ADMINISTRATION AGREEMENT
THIS AGREEMENT is made as of this 28th day of January , 1993, by and
between The Arbor Fund (the "Trust"), a Massachusetts business trust, and
SEI Financial Management Corporation (the "Administrator), a Delaware
corporation.
WHEREAS, the Trust is an open-end diversified management investment
company registered under the Investment Company Act of 1940, as amended (the
"1940 Act"), consisting of several series of shares; and
WHEREAS, the Trust desires the Administrator to provide, and the
Administrator is wilting to provide, management, administrative, dividend
disbursing agent and shareholder servicing services to such portfolios of the
Trust, as the Trust and the Administrator may agree on ("Portfolios") and as
listed on the schedules attached hereto ("Schedules") and made a part of this
Agreement, on the terms and conditions hereinafter set forth:
NOW, THEREFORE, in consideration of the premises and the covenants
hereinafter contained, the Trust and the Administrator hereby agree as follows:
ARTICLE 1. Retention of the Administrator. The Trust hereby retains the
Administrator to act as the administrator of the Portfolios and to furnish the
Portfolios with the management, administrative, dividend disbursing agent and
shareholder servicing services as set forth below. The Administrator hereby
accepts such employment to perform the duties set forth below.
The Administrator shall, for all purposes herein, be deemed to be an
independent contractor and, unless otherwise expressly provided or authorized,
shall have no authority to act for or represent the Trust in any way and shall
not be deemed an agent of the Trust.
ARTICLE 2. Administrative and Shareholder Services. The Administrator
shall perform or supervise the performance by others of other administrative
services in connection with the operations of the Portfolios, and, on behalf of
the Trust, will investigate, assist in the selection of and conduct relations
with custodians, depositories, accountants, underwriters, brokers and dealers,
corporate fiduciaries, insurers, banks and persons in any other capacity deemed
to be necessary or desirable for the Portfolios' operation. The Administrator
shall provide the Trustees of the Trust with such reports regarding investment
performance as they may reasonably request but shall have no responsibility for
supervising the performance by any investment adviser or sub-adviser of its
responsibilities.
The Administrator shall provide the Trust with regulatory reporting,
fund accounting and related portfolio accounting services, all necessary office
space, equipment, personnel compensation and facilities for handling the affairs
of the Portfolios and such OTHER SERVICES AS the Administrator shall, from time
to time, determine to be necessary to perform its obligations under this
Agreement.
The Administrator shall make reports to the Trust's Trustees concerning
the performance of its obligations hereunder; furnish advice and recommendations
with respect to other aspects of the business and affairs of the Portfolios as
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the Trust and the Administrator shall determine desirable; and shall provide the
Portfolios' Shareholders with the reports described in the Trust's current
prospectus.
The Administrator shall calculate the daily net asset value of the
Portfolios in accordance with the procedures prescribed in the Trust's
Registration Statement and such other procedures as may be established by the
Trustees of the Trust.
Also, the Administrator will perform other services for the Trust as
agreed from time to time, including, but not limited to., preparation and
mailing of appropriate federal income tax forms and returns to the Internal
Revenue; furnishing the Trust with such reports regarding the sale and
redemption of Shares as may be required in order to comply with federal and
state securities law; and mailing notices of Shareholders' meetings, proxies and
proxy statements to Shareholders, for all of which the Trust will pay the
Administrator's out-of-pocket expenses.
ARTICLE 3. Dividend Disbursing Agent. The Administrator shall act as
dividend disbursing agent for the Portfolios' accounts and, as such, In
accordance with the provisions of the Trust's Declaration of Trust and the
Portfolios' then current prospectuses, shall prepare and wire or credit income
and capital gains distributions to Shareholders (or Instruct the Custodian to
do so) after deducting any amount required to be withheld by any applicable tax
laws, rules and regulations or other applicable rules or regulations.
