Common use of State Expense Limitation Clause in Contracts

State Expense Limitation. If in any fiscal year the operating expenses of any Series ("Aggregate Operating Expenses," which includes any fees or expense reimbursements payable to the Manager pursuant to this Agreement and any compensation payable to the Manager pursuant to (i) the Administration Agreement between such Series and the Manager or (ii) any other Agreement or arrangement with Trust with respect to that Series, but excludes interest, taxes, brokerage commissions, litigation and indemnification expenses, and other extraordinary expenses not incurred in the ordinary course of business) exceed the lowest applicable percentage expense limitation imposed under the securities law and regulations of any state in which such Series's shares are qualified for sale (the "State Expense Limitation"), then the Manager shall pay such Series the amount of such excess, less the amount of any reduction of the administration fee referred to below; provided, that the Manager shall have no obligation hereunder to pay such Series for any such expenses which exceed the pro rata portion of such advisory fee attributable to such Series. No payment shall be made to such Series hereunder unless and until the administration fee payable by such Series under a similar State Expense Limitation of its Administration Agreement with the Manager has been reduced to zero. Any payment to a Series hereunder shall be made monthly, by annualizing the Aggregate Operating Expenses for each month as of the last day of such month. An adjustment shall be made on or before the last day of the first month of the next succeeding fiscal year if Aggregate Operating Expenses for such fiscal year do not exceed the State Expense Limitation or if for such fiscal year there is no applicable State Expense Limitation.

State Expense Limitation. If in any fiscal year the operating expenses of any Series ("“Aggregate Operating Expenses," ” which includes any fees or expense reimbursements payable to the Manager pursuant to this Agreement and any compensation payable to the Manager pursuant to (i) the Administration Agreement between such Series and the Manager or (ii) any other Agreement or arrangement with Trust with respect to that Series, but excludes interest, taxes, brokerage commissions, litigation and indemnification expenses, and other extraordinary expenses not incurred in the ordinary course of business) exceed the lowest applicable percentage expense limitation imposed under the securities law and regulations of any state in which such Series's ’s shares are qualified for sale (the "“State Expense Limitation"”), then the Manager shall pay such Series the amount of such excess, less the amount of any reduction of the administration fee referred to below; provided, that the Manager shall have no obligation hereunder to pay such Series for any such expenses which exceed the pro rata portion of such advisory fee attributable to such Series. No payment shall be made to such Series hereunder unless and until the administration fee payable by such Series under a similar State Expense Limitation of its Administration Agreement with the Manager has been reduced to zero. Any payment to a Series hereunder shall be made monthly, by annualizing the Aggregate Operating Expenses for each month as of the last day of such month. An adjustment shall be made on or before the last day of the first month of the next succeeding fiscal year if Aggregate Operating Expenses for such fiscal year do not exceed the State Expense Limitation or if for such fiscal year there is no applicable State Expense Limitation.

State Expense Limitation. If in any fiscal year the operating expenses of any Series plus such Series' operating expenses in such fiscal year ("Aggregate Operating Expenses," which includes any fees or expense reimbursements payable to the Manager pursuant to this Agreement and any compensation payable to the Manager pursuant to (i1) the Administration Agreement between such Series and the Manager or (ii) any other Agreement or arrangement with Trust with respect to that Series, but excludes interest, taxes, brokerage commissions, litigation and indemnification expenses, and other extraordinary expenses not incurred in the ordinary course of business) exceed the lowest applicable percentage expense limitation imposed under the securities law and regulations of any state in which such Series's shares are qualified for sale (the "State Expense Limitation"), then the Manager shall pay such Series the amount of such excess, less the amount of any reduction of the administration fee referred to below; provided, that the Manager shall have no obligation hereunder to pay such Series for any such expenses which exceed the pro rata portion of such advisory fee attributable to such Series. No payment shall be made to such Series hereunder unless and until the administration fee payable by such Series under a similar State Expense Limitation of its Administration Agreement with the Manager has been reduced to zero. Any payment to a Series an interestholder hereunder shall be made monthly, by annualizing the Aggregate Operating Expenses for each month as of the last day of such month. An adjustment shall be made on or before the last day of the first month of the next succeeding fiscal year if Aggregate Operating Expenses for such fiscal year do not exceed the State Expense Limitation or if for such fiscal year there is no applicable State Expense Limitation.

