AMENDMENT TO FEE REDUCTION AGREEMENT
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Exhibit (h)(3) |
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AMENDMENT TO FEE REDUCTION AGREEMENT |
AMENDMENT to FEE REDUCTION AGREEMENT dated as of this 13th day of June 2005, between Worldwide Health Sciences Portfolio (the “Trust”) and Xxxxx Xxxxx Management (“Xxxxx Xxxxx”).
WHEREAS, the Trust has entered into a certain Administration Agreement with Xxxxx Xxxxx dated June 24, 1996 (“Administration Agreement”), which Administration Agreement provides that Xxxxx Xxxxx shall be entitled to receive an asset-based fee payable at a certain rate; and
WHEREAS, Xxxxx Xxxxx has previously offered to reduce its administration fee rate, and the Trust has accepted such fee reduction, such fee reduction being effective as of March 15, 2004 and memorialized in that certain Fee Reduction Agreement dated as of April 13, 2004, by and between the Trust and Xxxxx Xxxxx (the “Fee Reduction Agreement”); and
WHEREAS, Xxxxx Xxxxx has offered to further reduce its administration fee rate, and the Trust has accepted such additional fee reduction, such additional fee reduction being effective as of March 28, 2005; and
WHEREAS, Xxxxx Xxxxx and the Trust wish to amend the Fee Reduction Agreement to memorialize said additional fee reduction in writing, such Amendment being duly authorized by the Trust’s Board of Trustees;
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein and for other good and valuable consideration, receipt of which is hereby acknowledged, the Trust and Xxxxx Xxxxx hereby amend the Fee Reduction Agreement as follows:
| 1. | Exhibit A to the Fee Reduction Agreement is hereby revised as set forth in the amended and restated Exhibit A attached hereto. |
| 2. | Except as otherwise modified herein, all other terms and provisions of the Fee Reduction Agreement shall remain in full force and effect. |
| 3. | This instrument is executed under seal and shall be governed by Massachusetts law. |
IN WITNESS WHEREOF, this Amendment to the Fee Reduction Agreement has been executed as of the date set forth above by a duly authorized officer of each party.
Worldwide Health Sciences Portfolio
| By: | /s/ Xxxxxx X. Xxxxx | |
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| Xxxxxx X. Xxxxx | ||
| President |
| Xxxxx Xxxxx
Management |
| By: | /s/ Xxxx X. Xxxxxx | |
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| Xxxx X. Xxxxxx | ||
| Vice President |
| Exhibit
A |
AMENDED AND RESTATED
ADMINISTRATION FEE REDUCTION SCHEDULE Worldwide Health Sciences Portfolio
(Effective as of March 28, 2005)
Xxxxx Xxxxx’x asset-based administration fee is reduced and computed as follows:
| Average Daily Net Assets | Annual Asset Rate | |
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| Less than $500 million | 0.22500% | |
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| $500 million but less than $1 billion | 0.20833% | |
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| $1 billion but less than $1.5 billion | 0.19167% | |
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| $1.5 billion but less than $2 billion | 0.17500% | |
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| $2 billion but less than $2.5 billion | 0.15833% | |
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| $2.5 billion and over | 0.14167% | |
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