Exhibit (h)(14)
WAIVER AND REIMBURSEMENT AGREEMENT
Agreement ("Agreement") dated as of the 31st day of July, 2003 by and
among Excelsior Funds, Inc., a Maryland corporation and a registered investment
company under the Investment Company Act of 1940, as amended ("Excelsior"), and
United States Trust Company of New York, a state-chartered bank and trust
company ("United States Trust") and U.S. Trust Company, N.A., a national bank
organized under the laws of the United States ("U.S. Trust" and together with
United States Trust, the "Advisers").
BACKGROUND
The Advisers serve as investment advisers to each portfolio of
Excelsior pursuant to Investment Advisory Agreements among the Advisers and
Excelsior dated as of May 31, 2000.
The parties to this Agreement wish to provide for an undertaking by
the Advisers to limit investment advisory or other fees or reimburse expenses of
each of the portfolios of Excelsior in order to improve the performance of each
such portfolios.
AGREEMENT
THEREFORE, in consideration of the foregoing, the parties intending to
be legally bound hereby, agree as follows:
The Advisers shall, from the date of this Agreement until March 31,
2004 waive all or a portion of their investment advisory fees and/or reimburse
expenses in amounts necessary so that after such waivers and/or reimbursements,
the maximum total operating expense ratios of the portfolios of Excelsior shall
not exceed the amounts set forth on Exhibit A hereto.
Each of the Advisers acknowledges and agrees that it shall not be
entitled to collect on or make a claim for waived fees or reimbursed expenses at
any time in the future.
This Agreement shall be governed by and construed under the laws of
the State of New York, without regard to its conflict of law provisions. This
Agreement may be signed in counterparts.
This Agreement shall not be terminated before March 31, 2004 and will
renew automatically each fiscal year thereafter unless the Adviser or Excelsior
terminates the Agreement by providing written notice to the other party 60-days
prior to the beginning of Excelsior's next fiscal year.
IN WITNESS WHEREOF, the parties hereto have caused this instrument to
be executed by their officers designated below as of the date and year first
above written.
EXCELSIOR FUNDS, INC. UNITED STATES TRUST COMPANY OF
NEW YORK
By: /s/ Xxxxx Xxxxx By:
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Xxxxx Xxxxx U.S. TRUST COMPANY, N.A.
VP & AT
By: /s/ Xxxx X. XxXxxxxxx
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Xxxx X. XxXxxxxxx
SV & VP
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Exhibit A
Excelsior Funds, Inc.
Name of Portfolio Total Annual Operating Expenses
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Blended Equity Fund 1.05%
International Fund 1.50%
Money Fund 0.50% (Shares)
0.25% (Institutional Shares)
Government Money Fund 0.50% (Shares)
0.25% (Institutional Shares)
Small Cap Fund 1.05% (Shares)
1.55% (Retirement Shares)
Value and Restructuring Fund 1.14% (Shares)
0.89% (Institutional Shares)
1.64% (Retirement Shares)
Managed Income Fund 0.90% (Shares)
1.40% (Retirement Shares)
Treasury Money Fund 0.55%
Energy and Natural Resources Fund 1.25%
Short-Term Government Securities Fund 0.60%
Intermediate-Term Managed Income Fund 0.65%
Pacific/Asia Fund 1.50%
Real Estate Fund 1.20%
Large Cap Growth Fund 1.05% (Shares)
1.55% (Retirement Shares)
Emerging Markets Fund 1.70%
As amended on April 1, 2004.
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