Exhibit No. EX-99.h.3
Cheswold Lane Asset Management, LLC
000 Xxxxx Xxxxxx, Xxxxx 000
Xxxx Xxxxxxxxxxxx, XX 00000
June 2, 0000
Xxxxxxxx Xxxx Funds
000 Xxxxx Xxxxxx, Xxxxx 000
Xxxx Xxxxxxxxxxxx, XX 00000
Re: Expense Limitations
Ladies and Gentlemen:
By our execution of this letter agreement (the "Agreement"), intending to
be legally bound hereby, Cheswold Lane Asset Management, LLC (the "Advisor"),
agrees that in order to improve the performance of the Cheswold Lane
International High Dividend Fund (the "Fund"), which is a series of Cheswold
Lane Funds, the Advisor shall, from June 21, 2006 through June 30, 2008, waive
all or a portion of its investment advisory fees and/or reimburse expenses
(excluding any taxes, interest, brokerage fees, certain insurance costs and
extraordinary expenses) in an aggregate amount equal to the amount by which the
Fund's total operating expenses (excluding any taxes, interest, brokerage fees,
certain insurance costs and extraordinary expenses) exceeds 1.15% (excluding any
taxes, interest, brokerage fees, certain insurance costs and extraordinary
expenses).
The Advisor acknowledges that it: (1) shall not be entitled to collect on,
or make a claim for, waived fees at any time in the future; and (2) shall not be
entitled to collect on, or make a claim for, reimbursed Fund expenses at any
time in the future.
Cheswold Lane Asset Management, LLC
By: /s/ Xxxx X. Xxxxxxx
Name: Xxxx X. Xxxxxxx
Title: Managing Partner
Date: June 2, 2006
Your signature below acknowledges
acceptance of this Agreement:
Cheswold Lane Funds
By: /s/ Xxxx X. Xxxxxxx
Name: Xxxx X. Xxxxxxx
Title: Trustee, President and
Chief Executive Officer
Date: June 2, 2006
