Exhibit (h)(6)
WAIVER AND REIMBURSEMENT AGREEMENT
Agreement ("Agreement") dated as of the 28th day of July, 2000 by and
among Excelsior Institutional 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,
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 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.
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 TAX-EXEMPT UNITED STATES TRUST COMPANY
FUNDS, INC. OF NEW YORK
By: /s/ Xxxxxxxxx X. Xxxxxx By: /s/ Xxxxxxx X. Xxxxx
-------------------------------- -------------------------------
Name: Xxxxxxxxx X. Xxxxxx Name: Xxxxxxx X. Xxxxx
Title: President and Treasurer Title: Executive Vice President
U.S. TRUST COMPANY
By: /s/ W. Xxxxxxx Xxxxx
-------------------------------
Name: W. Xxxxxxx Xxxxx
Title: President and Chief
Executive Officer
U.S. TRUST COMPANY, N.A.
By: /s/ Xxxxxxx X. Xxxxxxx
-------------------------------
Name: Xxxxxxx X. Xxxxxxx
Title: President and Chief
Executive Officer
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Exhibit A
Excelsior Institutional 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 0.80%
Value Equity Fund 0.80%