ADMINISTRATIVE SERVICES AGREEMENT
EVERGREEN VARIABLE ANNUITY TRUST
This Administrative Services Agreement is made as of this 23rd day of
December, 1997 between Evergreen Variable Annuity Trust, a Delaware business
trust (herein called the ATrust@), and Evergreen Investment Services, Inc., a
Delaware corporation (herein called AEIS@).
W I T N E S S E T H:
WHEREAS, the Trust is a Delaware business trust consisting of one or
more portfolios which operates as an open-end management investment company and
is so registered under the Investment Company Act of 1940; and
WHEREAS, the Trust desires to retain EIS as its Administrator to
provide it with administrative services, and EIS is willing to render such
services.
NOW, THEREFORE, in consideration of the premises and mutual covenants
set forth herein, the parties hereto agree as follows:
1. APPOINTMENT OF ADMINISTRATOR. The Trust hereby appoints EIS as
administrator of the Trust and each of its portfolios listed on SCHEDULE A
attached hereto on the terms and conditions set forth in this Agreement; and EIS
hereby accepts such appointment and agrees to perform the services and duties
set forth in Section 2 of this Agreement in consideration of the compensation
provided for in Section 4 hereof.
2. SERVICES AND DUTIES. As Administrator, and subject to the supervision and
control of the Trustees of the Trust, EIS will hereafter provide facilities,
equipment and personnel to carry out the following administrative services for
operation of the business and affairs of the Trust and each of its portfolios:
(1) prepare, file and maintain the Trust=s governing documents,
including the Declaration of Trust (which has previously been
prepared and filed), the By-laws, minutes of meetings of
Trustees and shareholders, and proxy statements for meetings
of shareholders;
(2) prepare and file with the Securities and Exchange Commission
and the appropriate state securities authorities the
registration statements for the Trust and the Trust=s shares
and all amendments thereto, reports to regulatory authorities
and shareholders, prospectuses, proxy statements, and such
other documents as may be necessary or convenient to enable
the Trust to make a continuous offering of its shares;
(3) prepare, negotiate and administer contracts on behalf of the
Trust with, among others, the Trust=s distributor, custodian
and transfer agent;
(4) supervise the Trust=s fund accounting agent in the maintenance
of the Trust=s general ledger and in the preparation of the
Trust=s financial statements, including oversight of expense
accruals and payments and the determination of the net asset
value of the Trust=s assets and of the Trust=s shares, and of
the declaration and payment of dividends and other
distributions to shareholders;
(5) calculate performance data of the Trust for dissemination to
information services covering the investment company industry;
(6) prepare and file the Trust=s tax returns;
(7) examine and review the operations of the Trust=s custodian and transfer
agent;
(8) coordinate the layout and printing of publicly disseminated
prospectuses and reports;
(9) prepare various shareholder reports;
(10) assist with the design, development and operation of new portfolios of
the Trust;
(11) coordinate shareholder meetings;
(12) provide general compliance services; and
(13) advise the Trust and its Trustees on matters concerning the Trust and
its affairs.
The foregoing, along with any additional services that EIS shall agree
in writing to perform for the Trust hereunder, shall hereafter be referred to as
AAdministrative Services.@ Administrative Services shall not include any duties,
functions, or services to be performed for the Trust by the Trust=s investment
adviser, distributor, custodian or transfer agent pursuant to their agreements
with the Trust.
3. EXPENSES. EIS shall be responsible for expenses incurred in providing office
space, equipment and personnel as may be necessary or convenient to provide the
Administrative Services to the Trust. The Trust shall be responsible for all
other expenses incurred by EIS on behalf of the Trust, including without
limitation postage and courier expenses, printing expenses, registration fees,
filing fees, fees of outside counsel and independent auditors, insurance
premiums, fees payable to Trustees who are not EIS employees, and trade
association dues.
4. COMPENSATION. For the Administrative Services provided, the Trust hereby
agrees to pay and EIS hereby agrees to accept as full compensation for its
services rendered hereunder an administrative fee, calculated daily and payable
monthly, at an annual rate determined in accordance with the table below.
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Aggregate Daily Net Assets of Funds
Administered by EIS for Which Any Affiliate of
Administrative Fee First Union National Bank Serves as Investment
Adviser
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.050% on the first $7 billion
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.035% on the next $3 billion
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.030% on the next $5 billion
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.020% on the next $10 billion
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.015% on the next $5 billion
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.010% on assets in excess of $30 billion
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Each portfolio of the Trust shall pay a portion of the administrative fee equal
to the rate determined above times that portfolio=s average annual daily net
assets.
