EXPENSE REIMBURSEMENT AGREEMENT
Exhibit 99.(d)(iii)
EXPENSE REIMBURSEMENT AGREEMENT
This Expense Reimbursement Agreement (this “Agreement”) is made and entered into this 1st day of February, 2008 between Lord, Xxxxxx & Co. LLC (“Lord Xxxxxx”) and Lord Xxxxxx Municipal Income Fund, Inc. (“Municipal Income Fund”) with respect to the Lord Xxxxxx National Tax-Free Income Fund, Lord Xxxxxx California Tax-Free Income Fund, Lord Xxxxxx Connecticut Tax-Free Income Fund, Lord Xxxxxx Hawaii Tax-Free Income Fund, Lord Xxxxxx Missouri Tax-Free Income Fund, Lord Xxxxxx New Jersey Tax-Free Income Fund, and Lord Xxxxxx New York Tax-Free Income Fund (each a “Fund”).
In consideration of good and valuable consideration, receipt of which is hereby acknowledged, it is agreed as follows:
1. With respect to the Lord Xxxxxx National Tax-Free Income Fund, Lord Xxxxxx agrees to bear directly and/or reimburse the Fund for expenses if and to the extent that Total Operating Expenses (excluding interest and related expenses associated with the Fund’s investments in residual interest bonds) exceed or would otherwise exceed a particular annual rate of the average daily net assets of the Fund’s Class A, B, C, F, I, and P shares, as relevant, for the time period set forth in paragraph 4 below. The applicable rates for the Fund are shown below:
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Class A |
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Class B |
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Class C |
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Class F |
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Class I |
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Class P |
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0.95 |
% |
1.60 |
% |
1.60 |
% |
0.70 |
% |
0.60 |
% |
1.05 |
% |
2. With respect to each of the Lord Xxxxxx California Tax-Free Income Fund and Lord Xxxxxx New York Tax-Free Income Fund, Lord Xxxxxx agrees to bear directly and/or reimburse the Fund for expenses if and to the extent that Total Operating Expenses (excluding interest and related expenses associated with the Fund’s investments in residual interest bonds) exceed or would otherwise exceed a particular annual rate of the average daily net assets of the Fund’s Class A, C, F, and P shares, as relevant, for the time period set forth in paragraph 4 below. The applicable rates for each Fund are shown below:
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Class A |
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Class C |
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Class F |
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Class P |
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0.95 |
% |
1.60 |
% |
0.70 |
% |
1.05 |
% |
3. With respect to each of the Lord Xxxxxx Connecticut Tax-Free Income Fund, Lord Xxxxxx Hawaii Tax-Free Income Fund, Lord Xxxxxx Missouri Tax-Free Income Fund, and Lord Xxxxxx New Jersey Tax-Free Income Fund, Lord Xxxxxx agrees to bear directly and/or reimburse the Fund for expenses if and to the extent that Total Operating Expenses (excluding interest and related expenses associated with the Fund’s investments in residual interest bonds) exceed or would otherwise exceed a particular annual rate of the average daily net assets of the Fund’s Class A, F, and P shares, as relevant, for the time period set forth in paragraph 4 below. The applicable rates for each Fund are shown below:
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Class A |
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Class F |
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Class P |
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0.95 |
% |
0.70 |
% |
1.05 |
% |
4. Lord Xxxxxx’x commitments described in paragraphs 1, 2, and 3 will be effective from February 1, 2008 through January 31, 2009.
IN WITNESS WHEREOF, Lord Xxxxxx and Lord Xxxxxx Municipal Income Fund have caused this Agreement to be executed by a duly authorized member and officer, respectively, as of the day and year first above written.
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LORD XXXXXX MUNICIPAL INCOME FUND, INC. |
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By: |
/s/ Xxxxxxxx X. Xxxxxxx |
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Xxxxxxxx X. Xxxxxxx |
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Vice President and Assistant Secretary |
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LORD, XXXXXX & CO. LLC |
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By: |
/s/ Xxxxxxxx X. Xxxxxx |
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Xxxxxxxx X. Xxxxxx |
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Member and General Counsel |
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