Exhibit 99.B8(b)
CUSTODIAN AGREEMENT
This Agreement, dated as of the 15th day of June, 1993 by and between
SEI International Trust (the "Trust"), a business trust operating as an
open-end investment company, duly organized under the laws of the
Commonwealth of Massachusetts and The Chase Manhatten Bank, N.A.;
WITNESSETH:
WHEREAS, the Trust desires to deposit cash and securities with The Chase
Manhatten Bank, N.A. as custodian; and
WHEREAS, The Chase Manhatten Bank N.A. is qualified and authorized to act
as custodian for the cash and securities of an open-end investment company and
is willing to act in such capacity upon the terms and conditions herein set
forth;
NOW, THEREFORE, in consideration of the premises and of the mutual
covenants herein contained, the parties hereto, intending to be legally bound,
do hereby agree as follows:
SECTION 1. The terms as defined in this Section wherever used in this
Agreement, or in any amendment or supplement hereto, shall have meanings herein
specified unless the context otherwise requires.
CUSTODIAN: The term Custodian shall mean The Chase Manhatten Bank, N.A. in its
capacity as Custodian for the International Bond Portfolio and such other
Portfolios as may be determined by the Trust from time to time under this
Agreement.
PROPER INSTRUCTIONS: For purposes of this Agreement the Custodian shall be
deemed to have received Proper Instructions upon receipt of written (including
instructions received by means of computer terminals), telephone or telegraphic
instructions from a person or persons authorized from time to time by the
Trustees of the Trust to give the particular class of instructions. Telephone
or telegraphic instructions shall be confirmed in writing by such person or
persons as said Trustees or said Board of Directors shall have from time to time
authorized to give the particular class of instructions in question. The
Custodian may act upon telephone or telegraphic instructions without awaiting
receipt of written confirmation, and shall not be liable for the Trust's or such
investment adviser's failure to confirm such instructions in writing.
SHAREHOLDERS: The term Shareholders shall mean the registered owners from time
to time of the Shares of the Trust in accordance with the registry records
maintained by the Trust or agents on its behalf.
SHARES: The term Shares of the Trust shall mean the units of beneficial
interest of the
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Trust.
SECTION 2. The Trust shall from time to time file with the Custodian a
certified copy of each resolution of its Board of Trustees authorizing the
person or persons to give Proper Instructions (as defined in Section 1) and
specifying the class of instructions that may be given by each person to the
Custodian under this Agreement, together with certified signatures of such
persons authorized to sign, which shall constitute conclusive evidence of the
authority of the officers and signatories designated therein to act, and
shall be considered in full force and effect with the Custodian fully
protected in acting in reliance thereon until it receives written notice to
the contrary; provided, however, that if the certifying officer is authorized
to give Proper Instructions, the certification shall be also signed by a
second officer of the Trust.
SECTION 3. The Trust hereby appoints the Custodian as custodian of cash and
securities from time to time on deposit hereunder, to be held by the
Custodian and applied as provided in this Agreement. The Custodian hereby
accepts such appointment subject to the terms and conditions hereinafter
provided. Such cash and securities shall, however, be segregated from the
assets of others and shall be and remain the sole property of the Trust and
the Custodian shall have only the bare custody thereof.
The Custodian may perform some or all of its duties hereunder through a
subcustodian.
The Custodian may deposit the Trust's portfolio securities with a U.S.
securities depository or in U.S. Federal book-entry systems pursuant to rules
and regulations of the Securities and Exchange Commission.
SECTION 4. The Trust will make an initial deposit of cash to be held and
applied by the Custodian hereunder. Thereafter the Trust will cause to be
deposited with the Custodian hereunder the applicable net asset value of Shares
sold from time to time whether representing initial issue, other stock or
reinvestments of dividends and/or distributions payable to Shareholders.
SECTION 5. The Custodian is hereby authorized and directed to disburse cash
from time to time upon receipt of and in accordance with Proper Instructions.
SECTION 6. The Custodian's compensation shall be as set forth in Schedule A
hereto attached, or as shall be set forth in amendments to such schedule
approved by the Trust and the Custodian.
SECTION 7. In connection with its functions under this Agreement, the Custodian
shall:
(a) render to the Trust a daily report of all monies received or paid on
behalf of the Trust.
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(b) create, maintain and retain all records relating to its activities and
obligations under this Agreement in such manner as will meet the
obligations of the Trust with respect to said Custodian's activities
in accordance with generally accepted accounting principles. All
records maintained by the Custodian in connection with the performance
of its duties under this Agreement will remain the property of the
Trust and in the event of termination of this Agreement will be
relinquished to the Trust.
