EXPENSE CAP/REIMBURSEMENT AGREEMENT, AS AMENDED
Exhibit (d.7)
EXPENSE CAP/REIMBURSEMENT AGREEMENT, AS AMENDED
This Agreement is entered into as of the 29th day of December, 2000, as amended February 28, 2002, between Target Holdings Corporation d/b/a/ Target Investors, Inc. (the "Adviser") and Grand Prix Funds, Inc. (the "Company") on behalf of the Super Core Fund (the "Fund").
WHEREAS, the Adviser has previously voluntarily agreed to reduce its advisory fee and/or reimburse the Fund for certain operating expenses to the extent necessary to cap the Fund's total operating expenses at a certain level.
WHEREAS, the Adviser desires to contractually agree to waive a portion of its advisory fee or reimburse certain of the Fund's operating expenses to ensure that the Fund's total operating expenses, excluding taxes, interest and brokerage commissions, do not exceed the levels described below.
NOW THEREFORE, the parties agree as follows:
The Adviser agrees that from March 1, 2002 through February 28, 2003, it will reduce its compensation as provided for in the Investment Advisory Agreement between the Fund and the Adviser dated December 29, 2000, and/or assume certain expenses for the Fund to the extent necessary to ensure that (i) the Fund's Class A shares total operating expenses, excluding taxes, interest and brokerage commissions, do not exceed 1.75%, on an annual basis of the Fund's Class A average daily net assets; and (ii) the Fund's Class C shares total operating expenses, excluding taxes, interest and brokerage commissions, do not exceed 2.40%, on an annual basis of the Fund's Class C average daily net assets.
The Adviser shall be entitled to recoup such amounts for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund.
This Agreement shall terminate on February 28, 2003 unless extended by the mutual agreement of the parties, as provided for in writing.
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TARGET HOLDINGS CORPORATION d/b/a |
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By: /s/ Xxxxxx Xxxxxxx |
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GRAND PRIX FUNDS, INC. |
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By: /s/ Xxxxxx Xxxxxxx |