The Trust agrees that it shall promptly inform the Administrator of the
declaration of any dividend or distribution on Shares of any of its Portfolios,
and that on or before the payment date of a distribution, it shall instruct the
Custodian to make available, at the Instruction of the dividend disbursing
agent, sufficient funds for the cash amount to be paid out. If a Shareholder Is
entitled to receive additional Shares by virtue of any such distribution or
dividend, appropriate credits will be made to the Shareholder's account.
ARTICLE 4. Other Administrative Services. In addition to the services
described above, the Administrator shall perform or supervise the performance
by others of other administrative services in connection with the operations of
the Portfolios, and, on behalf of the Trust, will investigate, assist in the
selection of and conduct relations with custodians, depositories, accountants,
underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and
persons in any other capacity deemed to be necessary or desirable for the
Portfolios' operations. The Administrator shall provide the Trustees of the
Trust with such reports regarding investment performance as they may reasonably
request but shall have no responsibility for supervising the performance by any
investment adviser or sub-adviser of its responsibilities.
The Administrator shall provide the Trust with regulatory reporting,
fund accounting and related portfolio accounting services, all necessary office
space, equipment, personnel compensation and facilities (including facilities
for Shareholders' and Trustees' meetings) for handling the affairs of the
Portfolios and such other services as the Administrator shall, from time to
time, determine to be necessary to perform its obligations under this Agreement.
The Administrator shall make reports to the Trust's Trustees concerning
the performance of its obligations hereunder; furnish advice and recommendations
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with respect to other aspects of the business and affairs of the Portfolios as
the Trust and the Administrator shall determine desirable; and shall provide the
Portfolios' Shareholders with the reports described in the Portfolios' then
current prospectuses.
The Administrator shall calculate the daily net asset value of the
Portfolios in accordance with the procedures prescribed in the Trust's
Registration Statement and such other procedures as may be established by the
Trustees of the Trust.
Also, the Administrator will perform other services for the Trust as
agreed from time to time, including, but not limited to, preparation and mailing
of appropriate Federal income tax forms and returns to the Internal Revenue
Service and other appropriate taxing authorities; mailing the annual reports of
the Portfolios; preparing an annual list of Shareholders; furnishing the Trust
with such reports regarding the sale and redemption of Shares as may be required
in order to comply with Federal and state. securities law; and mailing notices
of Shareholders' meetings, proxies and proxy statements, for all of which the
Trust will pay the Administrator's out-of-pocket expenses.
ARTICLE 5. Allocation of Charges and Expenses.
(A) The Administrator. The Administrator shall furnish at its own
expense the executive, supervisory and clerical personnel necessary to perform
its obligations under this Agreement. The Administrator shall also provide the
items which it is obligated to provide under this Agreement, and shall pay all
compensation, if any, of officers of the Trust as well as all Trustees of the
Trust who are affiliated persons of the Administrator or any affiliated
corporation; provided, however, that unless otherwise specifically provided, the
Administrator shall not be obligated to pay the compensation of any employee of
the Trust retained by the Trustees of the Trust to perform services on behalf of
the Trust.
(B) The Trust. The Trust assumes and shall pay or cause to be paid all
other expenses of the Trust not otherwise allocated herein, including, without
limitation, organizational costs, taxes, expenses for legal and auditing
services, the expenses of preparing (including typesetting), printing and
mailing reports, prospectuses, statements of additional information, proxy
solicitation material and notices to existing Shareholders, all expenses
incurred in connection with issuing and redeeming Shares, the costs of custodial
services, the cost of initial and ongoing registration of the Shares under
Federal and state securities laws, fees and out-of-pocket expenses of Trustees
who are not affiliated persons of the Administrator or any affiliated
corporation, insurance, interest, brokerage costs, litigation and other
extraordinary or nonrecurring expenses, and all fees and charges of investment
advisers to the Trust.
ARTICLE 6. Compensation of the Administrator.
(A) Administration Fee. For the services to be rendered, the facilities
furnished and the expenses assumed by the Administrator pursuant to this
Agreement, the Trust shall pay to the Administrator compensation at an annual
rate specified in the Schedules. Such compensation shall be calculated daily,
and paid to the Administrator monthly.