SECTION 8. No liability of any kind shall be attached to or incurred by the
Custodian by reason of its custody of the assets held by it from time to time
under this Agreement, or otherwise by reason of its position as Custodian
hereunder except only for its own negligence, bad faith, or willful misconduct
in the performance of its duties as specifically set forth in the Agreement.
Without limiting the generality of the foregoing sentence, the Custodian:
(a) may rely upon the advice of counsel, who may be counsel for the Trust
or for the Custodian, and upon statements of accountants, brokers and
other persons believed by it in good faith to be expert in the matters
upon which they are consulted; and for any action taken or suffered in
good faith based upon such advice or statements the Custodian shall
not be liable to anyone;
(b) shall not be liable for anything done or suffered to be done in good
faith in accordance with any request or advice of, or based upon
information furnished by, the Trust or its authorized officers or
agents;
(c) is authorized to accept a certificate of the Secretary or Assistant
Secretary of the Trust, or Proper Instructions, to the effect that a
resolution in the form submitted has been duly adopted by its Board of
Trustees or by the Shareholders, as conclusive evidence that such
resolution has been duly adopted and is in full force and effect;
(d) may rely and shall be protected in acting upon any signature, written
(including telegraph or other mechanical) instructions, request,
letter of transmittal, certificate, opinion of counsel, statement,
instrument, report, notice, consent, order, or other paper or document
reasonably believed by it to be genuine and to have been signed,
forwarded or presented by the purchaser, Trust or other proper party
or parties.
SECTION 9. The Trust, its successors and assigns hereby indemnify and hold
harmless the Custodian, its successors and assigns, of and from any and all
liability whatsoever arising out of or in connection with the Custodian's
status, acts, or omissions under this Agreement, except only for liability
arising out of the Custodian's own negligence, bad faith, or willful misconduct
in the performance of its duties specifically set forth in this Agreement.
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Without limiting the generality of the foregoing, the Trust, its successors and
assigns do hereby fully indemnify and hold harmless the Custodian its successors
and assigns, from any and all loss, liability, claims, demand, actions, suits
and expenses of any nature as the same may arise from the failure of the Trust
to comply with any law, rule, regulation or order of the United States, any
state or any other jurisdiction, governmental authority, body, or board relating
to the sale, registration, qualification of units of beneficial interest in the
Trust, or from the failure of the Trust to perform any duty or obligation under
this Agreement.
Upon written request of the Custodian, the Trust shall assume the entire defense
of any claim subject to the foregoing indemnity, or the joint defense with the
Custodian of such claim, as the Custodian shall request. The indemnities and
defense provisions of this Section 9 shall indefinitely survive termination of
this Agreement.
SECTION 10. This Agreement may be amended from time to time without notice to
or approval of the Shareholders by a supplemental agreement executed by the
Trust and the Custodian and amending and supplementing this Agreement in the
manner mutually agreed.
SECTION 11. Either the Trust or the Custodian may give one hundred twenty (120)
days written notice to the other of the termination of this Agreement, such
termination to take effect at the time specified in the notice. In case such
notice of termination is given either by the Trust or by the Custodian, the
Trustees of the Trust shall, by resolution duly adopted, promptly appoint a
Successor Custodian which Successor Custodian shall be a bank, trust company, or
a bank and trust company in good standing, with legal capacity to accept custody
of the cash and securities of a mutual fund.
Upon receipt of written notice from the Trust of the appointment of such
successor and upon receipt of Proper Instructions, the Custodian shall deliver
such cash and securities as it may then be holding hereunder directly and only
to the Successor Custodian. Unless or until a Successor Custodian has been
appointed as above provided, the Custodian then acting shall continue to act as
Custodian under this Agreement.
Every Successor Custodian appointed hereunder shall execute and deliver an
appropriate written acceptance of its appointment and shall thereupon become
vested with the rights, powers, obligations and custody of its predecessor
Custodian. The Custodian ceasing to act shall nevertheless, upon request of
the Trust and the Successor Custodian and upon payment of its charges and
disbursements, execute an instrument in form approved by its counsel
transferring to the Successor Custodian all the predecessor Custodian's
rights, duties, obligations and custody.
In case the Custodian shall consolidate with or merge into any other
corporation, the corporation remaining after or resulting from such
consolidation or merger shall ipso facto without the execution or filing of any
papers or other documents, succeed to and be
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substituted for the Custodian with like effect as though originally named as
such.
SECTION 12. This Agreement shall take effect when assets of the Trust are first
delivered to the Custodian.
