Common use of Applicable Expense Limit Clause in Contracts

Applicable Expense Limit. To the extent that the aggregate expenses of every character, including but not limited to investment advisory fees of the Advisor (excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) incurred by a Fund in any fiscal year (“Fund Operating Expenses”), exceed the Operating Expense Limit, as defined in Section 1(b) below, such excess amount (the “Excess Amount”) shall be the liability of the Advisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every charactercharacter incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Advisor Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses related to on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles, principles and other extraordinary expenses not incurred in the ordinary course of a such Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) incurred by a Fund in any fiscal year (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1(b) 1.2 below, such excess amount (the “Excess Amount”) shall be the liability of the AdvisorAdviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character, including but not limited to investment advisory fees of the Advisor Adviser (excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act▇▇▇▇ ▇▇▇) incurred by a Fund in any fiscal year (“Fund Operating Expenses”), exceed the Operating Expense Limit, as defined in Section 1(b) below, such excess amount (the “Excess Amount”) shall be the liability of the AdvisorAdviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every charactercharacter incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Advisor Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses related to on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles, principles and other extraordinary expenses not incurred in the ordinary course of a such Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) incurred by a Fund in any fiscal year (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1(b) 1.b below, such excess amount (the “Excess Amount”) shall be the liability of the AdvisorAdviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character, including but not limited to investment advisory fees of the Advisor (but excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of a such Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act▇▇▇▇ ▇▇▇) incurred by a the Fund in any fiscal year (“Fund Operating Expenses”), exceed the Operating Expense Limit, as defined in Section 1(b) below, such excess amount (the “Excess Amount”) shall be the liability of the Advisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every charactercharacter incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Advisor Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses related to on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles, principles and other extraordinary expenses not incurred in the ordinary course of a such Fund’s 's business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) incurred by a Fund in any fiscal year (“"Fund Operating Expenses”"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1(b) 1.2 below, such excess amount (the “"Excess Amount”") shall be the liability of the AdvisorAdviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character, including but not limited to investment advisory fees of the Advisor (but excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of a such Fund’s 's business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) incurred by a Fund in any the F▇▇▇ ▇▇ ▇ny fiscal year (“"Fund Operating Expenses”"), exceed the Operating Expense Limit, as defined in Section 1(b) below, such excess amount (the “"Excess Amount”") shall be the liability of the Advisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every character, including but not limited to investment advisory fees of the Advisor (but excluding interest, taxes, brokerage commissions, expenses related to dividend payments on short sales, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act▇▇▇▇ ▇▇▇) incurred by a Fund in any fiscal year (“Fund Operating Expenses”), exceed the Operating Expense Limit, as defined in Section 1(b) below, such excess amount (the “Excess Amount”) shall be the liability of the Advisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every charactercharacter incurred by a Fund or a class of a Fund in any fiscal year, including but not limited to investment advisory fees of the Advisor Investment Adviser (but excluding interest, taxes, brokerage commissions, expenses related Rule 12b-1 fees, fees paid pursuant to an Administrative Services Plan, short salessale dividend expenses, and other expenditures which are capitalized in accordance with generally accepted accounting principles, principles and other extraordinary expenses not incurred in the ordinary course of a the Fund’s 's business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) incurred by a Fund in any fiscal year (“"Fund Operating Expenses”"), exceed the Operating Expense Limit, as defined in Section 1(b) 1.2 below, such excess amount (the “"Excess Amount”") shall be the liability of the AdvisorInvestment Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character, including but not limited to investment advisory fees of the Advisor (but excluding interest, taxes, brokerage commissions, expenses related to dividend payments on short sales, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act1▇▇▇ ▇▇▇) incurred by a Fund in any fiscal year (“Fund Operating Expenses”), exceed the Operating Expense Limit, as defined in Section 1(b) below, such excess amount (the “Excess Amount”) shall be the liability of the Advisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every charactercharacter incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Advisor Adviser (but excluding interest, distribution fees pursuant to Rule 12b-l Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses related to on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles, principles and other extraordinary expenses not incurred in the ordinary course of a such Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) incurred by a Fund in any fiscal year (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1(b) 1.b below, such excess amount (the “Excess Amount”) shall be the liability of the AdvisorAdviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character, including but not limited to investment advisory fees of the Advisor (but excluding interest, taxes, brokerage commissions, expenses related to short salesacquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan plans adopted in accordance with Rule 12b-1 under the 1940 Act▇▇▇▇ ▇▇▇) incurred by a Fund in any fiscal year (“Fund Operating Expenses”), exceed the Operating Expense Limit, as defined in Section 1(b) below, such excess amount (the “Excess Amount”) shall be the liability of the Advisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every character, including but not limited to investment advisory fees of the Advisor Adviser (but excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of a each Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act▇▇▇▇ ▇▇▇) incurred by a Fund the Funds in any fiscal year (“Fund Operating Expenses”), exceed the Operating Expense Limit, as defined in Section 1(b) below, such excess amount (the “Excess Amount”) shall be the liability of the AdvisorAdviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every charactercharacter incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Advisor Adviser and acquired fund fees and expenses (but excluding interestinterest expense, taxes, brokerage commissions, expenses related to short sales, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of a such Fund’s business, and amounts, if any, amounts payable pursuant to a any plan adopted in accordance with Rule 12b-1 under the 1940 Act) incurred by a Fund in any fiscal year (“Fund Operating Expenses”), exceed the Operating Maximum Annual Expense Limit, as