Common use of Adviser Compensation Clause in Contracts

Adviser Compensation. (a) The Adviser’s annual fee for investment management services provided under this Agreement shall be a percentage (%) of the net value of the Assets under management in accordance with the fee schedule annexed hereto and made a part hereof as Exhibit “A”. This annual fee shall be prorated and paid quarterly, in arrears, based upon the average of all of the daily net values of the Assets for the previous quarter. No increase in the annual fee shall be effective without prior written notification to the Client; (b) Unless the Client pays the Adviser directly for its services (in which event Adviser’s fee is due and payable upon receipt of Adviser’s billing invoice), Client authorizes the Custodian of the Assets to charge the Account for the amount of the Adviser’s fee and to remit such fee to the Adviser in accordance with required regulatory procedures; (c) In addition to Adviser’s annual investment management fee, the Client shall also incur, relative to certain securities purchases, charges imposed directly at the securities level (e.g. mutual fund advisory fees and other fund expenses); and (d) No portion of the Adviser’s compensation shall be based on capital gains or capital appreciation of the Assets except as specifically agreed by Adviser and Client and in compliance with the Investment Advisers Act of 1940 (the “Advisers Act”).

Adviser Compensation. (a) The Adviser’s annual fee for investment management services provided under this Agreement shall be a percentage (%) of the net value of the Assets under management in accordance with the fee schedule annexed hereto and made a part hereof as Exhibit “A”. This annual fee shall be prorated and paid quarterly, in arrears, based upon the average of all of the daily net values of the Assets for the previous quarter. No increase in the annual fee shall be effective without prior written notification to the Client; (b) Unless the Client pays the Adviser directly for its services (in which event Adviser’s fee is due and payable upon receipt of Adviser’s billing invoice), Client authorizes the Custodian of the Assets to charge the Account for the amount of the Adviser’s fee and to remit such fee to the Adviser in accordance with required regulatory procedures; (c) In addition to Adviser’s annual investment management fee, the Client shall also incur, relative to certain securities purchases, charges imposed directly at the securities level (e.g. mutual fund advisory fees and other fund expenses); and (d) No portion of the Adviser’s compensation Adviser Compensation shall be based on capital gains or capital appreciation of the Assets except as specifically agreed by Adviser and Client and in compliance with provided for under the Investment Advisers Act of 1940 (the “Advisers Act”)1940.

Adviser Compensation. (a) The Adviser’s annual fee for investment management services provided under this Agreement shall be a percentage (%) of the net value of the Assets under management in accordance with the fee schedule annexed hereto and made a part hereof as Exhibit “A”. This annual fee shall be prorated and paid quarterly, in arrears, based upon the average of all of the daily net values of the Assets for the previous quarter. No increase in the annual fee shall be effective without prior written notification to the Client; (b) Unless the Client pays the Adviser directly for its services (in which event Adviser’s fee is due and payable upon receipt of Adviser’s billing invoice), Client authorizes the Custodian of the Assets to charge the Account for the amount of the Adviser’s fee and to remit such fee to the Adviser in accordance with required regulatory procedures; (c) In addition to Adviser’s annual investment management fee, the Client shall also incur, relative to certain securities purchases, charges imposed directly at the securities level (e.g. mutual fund advisory fees and other fund expenses); and (d) No portion of the Adviser’s compensation Adviser Compensation shall be based on capital gains or capital appreciation of the Assets except as specifically agreed by Adviser and Client and in compliance with as provided for under the Investment Advisers Act of 1940 (the “Advisers Act”).