SECTION 13. This Agreement may be executed in two or more counterparts, each of
which when so executed shall be deemed to an original, but such counterparts
shall together constitute but one and the same instrument.
SECTION 14. A copy of the Declaration of Trust of the Trust is on file with
the Secretary 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.
SECTION 15. The Custodian shall create and maintain all records relating to
its activities and obligations under this Agreement in such manner as will
meet the obligations of the Trust under the Investment Company Act of 1940,
with particular attention to Section 31 thereof and Rules 31a-1 and 31a-2
thereunder, applicable Federal and state tax laws and any other law or
administrative rules or procedures which may be applicable to the Trust.
Subject to security requirements of the Custodian applicable to its own
employees having access to similar records within the Custodian and such
regulations as to the conduct of such monitors as may be reasonably imposed by
the Custodian after prior consultation with an officer of the Trust the books
and records of the Custodian pertaining to its actions under this Agreement
shall be open to inspection and audit at any reasonable times by officers of,
attorneys for, and auditors employed by, the Trust.
SECTION 16. Nothing contained in this Agreement is intended to or shall
require the Custodian in any capacity hereunder to perform any functions or
duties on any holiday or other day of special observance on which the
Custodian is closed. Functions or duties normally scheduled to be performed
on such days shall be performed on, and as of, the next business day the
Custodian is open.
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SECTION 17. This Agreement shall extend to and shall be binding upon the
parties hereto and their respective successors and assigns; provided,
however, that this Agreement shall not be assignable by the Trust without the
written consent of the Custodian, or by the Custodian without the written
consent of the Trust, authorized or approved by a resolution of its Board of
Trustees.
IN WITNESS WHEREOF, the Trust and the Custodian have caused this Agreement to be
signed by their respective officers as of the day and year first above written.
SEI International Trust
By: /s/ Xxxxxxx X. Xxxxxxx
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Attest:
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The Chase Manhattan Bank, N.A.
By:
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Attest:
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SCHEDULE A
CHASE GLOBAL SECURITIES SERVICES
[LOGO] FEE SCHEDULE
FOR
SEI
I. PORTFOLIO BASIS POINT FEE (BASED ON MARKET VALUE)
$0 to $50 million 5.0 basis points
$50 to $100 million 3.5 basis points
$100 to $200 million 2.5 basis points
$200 to $500 million 1.5 basis points
Over $500 million 1.0 basis point
II. COUNTRY BAND FEES (see below)
Band A 3.0 basis points $ 30.00 per transaction
Band B 3.5 basis points $ 40.00 per transaction
Band C 4.5 basis points $ 50.00 per transaction
Band D 5.0 basis points $ 90.00 per transaction
Band E 13.0 basis points $100.00 per transaction
Band F 24.0 basis points $100.00 per transaction
Band G 28.0 basis points $120.00 per transaction
II. OUT OF POCKET EXPENSES WILL BE BILLED AS INCURRED.
Scrip fees, stamp duty etc...
COUNTRY BANDS
BAND A BAND B BAND C BAND D BAND E
------ ------ ------ ------ ------
Cedel/Euroclear Canada Australia Austria Indonesia
Japan Germany Belgium Finland Korea
United States Netherlands Denmark Hong Kong Mexico
Switzerland France Italy Philippines
New Zealand Luxembourg Thailand
Norway Malaysia
Sweden Singapore
United Kingdom Turkey
BAND F BAND G
------ ------
Argentina Greece
Brazil Jordan
Chile Pakistan
Spain* Portugal
Venezuela Sri Lanka
Taiwan
* Country band fee for Spain to be reviewed within six (6), months of
agreement date.
[LOGO]
THE REPORTS AND SERVICES THAT ARE INCLUDED IN THE GLOBAL CUSTODY SERVICE ARE AS
FOLLOWS:
INTERNATIONAL CUSTODY
- Safekeeping
- Processing of Security Transactions
- AutoCredit of Income
- Effecting Corporate Action Notification
- Tax Reclamation
- AutoSettle
CASH MANAGEMENT
- Daily communication with investment Advisor
- Currency conversion
TRANSFER TO SUCCESSOR CUSTODIANS
- See Country Band fees
THIS FEE AGREEMENT WILL BE IN EFFECT FOR A ONE YEAR PERIOD FROM JUNE 1, 1992
THROUGH JUNE 1, 0000
XXX XXXXX XXXXXXXXX BANK, N.A.
BY: /s/ Xxxxxxxx X. Xxxx Date: March 27, 1992
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Xxxxxxxx X. Xxxx, V.P.
SEI
BY: /s/ Xxxxxxx X. Xxxxxxx Date: 3-5-92
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