Exhibit (e)(vi) under Form N-1A
Exhibit 10 under Item 601/Reg. S-K
MUTUAL FUNDS
SALES AND SERVICE
AGREEMENT
This Agreement is entered into among the financial institution executing
this Agreement ("Financial Institution"), Edgewood Services, Inc.
("Distributor"), acting as principal underwriter with respect to those series or
portfolios listed on each Exhibit hereto (referred to individually as the "Fund"
and collectively as the "Funds").
This Agreement contemplates that Distributor may make one or more of the
following payments to Financial Institutions: (a) payment for sales commissions
as described in Section II and listed in each Exhibit; (b) payment for
distribution services as described in Section III and listed in each Exhibit;
(c) payment for shareholder services as described in Section IV and listed in
each Exhibit; and/or (d) supplemental payments as described in Section V and
listed in each Exhibit.
SECTION I - FINANCIAL INSTITUTION.
1. Status of Financial Institution as "Bank" or Registered Broker-Dealer.
Financial Institution represents and warrants to Distributor:
(a)(i) that it is a broker or dealer as defined in Section 3(a)(4) or
3(a)(5) of the Securities Exchange Act of 1934 ("Exchange Act"); that it
is registered with the Securities and Exchange Commission ("SEC")
pursuant to Section 15 of the Exchange Act; that it is a member in good
standing of the National Association of Securities Dealers, Inc.
("NASD"); that its customers' accounts are insured by the Securities
Investors Protection Corporation ("SIPC"); and that, during the term of
this Agreement, it will abide by all of the rules and regulations of the
NASD including, without limitation, the NASD Rules of Conduct.
Financial Institution agrees to notify Distributor immediately in the
event of: (1) the termination of its coverage by the SIPC; (2) its
expulsion or suspension from the NASD; or (3) its being found to have
violated any applicable federal or state law, rule or regulation arising
out of its activities as a broker-dealer or in connection with this
Agreement, or which may otherwise affect in any material way its ability
to act in accordance with the terms of this Agreement. Financial
Institution's expulsion from the NASD will automatically terminate this
Agreement immediately without notice. Suspension of Financial
Institution from the NASD for violation of any applicable federal or
state law, rule or regulation will terminate this Agreement effective
immediately upon Distributor's written notice of termination to
Financial Institution; or
(a)(ii) that it is a "bank," as that term is defined in Section 3(a)(6)
of the Exchange Act and that, during the term of this Agreement, it will
abide by the rules and regulations of those state and federal banking
authorities with appropriate jurisdiction over the Financial
Institution, especially those regulations dealing with the activities of
the Institution as described under this Agreement. Financial
Institution agrees to notify Distributor immediately of any action by or
communication from state or federal banking authorities, state
securities authorities, the SEC, or any other party which may affect its
status as a bank, or which may otherwise affect in any material way its
ability to act in accordance with the terms of this Agreement. Any
action or decision of any of the foregoing regulatory authorities or any
court of appropriate jurisdiction which affects Financial Institution's
ability to act in accordance with the terms of this agreement, including
the loss of its exemption from registration as a broker or dealer, will
terminate this Agreement effective upon Distributor's written notice of
termination to Financial Institution; and
(b) that Financial Institution is registered with the appropriate securities
authorities in all states in which its activities make such registration
necessary; and
2. Financial Institution Acts as Agent for its Customers.
The parties agree that in each transaction in the shares of beneficial interest
or capital stock of any Fund ("Shares") and with regard to any services rendered
pursuant to this Agreement: (a) Financial Institution is acting as agent for the
customer; (b) each transaction is initiated solely upon the order of the
customer; (c) as between Financial Institution and its customer, the customer
will have full beneficial ownership of all Shares of the Funds; (d) each
transaction shall be for the account of the customer and not for Financial
Institution's account; and (e) each transaction shall be without recourse to
Financial Institution provided that Financial Institution acts in accordance
with the terms of this Agreement. Financial Institution shall not have any
authority in any transaction to act as Distributor's agent or as agent for the
Funds.
SECTION II - AGREEMENT FOR SALES OF FUND SHARES.
3. Execution of Orders for Purchase and Redemption of Shares.
(a) All orders for the purchase of any Shares shall be executed at the
then-current public offering price per share (i.e., the net asset value per
share plus the applicable initial sales load, if any) and all orders for the
redemption of any Shares shall be executed at the net asset value per share of
the applicable Class, in each case as described in the prospectus of the Fund.
