EXPENSE REIMBURSEMENT AGREEMENT
EX-99.B(h)lgcapcle
EXPENSE REIMBURSEMENT AGREEMENT
EXPENSE REIMBURSEMENT AGREEMENT, by and between Ivy Funds Distributor, Inc. ("IFDI") and Xxxxxxx & Xxxx Services Company ("WRSCO"), and Ivy Funds, Inc., on behalf of its series designated Ivy Large Cap Growth Fund (the "Fund").
NOW THEREFORE, the parties hereto agree as follows:
1.1 |
Applicable Reimbursement Level and Term of Reimbursement. For the period through July 31, 2007, IFDI and/or WRSCO agrees to reimburse sufficient 12b-1 and/or shareholder servicing fees to cap the expenses for its Class E shares at 1.15% (the "Reimbursement Amount"). | |
1.2 |
Payment of Reimbursement Amount. To effect the expense reimbursement provided for in this Agreement, the Fund, on behalf of its Class E shares, may offset the appropriate Reimbursement Amount against the 12b-1 and/or shareholder servicing fees payable under the 12b-1 Plans and/or the Shareholder Servicing Agreement. Alternatively, the Reimbursement Amount shall be paid monthly by IFDI and/or WRSCO within the first 10 days of each calendar quarter. |
2. Termination and Effectiveness of Agreement.
2.1 |
Termination. This Agreement shall terminate with respect to Class E shares of the Fund upon termination of the Fund's 12b-1 Plan and/or the Shareholder Servicing Agreement or on July 31, 2007, whichever comes first. | |
2.2 |
Effectiveness. This Agreement shall be effective April 2, 2007. |
Captions. The captions in this Agreement are included for convenience of reference only and in no other way define or delineate any of the provisions hereof. | ||
3.2 |
Interpretation. Nothing contained herein shall be deemed to require Ivy Funds, Inc. or the Fund to take any action contrary to the Ivy Funds, Inc. Articles of Incorporation or By-Laws, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Board of Directors of Ivy Funds, Inc. of its responsibility for and control of the conduct of the affairs of Ivy Funds, Inc. or the Fund. | |
3.3 |
Definitions. Any question of interpretation of any term or provision of this Agreement, including but not limited to the 12b-1 Plan and shareholder servicing fees, the computations of net asset values, and the allocation of expenses, having a counterpart or otherwise derived from the terms and provisions of the 12b-1 Plan, the Shareholder Servicing Agreement or the 1940 Act, shall have the same meaning as and be resolved by reference to the 12b-1 Plan, the Shareholder Servicing Agreement or the 1940 Act. |
IVY FUNDS, INC., on behalf of its series, |
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IVY LARGE CAP GROWTH FUND |
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By: /s/Xxxxxxx X. Xxxxxxxx |
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Xxxxxxx X. Xxxxxxxx, Vice President |
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IVY FUNDS DISTRIBUTOR, INC. |
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By: /s/Xxxxxx X. Xxxxx |
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Xxxxxx X. Xxxxx, President |
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XXXXXXX & XXXX SERVICES COMPANY |
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By: /s/Xxxxxxx X. Xxxxxx |
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Xxxxxxx X. Xxxxxx, President |