State Expense Limitation. If in any fiscal year the operating expenses of any Interestholder in a Series plus such Interestholder's pro rata portion of the Series' operating expenses in such fiscal year ("Aggregate Operating Expenses," ", which includes any fees or expense reimbursements payable to the Manager pursuant to this Agreement and any compensation payable to the Manager pursuant to (i1) the Administration Agreement between such Series Interestholder and the Manager or (ii) any other Agreement or arrangement with Trust with respect to that SeriesInterestholder, but excludes interest, taxes, brokerage commissions, litigation and indemnification expenses, and other extraordinary expenses not incurred in the ordinary course of business) exceed the lowest applicable percentage expense limitation imposed under the securities law and regulations of any state in which such SeriesInterestholder's shares are qualified for sale (the "State Expense Limitation"), then the Manager shall pay such Series Interestholder the amount of such excess, less the amount of any reduction of the administration fee referred to below; provided, that the Manager shall have no obligation hereunder to pay such Series Interestholder for any such expenses which exceed the pro rata portion of such advisory fee attributable to such Interestholder's interest in that Series. No payment shall be made to such Series Interestholder hereunder unless and until the administration fee payable by such Series Interestholder under a similar State Expense Limitation of its Administration Agreement with the Manager has been reduced to zero. Any payment to a Series an interestholder hereunder shall be made monthly, by annualizing the Aggregate Operating Expenses for each month as of the last day of such month. An adjustment shall be made on or before the last day of the first month of the next succeeding fiscal year if Aggregate Operating Expenses for such fiscal year do not exceed the State Expense Limitation or if for such fiscal year there is no applicable State Expense Limitation.

State Expense Limitation. If in any fiscal year a Series's operating expenses plus such Series's pro rata portion of the operating expenses of any portfolio of Income Managers Trust in which such Series invests all or substantially all of its assets ("Aggregate Operating Expenses," "), which includes any fees or expense reimbursements payable to the Manager Administrator pursuant to this Agreement and any compensation payable to the Manager Administrator pursuant to (i) the Administration Management Agreement between such Series portfolio and the Manager Administrator, or (ii) any other Agreement agreement or arrangement with Trust with respect to that such Series, but excludes excluding interest, taxes, brokerage commissions, litigation and indemnification expenses, and other extraordinary expenses not incurred in the ordinary course of such Series's business) exceed the lowest applicable percentage expense limitation imposed under the securities law and regulations of any state in which such Series's shares are qualified for sale (the "State Expense Limitation"), then the Manager shall pay administration fee payable to the Administrator under this Agreement by such Series shall be reduced by the amount of such excess, less the amount of any reduction of the administration fee referred to below; providedPROVIDED, that the Manager Administrator shall have no obligation hereunder to pay such reimburse the Series for any such expenses which exceed the pro rata portion of such advisory fee attributable to such Seriesadministration fee. No payment shall be made to such Series hereunder unless and until Any reduction in the administration fee payable by such Series under a similar State Expense Limitation of its Administration Agreement with the Manager has been reduced to zero. Any payment to a Series hereunder shall be made monthly, by annualizing the Aggregate Operating Expenses of such Series for each month as of the last day of such month. An adjustment shall be made on or before the last day of the first month of the next succeeding fiscal year if Aggregate Operating Expenses for such Series's fiscal year do not exceed the State Expense Limitation or if for such fiscal year there is no applicable State Expense Limitation.