Any applicable redemption fee or deferred sales charge will be deducted by the
Fund prior to the transmission of the redemption proceeds to Financial
Institution or its customer. Distributor and the Funds reserve the right to
reject any purchase request in their sole discretion. If required by law, each
transaction shall be confirmed in writing on a fully disclosed basis and, if
confirmed by Distributor, a copy of each confirmation shall be sent
simultaneously to Financial Institution if Financial Institution so requests.
(b) The procedures relating to all orders will be subject to the terms of the
prospectus (as used herein, references to the Fund's prospectus shall also mean
the Fund's statement of additional information, which is incorporated by
reference into the prospectus) of each Fund and Distributor's written
instructions to Financial Institution from time to time.
(c) Payments for Shares shall be made as specified in the applicable Fund
prospectus. If payment for any purchase order is not received in accordance with
the terms of the applicable Fund prospectus, Distributor reserves the right,
without notice, to cancel the sale and to hold Financial Institution responsible
for any loss sustained as a result thereof.
4. Initial Sales Loads Payable to Financial Institution.
(a) On each order accepted by Distributor, in exchange for the performance of
sales services and/or distribution services, Financial Institution will be
entitled to receive the applicable dealer concession set forth in the then
current prospectus or statement of additional information ("SAI") of the
applicable Fund or applicable Fund Exhibit, whichever contains more recent
information, subject to any adjustment in the rate of such concession referred
to below, from the amount paid by Financial Institution's customer. The initial
sales loads for any Fund shall be those set forth in its prospectus. The rate of
the dealer concession payable to Financial Institution may be changed at any
time at Distributor's sole discretion upon written notice to Financial
Institution.
(b) Transactions may be settled by Financial Institution: (i) by payment of the
full purchase price less an amount equal to Financial Institution's applicable
percentage of the initial sales load, or (ii) by payment of the full purchase
price, in which case Financial Institution shall receive, not less frequently
than monthly, the aggregate fees due it on orders received and settled. Upon
request, Financial Institution shall provide Distributor with a report detailing
the amounts retained by Financial Institution under subparagraph 4(b)(i).
(c) It shall be the obligation of the Financial Institution either: (i) to
provide Distributor with all necessary information regarding the application of
the appropriate initial sales load to each transaction, or (ii) to assess the
appropriate initial sales load for each transaction and to forward the public
offering price, net of the amount of the initial sales load to be reallowed to
the Financial Institution, to the appropriate Fund. Neither the Fund nor
Distributor shall have any responsibility to correct the payment or assessment
of an incorrect initial sales load due to the failure of the Financial
Institution to fulfill the foregoing obligation.
5. Advance Commissions Payable to Financial Institution.
Upon the purchase of certain Shares, as described in the applicable
prospectus, the Financial Institution may be entitled to receive an advance
commission from the Distributor as set forth on each Exhibit (or the Fund's
current prospectus, if it contains more recent information). This amount is not
to be considered an initial sales load and should not be deducted from the
public offering price of the Shares which shall be forwarded to the Fund.
Generally, a contingent deferred sales charge ("CDSC") will be assessed upon the
redemption of Shares with regard to which an advance commission is paid by
Distributor. In the event that Financial Institution notifies Distributor in
writing that Financial Institution elects to waive such advance commission, and
if the Fund's prospectus or SAI permits such a waiver, the CDSC will not be
charged upon the redemption of the relevant Shares. To receive advance
commission from Distributor on Shares that are subject to a CDSC, Financial
Institution must open investor accounts with the Fund on a fully-disclosed basis
or be able to account for share ownership periods used in calculating the CDSC.
Furthermore, should the custody (or record ownership) of the shares of the
investor account(s) be transferred during the applicable CDSC holding period (as
described in the Fund prospectus or SAI) to a financial institution which does
not maintain investor accounts on a fully disclosed basis and does not account
for share ownership periods, the Financial Institution agrees to reimburse
Distributor prior to such transfer for advance commissions paid to it by
Distributor.
6. Delivery of Prospectuses to Customers.
Financial Institution will deliver or cause to be delivered to each
customer, at or prior to the time of any purchase of Shares, a copy of the
current prospectus of the applicable Fund and, upon request by a customer or
shareholder, a copy of the applicable Fund's current SAI and any annual or
semi-annual report ("Financial Report(s)"). Financial Institution shall not make
any representations concerning any Shares other than those contained in the
prospectus, SAI or Financial Report of the Fund or in any promotional materials
or sales literature furnished to Financial Institution by Distributor or the
Fund.
