Expense Limitation Agreement

Exhibit 99.(d)(xii)

 

Expense Limitation Agreement

 

This Expense Limitation Agreement (the “Agreement”) is made and entered into this 28^th day of September, 2021 between Lord, ▇▇▇▇▇▇ & Co. LLC (“Lord ▇▇▇▇▇▇”), Lord ▇▇▇▇▇▇ Distributor LLC (“Lord ▇▇▇▇▇▇ Distributor”), and Lord ▇▇▇▇▇▇ Municipal Bond Fund, Inc. (the “The Company”) with respect to Lord ▇▇▇▇▇▇ Sustainable Municipal Bond Fund (the “Fund”).

 

In consideration of good and valuable consideration, receipt of which is hereby acknowledged, it is agreed as follows:

 

	1.	Lord ▇▇▇▇▇▇ agrees for the time period set forth in paragraph 3 below to waive all or a portion of its management and administrative services fees and reimburse the Fund’s other expenses to the extent necessary to limit total net annual operating expenses, excluding 12b-1 fees and acquired fund fees and expenses, interest-related expenses, taxes, expenses related to litigation and potential litigation, and extraordinary expenses, to an annual rate of 0.43% for each class other than Class F3. For the same time period, Lord ▇▇▇▇▇▇ agrees to waive all or a portion of its management and administrative services fees and reimburse the Fund’s other expenses to the extent necessary to limit total net annual operating expenses, excluding 12b-1 fees and acquired fund fees and expenses, interest-related expenses, taxes, expenses related to litigation and potential litigation, and extraordinary expenses, to an annual rate of 0.39% for Class F3.
	2.	To limit the Fund’s total net annual operating expenses as specified above, Lord ▇▇▇▇▇▇ will waive the same amount of management and administrative services fees for each share class, but may reimburse different amounts of shareholder servicing expenses for each share class in its sole discretion.
	3.	This Agreement will become effective from the Fund’s commencement of operations through January 31, 2023. This Agreement may be terminated only by the Board of Directors of the Company upon written notice to Lord ▇▇▇▇▇▇.

 

[Signatures follow on next page]

IN WITNESS WHEREOF, Lord ▇▇▇▇▇▇, Lord ▇▇▇▇▇▇ Distributor, and the Company have caused this Agreement to be executed by a duly authorized member and officer, respectively, as of the day and year first above written.

 

	LORD ▇▇▇▇▇▇ MUNICIPAL INCOME FUND, INC.
	By:	/s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
		▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
		Vice President and Assistant Secretary
	LORD, ▇▇▇▇▇▇ & CO. LLC
	By:	/s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
		▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
		Member and General Counsel
	LORD ▇▇▇▇▇▇ DISTRIBUTOR LLC
	By:	LORD, ▇▇▇▇▇▇ & CO. LLC
	By:	/s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
		▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
		Member and General Counsel