1
October 29, 1999
Xxxx X. Xxxxxxxxx
President
Governor Funds
0000 Xxxxxxx Xxxx
Xxxxxxxx, XX 00000
Re: Governor Funds
Dear Xx. Xxxxxxxxx:
By our execution of this letter agreement (the "Agreement"), intending
to be legally bound hereby, BISYS Fund Services Ohio, Inc (the
"Co-Administrators") agree that in order to improve the performance of Governor
Funds which is comprised of the Prime Money Market, U.S. Treasury Obligations
Money Market, Established Growth, Aggressive Growth, Emerging Growth,
International Equity, Intermediate Term Income, Limited Duration Government
Securities, Pennsylvania Municipal Bond, Lifestyle Conservative Growth,
Lifestyle Moderate Growth and Lifestyle Growth Funds (each a "Fund" and
collectively, the "Funds"), the Co-Administrators shall, from October 29, 1999
through October 31, 2000, waive all or a portion of their administration fees in
the amount necessary so that after fee waivers the maximum administration fees
for each Fund except for the Lifestyle Conservative Growth, Lifestyle Moderate
Growth and Lifestyle Growth Funds (collectively the "Lifestyle Funds") shall not
exceed .115% of each Fund's average daily net assets. There are no
administration fees charged on the Lifestyle Funds.
The Co-Administrators acknowledge that they shall not be entitled to
collect on or make a claim for waived fees at any time in the future.
BISYS FUND SERVICES OHIO, INC.
By:
-----------------------------
Title:
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GOVERNORS GROUP ADVISORS, INC.
By:
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Title:
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Your signature below acknowledges
acceptance of this Agreement:
By:
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Xxxx X. Xxxxxxxxx
President
Governor Funds
