Common use of Conversely Clause in Contracts

Conversely. if it is determined based on the estimated returns of the Fund and its benchmark, that the Fund will not earn a performance fee (has underperformed the Fund's benchmark) on any given day, the performance fee adjustment (based on the rolling twelve months average daily net assets) would either: i. be reversed in its entirety (assuming the Fund had accrued for a performance fee during the period); ii. not accrue any performance fee if none was earned during the period; iii. accrue for a negative performance fee if it is determined that the Fund has underperformed the benchmark to date in the current quarter.