Base

Base. Shall mean $25,000,000 per annum if the aggregate 3rd party fee paying assets of the Existing Funds from time to time are $3 billion or less. If the aggregate 3rd party fee paying assets of the Existing Funds from time to time are over $3 billion, then the Base shall be adjusted upward, proportionally (based on $100 million investment increments) to reflect the dollar amount by which aggregate of the Existing Funds from time to time exceed $3 billion. 21