Wholly owned subsidiary fee. In cases where the Fund elects or is otherwise required to have a wholly owned subsidiary [for example: controlled foreign corporation/Cayman subsidiary], an annual fee of $7,500 will be charged for each such subsidiary. Ultimus may, with notice to the Fund, charge additional fees with respect to any such subsidiary if Ultimus determines that the nature of such subsidiary will require an inordinate number of man hours to be expended in the performance of Fund Accounting Services or generally poses heightened risk or compliance concerns.
Wholly owned subsidiary fee. In cases where the Fund elects or is otherwise required to have a wholly owned subsidiary [for example: controlled foreign corporation/Cayman subsidiary], a fee of $7,500 will be charged for each such subsidiary. Ultimus may, with notice to and approval by the Fund, charge additional fees with respect to any such subsidiary if Ultimus determines that the nature of such subsidiary will require an inordinate number of man hours to be expended in the performance of Fund Accounting Services or generally poses heightened risk or compliance concerns, and if the Fund does not approve of such additional fees, Ultimus shall be excused from performing fund accounting services with respect to such wholly owned subsidiary.