If this Agreement becomes effective subsequent to the first day of a
month or terminates before the last day of a month, the Administrator's
compensation for that part of the month in which this Agreement is in effect
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shall be prorated in a manner consistent with the calculation of the fees as set
forth above. Payment of the Administrator's compensation for the preceding month
shall be made promptly.
(B) Compensation from Transactions. The Trust hereby authorizes any
entity or person associated with the Administrator which is a member of a
national securities exchange to effect any transaction on the exchange for the
account of the Trust which is permitted by Section 11 (a) of the Securities
Exchange Act of 1934 and Rule 11 a2-2(T) thereunder, and the Trust hereby
consents to the retention of compensation for such transactions in accordance
with Rule 11a2 2(T) (a) (2) (Iv).
(C) Survival of Compensation Rates. All rights of compensation under
this Agreement for services performed as of the termination date shall survive
the termination of this Agreement.
ARTICLE 7. Limitation of Liability of the Administrator. The duties of
the Administrator shall be confined to those expressly set forth herein, and no
implied duties are assumed by or may be asserted against the Administrator
hereunder. The Administrator shall not be liable for any error of judgment or
mistake of law or for any loss arising out of any investment or for any act or
omission in carrying out its duties hereunder, except a loss resulting from
willful misfeasance, bad faith or gross negligence in the performance of its
duties, or by reason of reckless disregard of its obligations and duties
hereunder, except as may otherwise be provided under provisions of applicable
law which cannot be waived or modified hereby. (As used in this Article 7, the
term "Administrator" shall Include directors, officers, employees and other
corporate agents of the Administrator as well as that corporation itself.)
So long as the Administrator acts in good faith and with due diligence
and without gross negligence, the Trust assumes full responsibility and shall
indemnify the Administrator and hold it harmless from and against any and all
actions, suits and claims, whether groundless or otherwise, and from and against
any and all losses, damages, costs, charges, reasonable counsel fees and
disbursements, payments, expenses and liabilities (including reasonable
investigation expenses) arising directly or indirectly out of said
administration, transfer agency, and dividend disbursing relationships to the
Trust or any other service rendered to the Trust hereunder. The Indemnity and
defense provisions set forth herein shall indefinitely survive the termination
of this Agreement.
The rights hereunder shall include the right to reasonable advances of
defense expenses in the event of any pending or threatened litigation with
respect to which indemnification hereunder may ultimately be merited in order
that the indemnification provision contained herein shall apply, however, it is
understood that if in any case the Trust may be asked to indemnify or hold the
Administrator harmless, the Trust shall be fully and promptly advised of all
pertinent facts concerning the situation in question, and it is further
understood that the Administrator will use all reasonable care to identify and
notify the Trust promptly concerning any situation which presents or appears
likely to present the probability of such a claim for indemnification against
the Trust, but failure to do so in good faith shall not affect the rights
hereunder.
The Administrator may apply to the Trust at any time for instructions
and may consult counsel for the Trust or its own counsel and with accountants
and other experts with respect to any matter arising in connection with the
Administrator's duties, and the Administrator shall not be liable or accountable
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for any action taken or omitted by it in good faith in accordance with such,
instruction or with the opinion of such counsel, accountants or other experts.
Also, the Administrator shall be protected in acting upon any document
which it reasonably believes to be genuine and to have been signed or presented
by the proper person or persons. Nor shall the Administrator be held to have
notice of any change of authority of any officers, employee or agent of the
Trust until receipt of written notice thereof from the Trust.
ARTICLE 8. Activities of the Administrator. The services of the
Administrator rendered to the Trust are not to be deemed to be exclusive. The
Administrator is free to render such services to others and to have other
businesses and interests. It is understood that Trustees, officers, employees
and Shareholders of the Trust are or may be or become interested in the
Administrator, as directors, officers, employees and shareholders or otherwise
and that directors, officers, employees and shareholders of the Administrator
and its counsel are or may be or become similarly interested in the Trust, and
that the Administrator may be or become interested in the Trust as a Shareholder
or otherwise.
