AMENDMENT TO INVESTMENT ADVISORY AGREEMENT
Exhibit
(d.3)
AMENDMENT
TO INVESTMENT
ADVISORY AGREEMENT
AMENDMENT
TO INVESTMENT ADVISORY AGREEMENT, effective as of March 1, 2005 by and between
PayPal Asset Management, Inc. (the “Adviser”) and PayPal Funds (the “Trust”)
with respect to the PayPal Money Market Fund, a series of the Trust (the
“Fund”).
WHEREAS,
the Fund and Bank entered into an Investment Advisory Agreement dated October
4,
2002 (the “Advisory Agreement”); and
WHEREAS,
the Adviser and the Trust desire to amend the Advisory Agreement to reduce
the
amount of the compensation under the Advisory Agreement.
NOW,
THEREFORE, in consideration of the premises set forth herein, the parties agree
as follows:
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1.
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Amendments.
The first sentence of Section 6(a) is hereby replaced with the following
sentence:
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As
compensation for the services provided and expenses assumed by the
Adviser
under this Agreement, the Trust will arrange for the Fund to pay
the
Adviser at the end of each calendar month an advisory fee computed
daily
at an annual rate equal to 1.00% of the Fund’s average daily net assets.
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2.
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Miscellaneous.
Except as amended hereby, the Advisory Agreement shall remain in
full
force and effect. This Amendment may be executed in two or more
counterparts, each of which shall be deemed an original, but all
of which
together shall constitute one and the same
instrument.
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IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
by
their respective duly authorized officers as of the day and year first written
above.
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PAYPAL
ASSET MANAGEMENT, INC.
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By:
/s/
Xxxx Xxxxxx
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By:
/s/
Xxxx X. Story
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Name:
Xxxx Xxxxxx
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Name:
Xxxx X. Story
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Title:
Treasurer
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Title:
President
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