Exhibit (h)(5)
WAIVER AND REIMBURSEMENT AGREEMENT
Agreement ("Agreement") dated as of the 30th day of May, 2003 by and
between The Community Reinvestment Act Qualified Investment Fund, a Delaware
business trust and a registered investment company under the Investment Company
Act of 1940, as amended (the "Trust"), and CRAFund Advisors, Inc., a Delaware
corporation (the "Adviser").
BACKGROUND
The Adviser serves as investment adviser to the Trust's existing investment
portfolio (the "Fund") pursuant to an Investment Management Agreement between
the Adviser and the Trust dated as of June 1, 1999.
The parties to this Agreement wish to provide for an undertaking by the
Adviser to limit investment advisory or other fees and/or reimburse expenses of
the Fund in order to improve the performance of the Fund.
AGREEMENT
THEREFORE, in consideration of the foregoing, the parties intending to be
legally bound hereby, agree as follows:
The Adviser shall, from the date of this Agreement until May 31, 2004,
waive all or a portion of its investment advisory fees and/or reimburse expenses
in amounts necessary so that after such waivers and/or reimbursements, the
maximum total operating expense ratio of the Fund shall not exceed 1.00%.
Thereafter, if not terminated, this Agreement will renew automatically each year
ending May 31. Notwithstanding the foregoing, this Agreement may be terminated
at the end of any one-year period by the Trust or by the Adviser on sixty days'
written notice.
The Adviser 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 Delaware, without regard to its conflict of law provisions. This
Agreement may be executed in one or more counterparts and all such counterparts
will constitute one and the same instrument.
IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed by their officers designated below as of the day and year first above
written.
THE COMMUNITY REINVESTMENT ACT CRAFUND ADVISORS, INC.
QUALIFIED INVESTMENT FUND
By: /s/ Xxxx X. Xxxxxxx By: /s/ Xxxx X. Xxxxxxx
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Name Xxxx X. Xxxxxxx Name: Xxxx X. Xxxxxxx
Title: President Title: President
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