7. Indemnification.
(a) Financial Institution shall indemnify and hold harmless Distributor,
each Fund, the transfer agent of any Fund, and each of their respective
subsidiaries, affiliates, officers, directors, agents and employees from all
direct or indirect liabilities, losses or costs (including attorneys fees)
arising from, related to or otherwise connected with: (i) any breach by
Financial Institution of any provision of this Agreement; or (ii) any actions or
omissions of Distributor, any Fund, the transfer agent, and each of their
subsidiaries, affiliates, officers, directors, agents and employees in reliance
upon any oral, written or computer or electronically transmitted instructions
believed to be genuine and to have been given by or on behalf of Financial
Institution.
(b) The Distributor shall indemnify and hold harmless Financial Institution
and its respective subsidiaries, affiliates, officers, directors, agents and
employees from all direct or indirect liabilities, losses or costs (including
attorneys fees) arising from, related to or otherwise connected with: (i) any
breach by Distributor of any provision of this Agreement; or (ii) any actions or
omissions of Financial Institution and its subsidiaries, affiliates, officers,
directors, agents and employees in reliance upon any oral, written or computer
or electronically transmitted instructions believed to be genuine and to have
been given by or on behalf of the Distributor.
(c) The Distributor agrees to indemnify and hold harmless any Fund for
which Distributor is principal underwriter, each of its Directors, each of its
officers who have signed the Registration Statement and each other person, if
any, who controls such Fund within the meaning of Section 15 of the Securities
Act of 1933, as amended, but only with respect to statements or omissions, if
any, made in the Registration Statement, or any prospectus, SAI, or any
amendment or supplement thereof (collectively, "Filing(s)") in reliance upon,
and in conformity with, information furnished to such Fund about Distributor by
or on behalf of Distributor expressly for the use in the Filing(s). In case any
action shall be brought against any Fund or any other person so indemnified
based on the Filing(s), and with respect to which indemnity may be sought
against Distributor, Distributor shall have the rights and duties given to such
Fund to the extent that Distributor is distributor to that Fund, and such Fund
and each other person so indemnified shall have the rights and duties given to
Distributor by the provisions of subsection (a) above.
(d) The agreement of the parties in this Paragraph to indemnify each other
is conditioned upon the party entitled to indemnification (Indemnified Party)
giving notice to the party required to provide indemnification (Indemnifying
Party) promptly after the summons or other first legal process for any claim as
to which indemnity may be sought is served on the Indemnified Party. The
Indemnified Party shall permit the Indemnifying Party to assume the defense of
any such claim or any litigation resulting from it, provided that counsel for
the Indemnifying Party who shall conduct the defense of such claim or litigation
shall be approved by the Indemnified Party (which approval shall not
unreasonably be withheld), and that the Indemnified Party may participate in
such defense at its expense. The failure of the Indemnified Party to give notice
as provided in this subparagraph (c) shall not relieve the Indemnifying Party
from any liability other than its indemnity obligation under this Paragraph. No
Indemnifying Party, in the defense of any such claim or litigation, shall,
without the consent of the Indemnified Party, consent to entry of any judgment
or enter into any settlement that does not include as an unconditional term the
giving by the claimant or plaintiff to the Indemnified Party of a release from
all liability in respect to such claim or litigation.
(e) The provisions of this Paragraph shall survive the termination of this
Agreement.
SECTION III - AGREEMENT TO PROVIDE DISTRIBUTION-RELATED ACTIVITIES.
8. Agreement under Rule 12b-1.
Financial Institution acknowledges that this Section III, together with the
Introduction to this Agreement, constitute a form of "Related Agreement"
under a plan ("Plan") adopted by the Fund in accordance with Rule 12b-1
under the Investment Company Act of 1940 ("1940 Act"). Financial
Institution agrees to furnish such information to Distributor as necessary
to comply with the Plan and Rule 12b-1.
9. Distribution-Related Activities.
Certain Funds pay distribution fees under a Plan or Plans adopted under
Rule 12b-1 under the 1940 Act, as noted on Exhibits to this Agreement (or the
Fund's current prospectus if it contains more recent information). Distributor
hereby appoints Financial Institution to render or cause to be performed one or
more of the distribution-related activities and, to the extent covered under the
Plans, shareholder services referred to in Section IV, as outlined on such
Exhibits, to those Funds and their shareholders.
10. Distribution Fees Payable to Financial Institution.
During the term of this Section III, Distributor will pay Financial
Institution distribution fees for each class of shares ("Class") of a Fund as
set forth in any Exhibits to this Agreement (or the Fund's current prospectus if
it contains more recent information).
