Average Monthly AUM definition
Average Monthly AUM means the average of the assets under management (“AUM”) for the Reinsured Contracts for such month calculated as follows: Beginning Monthly AUM equals AUM for the Reinsured Contracts on the first calendar day of the applicable month Ending Monthly AUM equals AUM for the Reinsured Contracts on the last calendar day of the applicable month Average Monthly AUM equals (Beginning Monthly AUM plus Ending Monthly AUM) Divided by 2 The “Then-Current Annual Fee Rate” is determined on the last calendar day of each month and shall be equal to the fund company administrative expense rates in effect on that day for the total assets under management for all of Company’s variable annuity products.