Common use of Underlying Managers' Fees Clause in Contracts

Underlying Managers' Fees. Any commission or management, advisory or distribution fees received by the Management Company or the Asset Manager or other delegate of the Management Company, or an associated or related company of the Management Company or the Asset Manager, by virtue of investment by the Sub-Fund in the Master Fund managed by the Management Company or the Asset Manager and/or any of their affiliates, not being fees or commission payable by the Management Company or Asset Manager (or an associated or related company) to their unaffiliated delegate, must be paid into the assets of the Sub-Fund. Further, where a Master Fund is managed by the Management Company, the Asset Manager or an associated entity, the Management Company and its delegates or the associated entity, as applicable, will waive any preliminary charge, repurchase charge or exchange charge that would otherwise be payable in connection with the investment in that Master Fund. The Sub-Fund must also pay the applicable subscription, redemption, distribution, administration, operations, custody fees and/or other fees in respect of the Master Fund into which it invests. The operations fee will be calculated based on the net asset value per class (before debiting the operation and management fee), as at each valuation day. The operations fee will be accrued on each valuation day and debited at the end of each month. In the interest of clarity, there will be no management fee charged to the Sub-Fund in respect of its investment in the Master Fund. More information in relation to fees, in particular the amounts of the fees, are set forth in the relevant offering document of the Master Fund. There are no adverse tax consequences for investors resulting from the Sub-Fund's investment in the Master Fund relative to investing directly. Investors in the Sub-Fund should refer to the section of the prospectus entitled “Taxation” for further information on taxation provisions which should be taken into account when considering an investment in the Sub-Fund. Prospective investors should consult their own professional advisors on the relevant tax considerations applicable to the purchase, acquisition, holding, switching and disposal of units of the Sub-Fund, as well as the receipt of distributions (if applicable) under the laws of their countries of citizenship, residence or domicile.

Underlying Managers' Fees. Any commission or management, advisory or distribution fees received by the Management Company or the Asset Manager or other delegate of the Management Company, or an associated or related company of the Management Company or the Asset Manager, by virtue of investment by the Sub-Fund in the Master Fund managed by the Management Company or the Asset Manager and/or any of their affiliates, not being fees or commission payable by the Management Company or Asset Manager (or an associated or related company) to their unaffiliated delegate, must be paid into the assets of the Sub-Fund. Further, where a an Master Fund is managed by the Management Company, the Asset Manager or an associated entity, the Management Company and its delegates or the associated entity, as applicable, will waive any preliminary charge, repurchase charge or exchange charge that would otherwise be payable in connection with the investment in that Master Fund. The Sub-Fund must also pay the applicable subscription, redemption, distribution, administration, operations, custody fees and/or other fees in respect of the Master Fund into which it invests. The operations fee will be calculated based on the net asset value per class (before debiting the operation and management fee), as at each valuation day. The operations fee will be accrued on each valuation day and debited at the end of each month. In the interest of clarity, there will be no management fee charged to the Sub-Fund in respect of its investment in the Master Fund. More information in relation to fees, in particular the amounts of the fees, are set forth in the relevant offering document of the Master Fund. There are no adverse tax consequences for investors resulting from the Sub-Fund's investment in the Master Fund relative to investing directly. Investors in the Sub-Fund should refer to the section of the prospectus entitled “Taxation” for further information on taxation provisions which should be taken into account when considering an investment in the Sub-Fund. Prospective investors should consult their own professional advisors on the relevant tax considerations applicable to the purchase, acquisition, holding, switching and disposal of units of the Sub-Fund, as well as as, the receipt of distributions (if applicable) under the laws of their countries of citizenship, residence or domicile.