defined in Section 1(b) 1.2 below, such excess amount (the “Excess Amount”) shall be the liability of the AdvisorAdviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every charactercharacter incurred by a Fund or a class of a Fund in any fiscal year, including but not limited to investment advisory fees of the Advisor Investment Adviser (but excluding interest, taxes, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an Administrative Services Plan, short sale dividend expenses related to short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles, principles and other extraordinary expenses not incurred in the ordinary course of a the Fund’s 's business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) incurred by a Fund in any fiscal year (“"Fund Operating Expenses”"), exceed the Operating Expense Limit, as defined in Section 1(b) 1.2 below, such excess amount (the “"Excess Amount”") shall be the liability of the AdvisorInvestment Adviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character, including but not limited to investment advisory fees of the Advisor (excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act1▇▇▇ ▇▇▇) incurred by a Fund in any fiscal year (“Fund Operating Expenses”), exceed the Operating Expense Limit, as defined in Section 1(b) below, such excess amount (the “Excess Amount”) shall be the liability of the Advisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every charactercharacter incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Advisor Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses related to on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles, principles and other extraordinary expenses not incurred in the ordinary course of a such Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) incurred by a Fund in any fiscal year (“"Fund Operating Expenses”"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1(b) 1.2 below, such excess amount (the “"Excess Amount”") shall be the liability of the AdvisorAdviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every characterofevery character incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Advisor Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses related to on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles, principles and other extraordinary expenses not incurred in the ordinary course of a such Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) incurred by a Fund in any fiscal year (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1(b) 1.2 below, such excess amount (the “Excess Amount”) shall be the liability of the AdvisorAdviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every charactercharacter incurred by the Fund in any fiscal year, including but not limited to investment advisory fees of excluding the Advisor (excluding management fee, incentive fee, interest, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses related to on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles, principles and other extraordinary expenses not incurred in the ordinary course of a the Fund’s 's business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) incurred by a Fund in any fiscal year (“"Fund Operating Expenses”"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1(b) 1.2 below, such excess amount (the “"Excess Amount”") shall be the liability of the AdvisorAdviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character, including but not limited to investment advisory fees of the Advisor (but excluding interest, taxes, brokerage commissions, expenses related to dividend payments on short sales, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) incurred by a Fund in any fiscal year (“Fund Operating Expenses”), exceed the Operating Expense Limit, as defined in Section 1(b) below, such excess amount (the “Excess Amount”) shall be the liability of the Advisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every character, including character (but not limited to investment advisory fees of the Advisor (excluding interest, taxes, brokerage commissions, expenses related investment advisory and/or variable performance incentive fees paid to short salesthe Advisor, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of a Fund’s the Funds' business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) incurred by a Fund in the F▇▇▇▇ ▇▇ any fiscal year (“"Fund Operating Expenses”"), exceed the Operating Expense Limit, as defined in Section 1(b) below, such excess amount (the “"Excess Amount”") shall be the liability of the Advisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every charactercharacter incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Advisor Adviser (but excluding interest, taxes, brokerage commissions, dividends, acquired fund fees and expenses related to short sales, other expenditures which are capitalized in accordance with generally accepted accounting principles, and other extraordinary expenses not incurred in the ordinary course of such Fund's business) and expenses for which payment has been made through the use of all or a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Actportion of brokerage commissions (or markups or markdowns) incurred generated by a that Fund in any fiscal year (“"Fund Operating Expenses”"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1(b) 1.2 below, such excess amount (the “"Excess Amount”") shall be the liability of the AdvisorAdviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every charactercharacter incurred by the Class A Shares in any fiscal year, including but not limited to investment advisory fees of the Advisor Adviser (but excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of a Fund’s the Class A Shares' business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act, if any) incurred by a Fund in any fiscal year (“Fund "Class Operating Expenses”"), exceed the Operating Expense Limit, as defined in Section 1(b) 1.2 below, such excess amount (the “"Excess Amount”") shall be the liability of the AdvisorAdviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every charactercharacter incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Advisor Adviser (but excluding interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses related to on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles, principles and other extraordinary expenses not incurred in the ordinary course of a such Fund’s 's business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) incurred by a Fund in any fiscal year (“"Fund Operating Expenses”"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1(b) 1.b below, such excess amount (the “"Excess Amount”") shall be the liability of the AdvisorAdviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every charactercharacter incurred by the Fund in any fiscal year, including but not limited to investment advisory fees of excluding the Advisor (excluding management fee, incentive fee, interest, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses related to on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles, principles and other extraordinary expenses not incurred in the ordinary course of a the Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) incurred by a Fund in any fiscal year (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1(b) 1.2 below, such excess amount (the “Excess Amount”) shall be the liability of the AdvisorAdviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character, including but not limited to investment advisory fees of the Advisor (but excluding interest, dividend expense on securities sold short, taxes, brokerage commissions, expenses related to short sales, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of a such Fund’s 's business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act▇▇▇▇ ▇▇▇) incurred by a the Fund in any fiscal year (“"Fund Operating Expenses”"), exceed the Operating Expense Limit, as defined in Section 1(b) below, such excess amount (the “"Excess Amount”") shall be the liability of the Advisor.

