First Amendment
To
Expense Limitation Agreement
This First Amendment to Expense Limitation Agreement ("Amendment") is made and
entered into this 26th day of April 2001, by and between Atlanta Investment
Counsel, LLC (the "Advisor") and New Providence Investment Trust (the "Trust").
WITNESSETH:
WHEREAS, the Advisor and the Trust wish to amend that certain Expense Limitation
Agreement ("Agreement") dated May 31, 1999 between the Advisor and the Trust to
modify and change the Operating Expense Limit (as defined in the Agreement) as
specified in Schedule A of the Agreement;
WHEREAS, the Advisor has requested that the Operating Expense Limit be changed
in order for the Advisor to be able to agree to continue the Agreement beyond
May 31, 2000; and
WHEREAS, the Advisor and the Trust have determined that it is appropriate and in
the best interest of the Fund (as defined in the Agreement) to continue the
Agreement and change the Operating Expense Limit as set forth below.
NOW THEREFORE, in consideration of the mutual covenants herein contained, the
parties hereto agree to amend and modify the Agreement effective August 1, 2001
as follows:
1. Amendment to Schedule A. Schedule A is hereby deleted in its entirety and a
new Schedule A, attached hereto and made a part hereof, is substituted in its
place.
Except as expressly modified or amended herein, all other terms, provisions and
conditions of the Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be signed
by their duly authorized officers the day and year first above written.
NEW PROVIDENCE INVESTMENT TRUST
ON BEHALF OF THE WISDOM FUND
By: _____________________________
Its: _____________________________
ATLANTA INVESTMENT COUNSEL, LLC
By: _____________________________
Its: _____________________________
SCHEDULE A
OPERATING EXPENSE LIMITS
This Agreement relates to the following Funds of the Trust:
Maximum Operating
Name of Fund Expense Limit
------------ -------------
Wisdom Fund 1.75%
