Exhibit (h)(17)
XXXXXX INSIGHT FUNDS TRUST
Agreement for Fee Waivers and Expense Reimbursements
XXXXXX INSIGHT FUNDS TRUST, a Massachusetts business trust (the "Trust"),
and Xxxxxx Trust and Savings Bank ("Xxxxxx") have entered into this agreement as
of January 1, 2001.
Recitals
X. Xxxxxx has agreed to serve as the investment adviser and administrator
of the series of the Trust designated Xxxxxx Insight Large-Cap Aggressive Growth
Fund, Xxxxxx Insight Small-Cap Aggressive Growth Fund and Xxxxxx Insight
Technology Fund (each a "Fund").
B. In order to limit or reduce the operating expenses of a Fund as a
percentage of average annual net assets to a specified percentage, Xxxxxx
undertakes to waive fees payable to it by the Fund or reimburse the Fund for
expenses that would otherwise exceed the specified percentage in effect as
provided in this agreement.
X. Xxxxxx wishes to be able to be reimbursed by a Fund for fees so waived,
or expenses so reimbursed, for the Fund within the preceding three fiscal years
of the Fund as provided in this agreement.
Agreement
The parties agree as follows:
1. Waiver of Fees and Reimbursement of Expenses. Xxxxxx undertakes to waive
fees otherwise payable to it by each Fund, and/or reimburse the Fund for other
expenses borne by the Fund, to the extent, but only to the extent, that the
annualized expenses of the Fund (excluding taxes, interest, all commissions and
other normal charges incident to the purchase and sale of portfolio securities,
and extraordinary charges such as litigation costs, but including fees paid to
Xxxxxx), as a percentage of average net assets of the Fund (the "Expense
Ratio"), exceed 1.00% with respect to the Institutional Shares and 2.00% with
respect to the B Shares of the Fund (the "Expense Caps") (such waived fees and
reimbursed expenses with respect to each class being referred to as
"Reimbursable Expenses"), subject to Xxxxxx' right to reimbursement pursuant to
section 2 below. The amount of Reimbursable Expenses payable to each Fund (or
any offsetting reimbursement by a Fund to Xxxxxx) shall be computed and settled
on an annual, fiscal year basis, but accrued and paid monthly.
2. Reimbursement. For any current fiscal year of a Fund in which the
Expense Ratio of the Fund with respect to B Shares or Institutional Shares would
otherwise be less than the lowest Expense Cap in effect with respect to such
class at any time since the beginning of the third preceding fiscal year, the
Fund, with respect to such class, shall repay to Xxxxxx the portion of the
Reimbursable Expenses relating to any of such three preceding years not
previously repaid to Xxxxxx except to the extent that such repayment to Xxxxxx
would cause the Expense Ratio of the Fund with respect to the class for such
current fiscal year to exceed such
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lowest Expense Cap. Any such repayment shall be applied to Reimbursable Expenses
on a first-in, first-out basis.
3. Duration and Renewal. The initial term of this Agreement (the "Initial
Term") shall be three (3) years from the date first stated above. Unless Xxxxxx
gives written notice to the Trust thirty (30) days before the expiration of the
Initial Term, this Agreement will renew automatically from year to year after
the Initial Term. This Agreement shall become effective as of the date first
above written, and shall continue until December 31, 2003.
4. Obligation of the Trust. This agreement is executed by an officer of the
Trust on behalf of the Trust and not individually. The obligations of this
agreement are binding only upon the assets and property of the Fund and the
Trust and not upon the trustees, officers or shareholders of the Trust
individually. The Agreement and Declaration of Trust under which the Trust was
organized and operates is on file with the Secretary of the Commonwealth of
Massachusetts.
XXXXXX INSIGHT FUNDS TRUST XXXXXX TRUST AND SAVINGS BANK
By /s/ Xxxxxxx X. Xxxxxxx By /s/ Xxxxx X. Xxxxxxxx
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Xxxxxxx X. Xxxxxxx Xxxxx X. Xxxxxxxx
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