Exhibit 99.(d)(iv)
EXPENSE REIMBURSEMENT AGREEMENT
THIS EXPENSE REIMBURSEMENT AGREEMENT (this "Agreement") is made and
entered into this 1st day of October 2005 between Lord, Xxxxxx & Co. LLC ("Lord
Xxxxxx") and Lord Xxxxxx Municipal Income Fund, Inc. 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 Minnesota Tax-Free Income Fund, Lord Xxxxxx Missouri
Tax-Free Income Fund, Lord Xxxxxx New Jersey Tax-Free Income Fund, Lord Xxxxxx
New York Tax-Free Income Fund, Lord Xxxxxx Texas Tax-Free Income Fund, and Lord
Xxxxxx Washington 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 each of the Lord Xxxxxx Connecticut Tax-Free
Income Fund, Lord Xxxxxx Hawaii Tax-Free Income Fund, Lord Xxxxxx
Minnesota Tax-Free Income Fund, Lord Xxxxxx Missouri Tax-Free
Income Fund, Lord Xxxxxx New Jersey Tax-Free Income Fund, and Lord
Xxxxxx Texas Tax-Free Income Fund, Lord Xxxxxx agrees to bear
directly and/or reimburse the Funds for expenses if and to the
extent that Total Operating Expenses exceed or would otherwise
exceed an annual rate of (a) ninety-five basis points (0.95%) for
Class A shares of the Funds, and (b) one hundred and five basis
points (1.05%) for Class P shares of the Funds of the average
daily net assets in the Funds for the time period set forth in
paragraph 4 below.
2. With respect to each of the Lord Xxxxxx California Tax-Free Income
Fund, Lord Xxxxxx New York Tax-Free Income Fund, and Lord Xxxxxx
Washington Tax-Free Income Funds, Lord Xxxxxx agrees to bear
directly and/or reimburse the Fund for expenses if and to the
extent that Total Operating Expenses exceed or would otherwise
exceed an annual rate of (a) ninety-five basis points (0.95%) for
Class A shares of the Funds, (b) one hundred and sixty basis
points (1.60%) for Class C shares of the Funds, and (c) one
hundred and five basis points (1.05%) for Class P shares of the
Funds of the average daily net assets in the Funds for the time
period set forth in paragraph 4 below.
3. 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 exceed
or would otherwise exceed an annual rate of (a) ninety-five basis
points (0.95%) for Class A shares of the Fund, (b) one hundred and
sixty basis points (1.60%) for Class B shares of the Fund, (c) one
hundred and sixty basis points (1.60%) for Class C shares of the
Fund, and (d) one hundred and five basis points (1.05%) for Class
P shares of the Fund of the average daily net assets in the Fund
for the time period set forth in paragraph 4 below.
4. Lord Xxxxxx'x commitment described in paragraphs 1, 2 and 3 will
be effective from October 1, 2005 through September 30, 2006.
IN WITNESS WHEREOF, Lord Xxxxxx and the Municipal Income Fund have
caused this Agreement to be executed by a duly authorized member and officer,
respectively, on the day and year first above written.
LORD XXXXXX MUNICIPAL INCOME FUND, INC.
By: /s/ Xxxxxxxxx X. Xxxxxxx
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Xxxxxxxxx X. Xxxxxxx
Vice President and Assistant Secretary
LORD, XXXXXX & CO. LLC
By: /s/ Xxxxxxxx X. Xxxxxx
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Xxxxxxxx X. Xxxxxx
Member and General Counsel
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