Common use of MONTHLY CALCULATION OF FEE WAIVER Clause in Contracts

MONTHLY CALCULATION OF FEE WAIVER. At the end of each month, the accruals made in such month pursuant to Section 1.3.1 above shall be netted for each Class. If the total positive Daily Differences for such month exceed the negative Daily Differences, the Investment Manager and, if necessary, the Transfer Agent shall waive their respective fees for the month with respect to such Class in an aggregate amount equal to the net Daily Differences; if the total negative Daily Differences for such month exceed the total positive Daily Differences, the Investment Manager shall not be required to waive its investment advisory fee and the Transfer Agent shall not be required to waive its fee for the month; and further, the Investment Manager and the Transfer Agent shall not be obligated to waive fees at the end of any month, to the extent that such waiver would cause the Investment Manager’s and the Transfer Agent’s aggregate fiscal year-to-date fee waivers to exceed the then-current difference between the aggregate fiscal year-to-date Class Operating Expenses and the applicable year-to-date Class Operating Expense Limit. Any such waiver shall be allocated among the Classes of the Fund in accordance with the terms of the Fund’s Multiple Class Plan Pursuant to Rule 18f-3 under the 1940 Act.

MONTHLY CALCULATION OF FEE WAIVER. At the end of each month, the accruals made in such month pursuant to Section 1.3.1 above shall be netted for each Class. If the total positive Daily Differences for such month exceed the negative Daily Differences, the Investment Manager and, if necessary, the Transfer Agent shall waive their respective fees for the month with respect to such Class in an aggregate amount equal to the net Daily Differences; if the total negative Daily Differences for such month exceed the total positive Daily Differences, the Investment Manager shall not be required to waive its investment advisory fee and the Transfer Agent shall not be required to waive its fee for the month; and further, the Investment Manager and the Transfer Agent shall not be obligated to waive fees at the end of any month, to the extent that such waiver would cause the Investment Manager’s 's and the Transfer Agent’s 's aggregate fiscal year-to-date fee waivers to exceed the then-current difference between the aggregate fiscal year-to-date Class Operating Expenses and the applicable year-to-date Class Operating Expense Limit. Any such waiver shall be allocated among the Classes classes of the Fund in accordance with the terms of the Fund’s 's Multiple Class Plan Pursuant to Rule 18f-3 under the 1940 Act.