Common use of Right to Recoupment Clause in Contracts

Right to Recoupment. Upon notice to the Board of Directors (the “Board”) of the Registrant, if the Investment Manager has waived or reduced any fees payable to it, as applicable, or made any payments pursuant to Section 1.3 above, relating to any of the 36 months immediately preceding any month end calculation pursuant to Section 1.3 above, the Investment Manager shall be entitled to recoup from a Fund any such fees waived or reduced and any such payments made (collectively, a “Recoupment Amount”), if (i) on the date of any calculation under Section 1.2, the day’s gross income for any class of a Fund is greater than that day’s expenses for that class, and (ii) such Recoupment Amounts have not already been recouped. Any amounts recouped from a class of a Fund shall be recouped in accordance with the principles of the Fund’s Multiple Class Plan Pursuant to Rule 18f-3 under the 1940 Act. Amounts recouped shall be allocated to the oldest Recoupment Amounts during such 36 month period until fully recouped, and thereafter to the next oldest Recoupment Amounts, and so forth. Such recoupment may not result in: (i) more than 20% of the daily yield for that class of the Fund prior to such recoupment; (ii) any class of the Fund having a daily yield of less than 0.00%; and (iii) the Distributor recouping any amounts. Additionally, such recoupment is also subject to limitations pursuant to any existing expense limitation agreement for the Fund.

Right to Recoupment. Upon notice to the Board of Directors (the “Board”) of the Registrant, if the Distributor and/or Investment Manager has waived or reduced any fees payable to it, as applicable, or made any payments pursuant to Section 1.3 above, relating to any of the 36 months immediately preceding any month end calculation pursuant to Section 1.3 above, the Investment Manager shall be entitled to recoup from a Fund any such fees waived or reduced and any such payments made (collectively, a “Recoupment Amount”), if (i) on the date of any calculation under Section 1.2, the day’s gross income for any class of a Fund is greater than that day’s expenses for that class, and (ii) such Recoupment Amounts have not already been recouped. Any amounts recouped from a class of a Fund shall be recouped in accordance with the principles of the Fund’s Multiple Class Plan Pursuant to Rule 18f-3 under the 1940 Act. Amounts recouped shall be allocated to the oldest Recoupment Amounts during such 36 month period until fully recouped, and thereafter to the next oldest Recoupment Amounts, and so forth. Such recoupment may not result in: (i) more than 20% of the daily yield for that class of the Fund prior to such recoupment; (ii) any class of the Fund having a daily yield of less than 0.00%; and (iii) the Distributor recouping any amountsamounts which were in turn waived by financial intermediaries for distribution and shareholder servicing. Additionally, such recoupment is also subject to limitations pursuant to any existing expense limitation agreement for the Fund.

Right to Recoupment. Upon notice to the Board of Directors Trustees (the “Board”) of the Registrant, if the Investment Manager has waived or reduced any fees payable to it, as applicable, or made any payments pursuant to Section 1.3 above, including waivers and/or reimbursements of certain fees and/or expenses, relating to any of the 36 months immediately preceding any month end calculation pursuant to Section 1.3 above, the Investment Manager shall be entitled to recoup from a Fund any such fees waived or reduced and any such payments made (collectively, a “Recoupment Amount”), if (i) on the date of any calculation under Section 1.2, the day’s gross income for any class of a Fund is greater than that day’s expenses for that class, and (ii) such Recoupment Amounts have not already been recouped. Any amounts recouped from a class of a Fund shall be recouped in accordance with the principles of the Fund’s Multiple Class Plan Pursuant to Rule 18f-3 under the 1940 Act. Amounts recouped shall be allocated to the oldest Recoupment Amounts during such 36 month period until fully recouped, and thereafter to the next oldest Recoupment Amounts, and so forth. Such recoupment may not result in: (i) more than 20% of the daily yield for that class of the Fund prior to such recoupment; (ii) any class of the Fund having a daily yield of less than 0.00%; and (iii) the Distributor recouping any amounts. Additionally, such recoupment is also subject to limitations pursuant to any existing expense limitation agreement for the Fund.

Right to Recoupment. Upon notice to the Board of Directors (the “Board”) of the Registrant, if the Investment Manager has waived or reduced any fees payable to it, as applicable, or made any payments pursuant to Section 1.3 above, including waivers and/or reimbursements of certain fees and/or expenses, relating to any of the 36 months immediately preceding any month end calculation pursuant to Section 1.3 above, the Investment Manager shall be entitled to recoup from a Fund any such fees waived or reduced and any such payments made (collectively, a “Recoupment Amount”), if (i) on the date of any calculation under Section 1.2, the day’s gross income for any class of a Fund is greater than that day’s expenses for that class, and (ii) such Recoupment Amounts have not already been recouped. Any amounts recouped from a class of a Fund shall be recouped in accordance with the principles of the Fund’s Multiple Class Plan Pursuant to Rule 18f-3 under the 1940 Act. Amounts recouped shall be allocated to the oldest Recoupment Amounts during such 36 month period until fully recouped, and thereafter to the next oldest Recoupment Amounts, and so forth. Such recoupment may not result in: (i) more than 20% of the daily yield for that class of the Fund prior to such recoupment; (ii) any class of the Fund having a daily yield of less than 0.00%; and (iii) the Distributor recouping any amounts. Additionally, such recoupment is also subject to limitations pursuant to any existing expense limitation agreement for the Fund.