11. Term of Agreement.
This Related Agreement shall continue in effect for one year from the date
of its execution, and thereafter for successive periods of one year provided the
form of this Related Agreement is approved with respect to each Class or Fund
(as the case may be) at least annually by the Board of the Fund, including a
majority of the members of the Fund Board who are not interested persons of the
Fund and have no direct or indirect financial interest in the operation of any
Plan or in any related agreements to such Plan ("Independent Board Members"),
cast in person at a meeting called for that purpose.
SECTION IV - AGREEMENT TO PROVIDE SHAREHOLDER SERVICES.
12. Shareholder Services.
Certain Funds pay a Shareholder Services Fee as noted on Exhibit(s) to this
Agreement (or the Fund's current prospectus or SAI, if they contain more recent
information). Financial Institution agrees to render or cause to be rendered one
or more of the personal services to shareholders of the Funds and/or the
maintenance of accounts of shareholders of the Funds ("Shareholder Services") as
outlined on such Exhibit(s). Financial Institution further agrees to provide,
upon request, a written description of the Shareholder Services which Financial
Institution is providing hereunder.
13. Shareholder Service Fees Payable to Financial Institution.
During the term of this Agreement, Distributor will pay Financial
Institution Shareholder Service Fees as set forth in Exhibit(s) to this
Agreement (or the Fund's current prospectus or SAI, if they contain more recent
information).
14. Acknowledgment by Financial Institution.
Financial Institution acknowledges that, to the extent a Fund's Plan covers
Shareholder Services and Shareholder Services Fees, such services and fees are
also subject to the terms of Section III of this Agreement.
SECTION V - SUPPLEMENTAL PAYMENTS.
15. Supplemental Payments to Financial Institution.
During the term of this Agreement, Distributor or their affiliates may make
Supplemental Payments to Financial Institution if and as set forth in Exhibit(s)
to this Agreement (or the Fund's current prospectus or SAI, if they contain more
recent information) as additional compensation for services described in
Sections II, III or IV. Such payments will be made from the assets, reasonable
profits and/or resources of Distributor, the adviser to the Fund, or the
affiliates of either, and not from assets of the Funds nor from fees payable
under applicable Plans.
SECTION VI - MISCELLANEOUS.
16. Proration of Payments.
For the payment period in which this Agreement becomes effective or
terminates, there shall be an appropriate proration of the payments referenced
in Sections III, IV and V, on the basis of the number of days that this
Agreement is in effect during the quarter.
17. ERISA Assets.
Financial Institution understands that the Department of Labor views ERISA
as prohibiting fiduciaries of discretionary ERISA assets from receiving certain
fees or other compensation from Funds in which the fiduciary's discretionary
ERISA assets are invested. Similar, the common law of trusts in certain states
prohibit fiduciaries from receiving distribution-related compensation from funds
in which the fiduciary's discretionary trust assets are invested. Receipt of
such compensation could violate such provisions against fiduciary self-dealing
and conflict of interest and could subject the fiduciary to penalties.
18. Security Against Unauthorized Use of Funds' Recordkeeping Systems and
Confidentiality.
Financial Institution agrees to provide such security as is necessary to
prevent any unauthorized use of the Funds' recordkeeping system, accessed via
any computer hardware or software provided to Financial Institution by
Distributor. Financial Institution represents and warrants that it has examined
and tested the internal systems that it has developed to support the services
outlined herein and, as of the date of this Agreement, has no knowledge of any
situation or circumstance that will inhibit the system's ability to perform the
expected functions or inhibit Financial Institution's ability to provide the
expected services.
19. Solicitation of Proxies.
Financial Institution agrees not to solicit or cause to be solicited
directly, or indirectly, at any time in the future, any proxies from the
shareholders of any or all of the Funds in opposition to proxies solicited by
management of any Fund, unless a court of competent jurisdiction shall have
determined that the conduct of a majority of the Board of the Fund constitutes
willful misfeasance, bad faith, gross negligence or reckless disregard of their
duties. This Paragraph will survive the term of this Agreement.
20. Certification of Customers' Taxpayer Identification Numbers.
Financial Institution agrees to obtain any taxpayer identification number
certification from its customers required under Section 3406 of the Internal
Revenue Code, and any applicable Treasury regulations, and to provide
Distributor or their respective designee with timely written notice of any
failure to obtain such taxpayer identification number certification in order to
enable the implementation of any required backup withholding.
