Common use of UNDERLYING FUNDS` PAYMENT OF EXPENSES Clause in Contracts

UNDERLYING FUNDS` PAYMENT OF EXPENSES. Subject to Paragraph 3, each of the Underlying Funds agrees to pay its pro rata share of the Expenses based on the proportion which the average daily value of its shares owned by all Managed Portfolios in the aggregate bears to the average daily value of all shares of Underlying Funds owned by all Managed Portfolios in the aggregate, provided that no Underlying Fund will pay such Expenses in excess of the estimated Savings to it ("Excess Expense"). The Underlying Funds shall pay such expenses in accordance with instructions from SFAC.

UNDERLYING FUNDS` PAYMENT OF EXPENSES. Subject to Paragraph 3, each of the Underlying Funds agrees to pay its pro rata share of the Expenses based on the proportion which the average daily value of its shares owned by all Managed Pathway Portfolios in the aggregate bears to the average daily value of all shares of Underlying Funds owned by all Managed Pathway Portfolios in the aggregate, provided that no Underlying Fund will pay such Expenses in excess of the estimated Savings to it ("Excess Expense"). The Underlying Funds shall pay such expenses in accordance with instructions from SFAC.