Applicable Expense Limit. To the extent that the aggregate fees and expenses of every charactertype, including but not limited to investment advisory fees of the Advisor (but excluding interest, taxes, brokerage commissions, expenses related to dividend payments on short sales, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) incurred by a Fund in any fiscal year (“Fund Operating Expenses”), exceed the Operating Expense Limit, as defined in Section 1(b) below, such excess amount (the “Excess Amount”) shall be the liability of the Advisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every character, including but not limited to investment advisory fees of the Advisor (excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of a the Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act1▇▇▇ ▇▇▇) incurred by a the Fund in any fiscal year (“Fund Operating Expenses”), exceed the Operating Expense Limit, as defined in Section 1(b) below, such excess amount (the “Excess Amount”) shall be the liability of the Advisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every character, including but not limited to investment advisory fees of the Advisor (but excluding interest, taxes, brokerage commissions, expenses related to short salesacquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of a Fund’s Fund 's business, and amounts, if any, payable pursuant to a plan plans adopted in accordance with Rule 12b-1 12b-l under the 1940 Act▇▇▇▇ ▇▇▇) incurred by a Fund in any fiscal year (“"Fund Operating Expenses”"), exceed the Operating Expense Limit, as defined in Section 1(bl(b) below, such excess amount (the “"Excess Amount”") shall be the liability of the Advisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every character, including but not limited to investment advisory fees of the Advisor (but excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of a the Fund’s 's business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) incurred by a Fund in any the F▇▇▇ ▇▇ ▇ny fiscal year (“"Fund Operating Expenses”"), exceed the Operating Expense Limit, as defined in Section 1(b) below, such excess amount (the “"Excess Amount”") shall be the liability of the Advisor.

Applicable Expense Limit. To the extent that the aggregate expenses of every charactercharacter incurred by a Fund in any fiscal year, including but not limited to organizational costs, investment advisory management fees of the Advisor Manager or administration fees of the Administrator (but excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of a such Fund’s business, business and amounts, if any, amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) incurred by a Fund in any fiscal year (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1(b) 1.2 below, such excess amount (the “Excess Amount”) shall be the liability of the AdvisorManager.

Applicable Expense Limit. To the extent that the aggregate expenses of every charactercharacter incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Advisor Adviser (but excluding interest, distribution fees under Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses related to on short sales, and other expenditures which are capitalized in accordance with following generally accepted accounting principles, principles and other extraordinary expenses not incurred in the ordinary course of a such Fund’s business) (collectively, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) incurred by a Fund in any fiscal year (“Fund Operating Expenses”), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1(b) 1.b below, such excess amount (the “Excess Amount”) shall be the liability of the AdvisorAdviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character, including but not limited to investment advisory fees of the Advisor Adviser (but excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of a the Fund’s 's business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) incurred by a Fund in any the F▇▇▇ ▇▇ ▇ny fiscal year (“the "Fund Operating Expenses”"), exceed the Operating Expense Limit, as defined in Section 1(b) below, such excess amount (the “"Excess Amount”") shall be the liability of the AdvisorAdviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every character, including but not limited to investment advisory fees of the Advisor Adviser (excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act▇▇▇▇ ▇▇▇) incurred by a the Fund in any fiscal year (“Fund Operating Expenses”), exceed the Operating Expense Limit, as defined in Section 1(b) below, such excess amount (the “Excess Amount”) shall be the liability of the AdvisorAdviser.

Applicable Expense Limit. To the extent that the aggregate expenses of every charactercharacter incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Advisor (but excluding interest, taxes, brokerage commissions, expenses related to short salesacquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of a such Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) incurred by a Fund in any fiscal year (“Fund Operating Expenses”), exceed the Operating Expense Limit, as defined in Section 1(b) 1.2 below, such excess amount (the “Excess Amount”) shall be the liability of the Advisor.the