Common use of Reduction of Fees Clause in Contracts

Reduction of Fees. or Reimbursement to the Fund ---------------------------------------------- If in any fiscal year the aggregate expenses of the Fund (including fees pursuant to this Agreement and the Fund's administration agreement, but excluding distribution fees, interest, taxes, brokerage and extraordinary expenses) exceed the expense limitation of any state having jurisdiction over the Fund, the Adviser will reduce its fees or reimburse the Fund for such excess expense in the same proportion as its advisory fee bears to the Fund's combined fee for investment advice and administration. The Adviser's obligation to reduce its fees or reimburse the Fund will be limited to the amount of its fees received pursuant to this Agreement. Such reduction in fees or reimbursement, if any, will be estimated, reconciled and, in the case of reimbursement, paid on a quarterly basis.

Reduction of Fees. or Reimbursement to the Fund ---------------------------------------------- If in any fiscal year the aggregate expenses of the Fund (including fees pursuant to this Agreement and the Fund's administration agreement, but excluding distribution fees, interest, taxes, brokerage and extraordinary expenses) exceed the expense limitation of any state having jurisdiction over the Fund, the Adviser Sub-Advisor will reduce its fees or reimburse the Fund for such excess expense in the same proportion as its advisory fee bears to the Fund's combined fee for investment advice and administration. The AdviserSub-Advisor's obligation to reduce its fees or reimburse the Fund will be limited to the amount of its fees received pursuant to this Agreement. Such reduction in fees or reimbursement, if any, will be estimated, reconciled and, in the case of reimbursement, paid on a quarterly basis.

Reduction of Fees. or Reimbursement to the Fund ---------------------------------------------- If in any fiscal year the aggregate expenses of the Fund (including fees pursuant to this Agreement and the Fund's administration agreement, but excluding distribution fees, interest, taxes, brokerage and extraordinary expenses) exceed the expense limitation of any state having jurisdiction over the Fund, the Sub-Adviser will reduce its fees or reimburse the Fund for such excess expense in the same proportion as its advisory fee bears to the Fund's combined fee for investment advice and administration. The Sub-Adviser's obligation to reduce its fees or reimburse the Fund will be limited to the amount of its fees received pursuant to this Agreement. Such reduction in fees or reimbursement, if any, will be estimated, reconciled and, in the case of reimbursement, paid on a quarterly basis.

Reduction of Fees. or Reimbursement to the Fund ---------------------------------------------- If in any fiscal year the aggregate expenses of the Fund (including fees pursuant to this Agreement and the Fund's administration agreement, but excluding distribution fees, interest, taxes, brokerage and extraordinary expenses) exceed the expense limitation of any state having jurisdiction over the Fund, the Adviser will reduce its fees or reimburse the Fund for such excess expense in the same proportion as its advisory fee bears to the Fund's combined fee for investment advice and administration. The Adviser's obligation to reduce its fees or reimburse the Fund will be limited to the amount of its fees received pursuant to this Agreement. Such reduction in fees or reimbursement, if any, will be estimated, reconciled and, in the case of reimbursement, paid on a quarterly monthly basis.

Reduction of Fees. or Reimbursement to the Fund ---------------------------------------------- If in any fiscal year year, the aggregate expenses of the Fund (including fees pursuant to this Agreement and the Fund's administration agreement, but excluding distribution fees, interest, taxes, brokerage and extraordinary expenses) exceed the expense limitation of any state having jurisdiction over the Fund, the Adviser will reduce its fees or reimburse the Fund for such excess expense in the same proportion as its advisory fee bears to the Fund's combined fee for investment advice and administration. The Adviser's obligation to reduce its fees or reimburse the Fund will be limited to the amount of its fees received pursuant to this Agreement. Such reduction in fees or reimbursement, if any, will be estimated, reconciled and, in the case of reimbursement, paid on a quarterly basis.