Common use of EXPENSES TO BE Clause in Contracts

EXPENSES TO BE. Paid By The Corporation (and allocated to the Fund). The Fund generally shall bear the expenses incurred in complying with laws regulating the offer, issuance or sale of securities. Fees paid for attendance at meetings of the Fund’s Board of Directors to directors of the Fund who are not interested persons of the Adviser, as defined in the 1940 Act, or officers or employees of the Fund, shall be borne by the Fund. The Fund shall bear all other expenses of its operations, or shall reimburse the Adviser for such other expenses initially incurred by it, subject to the State Expense Limit (as defined below). The expenses of the Fund’s operation borne by the Fund include, by way of illustration and not limitation, the costs of preparing and printing its Registration Statements required under the Securities Act of 1933, as amended, and the 1940 Act (and amendments thereto), the expenses of registering its shares with the SEC and in the various states, the cost of prospectuses, the cost of stock certificates, reports to shareholders, expenses incidental to shareholder meetings, interest charges, taxes, legal expenses, non-interested directors’ fees, all expenses of bond, liability and other insurance coverage required by law or deemed advisable by the Board of Directors, salaries of administrative and clerical personnel, association membership dues, auditing and accounting services, fees and expenses of the custodian of the Fund’s assets, postage, charges and expenses of dividend disbursing agents, registrars and stock transfer agents, the cost of keeping all necessary shareholder records and accounts, and any other costs related to the aforementioned items. The Adviser shall not be obligated to pay any expenses of or for the Fund not expressly assumed by the Adviser pursuant to this Section 5.