Common use of COMPENSATION OF SMC Clause in Contracts

COMPENSATION OF SMC. (a) As compensation for the services to be rendered by SMC as provided for herein, for each of the years this Agreement is in effect, the Fund shall pay SMC an annual fee equal to 2 percent of the first $10 million of the average net assets, 1 1/2percent of the next $20 million of the average net assets, and 1 percent of the remaining average net assets of the Equity Series of the Fund for any fiscal year, and 2 percent of the first $70 million of the average net assets and 1 1/2 percent of the remaining average net assets of the Global Series of the Fund for any fiscal year. Such fees shall be determined and payable monthly. If this Agreement shall be effective for only a portion of a year, then SMC's compensation for said year shall be prorated for such portion. For purposes of this Section 3, the value of the net assets of each such Series shall be computed in the same manner at the end of the business day as the value of such net assets is computed in connection with the determination of the net asset value of the Fund's shares as described in the Fund's prospectus. (b) For each of the Fund's fiscal years this Agreement remains in force, SMC agrees that if total annual expenses of any Series of the Fund, exclusive of interest and taxes, extraordinary expenses (such as litigation) and distribution fees paid under the Fund's Class B Distribution Plan, but inclusive of SMC's compensation, exceed any expense limitation imposed by state securities law or regulation in any state in which shares of such Series of the Fund are then qualified for sale, as such regulations may be amended from time to time, SMC will contribute to such Series such funds or waive such portion of its fee, adjusted monthly, as may be requisite to insure that such annual expenses will not exceed any such limitation. If this Agreement shall be effective for only a portion of any Series' fiscal years, then the maximum annual expenses shall be prorated for such

COMPENSATION OF SMC. (a) As compensation for the investment advisory services to be rendered by SMC as provided for herein, to the Fund for each of the years this Agreement is in effect, the Fund shall pay SMC an annual fee equal to 2 percent 0.65% of the first $10 million of the Fund's average daily net assets, 1 1/2percent of the next $20 million of the average net assets, and 1 percent of the remaining average net assets of the Equity Series of the Fund for any fiscal year, and 2 percent of the first $70 million of the average net assets and 1 1/2 percent of the remaining average net assets of the Global Series of the Fund for any fiscal year. Such fees fee shall be determined calculated daily and payable monthly. If this Agreement shall be effective for only a portion of a year, then SMC's compensation for said year shall be prorated for such portion. For purposes of this Section 3, the value of the net assets of each such Series the Fund shall be computed in the same manner at the end of the business day as the value of such net assets is computed in connection with the determination of the net asset value of the Fund's shares as described in the Fund's prospectus. (b) For each of the Fund's fiscal years that this Agreement remains in force, SMC agrees that if total annual expenses of any Series of the Fund, exclusive of interest and taxes, extraordinary expenses (such as litigation) and ), distribution fees paid under the Fund's Class A, Class B and Class C Distribution PlanPlans, but inclusive of SMC's compensation, exceed any expense limitation imposed by state securities law or regulation in any state in which shares of such Series of the Fund are then qualified for sale, as such regulations may be amended from time to time, SMC will contribute to such Series the Fund such funds or waive such portion of its fee, adjusted monthly, as may be requisite to insure that such annual expenses will not exceed any such limitation. If this Agreement shall be effective for only a portion of any Series' fiscal yearsyear, then the maximum annual expenses shall be prorated for suchsuch portion. Brokerage fees and commissions incurred in connection with the purchase or sale of any securities by the Fund shall not be deemed to be expenses within the meaning of this paragraph (b).

COMPENSATION OF SMC. (a) As compensation for the investment advisory services to be rendered by SMC as provided for herein, to the Fund for each of the years this Agreement is in effect, the Fund shall pay SMC an annual fee equal to 2 percent 0.75% of the first $10 million of the Fund's average daily net assets, 1 1/2percent of the next $20 million of the average net assets, and 1 percent of the remaining average net assets of the Equity Series of the Fund for any fiscal year, and 2 percent of the first $70 million of the average net assets and 1 1/2 percent of the remaining average net assets of the Global Series of the Fund for any fiscal year. Such fees fee shall be determined calculated daily and payable monthly. If this Agreement shall be effective for only a portion of a year, then SMC's compensation for said year shall be prorated for such portion. For purposes of this Section 3, the value of the net assets of each such Series the Fund shall be computed in the same manner at the end of the business day as the value of such net assets is computed in connection with the determination of the net asset value of the Fund's shares as described in the Fund's prospectus. (b) For each of the Fund's fiscal years that this Agreement remains in force, SMC agrees that if total annual expenses of any Series of the Fund, exclusive of interest and taxes, extraordinary expenses (such as litigation) and ), distribution fees paid under the Fund's Class A, Class B and Class C Distribution PlanPlans, but inclusive of SMC's compensation, exceed any expense limitation imposed by state securities law or regulation in any state in which shares of such Series of the Fund are then qualified for sale, as such regulations may be amended from time to time, SMC will contribute to such Series the Fund such funds or waive such portion of its fee, adjusted monthly, as may be requisite to insure that such annual expenses will not exceed any such limitation. If this Agreement shall be effective for only a portion of any Series' fiscal yearsyear, then the maximum annual expenses shall be prorated for suchsuch portion. Brokerage fees and commissions incurred in connection with the purchase or sale of any securities by the Fund shall not be deemed to be expenses within the meaning of this paragraph (b).

COMPENSATION OF SMC. (a) As compensation for the services to be rendered by SMC as provided for herein, for each of the years this Agreement is in effect, the Fund shall pay SMC an annual fee equal to 2 percent of the first $10 million of the average net assets, 1 1/2percent of the next $20 million of the average net assets, and 1 percent of the remaining average net assets of the Equity Series of the Fund for any fiscal year, and 2 percent of the first $70 million of the average net assets and 1 1/2 percent of the remaining average net assets of the Global Series of the Fund for any fiscal year. Such fees shall be determined and payable monthly. If this Agreement shall be effective for only a portion of a year, then SMC's compensation for said year shall be prorated for such portion. For purposes of this Section 3, the value of the net assets of each such Series shall be computed in the same manner at the end of the business day as the value of such net assets is computed in connection with the determination of the net asset value of the Fund's shares as described in the Fund's prospectus. (b) For each of the Fund's fiscal years this Agreement remains in force, SMC agrees that if total annual expenses of any Series of the Fund, exclusive of interest and taxes, extraordinary expenses (such as litigation) and distribution fees paid under the Fund's Class B Distribution Plan, but inclusive of SMC's compensation, exceed any expense limitation imposed by state securities law or regulation in any state in which shares of such Series of the Fund are then qualified for sale, as such regulations may be amended from time to time, SMC will contribute to such Series such funds or waive such portion of its fee, adjusted monthly, as may be requisite to insure that such annual expenses will not exceed any such limitation. If this Agreement shall be effective for only a portion of any Series' fiscal years, then the maximum annual expenses shall be prorated for suchsuch portion. Brokerage fees and commissions incurred in connection with the purchase or sale of any securities by a Series shall not be deemed to be expenses within the meaning of this paragraph (b). D. Paragraph 5(e) shall be deleted in its entirety and the following inserted in lieu thereof: