolio's administration agreements, if any, but excluding interest, taxes, brokerage and extraordinary expenses) exceed the expense limitation of any state having jurisdiction over the Portfolio, the Manager shall Adviser will reduce its fee to the Portfolio by the proportion of such excess expense equal to the proportion that its fee hereunder thereunder bears to the aggregate of fees paid by the Portfolio for investment management, advice and administration in that year, to the extent required by state law. A fee reduction pursuant to this paragraph 8, if any, shall will be estimated, reconciled and paid on a monthly basis. The Company confirms that, as of the date of this Agreement, no such expense limitation is applicable to the Portfolio.

Reduction of Fee. If in any fiscal year the aggregate expenses of the Portfolio (including fees pursuant to this Agreement and the Portfolio's administration agreementsagreement, if any, but excluding interest, taxes, brokerage and extraordinary expenses) exceed the expense limitation of any state having jurisdiction over the Portfolio, the Manager shall reduce its fee to the Portfolio by the proportion of such excess expense equal to the proportion that its fee hereunder bears to the aggregate of fees paid by the Portfolio for investment management, advice and administration in that year, to the extent required by state law. A fee reduction pursuant to this paragraph 87, if any, shall be estimated, reconciled and paid on a monthly basis. The Company confirms that, as of the date of this Agreement, no such expense limitation is applicable to the Portfolio.

Reduction of Fee. If in any fiscal year the aggregate expenses of the Portfolio Company (including fees pursuant to this Agreement and the PortfolioCompany's administration agreements, if any, but excluding interest, taxes, brokerage and extraordinary expenses) exceed the expense limitation of any state having jurisdiction over the PortfolioCompany, the Manager shall reduce its fee to the Portfolio Company by the proportion of such excess expense equal to the proportion that its fee hereunder bears to the aggregate of fees paid by the Portfolio Company for investment management, advice and administration in that year, to the extent required by state law. A fee reduction pursuant to this paragraph 8, if any, shall be estimated, reconciled and paid on a monthly basis. The Company confirms that, as of the date of this Agreement, no such expense limitation is applicable to the PortfolioCompany.

Reduction of Fee. If in any fiscal year the aggregate expenses of the Portfolio Company (including fees pursuant to this Agreement and the PortfolioCompany's sub-investment advisory and administration agreements, if any, but excluding interest, taxes, brokerage and extraordinary expenses) exceed the expense limitation of any state having jurisdiction over the PortfolioCompany, the Manager shall will reduce its fee to the Portfolio Company by the proportion of such excess expense equal to the proportion that its fee hereunder thereunder bears to the aggregate of fees paid by the Portfolio Company for investment management, advice and administration in that year, to the extent required by state law. A fee reduction pursuant to this paragraph 8, if any, shall will be estimated, reconciled and paid on a monthly basis. The Company confirms that, as of the date of this Agreement, no such expense limitation is applicable to the PortfolioCompany.