ARTICLE 9. Duration of this Agreement. The Term of this Agreement shall
be as specified in the Schedules.
This Agreement shall not be assignable by either party without the
written consent of the other party.
ARTICLE 10. Amendments. This Agreement may be amended by the parties
hereto only if such amendment is specifically approved (i) by the vote of a
majority of the Trustees of the Trust, and (ii) by the vote of a majority of the
Trustees of the Trust who are not parties to this Agreement or interested
persons of any such party, cast in person at a Board of Trustees meeting called
for the purpose of voting on such approval.
For special cases, the parties hereto may amend such procedures set
forth herein as may be appropriate or practical under the circumstances, and the
Administrator may conclusively assume that any special procedure which has been
approved by the Trust does not conflict with or violate any requirements of its
Declaration of Trust, By-Laws or then current prospectuses, or any rule,
regulation or requirement of any regulatory body.
ARTICLE 11. Trustees' Liability. A copy of the Declaration of Trust of
the Trust is on file with the Secretary of State of the Commonwealth of
Massachusetts, and notice is hereby given that this instrument is executed on
behalf of the Trustees of the Trust as Trustees and not individually and that
the obligations of this instrument are not binding upon any of the Trustees,
officers or Shareholders of the Trust individually, but binding only upon the
assets and property of the Trust.
ARTICLE 12. Certain Records. The Administrator shall maintain customary
records in connection with its duties as specified in this Agreement. Any
records required to be maintained and preserved pursuant to Rules 31 a-1 and 31
A-2 under the 1940 Act which are prepared or maintained by the Administrator on
behalf of the Trust shall be prepared and maintained at the expense of the
Administrator, but shall be the property of the Trust and will be made available
to or surrendered promptly to the Trust on request.
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In case of any request or demand for the inspection of such records by
another party, the Administrator shall notify the Trust and follow the Trust's
instructions as to permitting or refusing such inspection; provided that the
Administrator may exhibit such records to any person in any case where it is
advised by its counsel that it may be held liable for failure to do so, unless
(in cases involving potential exposure only to civil liability). The Trust has
agreed to indemnify the Administrator against such liability.
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ARTICLE 13. Definitions of Certain Terms'. The terms "interested person"
and "affiliated person," when used in this Agreement, shall have the respective
meanings specified in the 1940 Act and the rules and regulations thereunder,
subject to such exemptions as may be granted by the Securities and Exchange
Commission.
ARTICLE 14. Notice. Any notice required or permitted to be given by
either party to the other shall be deemed sufficient if sent by registered or
certified mail, postage prepaid, address by the party giving notice of the other
party at the last address furnished by the other party to the party giving
notice: If to the Trust, at 000 Xxxx Xxxxxxxxxx Xxxx, Xxxxx, XX 00000-0000, and
if to the Administrator at 000 Xxxx Xxxxxxxxxx Xxxx, Xxxxx, XX 00000-0000.
ARTICLE 15. Governing Law. This Agreement shall be construed in
accordance with the laws of the Commonwealth of Massachusetts and the applicable
provisions of the 1940 Act. To the extent that the applicable laws of the
Commonwealth of Massachusetts, or any of the provisions herein, conflict with
the applicable provisions' of the 1940 Act, the latter shall control.
ARTICLE 16. Multiple Originals. This Agreement may be executed in two or
more counterparts, each of which when so executed shall be deemed to be an
original, but such counterparts shall together constitute but one and the same
instrument.
IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.
