FEE REDUCTION AGREEMENT
| Exhibit
(h)(2) |
| FEE REDUCTION
AGREEMENT |
Agreement made as of this 13th day of April 2004, between Worldwide Health Sciences Portfolio (the “Trust”) and Xxxxx Xxxxx Management (“Xxxxx Xxxxx”).
WHEREAS, the Trust has entered into a certain Administration Agreement with Xxxxx Xxxxx dated June 24, 1996 (“Administration Agreement”), which Administration Agreement provides that Xxxxx Xxxxx shall be entitled to receive an asset-based fee payable at a certain rate; and
WHEREAS, Xxxxx Xxxxx has offered to reduce such asset-based fee rate, and the Trust has accepted such fee reduction, such fee reduction being effective as of March 15, 2004; and
WHEREAS, Xxxxx Xxxxx and the Trust wish to memorialize such permanent fee reduction in
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein and for other good and valuable consideration, receipt of which is hereby acknowledged, the Trust and Xxxxx Xxxxx hereby agree as follows:
| 1. | For so long as the Administration Agreement shall remain in effect, notwithstanding any provisions of the Administration Agreement to the contrary, Xxxxx Xxxxx will reduce its asset- based fee for the Trust in accordance with the fee reduction schedule set forth on Exhibit A hereto. |
| 2. | This Agreement may only be terminated or amended upon the mutual written consent of the Trust and Xxxxx Xxxxx; provided that no such termination or amendment shall be effective unless approved by the majority vote of those Trustees of the Trust who are not interested persons of Xxxxx Xxxxx or the Trust. |
| 3. | This instrument is executed under seal and shall be governed by Massachusetts law. |
IN WITNESS WHEREOF, this Agreement has been executed as of the date set forth above by a duly authorized officer of each party.
| Worldwide Health Sciences
Portfolio |
| By: | /s/ Xxxxxx X. Xxxxx | |
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| Xxxxxx X. Xxxxx | ||
| President |
| Xxxxx Xxxxx
Management |
| By: | /s/ Xxxx X. Xxxxxx | |
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| Xxxx X. Xxxxxx | ||
| Vice President |
| Exhibit
A |
ADMINISTRATION FEE REDUCTION SCHEDULE Worldwide Health Sciences Portfolio
On net assets of $500 million and over, Xxxxx Xxxxx’x asset-based administration fee is reduced and computed as follows:
| Annual Asset Rate | ||||
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| Average Daily Net Assets | ||||
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| $500 million but less than $1 billion | 0.23333% | |||
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| $1 billion but less than $1.5 billion | 0.21667% | |||
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| $1.5 billion but less than $2 billion | 0.20000% | |||
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| $2 billion but less than $2.5 billion | 0.18333% | |||
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| $2.5 billion and over | 0.16667% | |||
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