Delaware Management Company
0000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx, XX 00000
February __, 2007
Delaware Group Tax Free Fund
0000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx, XX 00000
Re: Expense Limitations
Ladies and Gentlemen:
By our execution of this letter agreement (the "Agreement"), intending to
be legally bound hereby, Delaware Management Company, a series of Delaware
Management Business Trust (the "Manager"), agrees that in order to improve the
performance of Delaware Tax-Free USA Fund (the "Fund"), which is a series of
Delaware Group Tax Free Fund, the Manager shall waive all or a portion of its
investment advisory fees and/or reimburse expenses (excluding any 12b-1 plan
expenses, taxes, interest, inverse floater program expenses, brokerage fees,
short-sale dividend and interest expenses, certain insurance costs and
non-routine expenses or costs, including, but not limited to, those relating to
reorganizations, litigation, conducting shareholder meetings and liquidations
[collectively, "non-routine expenses"]) in an aggregate amount equal to the
amount by which the Fund's total operating expenses (excluding any 12b-1 plan
expenses, taxes, interest, inverse floater program expenses, brokerage fees,
short-sale dividend and interest expenses, certain insurance costs and
non-routine expenses) exceed 0.61% for the period February 16, 2007 through
August 31, 2008. For purposes of this Agreement, non-routine expenses may also
include such additional costs and expenses as may be agreed upon from time to
time by the Funds' Board and the Manager.
The Manager acknowledges that it (1) shall not be entitled to collect on,
or make a claim for, waived fees at any time in the future, and (2) shall not be
entitled to collect on, or make a claim for, reimbursed Fund expenses at any
time in the future.
Delaware Management Company, a series
of Delaware Management Business Trust
By: _________________________
Name:
Title:
Date:
Your signature below acknowledges
acceptance of this Agreement:
Delaware Group Tax Free Fund
By: _________________________
Name:
Title:
Date:
