Exhibit (h)(18)
WAIVER AND REIMBURSEMENT AGREEMENT
Agreement ("Agreement") dated as of the __ day of _________,
________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,
a Connecticut state bank and trust company ("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 an Investment Advisory Agreement among the Advisers and
Excelsior dated as of ______________________.
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 portfolio.
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,
2001, 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.
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.
EXCELSIOR FUNDS, INC. UNITED STATES TRUST COMPANY
OF NEW YORK
By:______________________________ By:_____________________________________
Name: Name:
Title: Title:
U.S. TRUST COMPANY
By:____________________________________
Name:
Title:
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Exhibit A
Excelsior Funds, Inc.
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Name of Portfolio Total Annual Operating Expenses
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Blended Equity Fund
International Fund
Money Fund
Government Money Fund
Managed Income Fund
Treasury Money Fund
Energy and Natural Resources Fund
Value and Restructuring Fund
Small Cap Fund
Short-Term Government Securities Fund
Intermediate-Term Managed Income Fund
Latin America Fund
Pacific/Asia Fund
Pan European Fund
Real Estate Fund
Large Cap Growth Fund
Emerging Markets Fund
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