PFM FUNDS AMENDMENT TO OPERATING EXPENSE LIMITATION AGREEMENT FOR INDEPENDENT SCHOOLS AND COLLEGES CLASS OF PRIME SERIES
AMENDMENT
TO OPERATING EXPENSE LIMITATION AGREEMENT FOR
INDEPENDENT
SCHOOLS AND COLLEGES CLASS OF PRIME SERIES
AMENDMENT, made this 31st day of
October, 2009, to that certain agreement (“Operating Expenses Limitation
Agreement”) by and between PFM
FUNDS, a business trust organized under the laws of the Commonwealth of
Virginia (“Trust”), on behalf of Prime Series, a separate series of the Trust
and PFM Asset Management LLC (“Adviser”).
WITNESSETH:
WHEREAS,
the Adviser has, pursuant to the Operating Expenses Limitation Agreement
(“Original Agreement”), agreed to limit the current operating expenses of the
Independent Schools and Colleges Class of Prime Series (“Independent Schools
Class”) to an annual rate, expressed as a percentage of the Independent Schools
Class's average annual net assets, to .26% for one year from May 4,
2009; and
WHEREAS,
the Adviser desires to extend the period during which its obligation to so limit
the Independent Schools Class’s operating expenses is effective pursuant to
Section 3 of the Original Agreement;
NOW
THEREFORE, in consideration of the covenants and the mutual promises hereinafter
set forth, the parties, intending to be legally bound hereby, mutually agree as
follows:
1. The
Adviser hereby agrees to limit the expenses of the Independent Schools Class to
the extent contemplated by the Original Agreement for the period from May 4,
2009 through October 31, 2010.
2. Other
than as set forth herein, the terms and conditions of the Original Agreement
shall remain unchanged.
IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed and attested by their duly authorized officers.
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on
behalf of the Independent Schools and Colleges Class of Prime
Series
By:
__________________________
Title:
_______________________
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PFM
Asset Management LLC
By:
________________________
Title:
___________________________
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