Common use of COMPENSATION OF SMC Clause in Contracts

COMPENSATION OF SMC. (a) As compensation for the investment advisory services to be rendered by SMC to the Fund for each of the years this Agreement is in effect, the Fund shall pay SMC an annual fee equal to 0.75% of the Fund's average daily net assets. Such fee shall be calculated daily and payable monthly. As compensation for the administrative services to be rendered by SMC to the Fund, the Fund shall pay SMC an annual fee equal to 0.09% of its average daily net assets. Such fees shall be 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 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. For transfer agency services provided by SMC to the Fund, each Fund shall pay a Maintenance Fee of $8.00 per account, a Transaction Fee of $1.00 per transaction per account and a Dividend Fee of $1.00 per dividend per account. For the purpose of calculating the Maintenance, Transaction and Dividend Fees applicable to the Fund, SMC may count as a shareholder account each person that holds a beneficial interest in an omnibus account maintained on SMC's transfer agency system by a third-party administrator, broker/dealer, bank, insurance company or other entity; provided that SMC is paying such third-party administrator, broker/dealer, bank, insurance company or other entity sub-administrative, sub-accounting and/or sub-transfer agency fees for keeping individual shareholder records in connection with an investment in the Fund. (b) For each of the Fund's fiscal years that this Agreement remains in force, SMC agrees that if total annual expenses of the Fund, exclusive of interest and taxes, extraordinary expenses (such as litigation), distribution fees paid under the Fund's Class A, Class B, Class C and Class S Distribution Plans, but inclusive of SMC's compensation, exceed any expense limitation imposed by state securities law or regulation in any state in which shares of the Fund are then qualified for sale, as such regulations may be amended from time to time, SMC will contribute to 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 fiscal year, then the maximum annual expenses shall be prorated for such 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 to the Fund Global Series, Social Awareness Series, Small Cap Growth Series and Large Cap Growth Series, for each of the years this Agreement is in effect, each of the Fund foregoing Series shall pay SMC an annual fee equal to 0.751.00% of the Fund's its respective average daily net assets. Such fee shall be calculated daily and payable monthly. As compensation for the administrative investment advisory services to be rendered by SMC to Equity Series, Enhanced Index Series and Select 25 Series for each of the Fundyears this Agreement is in effect, each of the Fund foregoing Series shall pay SMC an annual fee equal to 0.090.75% of its respective average daily net assets. Such fees fee shall be calculated daily and payable monthly. As compensation for the investment advisory services to be rendered by SMC to Mid Cap Value Series for each of the years this Agreement is in effect, the Mid Cap Value Series shall pay SMC an annual fee equal to 1.00% of its average daily net assets of $200 million or less; plus an annual rate of 0.75% of its average daily net assets of more than $200 million. Such fee shall be calculated daily and payable monthly. As compensation for the investment advisory services to be rendered by SMC to Alpha Opportunity Series, Alpha Opportunity Series shall pay SMC a fee as described in paragraphs 3(c) and 3(d) below. 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 the Fund each 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. For transfer agency services provided by SMC to the Fund, each Fund shall pay a Maintenance Fee of $8.00 per account, a Transaction Fee of $1.00 per transaction per account and a Dividend Fee of $1.00 per dividend per account. For the purpose of calculating the Maintenance, Transaction and Dividend Fees applicable to the Fund, SMC may count as a shareholder account each person that holds a beneficial interest in an omnibus account maintained on SMC's transfer agency system by a third-party administrator, broker/dealer, bank, insurance company or other entity; provided that SMC is paying such third-party administrator, broker/dealer, bank, insurance company or other entity sub-administrative, sub-accounting and/or sub-transfer agency fees for keeping individual shareholder records in connection with an investment in the Fund. (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, B and Class C and Class S Distribution Plans, 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 the Fund 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 year, then the maximum annual expenses shall be prorated for such portion. Brokerage fees and commissions incurred in connection with the purchase or sale of any securities by the Fund a Series shall not be deemed to be expenses within the meaning of this paragraph (b).