21. Notices.
Except as otherwise specifically provided in this Agreement, all notices
required or permitted to be given pursuant to this Agreement shall be given in
writing and delivered by personal delivery or by postage prepaid, registered or
certified United States first class mail, return receipt requested, overnight
courier services, or by facsimile or similar electronic means of delivery (with
a confirming copy by mail as provided herein). Unless otherwise notified in
writing, all notices to Distributor shall be given or sent to it at Federated
Xxxxxxxxx Xxxxx, Xxxxxxxxxx, Xxxxxxxxxxxx 00000-0000, Attention: Secretary, Fax:
000-000-0000 (Phone: 000-000-0000). All notices to Financial Institution shall
be given or sent to it at its address, fax number or e-mail address shown below.
22. Termination and Amendment.
(a) This Agreement shall become effective in this form as of the date set
forth below or as of the first date thereafter upon which Financial Institution
executes any transaction, performs any service, or receives any payment pursuant
hereto. This Agreement supersedes any prior sales, distribution, shareholder
service, or administrative service agreements between the parties with respect
to the Funds.
(b) This Agreement, including any Exhibit(s) hereto, may be amended by
Distributor from time to time by the following procedure. Distributor will mail
a copy of the amendment to Financial Institution's address, as shown below.
Subject to any requirements imposed by any Plan, and subject to any requirements
imposed by Rule 12b-1, if Financial Institution does not object to the amendment
within thirty (30) days after its receipt, or, regardless of any objection, as
of the first date thereafter upon which Financial Institution executes any
transaction, performs any service, or receives any payment pursuant hereto, the
amendment will become part of the Agreement. Financial Institution's objection
must be in writing and be received by Distributor within such thirty days.
(c) In addition to the ability to amend or terminate this Agreement under
the provisions set forth in Paragraphs 1(a) and 22(b), Section III and Section
IV (to the extent Section IV is covered under a Plan) of this Agreement may be
terminated with respect to each Class or Fund, as the case may be, as follows:
(i) at any time, without the payment of any penalty, by the vote of a
majority of the Independent Board Members of the Fund or by a "vote of a
majority of the outstanding voting securities" of such Class or Fund, as the
case may be, as defined in the 1940 Act on not more than sixty (60) days'
written notice to the parties to this Agreement;
(ii) automatically in the event of the Agreement's assignment as defined in
the 1940 Act, upon the termination of the "Distributor's Contract" entered into
between the Fund and Distributor under Section 15(b) and (c) of the 1940 Act, or
upon the termination of the Plan relating to such Class or Fund, as the case may
be, covered under this Agreement;
(iii) by any party to the Agreement without cause by giving the other party
at least sixty (60) days' written notice of its intention to terminate; and
(iv) at such other time as may be mutually agreed to in writing by each
party to this Agreement.
(d) The termination of this Agreement with respect to any one Class or Fund
will not cause the Agreement's termination with respect to any other Class or
Fund.
23. Severability.
If any provision or portion of this Agreement is at any time determined to
be invalid or unenforceable for any reason, the remaining provisions and
portions of this Agreement will be unaffected thereby and will remain in full
force and effect to the fullest extent permitted by law.
24. Customer Confidentiality and Privacy.
(a) The parties acknowledge that:
(i) The SEC has adopted Regulation S-P at 17 CFR Part 248 to protect the
privacy of individuals who obtain a financial product or service for personal,
family or household use;
(ii) Regulation S-P permits financial institutions, such as the Distributor
and Financial Institution, to disclose "nonpublic personal information" ("NPI")
of its "customers" and "consumers" (as those terms are therein defined in
Regulation S-P) to affiliated and nonaffiliated third parties, without giving
such customers and consumers the ability to opt out of such disclosure, for the
limited purposes of processing and servicing transactions (17 CFR ss. 248.14)
("Section 248.14 NPI"); for specified law enforcement and miscellaneous purposes
(17 CFR ss. 248.15) ("Section 248.15 NPI"); and to service providers or in
connection with joint marketing arrangements (17 CFR ss. 248.13) ("Section
248.13 NPI");
(iii) Regulation S-P provides that the right of a customer and consumer to
opt out of having his or her NPI disclosed pursuant to 17 CFR ss. 248.7, and 17
CFR ss. 248.10 does not apply when the NPI is disclosed to service providers or
in connection with joint marketing arrangements, provided the Financial
Institution and third party enter into a contractual arrangement that prohibits
the third party from disclosing or using the information other than to carry out
the purposes for which the Financial Institution disclosed the information (17
CFR ss. 248.13);
(b) The Financial Institution may disclose shareholder NPI to the
Distributor as agent of the Fund and solely in furtherance of fulfilling the
Distributor's contractual obligations under the Agreement and to the Funds in
the ordinary course of business to support the Fund and its shareholders;
(c) The Distributor hereby agrees to be bound to use and redisclose such
NPI only for the limited purpose of fulfilling its duties and obligations under
the Agreement and to the Funds, for law enforcement and miscellaneous purposes
as permitted in 17 CFR ss. 248.15, or in connection with joint marketing
arrangements that the Financial Institution may establish with the Distributor
or the Funds in accordance with the limited exception set forth in 17 CFR ss.
