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EXHIBIT 23(h)(10)
WAIVER AND REIMBURSEMENT AGREEMENT
Agreement ("Agreement") dated as of the 15th day of May, 2000 by and among
Kent Funds, a Massachusetts business trust and a registered investment company
under the Investment Company Act of 1940, as amended ("Kent") and Old Kent
Securities Corporation ("OKSC"):
BACKGROUND
OKSC serves as administrator, fund accountant and transfer agent to each
portfolio of Kent pursuant to an Administration Agreement, a Fund Accounting
Agreement and a Transfer Agency Agreement, respectively, among OKSC and Kent
each dated as of December 1, 1999.
The parties to this Agreement wish to provide for an undertaking by OKSC to
limit the fees payable under the above-referenced agreements or other fees or
reimburse expenses of the portfolios of Kent 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:
OKSC shall, from the date of this Agreement until December 31, 2000, waive
all or a portion of their fees and/or reimburse expenses as set forth on Exhibit
A hereto.
OKSC 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 Massachusetts, without regard to its conflict of law provisions.
The names "The Kent Funds" and "Trustees of The Kent Funds" refer
respectively to the business trust created and the Trustees, as trustees but not
individually or personally, acting from time to time under a Declaration of
Trust dated as of May 9, 1986 to which reference is hereby made and a copy of
which is on file at the office of the Secretary of the Commonwealth of
Massachusetts and elsewhere as required by law, and to any and all amendments
thereto so filed or hereafter filed. The obligations of "The Kent Funds" entered
into in the name or on behalf thereof by any of the Trustees, representatives or
agents are made not individually, but in such capacities, and are not binding
upon any of the Trustees, shareholders or representatives of the Trust
personally, but bind only the assets of the Trust, and all persons dealing with
any Fund must look solely to the assets of the Trust belonging to such Fund for
the enforcement of any claims against the Trust.
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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.
KENT FUNDS OLD KENT SECURITIES CORPORATION
By: /s/ Xxxxx X. Xxxx, XX By: /s/ Xxxx X. Xxxxxx
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Name: Xxxxx X. Xxxx, XX Name: Xxxx X. Xxxxxx
Title: President Title: President
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EXHIBIT A
KENT FUNDS
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Name of Portfolio Amount to be Waived
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Kent Money Market Fund - 0.08% of combined Administration and
Fund Accounting fees
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Kent Michigan Municipal Money Market Fund - 0.08% of combined Administration and
Fund Accounting fees
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