State Expense Limitation Sample Clauses

State Expense Limitation. If in any fiscal year the operating expenses of any Series (“Aggregate Operating Expenses,” which includes any fees or expense reimbursements payable to the Manager pursuant to this Agreement and any compensation payable to the Manager pursuant to (i) the Administration Agreement between such Series and the Manager or (ii) any other Agreement or arrangement with Trust with respect to that Series, but excludes interest, taxes, brokerage commissions, litigation and indemnification expenses, and other extraordinary expenses not incurred in the ordinary course of business) exceed the lowest applicable percentage expense limitation imposed under the securities law and regulations of any state in which such Series’s shares are qualified for sale (the “State Expense Limitation”), then the Manager shall pay such Series the amount of such excess, less the amount of any reduction of the administration fee referred to below; provided, that the Manager shall have no obligation hereunder to pay such Series for any such expenses which exceed the pro rata portion of such advisory fee attributable to such Series. No payment shall be made to such Series hereunder unless and until the administration fee payable by such Series under a similar State Expense Limitation of its Administration Agreement with the Manager has been reduced to zero. Any payment to a Series hereunder shall be made monthly, by annualizing the Aggregate Operating Expenses for each month as of the last day of such month. An adjustment shall be made on or before the last day of the first month of the next succeeding fiscal year if Aggregate Operating Expenses for such fiscal year do not exceed the State Expense Limitation or if for such fiscal year there is no applicable State Expense Limitation.

State Expense Limitation. If for any 9. fiscal year of a Fund, its aggregate 10. operating expenses (▇▇▇▇▇▇▇▇▇ ▇▇. Operating Expenses) exceed the 12. applicable percentage expense limit 13. imposed under the securities law and 14. regulations of any state in which 15. Shares of the Fund are qualified for 16. sale (the State Expense Limit), the 17. Manager shall pay such Fund the 18. amount of such excess. For purposes 19. of this State Expense Limit, Aggregate 20. Operating Expenses shall (a) include 21. (i) any fees or expenses 22. reimbursements payable to Manager 23. pursuant to this Agreement and (ii) to 24. the extent the Fund invests all or a 25. portion of its assets in another 26. investment company registered under 27. the 1940 Act, the pro rata portion of 28. that companys operating expenses 29. allocated to the Fund, and (iii) any 30. compensation payable to Manager 31. pursuant to any separate agreement 32. relating to the Funds administration, 33. but (b) exclude any interest, taxes, 34. brokerage commissions, and other 35. normal charges incident to the 36. purchase, sale or loan of securities, 37. commodity interests or other 38. investments held by the Fund, 39. litigation and indemnification expense, 40. and other extraordinary expenses not 41. incurred in the ordinary course of 42. business. Except as otherwise agreed 43. to by the parties or unless otherwise 44. required by the law or regulation of 45. any state, any reimbursement by 46. Manager to a Fund under this section 47. shall not exceed the management fee 48. payable to Manager by the Fund under 49. this Agreement. Any payment to a Fund by Manager hereunder shall be made monthly, by annualizing the Aggregate Operating Expenses for each month as of the last day of the month. An adjustment for payments made during any fiscal year of the Fund shall be made on or before the last day of the first month following such fiscal year of the Fund if the Annual Operating Expenses for such fiscal year (i) do not exceed the State Expense Limitation or (ii) for such fiscal year there is no applicable State Expense Limit. 9.

State Expense Limitation. If in any fiscal year each Portfolio's operating expenses (including any fees or expense reimbursements payable to PMC pursuant to this Agreement, any compensation payable to PMC pursuant to any other agreement or arrangement with the Corporation on behalf of each Portfolio but excluding expenses under any Fund Rule 12b-1 Plan, service fees (as defined by The National Association of Securities Dealers, Inc.), interest, taxes or brokerage commissions and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of each Portfolio's business, and hereinafter called "Fund Operating Expenses") exceed the lowest applicable percentage expense limitation imposed under the securities law and regulations of any state in which each Portfolio's shares are qualified for sale (the "State Expense Limitation"), the management fee payable to PMC under this Agreement shall be reduced by the amount of such excess; PROVIDED that PMC shall have no obligation hereunder to reimburse the Corporation for any expenses which exceed the management fee. Any reduction in the management fee shall be made monthly, by annualizing each Portfolio's expenses for each month as of the last day of such month. An adjustment shall be made on or before the last day of the first month of the next succeeding fiscal year if Fund Operating Expenses for such fiscal year do not exceed the State Expense Limitation or if for such fiscal year there is no applicable State Expense Limitation.

State Expense Limitation. If in any fiscal year the operating expenses of any Interestholder in a Series plus such Interestholder's pro rata portion of the Series' operating expenses in such fiscal year ("Aggregate Operating Expenses," which includes any fees or expense reimbursements payable to the Manager pursuant to this Agreement and any compensation payable to the Manager pursuant to (i) the Administration Agreement between such Interestholder and the Manager or (ii) any other Agreement or arrangement with Managers Trust with respect to that Interestholder, but excludes interest, taxes, brokerage commissions, litigation and indemnification expenses, and other extraordinary expenses not incurred in the ordinary course of

State Expense Limitation. If in any fiscal year the operating expenses of any Portfolio (“Aggregate Operating Expenses,” which includes any fees or expense reimbursements payable to the Manager pursuant to this Agreement and any compensation payable to the Manager pursuant to (i) the Administration Agreement between such Portfolio and the Manager or (ii) any other Agreement or arrangement with the Trust with respect to that Portfolio, but excludes interest, taxes, brokerage commissions, litigation and indemnification expenses, and