EXPENSE REIMBURSEMENT AGREEMENT
Exhibit 99.23(d)(v)
EXPENSE REIMBURSEMENT AGREEMENT
This Expense Reimbursement Agreement (this “Agreement”) is made and entered into this 1st day of October 2006 between Lord, ▇▇▇▇▇▇ & Co. LLC (“Lord ▇▇▇▇▇▇”) and Lord ▇▇▇▇▇▇ Municipal Income Fund, Inc. (“Municipal Income Fund”) with respect to the Lord ▇▇▇▇▇▇ National Tax-Free Income Fund, Lord ▇▇▇▇▇▇ California Tax-Free Income Fund, Lord ▇▇▇▇▇▇ Connecticut Tax-Free Income Fund, Lord ▇▇▇▇▇▇ Hawaii Tax-Free Income Fund, Lord ▇▇▇▇▇▇ Minnesota Tax-Free Income Fund, Lord ▇▇▇▇▇▇ Missouri Tax-Free Income Fund, Lord ▇▇▇▇▇▇ New Jersey Tax-Free Income Fund, Lord ▇▇▇▇▇▇ New York Tax-Free Income Fund, Lord ▇▇▇▇▇▇ Texas Tax-Free Income Fund, and Lord ▇▇▇▇▇▇ 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 the Lord ▇▇▇▇▇▇ National Tax-Free Income Fund, Lord ▇▇▇▇▇▇ agrees to bear directly and/or reimburse the Fund for expenses if and to the extent that Total Operating Expenses (excluding interest and related expenses associated with the Fund’s investments in residual interest bonds) exceed or would otherwise exceed an annual rate, based on the Fund’s average daily net assets, of (a) ninety-five basis points (0.95%) for Class A shares of the Fund, (b) one hundred sixty basis points (1.60%) for Class B shares of the Fund, (c) one hundred sixty basis points (1.60%) for Class C shares of the Fund, and (d) one hundred five basis points (1.05%) for Class P shares of the Fund for the time period set forth in paragraph 4 below.
2. With respect to each of the Lord ▇▇▇▇▇▇ California Tax-Free Income Fund, Lord ▇▇▇▇▇▇ New York Tax-Free Income Fund, and Lord ▇▇▇▇▇▇ Washington Tax-Free Income Funds, Lord ▇▇▇▇▇▇ agrees to bear directly and/or reimburse the Fund for expenses if and to the extent that Total Operating Expenses (excluding interest and related expenses associated with the Fund’s investments in residual interest bonds) exceed or would otherwise exceed an annual rate, based on the Fund’s average daily net assets, of (a) ninety-five basis points (0.95%) for Class A shares of the Fund, (b) one hundred sixty basis points (1.60%) for Class C shares of the Fund, and (c) one hundred five basis points (1.05%) for Class P shares of the Fund for the time period set forth in paragraph 4 below.
3. With respect to each of the Lord ▇▇▇▇▇▇ Connecticut Tax-Free Income Fund, Lord ▇▇▇▇▇▇ Hawaii Tax-Free Income Fund, Lord ▇▇▇▇▇▇ Minnesota Tax-Free Income Fund, Lord ▇▇▇▇▇▇ Missouri Tax-Free Income Fund, Lord ▇▇▇▇▇▇ New Jersey Tax-Free Income Fund, and Lord ▇▇▇▇▇▇ Texas Tax-Free Income Fund, Lord ▇▇▇▇▇▇ agrees to bear directly and/or reimburse the Fund for expenses if and to the extent that Total Operating Expenses (excluding interest and related expenses associated with the Fund’s investments in residual interest bonds) exceed or would otherwise exceed an annual
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rate, based on the Fund’s average daily net assets, of (a) ninety-five basis points (0.95%) for Class A shares of the Fund, and (b) one hundred five basis points (1.05%) for Class P shares of the Fund for the time period set forth in paragraph 4 below.
4. Lord ▇▇▇▇▇▇’▇ commitments described in paragraphs 1, 2 and 3 will be effective from October 1, 2006 through January 31, 2008.
IN WITNESS WHEREOF, Lord ▇▇▇▇▇▇ and 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.
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Lord ▇▇▇▇▇▇ Municipal Income Fund, Inc. |
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/s/▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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Vice President and Assistant Secretary |
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Lord, ▇▇▇▇▇▇ & Co. LLC |
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By: |
/s/▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ |
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▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ |
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Member and General Counsel |
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