THE ARBOR FUND
By: /s/ illegible signature
Attest: /s/ illegible signature
SEI FINANCIAL MANAGEMENT CORPORATION
By: /s/ illegible signature
Attest: /s/ illegible signature
0
XXXXXXX XXXXXXXXXXX XXXXXX XXXXXXXXX
XXXXXXX TAX FREE BOND PORTFOLIO
OAKTREE PRIME OBLIGATION MONEY MARKET FUND PORTFOLIO
OAKTREE INTERMEDIATE-TERM INCOME PORTFOLIO
SCHEDULE
TO THE ADMINISTRATION AGREEMENT
DATED JANUARY 28, 1993
BETWEEN
THE ARBOR FUND
AND
SEI FINANCIAL MANAGEMENT CORPORATION
Fees: Pursuant to Article 6, Section A, the Trust shall pay the
Administrator compensation for services rendered to the OakTree
Diversified Growth Portfolio, OakTree Tax Free Bond Portfolio,
OakTree Prime Obligation Money Market Fund Portfolio, OakTree
Intermediate-Term Income Portfolio (the "Portfolios") at an
annual rate of .20% of the average daily net assets of each
Portfolio, which is calculated daily and paid monthly.
Term: Pursuant to Article 9, the term of this Agreement shall
commence on January 28, 1993 and shall remain in effect for 5
years ("Initial Term"). This Agreement shall continue in
effect for successive periods of 2 years after the Initial
Term, unless terminated by either party on not less than 90
days prior written notice to the other party. In the event of
a material breach of this Agreement by either party, the
non-breaching party shall notify the breaching party in
writing of such breach and upon receipt of such notice, the
breaching party shall have 45 days to remedy the breach or the
nonbreaching party may immediately terminate this Agreement.
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CROWN PRIME OBLIGATION MONEY MARKET PORTFOLIO
CROWN U.S. TREASURY MONEY MARKET PORTFOLIO
SCHEDULE
TO THE ADMINISTRATION AGREEMENT
DATED JANUARY 28, 1993
BETWEEN
THE ARBOR FUND
AND
SEI FINANCIAL MANAGEMENT CORPORATION
Fees: Pursuant to Article B, Section A, the Trust shall pay the
Administrator compensation for services rendered to the Crown
Prime Obligation Money Market Portfolio and Crown U.S. Treasury
Money Market Portfolio (the "Portfolios") at an annual rate of
.21% of the average daily net assets of each Portfolio which is
calculated daily and paid monthly.
TERM: Pursuant to Article 9, the term of this Agreement shall
commence on January 28, 1993 and shall remain in effect for 5
years ("Initial Term"). This Agreement shall continue in
effect for successive periods of 2 years after the Initial
Term, unless terminated by either party on not less than 90
days prior written notice to the other party. In the event of
a material breach of this Agreement by either party, the
non-breaching party shall notify the breaching party in
writing of such breach and upon receipt of such notice, the
breaching party shall have 45 days to remedy the breach or the
nonbreaching party may immediately terminate this Agreement.
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CALIFORNIA TAX EXEMPT PORTFOLIO
INSTITUTIONAL TAX FREE PORTFOLIO
SCHEDULE
TO THE ADMINISTRATION AGREEMENT
DATED JANUARY 28, 2003
BETWEEN
THE ARBOR FUND
AND
SEI FINANCIAL MANAGEMENT CORPORATION
Fees: Pursuant to Article 6, Section A, the Trust shall pay the
Administrator compensation for services rendered to the
California Tax Exempt Portfolio and the Institutional Tax Free
Portfolio (the "Portfolios") at an annual rate of .075% of the
average daily net assets of each Portfolio up to $300 million;
.070% of the average daily net assets of each Portfolio from
$300 million to $500 million; .050% of the average daily net
assets of each Portfolio over $500 million , which is
calculated daily and paid monthly.
Term: Pursuant to Article 9, the term of this Agreement shall
commence on January 28, 1993 and shall remain in effect for 5
years ("Initial Term"). This Agreement shall continue in
effect for successive periods of 2 years after the Initial
Term, unless terminated by either party on not less than 90
days prior written notice to the other party. In the event of
a material breach of this Agreement by either party, the
non-breaching party shall notify the breaching party in
writing of such breach and upon receipt of such notice, the
breaching party shall have 45 days to remedy the breach or the
nonbreaching party may immediately terminate this Agreement.
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