Exhibit 99.(d)(vii)
EXPENSE REIMBURSEMENT AGREEMENT
THIS EXPENSE REIMBURSEMENT AGREEMENT (this "Agreement") is made and
entered into this 1st day of October 2005 between Lord, Xxxxxx & Co. LLC ("Lord
Xxxxxx") and Lord Xxxxxx Municipal Income Trust with respect to the Florida
Series, Georgia Series, Michigan Series, Pennsylvania Series, Lord Xxxxxx
Insured Intermediate Tax-Free Fund, and Lord Xxxxxx High Yield Municipal Bond
Fund (each a "Fund")
In consideration of good and valuable consideration, receipt of which
is hereby acknowledged, it is agreed as follows:
1. With respect to each of the Georgia Series, Michigan Series, and
Pennsylvania Series, Lord Xxxxxx agrees to bear directly and/or
reimburse the Funds for expenses if and to the extent that Total
Operating Expenses exceed or would otherwise exceed an annual rate
of (a) ninety-five basis points (0.95%) for Class A shares of the
Funds, and (b) one hundred and five basis points (1.05%) for Class
P shares of the Funds of the average daily net assets in the Funds
for the time period set forth in paragraph 4 below.
2. With respect to the Florida Series, Lord Xxxxxx agrees to bear
directly and/or reimburse the Fund for expenses if and to the
extent that Total Operating Expenses exceed or would otherwise
exceed an annual rate of (a) ninety-five basis points (0.95%) for
Class A shares of the Fund, (b) one hundred and sixty basis points
(1.60%) for Class C shares of the Fund, and (c) one hundred and
five basis points (1.05%) for Class P shares of the Fund of the
average daily net assets in the Fund for the time period set forth
in paragraph 4 below.
3. With respect to the Insured Intermediate Tax-Free Fund, and High
Yield Municipal Bond Fund, Lord Xxxxxx agrees to bear directly
and/or reimburse the Fund for expenses if and to the extent that
Total Operating Expenses exceed or would otherwise exceed an
annual rate of (a) twenty-five basis points (0.25%) for Class A
shares of the Fund, (b) one hundred basis points (1.00%) for Class
B shares of the Fund, (c) one hundred basis points (1.00%) for
Class C shares of the Fund, and (d) forty-five basis points
(0.45%) for Class P shares of the Fund of the average daily net
assets in the Fund for the time period set forth in paragraph 4
below.
4. Lord Xxxxxx'x commitment described in paragraphs 1, 2 and 3
will be effective from October 1, 2005 through September 30, 2006.
IN WITNESS WHEREOF, Lord Xxxxxx and the Lord Xxxxxx Municipal Income
Trust have caused this Agreement to be executed by a duly authorized member and
officer, respectively, on the day and year first above written.
LORD XXXXXX MUNICIPAL INCOME TRUST
By: /s/ Xxxxxxxxx X. Xxxxxxx
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Xxxxxxxxx X. Xxxxxxx
Vice President and Assistant Secretary
LORD, XXXXXX & CO. LLC
By: /s/ Xxxxxxxx X. Xxxxxx
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Xxxxxxxx X. Xxxxxx
Member and General Counsel
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