248.13;
(d) Each party represents and warrants that, in accordance with 17 CFR ss.
248.30, it has implemented and will continue to carry out for the term of the
Agreement policies and procedures reasonably designed to: insure the security
and confidentiality of records and NPI of customers, protect against any
anticipated threats or hazards to the security or integrity of customer records
and NPI, and protect against unauthorized access to or use of such customer
records or NPI that could result in substantial harm or inconvenience to any
customer.
(e) The Distributor may redisclose Section 248.13 NPI only to: (i) the
Funds and affiliated persons of the Funds ("Fund Affiliates"); (ii) affiliated
persons of the Distributor ("Distributor Affiliates") (which in turn may
disclose or use the information only to the extent permitted under the original
receipt); (iii) a third party not affiliated with the Distributor or the Funds
("Nonaffiliated Third Party") under the service and processing (ss. 248.14) or
miscellaneous (ss. 248.15) exceptions, but only in the ordinary course of
business to carry out the activity covered by the exception under which the
Distributor or the Funds received the information in the first instance; and
(iv) a Nonaffiliated Third Party under the service provider exception (ss.
248.13), provided the Distributor or the Funds enter into a written contract
with the Nonaffiliated Third Party that prohibits the Nonaffiliated Third Party
from disclosing or using the information other than to carry out the purposes
for which the Financial Institution disclosed the information in the first
instance;
(f) The Distributor may redisclose Section 248.14 NPI and Section 248.15
NPI to: (i) the Funds or Fund Affiliates; (ii) Distributor Affiliates (which in
turn may disclose the information to the same extent permitted under the
original receipt); and (iii) a Nonaffiliated Third Party to whom the Funds might
lawfully have disclosed NPI directly; and
(g) The Distributor is obligated to maintain beyond the termination date of
the Agreement the confidentiality of any NPI it receives from the Financial
Institution in connection with the Agreement and hereby agrees that this shall
survive such termination.
25. Anti-Money Laundering and Customer Identification.
(a) Distributor and Financial Institution each represent, warrant and
certify that they have established, and covenant that at all times during the
existence of the Agreement they will maintain, a written anti-money laundering
and customer identification program ("Program") in accordance with the USA
PATRIOT Act and the rules and regulations adopted thereunder by the SEC and the
U.S. Treasury Department ("Applicable Law").
(b) Financial Institution hereby covenants that it will perform all
activities, including the establishment and verification of customer identities
as required by Applicable Law or its Program, with respect to all customers on
whose behalf Financial Institution maintains an account with Distributor or the
Funds ("Financial Institution Customers").
(c) Distributor and Financial Institution hereby agree that: (i) accounts
in the Funds in the name of, or beneficially owned by, Financial Institution
Customers shall be accounts of the Financial Institution for purposes of the
Financial Institution's Program; and (ii) Financial Institution Customers will
be customers of Financial Institution for all purposes under the Program of the
Financial Institution.
26. Governing Law.
This Agreement shall be construed in accordance with the laws of the
Commonwealth of Pennsylvania, without regard to conflict of laws principles
thereof. Financial Institution agrees that it shall bring any action or
proceeding against Distributor arising out of or related in any way to this
Agreement solely in a court of competition jurisdiction sitting in Allegheny
County or the Western District of Pennsylvania, and otherwise consents to the
jurisdiction of either court.
EDGEWOOD SERVICES, INC.
By:
Name: Xxxxxxx X. Xxxxx, Xx.
