The annual fee is based on a tiered system. All clients pay 0.90% on the first $1,000,000 and 0.75% on the next $1,500,000 and so on. For example, if a client had $2,500,000 invested with GLL, the blended rate would be 0.81%. The annual fee is prorated and charged quarterly, in advance, based upon the market value of the assets being managed by GLL on the last day of the previous billing period. If assets in excess of $50,000 of the existing portfolio value are deposited into or withdrawn from an account after the inception of a billing period, the fee payable with respect to such assets is adjusted to reflect the interim change in portfolio value. Additionally, for asset management services GLL provides with respect to certain client holdings (e.g., held-away assets, accommodation accounts, alternative investments, etc.), GLL may negotiate a fee rate that differs from the range set forth above. For the initial period of an engagement, the fee is calculated on a pro rata basis. In the event the advisory agreement is terminated, the fee for the final billing period is prorated through the effective date of the termination and the outstanding or unearned portion of the fee is charged or refunded to the client, as appropriate.