WAIVER AND REIMBURSEMENT AGREEMENT
Agreement ("Agreement") dated as of the 31st day of July, 2002 by and among
Excelsior Funds Trust, a Delaware business trust and a registered investment
company under the Investment Company Act of 1940, as amended ("Excelsior
Trust"), 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
United States Trust and U.S. Trust serve as investment advisers to each
portfolio of Excelsior Trust pursuant to an Investment Advisory Agreement among
the Advisers and Excelsior Trust, 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 Trust 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, 2003,
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 Trust
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, 2003 and will renew
automatically each fiscal year thereafter unless the Adviser or Excelsior Trust
terminates the Agreement by providing written notice to the other party 60-days
prior to the beginning of Excelsior Trust'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 day and
year first above written.
EXCELSIOR FUNDS TRUST UNITED STATES TRUST COMPANY
OF NEW YORK
By: By:
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Xxxxxxxxx X. Xxxxxx
President and Treasurer
U.S. TRUST COMPANY
By:
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W. Xxxxxxx Xxxxx
President and Chief Executive Officer
Exhibit A
Excelsior Funds Trust
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Name of Portfolio Total Annual Operating Expenses
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Equity Fund 0.70%
Income Fund 0.50%
Total Return Bond Fund 0.50%
International Equity Fund 0.90%
Optimum Growth Fund 1.05% (Shares)
0.80% (Institutional Shares)
Mid Cap Value Fund 0.99% (Shares)
0.74% (Institutional Shares)
High Yield Fund 1.05% (Shares)
0.80% (Institutional Shares)