Title: President
(Please Print or Type)
Financial Institution:
By:
Name:
Title:
Date:
Attn.:
Address
City, State Zip Code
Phone number:
Fax number:
E-mail address:
Exhibit - MTB Group of Funds (last revised 12/24/03) 15
Exhibit to Mutual Fund Sales and Service Agreement for
MTB Group of Funds (formerly Vision Group of Funds) * *
Edgewood Services, Inc. - Distributor
For purposes of this Exhibit, any "Initial Sales Load" shall be paid
subject to the terms of Section II of the Agreement; any "Advance Commissions"
shall be paid subject to the terms of Section II of the Agreement; and Advance
Commissions shall be paid as a percentage of the public offering price of the
Fund shares next determined after the purchase order is accepted. In that
regard, a Financial Institution will be entitled to receive the applicable
percentage of the Maximum Initial Sales Load, if any, as set forth in the
Prospectus or SAI or Exhibit, whichever contains more recent information,
subject to change by the Distributor at any time upon written notice to the
Financial Institution. Currently, the reallowance percentage of the Initial
Sales Load is up to 90%. (For more information, contact the Distributor at
0-000-000-0000.) "Rule 12b-1 Fees" shall be paid subject to the terms of Section
III of the Agreement. "Shareholder Services Fee" shall be paid subject to the
terms of Section IV of the Agreement. Any "Supplemental Payments" shall be paid
subject to the terms of Section V of the Agreement. All fees stated herein are
valid as of the date stated below and are subject to any limitations or waivers
described in the Prospectus. Rule 12b-1 Fees, Shareholder Services Fee and
Supplemental Payments will be paid at an annual rate on the average daily net
asset value of shares held in each Fund under the dealer number attributed to
the Financial Institution during the period in accounts for which the
Institution provides services under the Agreement.
Class A Shares
Maximum Initial Sales Load: As Noted
Advance Commission: None
Rule 12b-1 Fee: 0.25%*
Shareholder Services Fee: 0.25%*
Supplemental Payments: None
* These are maximum payments. Please refer to the prospectus for current
accrual amounts that are payable.
Maximum Initial Sales Load of 5.5%
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Fund CUSIP
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MTB Balanced Fund 00000X000
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MTB Equity Income Fund 00000X000
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MTB Equity Index Fund 00000X000
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MTB International Equity Fund 00000X000
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MTB Large Cap Growth Fund 00000X000
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MTB Large Cap Stock Fund 00000X000
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MTB Large Cap Value Fund 00000X000
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MTB Mid Cap Growth Fund 00000X000
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MTB Mid Cap Stock Fund 00000X000
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XXX Xxxxx Xxxxxxx Xxxxxx Xxxx 00000X000
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MTB Small Cap Growth Fund 00000X000
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MTB Small Cap Stock Fund 00000X000
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Maximum Initial Sales Load of 5.0%
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Fund CUSIP
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MTB Managed Allocation Fund: Aggressive Growth 00000X000
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Class A Shares (cont'd.)
Maximum Initial Sales Load of 4.5%
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Fund CUSIP
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MTB Income Fund 00000X000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
MTB Intermediate Term Bond Fund 00000X000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
MTB Managed Allocation Fund: Moderate Growth 00000X000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
XXX Xxxxxxxx Xxxxxxxxx Xxxx Xxxx 00000X000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
XXX Xxx Xxxx Xxxxxxxxx Xxxx Xxxx 00000X000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
XXX Xxxxxxxxxxxx Xxxxxxxxx Xxxx Xxxx 00000X000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
MTB U.S. Government Bond Fund 00000X000
--------------------------------------------------------------------------------
Maximum Initial Sales Load of 4.0%
--------------------------------------------------------------------------------
Fund CUSIP
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
MTB Managed Allocation Fund: Conservative Growth 00000X000
--------------------------------------------------------------------------------
Maximum Initial Sales Load of 3.0%
--------------------------------------------------------------------------------
Fund CUSIP
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
MTB Short Duration Government Bond Fund 00000X000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
MTB Short Term Corporate Bond Fund 00000X000
--------------------------------------------------------------------------------
Initial Sales Load: None
--------------------------------------------------------------------------------
Fund CUSIP
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
MTB Money Market Fund 00000X000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
MTB New York Tax Free Money Market Fund 00000X000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
MTB Pennsylvania Tax Free Money Market Fund 00000X000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
MTB Tax Free Money Market Fund 00000X000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
MTB U.S. Government Money Market Fund 00000X000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
MTB U.S. Treasury Money Market Fund 00000X000
--------------------------------------------------------------------------------
Class B Shares
Initial Sales Load: None
Advance Commission: 4.0%
Rule 12b-1 Fee: None
Shareholder Services Fee: 0.25% (starting the thirteenth month after purchase)*
(None for MTB Money Market Fund)
Supplemental Payments: None
* These are maximum payments. Please refer to the prospectus for current accrual
amounts that are payable.
