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EXHIBIT 9(B)
AMENDMENT NO. 1 TO
BASIC ADMINISTRATIVE SERVICES AGREEMENT
WHEREAS, Pacific Horizon Funds, Inc., a Maryland corporation (the
"Company"), and CONCORD HOLDING CORPORATION, a Delaware corporation
("Concord"), are parties to a Basic Administrative services Agreement dated as
of November 13, 1989 (the "Agreement") wherein Concord has agreed to provide
basic administrative services to the Company's Prime Fund, Treasury Fund,
Horizon Tax-Exempt Money Fund, California Tax- Exempt Money Market Fund and
Pacific Horizon Tax-Exempt Money Market Fund (sometimes referred to herein
collectively as the "Funds"); and
WHEREAS, the parties wish to amend the Agreement in certain respects;
NOW THEREFORE, the parties hereby agree, intending to be legally
bound, that effective immediately the Agreement is amended to read as follows:
1. The second sentence of Section I, subsection 3, is
hereby amended and restated in its entirety as follows: "Without
limiting the generality of the foregoing, it is understood that
Concord intends to enter into an agreement with The Bank of New York
under which said institution will provide certain accounting,
bookkeeping, pricing and dividend and distribution calculation
services with respect to the Funds at the expense of the Funds.
2. The first sentence of Section I, subsection 5, is
hereby amended and restated in its entirety as follows: "For the
services provided and the expenses assumed as Administrator pursuant
to Section I of this Agreement, the Company will pay Concord a fee,
computed daily and payable monthly, based on the net assets of the
Prime Fund, Treasury Fund, Horizon Tax-Exempt Money Fund, California
Tax-Exempt Money Market Fund and Pacific Horizon Tax-Exempt Money
Market Fund considered separately on a per-Fund basis at the following
annual rates: .10% of the first $7 billion of each Fund's net assets,
plus .09% of the next $3 billion of each Fund's net assets, plus .08%
of each Fund's net assets over $10 billion."
3. Section IV is hereby amended and restated in its
entirety as follows: "This Agreement shall become effective with
respect to a Fund on the date it is approved by the shareholder(s) of
the Fund and, unless sooner terminated as provided herein, shall
continue until October 31, 1992. Thereafter, this Agreement will be
automatically extended
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with respect to each Fund (i) for an additional period of two years
and (ii) thereafter for successive periods of one year, provided that
this Agreement is not sooner terminated as provided below. This
Agreement may be terminated by the Company at any time with respect to
any Fund, without the payment of any penalty, by vote of a majority of
the entire Board of Directors of the Company or by a vote of a
"majority of the outstanding voting securities" of such Fund on 60
days' written notice to Concord, or by Concord at any time, without
the payment of any penalty, on 60 days' written notice to the Company.
This Agreement will automatically and immediately terminate in the
event of its "assignment." (As used in this Agreement, the terms
"majority of the outstanding voting securities" and "assignment" shall
have the same meaning as such terms in the 1940 Act.)"
Except as expressly amended and modified hereby, all provisions of the
Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 as
of the 1st day of November, 1991.
PACIFIC HORIZON FUNDS, INC.
Attest:/s/ W. Xxxxx XxXxxxxx, III By:/s/ Xxxxxx X. Xxxxxxx
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Secretary President
CONCORD HOLDING CORPORATION
Attest:/s/ Xxxxxxx X. Xxxxx By:/s/ Xxxxxxx X. Xxxxxxxxx
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