EXPENSE CAP/REIMBURSEMENT AGREEMENT
EX – 99(h)(5)
This Agreement is entered into as of the
2nd day of May, 2008 between Cheswold Lane Asset Management, LLC (the “Advisor”)
and Cheswold Lane Funds (the “Trust”), on behalf of the Cheswold Lane
International High Dividend Fund (the “Fund”), a series of the
Trust.
WHEREAS, the Advisor 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 levels described below.
NOW THEREFORE, the parties agree as
follows:
The Advisor agrees that, for the term of
this Agreement, it will reduce its compensation as provided for in the
Investment Advisory Agreement between the Trust on behalf of the Fund and the
Advisor dated June 2, 2006, and/or assume expenses for the Fund to
the extent necessary to ensure that the Fund’s total operating expenses,
excluding taxes, interest, brokerage commissions and other costs relating to
portfolio securities transactions (including the costs, fees and expenses
associated with the Fund’s investments in other investment companies) and other
extraordinary expenses, do not exceed 1.15% of the Fund’s average daily net
assets.
This
Agreement shall be effective as of July 1, 2008 and shall continue in effect
until April 30, 2009. Thereafter this Agreement shall automatically
continue thereafter for successive renewal terms of one year each, unless either
party notifies the other party of its desire to terminate this Agreement prior
to such renewal.
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CHESWOLD
LANE ASSET MANAGEMENT, LLC
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By:
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/s/ Xxxx X. Xxxxxxx
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Xxxx
X. Xxxxxxx
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Managing
Partner
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By:
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/s/ Xxxx X. Xxxxxxx
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Xxxx
X. Xxxxxxx
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President
and Chief Executive
Officer
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