Common use of Waiver of Advisory Fees Clause in Contracts

Waiver of Advisory Fees. (a) The Advisor hereby agrees to waive the portion of its management fee for each Fund which corresponds to payments the Advisor or its affiliates may receive from managers of other registered investment companies in which such Fund may invest (“Underlying Funds”) for certain administrative, distribution and/or marketing-related services. The minimum amount of this waiver for each Fund is listed in Schedule A and is based on estimated amounts expected to be received during the current fiscal year. If a reasonable estimate cannot be made, the minimum may be set at 0.00%. The actual amount of each waiver may be higher to the extent the payments exceed the Advisor’s estimates, but it will not be lower. This waiver is not subject to recoupment by the Advisor.

Waiver of Advisory Fees. (a) The Advisor hereby agrees to waive the portion of its management fee for each Fund which corresponds to payments the Advisor or its affiliates may receive from managers of other registered investment companies in which such Fund may invest (“Underlying Funds”) for certain administrative, distribution and/or marketing-related services. The minimum amount of this waiver for each Fund is listed in Schedule A and is based on estimated amounts expected to be received during the current fiscal year. If a reasonable estimate cannot be made, the minimum may be set at 0.00%. The actual amount of each waiver may be higher to the extent the payments exceed the Advisor’s estimates, but it will not be lower. This waiver is not subject to recoupment by the Advisor.