Exhibit 23(h)(3)
AGREEMENT
TO WAIVE FEES AND REIMBURSE EXPENSES
THIS AGREEMENT is made this 22nd day of September, 1999, between Xxxxx Variable
Account Fund, Inc, a Maryland corporation ("DVAF") and Xxxxx Selected Advisers,
L.P., a limited partnership organized under the laws of Colorado ("DSA").
RECITALS:
WHEREAS, DVAF is a registered open-end management investment company offering
three authorized series to the public (Xxxxx Value Portfolio, Xxxxx Financial
Portfolio, Xxxxx Real Estate Portfolio); and
WHEREAS, DSA serves as the investment adviser for DVAF; and
WHEREAS, both DVAF and DSA agree it is important that the actual expenses of
each of DVAF's three authorized series not exceed 1.00% of net assets on an
annual basis;.
NOW, THEREFORE, the parties hereby agree as follows:
1. Expense Caps. DSA agrees to waive fees and reimburse the expenses of each
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authorized series to the extent it is necessary to ensure that the actual
expense incurred by any authorized series, after recognizing the benefits
of custody or other credits. fee waivers and expense reimbursements, not
exceed 1.00% of net assets.
2. Duration of Agreement This Agreement shall be effective for an initial
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period beginning on the date above stated and ending on December 31, 2000.
This Agreement shall automatically renew for additional one year periods if
not terminated, in writing, by either party before December 31st of each
year.
IN WITNESS WHEREOF, the parties have duly executed and sealed this Agreement,
all as of the date first written above.
Xxxxx Variable Account Fund, Inc.
By: _____________________________
Xxxxxx Xxxx
Vice President
Xxxxx Selected Advisers, L.P.
By Venture Advisers, Inc. (General Partner)
By: _________________________________________
Xxxxxxx Xxxx
Chief Operating Officer
AMENDMENT
TO
AGREEMENT TO WAIVE FEES AND REIMBURSE EXPENSES
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THIS AMENDMENT this 1st day of May, 2000, between Xxxxx Variable Account Fund,
Inc, a Maryland corporation ("DVAF") and Xxxxx Selected Advisers, L.P., a
limited partnership organized under the laws of Colorado ("DSA").
RECITALS:
WHEREAS, DVAF and DSA entered into an Agreement to Waive Fees and Reimburse
Expenses dated September 22, 1999 ("Waiver Agreement"); and
WHEREAS, the Waiver Agreement provides that DSA shall cap expenses for DVAF for
rolling one year periods ending December 31st of each year; and
WHEREAS, both DVAF and DSA agree it that rolling periods ending May 1st of each
year would be more appropriate;.
NOW, THEREFORE, the parties hereby agree that section 2 of the Waiver agreement
shall be amended and restated in its entirety as follows:
2. Duration of Agreement This Agreement shall be effective for an initial
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period beginning on September 22, 1999 and ending on May 1, 2001. This
Agreement shall automatically renew for additional one year periods if not
terminated, in writing, by either party before May 1st of each year.
IN WITNESS WHEREOF, the parties have duly executed and sealed this Agreement,
all as of the date first written above.
Xxxxx Variable Account Fund, Inc.
By: _____________________________
Xxxxxx Xxxx
Vice President
Xxxxx Selected Advisers, L.P.
By Venture Advisers, Inc. (General Partner)
By: _____________________________
Xxxxxx Xxxx
Vice President
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