Common use of Reimbursement of Fee Waivers and Expense Reimbursements Clause in Contracts

Reimbursement of Fee Waivers and Expense Reimbursements. If on any day during which the Advisory Agreement is in effect, the estimated annualized Fund Operating Expenses of a Fund for that day are less than the Operating Expense Limit, the Advisor shall be entitled to reimbursement by such Fund of the investment advisory fees waived or reduced, and any other expense reimbursements or similar payments remitted by the Adviser to the Fund pursuant to Section 1 hereof (the "Reimbursement Amount") during any of the first five years subsequent to such Fund's commencement of operations for a period of up to three years from the date such amount was waived or reduced, to the extent that such Fund's annualized Operating Expenses plus the amount so reimbursed equals, for such day, the Operating Expense Limit, provided that such amount paid to the Advisor will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed. Such Reimbursement Amount will be accrued daily and paid monthly in arrears.

Reimbursement of Fee Waivers and Expense Reimbursements. If on any day during which the Advisory Agreement is in effect, the estimated annualized Fund Operating Expenses of a Fund for that day are less than the Operating Expense Limit, the Advisor shall be entitled to reimbursement by such Fund of the investment advisory fees waived or reduced, and any other expense reimbursements or similar payments remitted by the Adviser to the Fund pursuant to Section 1 hereof (the "“Reimbursement Amount"”) during any of the first five years subsequent to such Fund's ’s commencement of operations for a period of up to three years from the date month such amount was waived or reduced, to the extent that such Fund's ’s annualized Operating Expenses plus the amount so reimbursed equals, for such day, the Operating Expense Limit, provided that such amount paid to the Advisor will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed. Such Reimbursement Amount will be accrued daily and paid monthly in arrears.

Reimbursement of Fee Waivers and Expense Reimbursements. If on any day during which the Advisory Agreement is in effect, the estimated annualized Fund Operating Expenses of a Fund for that day are less than the Operating Expense Limit, the Advisor Adviser shall be entitled to reimbursement by such Fund of the investment advisory fees waived or reduced, and any other expense reimbursements or similar payments remitted by the Adviser to the Fund pursuant to Section 1 hereof (the "“Reimbursement Amount"”) during any of the first five years subsequent to such Fund's ’s commencement of operations for a period of up to three years from the date such amount was waived or reduced, to the extent that such Fund's ’s annualized Operating Expenses plus the amount so reimbursed equals, for such day, the Operating Expense Limit, provided that such amount paid to the Advisor Adviser will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed. Such Reimbursement Amount will be accrued daily and paid monthly in arrears.