5. RESPONSIBILITY OF ADMINISTRATOR. EIS shall not be liable for any error of
judgment or mistake of law or for any loss suffered by the Trust in connection
with the matters to which this Agreement relates, except a loss resulting from
wilful misfeasance, bad faith or gross negligence on its part in the performance
of its duties or from reckless disregard by it of its obligations and duties
under this Agreement. EIS shall be entitled to rely on and may act upon advice
of counsel (who may be counsel for the Trust) on all matters, and shall be
without liability for any action reasonably taken or omitted pursuant to such
advice. Any person, even though also an officer, director, partner, employee or
agent of EIS, who may be or become an officer, trustee, employee or agent of the
Trust, shall be deemed, when rendering services to the Trust or acting on any
business of the Trust (other than services or business in connection with the
duties of EIS hereunder) to be rendering such services to or acting solely for
the Trust and not as an officer, director, partner, employee or agent or one
under the control or direction of EIS even though paid by EIS.
6. DURATION AND TERMINATION.
(1) This Agreement shall continue in effect from year to year
thereafter, provided it is approved, at least annually, by a
vote of a majority of Trustees of the Trust including a
majority of the disinterested Trustees.
(2) This Agreement may be terminated at any time, without payment
of any penalty, on sixty (60) day=s prior written notice by a
vote of a majority of the Trust=s Trustees or by EIS.
7. AMENDMENT. No provision of this Agreement may be changed, waived, discharged
or terminated orally, but only by an instrument in writing signed by the party
against which an enforcement of the change, waiver, discharge or termination is
sought.
8. NOTICES. Notices of any kind to be given to the Trust hereunder by EIS shall
be in writing and shall be duly given if delivered to the Trust and to its
investment adviser at the following address: First Union National Bank, Xxx
Xxxxx Xxxxx Xxxxxx, Xxxxxxxxx, Xxxxx Xxxxxxxx 00000. Notices of any kind to be
given to EIS hereunder by the Trust shall be in writing and shall be duly given
if delivered to EIS at 000 Xxxxxxxx Xxxxxx, Xxxxxx, Xxxxxxxxxxxxx 00000.
Attention: Chief Administrative Officer.
9. LIMITATION OF LIABILITY. EIS is hereby expressly put on notice of the
limitation of liability as set forth in the Declaration of Trust and agrees that
the obligations pursuant to this Agreement of a particular portfolio and of the
Trust with respect to that particular portfolio be limited solely to the assets
of that particular portfolio, and EIS shall not seek satisfaction of any such
obligation from the assets of any other portfolio, the shareholders of any
portfolio, the Trustees, officers, employees or agents of the Trust, or any of
them.
10. MISCELLANEOUS. The captions in this Agreement are included for convenience
of reference only and in no way define or delimit any of the provisions hereof
or otherwise affect their construction or effect. If any provision of this
Agreement shall be held or made invalid by a court or regulatory agency
decision, statute, rule or otherwise, the remainder of this Agreement shall not
be affected thereby. Subject to the provisions of Section 5 hereof, this
Agreement shall be binding upon and shall inure to the benefit of the parties
hereto and their respective successors and shall be governed by Delaware law;
provided, however, that nothing herein shall be construed in a manner
inconsistent with the Investment Company Act of 1940 or any rule or regulation
promulgated by the Securities and Exchange Commission thereunder.
IN WITNESS WHEREOF, the parties hereto have caused this Administrative
Services Agreement to be executed by their officers designated below as of the
day and year first above written.
EVERGREEN VARIABLE ANNUITY TRUST
By: /s/ Xxxxxxx X. Xxxxx
--------------------------------
Name: Xxxxxxx X. Xxxxx
Title: President
EVERGREEN INVESTMENT SERVICES, INC.
By: /s/ Xxxxxx Xxxxxxxxx
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Name: Xxxxxx Xxxxxxxxx
Title: Chief Accounting Officer
SCHEDULE A
(As amended September 28, 1999)
EVERGREEN VARIABLE ANNUITY TRUST
Evergreen VA Equity Index Fund
Evergreen VA Fund
Evergreen VA Foundation Fund
Evergreen VA Global Leaders Fund
Evergreen VA Growth and Income Fund
Evergreen VA International Growth Fund
Evergreen VA Masters Fund
Evergreen VA Omega Fund
(formerly Evergreen VA Aggressive Growth Fund)
Evergreen VA Small Cap Value Fund
(formerly Evergreen VA Small Cap Equity Income Fund)
Evergreen VA Strategic Income Fund
Evergreen VA Special Equity Fund
