Exhibit (g)(2)
FEE WAIVER AGREEMENT
AGREEMENT made this ____day of ________, 2003, by and between MUNI NEW
YORK INTERMEDIATE DURATION FUND, INC., a Maryland corporation (the "Fund"), and
FUND ASSET MANAGEMENT, L.P., a Delaware limited partnership (the "Investment
Adviser").
W I T N E S S E T H
WHEREAS, the Fund and the Investment Adviser have separately entered into
an Investment Advisory Agreement of even date herewith (the "Investment Advisory
Agreement");
In consideration of the mutual covenants hereinafter contained, and in
connection with the establishment and commencement of operations of the Fund, it
is hereby agreed by and between the parties hereto as follows:
1. For the period from the commencement of the Fund's operations through
__________ , 2010, the Investment Adviser agrees to waive a portion of its
investment advisory fee as follows:
Percentage Percentage
Waived Waived
(as a percentage (as a percentage
of average daily of average
Period Ending net assests)(1) Period Ending net assets)(1)
------------- --------------- ------------- --------------
2003(2) 0.15% 2007 0.15%
2004 0.15% 2008 0.15%
2005 0.15% 2009 0.10%
2006 0.15% 2010 0.05%
---------
(1) Including net assets attributable to Preferred Stock.
(2) From the commencement of operations.
2. This Agreement, and the Investment Adviser's obligation to so waive its
fee hereunder, shall terminate on the earlier of (a) ___________, _____ or
(b) termination of the Investment Advisory Agreement.
3. Except as provided in paragraph 2 above, this Agreement may be
terminated only by the vote of (a) the Board of Directors of the Fund,
including the vote of the members of the Board who are not "interested
persons" within the meaning of the Investment Company Act of 1940, and (b)
a majority of the outstanding voting securities of the Fund.
4. If any provision of this Agreement shall be held or made invalid by a
court decision, statute, rule, or otherwise, the remainder shall not be
thereby affected.
IN WITNESS WHEREOF, the Fund and the Investment Adviser have caused
this Agreement to be executed on the day and year above written.
MUNI NEW YORK INTERMEDIATE DURATION
FUND, INC.
By:________________________________
Attest:___________________________________
FUND ASSET MANAGEMENT, L.P.
By: PRINCETON SERVICES, INC.,
General Partner
By:________________________________
Attest:___________________________________
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