Common use of Reimbursement of Administrator Clause in Contracts

Reimbursement of Administrator. In the event the Trust executes an agreement for the provision of administrative services, the Trust may reimburse the Administrator, at the end of each fiscal quarter, for all expenses of the Trust incurred by the Administrator for the actual cost of goods and services used for or by the Trust and obtained from entities not Affiliated with the Trust. Notwithstanding any other provision in this Declaration of Trust, the Administrator may be reimbursed for the administrative services necessary for the prudent operation of the Trust performed by it on behalf of the Trust; provided, however, the reimbursement shall be an amount equal to the lower of the Administrator’s actual cost or the amount the Trust would be required to pay third parties for the provision of comparable administrative services in the same geographic location; and provided, further, that such costs are reasonably allocated to the Trust on the basis of assets, revenues, time records or other method conforming with generally accepted accounting principles. Except as otherwise provided herein, no reimbursement shall be permitted for services for which the Administrator is entitled to compensation by way of a separate fee.

Reimbursement of Administrator. In the event the Trust executes an agreement for the provision of administrative services, the Trust may reimburse the Administrator, at the end of each fiscal quarter, for all expenses of the Trust incurred by the Administrator for as well as the actual cost of goods and services used for or by the Trust and obtained from entities not Affiliated with the Trust. Notwithstanding any other provision in this Declaration of Trust, the Administrator may be reimbursed for the administrative services necessary for the prudent operation of the Trust performed by it on behalf of the Trust; provided, however, the reimbursement shall be an amount equal to the lower of the Administrator’s actual cost or the amount the Trust would be required to pay third parties for the provision of comparable administrative services in the same geographic location; and provided, further, that such costs are reasonably allocated to the Trust on the basis of assets, revenues, time records or other method conforming with generally accepted accounting principles. Except as otherwise provided herein, no reimbursement shall be permitted for services for which the Administrator is entitled to compensation by way of a separate fee.