FEE WAIVER AGREEMENT (First Eagle U.S. Value Cayman Fund, Ltd.)

Exhibit 99.(h)(7)

FEE WAIVER AGREEMENT

(First Eagle U.S. Value Cayman Fund, Ltd.)

AGREEMENT, made as of this 23rd day of February, 2016, between First Eagle U.S. Value Cayman Fund, Ltd., a Cayman Islands exempted company (the “Subsidiary”), a wholly-owned subsidiary of the First Eagle Funds, a Delaware statutory trust and open-ended investment company (the “Trust”), on behalf of its series, First Eagle U.S. Value Fund (the “U.S. Value Fund”), and First Eagle Investment Management, LLC (“FEIM”).

WHEREAS, the Subsidiary and FEIM have entered into an Investment Advisory Agreement (the “Advisory Agreement”); and

WHEREAS, FEIM desires to waive certain investment advisory fees described in the Advisory Agreement for the Subsidiary.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the Subsidiary and FEIM agree as follows:

1. For the period commencing as of March 1, 2016 through February 28, 2017, FEIM agrees to waive fees payable to FEIM pursuant to the applicable Advisory Agreement so as to reduce said fees from an annual rate of 0.75% of average daily net assets to an annual rate of 0.70% of average daily net assets.

2. Nothing in this Agreement shall be construed as preventing FEIM from voluntarily limiting, waiving or reimbursing expenses outside the contours of this Agreement; nor shall anything herein be construed as requiring that FEIM limit, waive or reimburse any expenses incurred after February 28, 2017 or otherwise outside the term of the waiver specifically contemplated hereby.

3. This Agreement shall be governed by applicable federal laws, rules and regulations and the laws of the State of New York without regard to the conflicts of law provisions thereof; provided, however that nothing herein shall be construed as being inconsistent with applicable federal law. Where the effect of a requirement of applicable federal law reflected in any provision of this Agreement is altered by a new or changed rule, regulation or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

4. Any amendment to or extension of this Agreement shall be in writing signed by the parties hereto.

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 written above.

FIRST EAGLE U.S. VALUE CAYMAN FUND LTD.				FIRST EAGLE INVESTMENT MANAGEMENT, LLC
By:		/s/ Xxxxx Xxxxxxxx		By:		/s/ Xxxxxxx Xxxxxxxxx
Name:		Xxxxx Xxxxxxxx		Name:		Xxxxxxx Xxxxxxxxx
Title:		Director		Title:		President and CEO