AMENDED AND RESTATED EXPENSE WAIVER AND REIMBURSEMENT AGREEMENT
Exhibit 99.B(x)(iv)
AMENDED AND RESTATED EXPENSE WAIVER AND
REIMBURSEMENT AGREEMENT
THIS AMENDED AND RESTATED EXPENSE WAIVER AND REIMBURSEMENT AGREEMENT (this “Agreement”) is made as of this 3rd day of April, 2017, between The Arbitrage Funds, a Delaware trust (the “Trust”), and Water Island Capital, LLC, a Delaware limited liability company (hereinafter referred to as the “Adviser”).
WHEREAS, the Adviser has entered into an Investment Advisory Agreement with the Trust, as may be amended or modified from time to time (the “Advisory Agreement”), pursuant to which the Adviser has agreed to provide, or arrange for the provision of, investment advisory services to the Trust on behalf of the Trust’s series, The Arbitrage Credit Opportunities Fund (the “Fund”); and
WHEREAS, the Trust and the Adviser believe that capping the total expenses, excluding taxes, interest, dividends on short positions, brokerage commissions, acquired fund fees and expenses (as defined in Form N-1A under the Investment Company Act of 1940, as amended, or any successor form thereto) and other costs incurred in connection with the purchase or sale of portfolio securities, of shares of the Fund, will enable the Fund to target niches within the load and no-load product market and will benefit the Fund.
NOW, THEREFORE, the parties hereto do hereby agree as follows:
4. DURATION AND TERMINATION. This Agreement shall remain in effect until September 30, 2018 (the “Initial Term”). This Agreement shall continue automatically for periods of one year (each such one year period, a “Renewal Year”) following the Initial Term. This Agreement may be terminated, as to any succeeding Renewal Year, by either party upon 60
days’ written notice prior to the end of the current Initial Term or then current Renewal Year. Notwithstanding the foregoing, this Agreement may be terminated by the Board of Trustees of the Trust at any time if it determines that such termination is in the best interest of the Fund and its shareholders. This Agreement shall automatically terminate upon the termination of the Advisory Agreement.
5. This Agreement represents the entire agreement between the parties regarding its subject matter and supersedes the Amended and Restated Expense Reimbursement Agreement between the parties with respect to the Fund dated as of May 19, 2015.
THE ARBITRAGE FUNDS |
|
WATER ISLAND CAPITAL, LLC | ||
|
|
| ||
|
|
|
|
|
By |
/s/ Xxxx X. Xxxxxx |
|
By |
/s/ Xxxx X. Xxxxxx |
Name: |
Xxxx X. Xxxxxx |
|
Name: |
Xxxx X. Xxxxxx |
Title: |
President |
|
Title: |
President |