FIRST AMENDMENT TO EXPENSE LIMITATION AGREEMENT
FIRST
AMENDMENT
TO
This
First Amendment to the Amended and Restated Expense Limitation Agreement
("Amendment") is made and entered into this 3rd day
of March 2010, by and between Congressional Effect Management, LLC (the
"Advisor") and Congressional Effect Family of Funds (the "Trust"), on behalf of
the Congressional Effect Fund (the “Fund”).
WITNESSETH:
WHEREAS,
the Advisor and the Trust wish to amend that certain Expense Limitation
Agreement ("Agreement") dated July 20, 2009 between the Advisor and the Trust to
modify and change the termination date of the Agreement as specified in
paragraph 2 of the Agreement; and
WHEREAS,
the Advisor and the Trust have determined that it is appropriate and in the best
interest of the Fund to change the termination date of the Agreement as set
forth below.
NOW
THEREFORE, in consideration of the mutual covenants herein contained, the
parties hereto agree as follows:
1. Paragraph
2 of the Agreement is hereby deleted in its entirety and is replaced with the
following:
This
Agreement with respect to the Fund shall continue in effect until the last day
of May 2011, and from year to year thereafter provided each such continuance is
specifically approved by a majority of the Trustees of the Trust who (i) are not
“interested persons” of the Trust or any other party to this Agreement, as
defined in the 1940 Act, and (ii) have no direct or indirect financial interest
in the operation of this Agreement (“Non-Interested
Trustees”). Nevertheless, this Agreement may be terminated by either
party hereto, without payment of any penalty, upon written notice ninety (90)
days prior to the end of the then-current term of the Agreement to the other
party at its principal place of business; provided that, in the case of
termination by the Trust, such action shall be authorized by resolution of a
majority of the Non-Interested Trustees of the Trust or by a vote of a majority
of the outstanding voting securities of the Trust. Any termination pursuant to
this paragraph 2 shall become effective, unless otherwise specifically agreed
upon, on the last day of the then-current term of the Agreement.
2. Except
as expressly modified or amended herein, all other terms, provisions and
conditions of the Agreement shall remain in full force and effect.
IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be signed by
their duly authorized officers the day and year first above
written.
ON BEHALF
OF CONGRESSIONAL EFFECT FUND
By: /s/ Xxxx X.
Singer_____________
Xxxx X. Xxxxxx, Trustee
CONGRESSIONAL
EFFECT MANAGEMENT, LLC
By: /s/ Xxxx X.
Singer_____________
Xxxx X. Xxxxxx,
Managing
Member
