EXPENSE CAP/REIMBURSEMENT AGREEMENT, AS AMENDED
This Agreement is entered into as of the 26th day
of February, 1999, as amended June 15, 1999 between
Target Holdings Corporation d/b/a/ Target Investors
(the "Adviser") and Grand Prix Funds, Inc. (the
"Company") on behalf of the Grand Prix Fund (the
"Fund").
WHEREAS, the Adviser has previously voluntarily
agreed to reduce its advisory fee and/or reimburse the
Fund for certain operating expenses to the extent
necessary to cap the Fund's total operating expenses at
a certain level.
WHEREAS, the Adviser now desires to contractually
agree to waive a portion of its advisory fee or
reimburse certain of the Fund's operating expenses to
ensure that the Fund's total operating expenses do not
exceed the level described below.
NOW THEREFORE, the parties agree as follows:
The Adviser agrees that until February 29, 2000,
it will reduce its compensation as provided for in the
Investment Advisory Agreement between the Fund and the
Adviser dated December 31, 1997, and/or assume expenses
for the Fund to the extent necessary to ensure that the
Fund's Class A shares total operating expenses do not
exceed 1.72%, on an annual basis of the Fund's Class A
average daily net assets. Further, the Adviser agrees
that from February 29, 2000 until February 28, 2002, it
will reduce its compensation and/or assume expenses for
the Fund to the extent necessary to ensure that the
Fund's Class A shares total operating expenses do not
exceed 1.75%, on an annual basis of the Fund's Class A
shares total operating expenses.
The Adviser shall be entitled to recoup such
amounts for a period of up to three (3) years from the
date the Adviser reduced its compensation and/or
assumed expenses for the Fund.
This Agreement shall terminate on February 26,
2002 unless extended by the mutual agreement of the
parties, as provided for in an amendment to this
Agreement.
TARGET HOLDINGS CORPORATION d/b/a
TARGET INVESTORS
By: /s/ Xxxxxx Xxxxxxx
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Xxxxxx Xxxxxxx, President
GRAND PRIX FUNDS, INC.
By: /s/ Xxxxxx Xxxxxxx
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Xxxxxx Xxxxxxx, President