---------------------------------------------------------------------------------
Fund CUSIP
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Balanced Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Equity Income Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Equity Index Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Income Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Intermediate Term Bond Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB International Equity Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Large Cap Growth Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Large Cap Stock Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Large Cap Value Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Managed Allocation Fund: Aggressive Growth 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Managed Allocation Fund: Conservative Growth 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Managed Allocation Fund: Moderate Growth 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
XXX Xxxxxxxx Xxxxxxxxx Xxxx Xxxx 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Mid Cap Growth Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Mid Cap Stock Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Money Market Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
XXX Xxxxx Xxxxxxx Xxxxxx Xxxx 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
XXX Xxx Xxxx Xxxxxxxxx Xxxx Xxxx 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
XXX Xxxxxxxxxxxx Xxxxxxxxx Xxxx Xxxx 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Short Duration Government Bond Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Short Term Corporate Bond Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Small Cap Growth Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Small Cap Stock Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB U.S. Government Bond Fund 00000X000
---------------------------------------------------------------------------------
Class C Shares
Initial Sales Load: None
Advance Commission: 1.00%
Rule 12b-1 Fee: 0.75% (starting the thirteenth month after purchase)*
Shareholder Services Fee: 0.25%*
Supplemental Payments: None
* These are maximum payments. Please refer to the prospectus for current accrual
amounts that are payable.
--------------------------------------------------------------------------------
Fund CUSIP
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
MTB Small Cap Growth Fund 00000X000
--------------------------------------------------------------------------------
Class S Shares
Initial Sales Load: None
Advance Commission: None
Rule 12b-1 Fee: 0.25%*
Shareholder Services Fee: 0.25%*
Supplemental Payments: None
* These are maximum payments. Please refer to the prospectus for current accrual
amounts that are payable.
---------------------------------------------------------------------------------
Fund CUSIP
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Money Market Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB U.S. Treasury Money Market Fund 00000X000
---------------------------------------------------------------------------------
Institutional Shares
Initial Sales Load: None
Advance Commission: None
Rule 12b-1 Fee: 0.25%*
Shareholder Services Fee: 0.25%*
Supplemental Payments: None
* These are maximum payments. Please refer to the prospectus for current accrual
amounts that are payable.
---------------------------------------------------------------------------------
Fund CUSIP
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Prime Money Market Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Money Market Fund 00000X000
---------------------------------------------------------------------------------
Institutional I Shares
Initial Sales Load: None
Advance Commission: None
Rule 12b-1 Fee: None
Shareholder Services Fee: 0.25%*
Supplemental Payments: None
* These are maximum payments. Please refer to the prospectus for current accrual
amounts that are payable.
---------------------------------------------------------------------------------
Fund CUSIP
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Balanced Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Equity Income Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Equity Index Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Income Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Intermediate Term Bond Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB International Equity Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Large Cap Growth Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Large Cap Stock Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Large Cap Value Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
XXX Xxxxxxxx Xxxxxxxxx Xxxx Xxxx 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Mid Cap Growth Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Mid Cap Stock Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Money Market Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
XXX Xxxxx Xxxxxxx Xxxxxx Xxxx 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
XXX Xxx Xxxx Xxxxxxxxx Xxxx Xxxx 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB New York Tax Free Money Market Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
XXX Xxxxxxxxxxxx Xxxxxxxxx Xxxx Xxxx 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Pennsylvania Tax Free Money Market Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Short Duration Government Bond Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Short Term Corporate Bond Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Small Cap Growth Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Small Cap Stock Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Social Balanced Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Tax Free Money Market Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB U.S. Government Bond Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB U.S. Government Money Market Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB U.S. Treasury Money Market Fund 00000X000
---------------------------------------------------------------------------------
Institutional II Shares
Initial Sales Load: None
Advance Commission: None
Rule 12b-1 Fee: 0.25%*
Shareholder Services Fee: None
Supplemental Payments: None
* These are maximum payments. Please refer to the prospectus for current accrual
amounts that are payable.
---------------------------------------------------------------------------------
Fund CUSIP
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Money Market Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Pennsylvania Tax Free Money Market Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB Tax Free Money Market Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB U.S. Government Money Market Fund 00000X000
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
MTB U.S. Treasury Money Market Fund 00000X000
---------------------------------------------------------------------------------
--------
** This Exhibit was effective as of August 25, 2003 and supersedes all prior
exhibits.
