Common use of Reduction of Fee Clause in Contracts

Reduction of Fee. If in any fiscal year of the Fund, the aggregate expenses of the Fund (including fees pursuant to this Agreement, but excluding interest, taxes, brokerage fees and, if permitted by the relevant state securities commissions, extraordinary expenses or other expenses) exceed the expense limitation of any state having jurisdiction over the Fund, the Advisor will reduce its fee to the Fund for that excess expense, to the extent required by state law. A fee reduction pursuant to this paragraph 7, if any, will be estimated, reconciled and paid on a monthly basis.