State Expense Limitation. If in any fiscal year a Series operating expenses plus such Series pro rata portion of the operating expenses of any portfolio of Institutional Liquidity Trust in which such Series invests all or substantially all of its assets ("Aggregate Operating Expenses," "), which includes any fees or expense reimbursements payable to the Manager Administrator pursuant to this Agreement and any compensation payable to the Manager Administrator pursuant to (i) the Administration Management Agreement between such Series portfolio and the Manager Administrator, or (ii) any other Agreement agreement or arrangement with Trust with respect to that such Series, but excludes excluding interest, taxes, brokerage commissions, litigation and indemnification expenses, and other extraordinary expenses not incurred in the ordinary course of such Series business) exceed the lowest applicable percentage expense limitation imposed under the securities law and regulations of any state in which such Series's Series shares are qualified for sale (the "State Expense Limitation"), then the Manager shall pay administration fee payable to the Administrator under this Agreement by such Series shall be reduced by the amount of such excess, less the amount of any reduction of the administration fee referred to below; provided, that the Manager Administrator shall have no obligation hereunder to pay such reimburse the Series for any such expenses which exceed the pro rata portion of such advisory fee attributable to such Seriesadministration fee. No payment shall be made to such Series hereunder unless and until Any reduction in the administration fee payable by such Series under a similar State Expense Limitation of its Administration Agreement with the Manager has been reduced to zero. Any payment to a Series hereunder shall be made monthly, by annualizing the Aggregate Operating Expenses of such Series for each month as of the last day of such month. An adjustment shall be made on or before the last day of the first month of the next succeeding fiscal year if Aggregate Operating Expenses for such Series' fiscal year do not exceed the State Expense Limitation or if for such fiscal year there is no applicable State Expense Limitation.

State Expense Limitation. If in any fiscal year the operating expenses of any Series plus such Series' operating expenses in such fiscal year ("Aggregate Operating Expenses," which includes any fees or expense reimbursements payable to the Manager pursuant to this Agreement and any compensation payable to the Manager pursuant to (i1) the Administration Agreement between such Series and the Manager or (ii) any other Agreement or arrangement with Trust with respect to that Series, but excludes interest, taxes, brokerage commissions, litigation and indemnification expenses, and other extraordinary expenses not incurred in the ordinary course of business) exceed the lowest applicable percentage expense limitation imposed under the securities law and regulations of any state in which such Series's shares are qualified for sale (the "State Expense Limitation"), then the Manager shall pay such Series the amount of such excess, less the amount of any reduction of the administration fee referred to below; provided, that the Manager shall have no obligation hereunder to pay such Series for any such expenses which exceed the pro rata portion of such advisory fee attributable to such Series. No payment shall be made to such Series Interestholder hereunder unless and until the administration fee payable by such Series Interestholder under a similar State Expense Limitation of its Administration Agreement with the Manager has been reduced to zero. Any payment to a Series an interestholder hereunder shall be made monthly, by annualizing the Aggregate Operating Expenses for each month as of the last day of such month. An adjustment shall be made on or before the last day of the first month of the next succeeding fiscal year if Aggregate Operating Expenses for such fiscal year do not exceed the State Expense Limitation or if for such fiscal year there is no applicable State Expense Limitation.

