Right to Recoupment. If the Investment Manager has waived or reduced any investment advisory fees, or made any payments pursuant to Section 1.4 above, relating to any of the 36 months immediately preceding any month end calculation pursuant to Section 1.4 above, the Investment Manager shall be entitled to recoup from a Fund any such investment advisory fees waived or reduced and any such payments made (collectively, a “Recoupment Amount”), if (i) on the date of any calculation under Section 1.3, the aggregate Term to date Fund Operating Expenses for any class of a Fund are less than that day’s Pro-Rated Expense Cap for that class, and (ii) such Recoupment Amounts have not already been recouped. Any amounts recouped from a class of a Fund shall be recouped in accordance with the principles of the Fund’s Multiple Class Plan Pursuant to Rule 18f-3 under the 1940 Act. Amounts recouped shall be allocated to the oldest Recoupment Amounts during such 36-month period until fully recouped, and thereafter to the next oldest Recoupment Amounts, and so forth.
Right to Recoupment. If the Manager has waived or reduced any investment advisory fees, or made any payments pursuant to Section 1.4 above, relating to any of the 36 months immediately preceding any month end calculation pursuant to Section 1.4 above, the Manager shall be entitled to recoup from a Fund any such investment advisory fees waived or reduced and any such payments made (“Recoupment Amounts”), if (i) on the date of any calculation under Section 1.3, the aggregate Term to date Fund Operating Expenses for any Fund are less than that day’s Pro-Rated Expense Cap for that Fund, and (ii) such Recoupment Amounts have not already been recouped. Any amounts recouped from a Fund shall be recouped in accordance with the 1940 Act. Amounts recouped shall be allocated to the oldest Recoupment Amounts during such 36 month period until fully recouped, and thereafter to the next oldest Recoupment Amounts, and so forth.
Right to Recoupment. Upon notice to the Board of Directors (the “Board”) of the Registrant, if the Investment Manager has waived or reduced any fees payable to it, as applicable, or made any payments pursuant to Section 1.3 above, relating to any of the 36 months immediately preceding any month end calculation pursuant to Section 1.3 above, the Investment Manager shall be entitled to recoup from a Fund any such fees waived or reduced and any such payments made (collectively, a “Recoupment Amount”), if (i) on the date of any calculation under Section 1.2, the day’s gross income for any class of a Fund is greater than that day’s expenses for that class, and (ii) such Recoupment Amounts have not already been recouped. Any amounts recouped from a class of a Fund shall be recouped in accordance with the principles of the Fund’s Multiple Class Plan Pursuant to Rule 18f-3 under the 1940 Act. Amounts recouped shall be allocated to the oldest Recoupment Amounts during such 36 month period until fully recouped, and thereafter to the next oldest Recoupment Amounts, and so forth. Such recoupment may not result in: (i) more than 20% of the daily yield for that class of the Fund prior to such recoupment; (ii) any class of the Fund having a daily yield of less than 0.00%; and (iii) the Distributor recouping any amounts. Additionally, such recoupment is also subject to limitations pursuant to any existing expense limitation agreement for the Fund.
Right to Recoupment. If in any month during which the Management Agreement is in effect, the estimated annualized Total Operating Expenses for a Fund are less than that Fund’s Operating Expense Limit, the Investment Manager shall be entitled to reimbursement by the Fund of the Reimbursement Amount to the extent that the Fund’s annualized Total Operating Expenses plus the amount so reimbursed does not exceed, for such month, the Operating Expense Limit. The total amount of reimbursement to which the Investment Manager may be entitled (the “Reimbursement Amount”) shall equal the sum of all Management Fees previously waived or reduced by the Investment Manager and all other payments remitted by the Investment Manager to the Fund pursuant to Section 1 of this Agreement during the previous thirty-six (36) months, less any reimbursement previously paid by such Fund to the Investment Manager pursuant to this Section 2. Notwithstanding the foregoing, the amount paid to the Investment Manager will in no event exceed the Reimbursement Amount.
Right to Recoupment. If you fail to fulfill your obligations under this Agreement, you agree that Ontrak will be entitled to recover the equity grant and Retention Bonus (or any portion thereof) that has been paid to you under this Agreement.
Right to Recoupment. The Adviser shall be entitled to recoup from a Portfolio any such investment advisory fees waived or reduced and any such payments made in accordance with Section 1.1 above within three years after the occurrence of any such waiver, reduction and/or payment; provided the Portfolio Other Expenses, including such recoupment, do not exceed the limits in Schedule A. Any amounts recouped from a class of a Portfolio shall be recouped in accordance with the principles of the Portfolio’s Multiple Class Plan pursuant to Rule 18f-3 under the 1940 Act.”
Right to Recoupment. If the Investment Manager has waived or reduced any investment advisory fees, or made any payments pursuant to Section 1.4 above, relating to any of the 36 months
Right to Recoupment of the Agreement is hereby deleted in its entirety and replaced with the following:
Right to Recoupment. If the Investment Manager has made any payments pursuant to Section 1.4 above, including waivers and/or reimbursements of certain fees and/or expenses, relating to any of the 36 months immediately preceding any month end calculation pursuant to Section 1.4 above, the Investment Manager shall be entitled to recoup from a Fund any such investment advisory fees waived or reduced, and any such payments made (collectively, a “Recoupment Amount”), if (i) on the date of any calculation under Section 1.3, the aggregate Term to date Fund Operating Expenses for any class of a Fund are less than that day’s Pro-Rated Expense Cap for that class, and (ii) such Recoupment Amounts have not already been recouped. Any amounts recouped from a class of a Fund shall be recouped in accordance with the principles of a Fund’s Multiple Class Plan Pursuant to Rule 18f-3 under the 1940 Act. Amounts recouped shall be allocated to the oldest Recoupment Amounts during such 36 month period until fully recouped, and thereafter to the next oldest Recoupment Amounts, and so forth.
