Exhibit (h)(16)
XXXXXX INSIGHT FUNDS TRUST
Organizational Expenses Agreement
XXXXXX INSIGHT FUNDS TRUST, a Massachusetts business trust (the
"Trust"), and Xxxxxx Trust and Savings Bank (the "Administrator"), in
consideration for the engagement by the Administrator as the administrator for
each of the series of the Trust designated Xxxxxx Insight Large-Cap Aggressive
Growth Fund, Xxxxxx Insight Small-Cap Aggressive Growth Fund and Xxxxxx Insight
Technology Fund (each a "Fund") pursuant to an administration agreement, hereby
agree as follows:
1. Advancement of Expenses. The Administrator shall advance on behalf
of each Fund all of the organizational expenses of each Fund, including but not
limited to, registration fees and fees for services rendered prior to the
commencement of the initial public offering of shares of the Fund, subject to
the right to be reimbursed pursuant to paragraph 2.
2. Reimbursement and Amortization of Expenses. Each Fund shall amortize
its organizational expenses on a straight-line basis over the one-year period
commencing on the day on which the Fund commences the initial public offering of
shares of the Fund; and the Fund shall reimburse the Administrator during the
period of such amortization by paying to the Administrator on the last business
day of each month an amount equal to the organizational expenses amortized by
the Fund during that month.
3. Limitation on Reimbursement. If any Fund should be liquidated during
such one-year period prior to the complete amortization of all organizational
expenses, neither the Fund nor the Trust shall have any duty to reimburse the
Administrator for organizational expenses of the Fund that have not been
amortized as of the time of liquidation.
4. Obligation of the Trust. This agreement is executed by an officer of
the Trust on behalf of the Trust and not individually. The obligations of this
agreement are binding only upon the assets and property of the Fund and the
Trust and not upon the trustees, officers or shareholders of the Trust
individually. The Agreement and Declaration of Trust under which the Trust was
organized and operates is on file with the Secretary of the Commonwealth of
Massachusetts.
Dated: April 27, 2001
XXXXXX INSIGHT FUNDS TRUST XXXXXX TRUST AND SAVINGS BANK
By /s/ Xxxxxxx X. Xxxxxxx By /s/ Xxxxx X. Xxxxxxxx
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Xxxxxxx X. Xxxxxxx Xxxxx X. Xxxxxxxx
