Worried that a fee step-down for one investor could leak across your LP base via MFN? This lesson gives you the precision tools to lock down scope, carve-outs, and like-for-like comparability—so you can grant targeted economics without unintended spillover. You’ll get concise explanations, model clauses with annotations, negotiation scripts, and a mini-application, plus quick exercises to pressure-test your understanding. Finish with language you can deploy in a side letter that withstands MFN scrutiny and protects your fee economics.