State Expense Limitation. If in any fiscal year the operating expenses of any Interestholder in a Series plus such Interestholder's pro rata portion of the Series' operating expenses in such fiscal year ("Aggregate Operating Expenses," ", which includes any fees or expense reimbursements payable to the Manager pursuant to this Agreement and any compensation payable to the Manager pursuant to (i) the Administration Agreement between such Series Interestholder and the Manager or (ii) any other Agreement or arrangement with Managers Trust with respect to that SeriesInterestholder, but excludes interest, taxes, brokerage commissions, litigation and indemnification expenses, and other extraordinary expenses not incurred in the ordinary course of business) exceed the lowest applicable percentage expense limitation imposed under the securities law and regulations of any state in which such SeriesInterestholder's shares are qualified for sale (the "State Expense Limitation"), then the Manager shall pay such Series Interestholder the amount of such excess, less the amount of any reduction of the administration fee referred to below; providedPROVIDED, that the Manager shall have no obligation hereunder to pay such Series Interestholder for any such expenses which exceed the pro rata portion of such advisory fee attributable to such Interestholder's interest in that Series. No payment shall be made to such Series Interestholder hereunder unless and until the administration fee payable by such Series Interestholder under a similar State Expense Limitation of its Administration Agreement with the Manager has been reduced to zero. Any payment to a Series an interestholder hereunder shall be made monthly, by annualizing the Aggregate Operating Expenses for each month as of the last day of such month. An adjustment shall be made on or before the last day of the first month of the next succeeding fiscal year if Aggregate Operating Expenses for such fiscal year do not exceed the State Expense Limitation or if for such fiscal year there is no applicable State Expense Limitation.

State Expense Limitation. If in any fiscal year the operating expenses of any Interestholder in a Series plus such Interestholder's pro rata portion of the Series' operating expenses in such fiscal year ("Aggregate Operating Expenses," ", which includes any fees or expense reimbursements payable to the Manager pursuant to this Agreement and any compensation payable to the Manager pursuant to (i1) the Administration Agreement between such Series Interestholder and the Manager or (ii) any other Agreement or arrangement with Managers Trust with respect to that SeriesInterestholder, but excludes interest, taxes, brokerage commissions, litigation and indemnification expenses, and other extraordinary expenses not incurred in the ordinary course of business) exceed the lowest applicable percentage expense limitation imposed under the securities law and regulations of any state in which such SeriesInterestholder's shares are qualified for sale (the "State Expense Limitation"), then the Manager shall pay such Series Interestholder the amount of such excess, less the amount of any reduction of the administration fee referred to below; provided, that the Manager shall have no obligation hereunder to pay such Series Interestholder for any such expenses which exceed the pro rata portion of such advisory fee attributable to such Interestholder's interest in that Series. No payment shall be made to such Series Interestholder hereunder unless and until the administration fee payable by such Series Interestholder under a similar State Expense Limitation of its Administration Agreement with the Manager has been reduced to zero. Any payment to a Series an interestholder hereunder shall be made monthly, by annualizing the Aggregate Operating Expenses for each month as of the last day of such month. An adjustment shall be made on or before the last day of the first month of the next succeeding fiscal year if Aggregate Operating Expenses for such fiscal year do not exceed the State Expense Limitation or if for such fiscal year there is no applicable State Expense Limitation.

State Expense Limitation. If in any fiscal year a Series operating expenses plus such Series pro rata portion of the operating expenses of any portfolio of Institutional Liquidity Trust in which such Series invests all or substantially all of its assets ("“Aggregate Operating Expenses," ”), which includes any fees or expense reimbursements payable to the Manager Administrator pursuant to this Agreement and any compensation payable to the Manager Administrator pursuant to (i) the Administration Management Agreement between such Series portfolio and the Manager Administrator, or (ii) any other Agreement agreement or arrangement with Trust with respect to that such Series, but excludes excluding interest, taxes, brokerage commissions, litigation and indemnification expenses, and other extraordinary expenses not incurred in the ordinary course of such Series business) exceed the lowest applicable percentage expense limitation imposed under the securities law and regulations of any state in which such Series's Series shares are qualified for sale (the "“State Expense Limitation"”), then the Manager shall pay administration fee payable to the Administrator under this Agreement by such Series shall be reduced by the amount of such excess, less the amount of any reduction of the administration fee referred to below; provided, that the Manager Administrator shall have no obligation hereunder to pay such reimburse the Series for any such expenses which exceed the pro rata portion of such advisory fee attributable to such Seriesadministration fee. No payment shall be made to such Series hereunder unless and until Any reduction in the administration fee payable by such Series under a similar State Expense Limitation of its Administration Agreement with the Manager has been reduced to zero. Any payment to a Series hereunder shall be made monthly, by annualizing the Aggregate Operating Expenses of such Series for each month as of the last day of such month. An adjustment shall be made on or before the last day of the first month of the next succeeding fiscal year if Aggregate Operating Expenses for such Series’ fiscal year do not exceed the State Expense Limitation or if for such fiscal year there is no applicable State Expense Limitation.