Right to Recoupment. Upon notice to the Board of Directors Trustees (the “Board”) of the Registrant, if the Distributor and/or Investment Manager has waived or reduced any fees payable to it, as applicable, or made any payments pursuant to Section 1.3 above, including waivers and/or reimbursements of certain fees and/or expenses, relating to any of the 36 months immediately preceding any month end calculation pursuant to Section 1.3 above, the Investment Manager shall be entitled to recoup from a Fund any such fees waived or reduced and any such payments made (collectively, a “Recoupment Amount”), if (i) on the date of any calculation under Section 1.2, the day’s gross income for any class of a Fund is greater than that day’s expenses for that class, and (ii) such Recoupment Amounts have not already been recouped. Any amounts recouped from a class of a Fund shall be recouped in accordance with the principles of the Fund’s Multiple Class Plan Pursuant to Rule 18f-3 under the 1940 Act. Amounts recouped shall be allocated to the oldest Recoupment Amounts during such 36 month period until fully recouped, and thereafter to the next oldest Recoupment Amounts, and so forth. Such recoupment may not result in: (i) more than 20% of the daily yield for that class of the Fund prior to such recoupment; (ii) any class of the Fund having a daily yield of less than 0.00%; and (iii) the Distributor recouping any amountsamounts which were in turn waived by financial intermediaries for distribution and shareholder servicing. Additionally, such recoupment is also subject to limitations pursuant to any existing expense limitation agreement for the Fund.

Right to Recoupment. Upon notice to the Board of Directors (the “Board”) of the Registrant, if the Investment Manager has waived or reduced any fees payable to it, as applicable, or made any payments pursuant to Section 1.3 above, including waivers and/or reimbursements of certain fees and/or expenses, relating to any of the 36 months immediately preceding any month end calculation pursuant to Section 1.3 above, the Investment Manager shall be entitled to recoup from a Fund any such fees waived or reduced and any such payments made (collectively, a “Recoupment Amount”), if (i) on the date of any calculation under Section 1.2, the day’s gross income for any class of a Fund is greater than that day’s expenses for that class, and (ii) such Recoupment Amounts have not already been recouped. Any amounts recouped from a class of a Fund shall be recouped in accordance with the principles of the Fund’s Multiple Class Plan Pursuant to Rule 18f-3 under the 1940 Act. Amounts recouped shall be allocated to the oldest Recoupment Amounts during such 36 month period until fully recouped, and thereafter to the next oldest Recoupment Amounts, and so forth. Such recoupment may not result in: (i) more than 20% of the daily yield for that class of the Fund prior to such recoupment; (ii) any class of the Fund having a daily yield of less than 0.00%; and (iii) the Distributor recouping any amounts. Additionally, such recoupment is also subject to limitations pursuant to any existing expense limitation agreement for the Fund.

Right to Recoupment. Upon notice to the Board of Directors Trustees (the “Board”) of the Registrant, if the Distributor and/or Investment Manager has waived or reduced any fees payable to it, as applicable, or made any payments pursuant to Section 1.3 above, relating to any of the 36 months immediately preceding any month end calculation pursuant to Section 1.3 above, the Investment Manager shall be entitled to recoup from a Fund any such fees waived or reduced and any such payments made (collectively, a “Recoupment Amount”), if (i) on the date of any calculation under Section 1.2, the day’s gross income for any class of a Fund is greater than that day’s expenses for that class, and (ii) such Recoupment Amounts have not already been recouped. Any amounts recouped from a class of a Fund shall be recouped in accordance with the principles of the Fund’s Multiple Class Plan Pursuant to Rule 18f-3 under the 1940 Act. Amounts recouped shall be allocated to the oldest Recoupment Amounts during such 36 month period until fully recouped, and thereafter to the next oldest Recoupment Amounts, and so forth. Such recoupment may not result in: (i) more than 20% of the daily yield for that class of the Fund prior to such recoupment; (ii) any class of the Fund having a daily yield of less than 0.00%; and (iii) the Distributor recouping any amountsamounts which were in turn waived by financial intermediaries for distribution and shareholder servicing. Additionally, such recoupment is also subject to limitations pursuant to any existing expense limitation agreement for the Fund.