State Expense Limitation. If in any fiscal year a Series operating expenses plus such Series pro rata portion of the operating expenses of any portfolio of Equity Managers Trust in which such Series invests all or substantially all of its assets ("Aggregate Operating Expenses," "), which includes any fees or expense reimbursements payable to the Manager Administrator pursuant to this Agreement and any compensation payable to the Manager Administrator pursuant to (i) the Administration Management Agreement between such Series portfolio and the Manager Administrator, or (ii) any other Agreement agreement or arrangement with Trust with respect to that such Series, but excludes excluding interest, taxes, brokerage commissions, litigation and indemnification expenses, and other extraordinary expenses not incurred in the ordinary course of such Series business) exceed the lowest applicable percentage expense limitation imposed under the securities law and regulations of any state in which such Series's Series shares are qualified for sale (the "State Expense Limitation"), then the Manager shall pay administration fee payable to the Administrator under this Agreement by such Series shall be reduced by the amount of such excess, less the amount of any reduction of the administration fee referred to below; provided, that the Manager Administrator shall have no obligation hereunder to pay such reimburse the Series for any such expenses which exceed the pro rata portion of such advisory fee attributable to such Seriesadministration fee. No payment shall be made to such Series hereunder unless and until Any reduction in the administration fee payable by such Series under a similar State Expense Limitation of its Administration Agreement with the Manager has been reduced to zero. Any payment to a Series hereunder shall be made monthly, by annualizing the Aggregate Operating Expenses of such Series for each month as of the last day of such month. An adjustment shall be made on or before the last day of the first month of the next succeeding fiscal year if Aggregate Operating Expenses for such Series' fiscal year do not exceed the State Expense Limitation or if for such fiscal year there is no applicable State Expense Limitation.

State Expense Limitation. If in any fiscal year a Series's operating expenses plus such Series's pro rata portion of the operating expenses of any portfolio of Equity Managers Trust in which such Series invests all or substantially all of its assets ("Aggregate Operating Expenses," "), which includes any fees or expense reimbursements payable to the Manager Administrator pursuant to this Agreement and any compensation payable to the Manager Administrator pursuant to (i) the Administration Management Agreement between such Series portfolio and the Manager Administrator, or (ii) any other Agreement agreement or arrangement with Trust with respect to that such Series, but excludes excluding interest, taxes, brokerage commissions, litigation and indemnification expenses, and other extraordinary expenses not incurred in the ordinary course of such Series's business) exceed the lowest applicable percentage expense limitation imposed under the securities law and regulations of any state in which such Series's shares are qualified for sale (the "State Expense Limitation"), then the Manager shall pay administration fee payable to the Administrator under this Agreement by such Series shall be reduced by the amount of such excess, less the amount of any reduction of the administration fee referred to below; provided, that the Manager Administrator shall have no obligation hereunder to pay such reimburse the Series for any such expenses which exceed the pro rata portion of such advisory fee attributable to such Seriesadministration fee. No payment shall be made to such Series hereunder unless and until Any reduction in the administration fee payable by such Series under a similar State Expense Limitation of its Administration Agreement with the Manager has been reduced to zero. Any payment to a Series hereunder shall be made monthly, by annualizing the Aggregate Operating Expenses of such Series for each month as of the last day of such month. An adjustment shall be made on or before the last day of the first month of the next succeeding fiscal year if Aggregate Operating Expenses for such Series's fiscal year do not exceed the State Expense Limitation or if for such fiscal year there is no applicable State Expense Limitation.