INVESTMENT ADVISORY AGREEMENT FOR SUBADVISER
INVESTMENT
ADVISORY AGREEMENT FOR SUBADVISER
AGREEMENT made as of the 1st day
of May, 2010 by and among Sun Capital Advisers LLC, a Delaware limited
liability company (the "Investment Adviser"), Sun Capital Advisers Trust, a
Delaware statutory trust (the "Trust"), on behalf of its series, SC Columbia
Small Cap Value Fund (the “Fund”), and Columbia Management Investment Advisers,
LLC (formerly known as RiverSource Investments, LLC), a Minnesota limited
liability company (the “Subadviser").
WHEREAS, the Trust is an open-end,
management investment company, registered under the Investment Company Act of
1940, as amended (the "1940 Act"), and the Fund is a series of the
Trust;
WHEREAS, the Investment Adviser and the
Subadviser are investment advisers registered with the Securities and Exchange
Commission under the Investment Advisers Act of 1940, as amended (the “Advisers
Act”);
WHEREAS, pursuant to the provisions of
the Investment Advisory Agreement dated October 1, 2008 between the Investment
Adviser and the Trust, on behalf of the Fund, the Investment Adviser may
delegate any or all of its portfolio management responsibilities under that
agreement to one or more subadvisers;
WHEREAS, the Investment Adviser has
selected the Subadviser to act as a sub-investment adviser of the Fund and to
provide certain other services, as more fully set forth below, and the
Subadviser is willing to act as such sub-investment adviser and to perform such
services under the terms and conditions hereinafter set forth;
NOW, THEREFORE, the Investment Adviser,
the Trust and the Subadviser agree as follows:
1. Investment Advisory and
Management Services. The Investment Adviser hereby appoints
the Subadviser to serve as subadviser to the Fund and the Subadviser hereby
accepts such appointment. Subject to the supervision of the
Investment Adviser, Subadviser will regularly provide the Fund with investment
advice and investment management services concerning the investments of the
Fund. The Subadviser will determine what securities shall be
purchased, held or sold by the Fund and what portion of the Fund's assets shall
be held uninvested in cash and cash equivalents, subject always to the
provisions of the Trust’s Declaration of Trust and By-laws and the 1940 Act, and
to the investment objectives, policies and restrictions applicable to the Fund
(including, without limitation, the requirements of Subchapters L and M of the
Internal Revenue Code of 1986, as amended) (the "Code"), as each of the same
shall be from time to time in effect or set forth in the Fund’s Prospectus and
Statement of Additional Information, as well as any other investment guidelines
or policies the Trust’s Board of Trustees (the “Board” or “Trustees”) or the
Investment Adviser may from time to time establish and deliver in writing to the
Subadviser.
To carry out such determinations the
Subadviser will exercise full discretion, subject to the preceding paragraph,
and act for the Fund in the same manner and with the same force and effect as
the Trust might or could do with respect to purchases, sales or other
transactions, as well as with respect to all other things necessary or
incidental to the furtherance or conduct of such purchases, sales or other
transactions. Notwithstanding the foregoing, the Subadviser shall,
upon written instructions from the Investment Adviser, effect such portfolio
transactions for the Fund as the Investment Adviser may from time to time
direct. Such instructions will be given in reasonable circumstances,
including, without limitation, any termination of this Agreement.
The Subadviser will also make its
officers and employees available to meet with the officers of the Investment
Adviser and the Trust’s officers and Trustees at least quarterly on due notice
to review the investments and investment program of the Fund in the light of
current and prospective economic and market conditions. From time to
time as the Board of Trustees of the Trust or the Investment Adviser may
reasonably request, the Subadviser will furnish to the Investment Adviser and
Trust’s officers and to each of its Trustees, at the Subadviser's expense,
reports on portfolio transactions and reports on issues of securities held by
the Fund, all in such detail as the Trust or the Investment Adviser may
reasonably request. The Subadviser will keep the Trust’s officers and
the Investment Adviser informed of developments materially affecting the Fund’s
portfolio, and will, on its own initiative, furnish the Trust’s officers and the
Investment Adviser from time to time with such information. The
Subadviser agrees to immediately notify the Investment Adviser if the Subadviser
believes that the market quotations are not readily available for any security
held by the Fund or if the Subadviser believes that the market price does not
reflect the security’s fair value. The Investment Adviser
acknowledges and agrees that the Subadviser is not a pricing agent for the Fund,
and is not responsible for making fair value determinations for any security
held by the Fund. In instances where a fair value determination is
necessary, the Subadviser will provide assistance to the Investment Adviser, the
Trust’s valuation committee and the Fund’s pricing agent in making
recommendations as to the fair value of the Fund’s relevant portfolio securities
in accordance with the Trust’s valuation procedures.
In addition, the Subadviser will
provide a quarterly certification, in the form provided by the Investment
Adviser from time to time, that the Subadviser has managed the Fund in
accordance with the provisions of this Agreement. The Subadviser
acknowledges and agrees that the Investment Adviser may, in its discretion,
provide such quarterly compliance certifications to the Board. The
Subadviser agrees to correct promptly any failure on its part and to take any
action that the Investment Adviser may reasonably request in connection with any
breach of this Agreement. The Subadviser shall also provide the
officers of the Fund with supporting certifications in connection with such
certifications of the Fund’s financial statements and disclosure controls
pursuant to the Xxxxxxxx-Xxxxx Act.
The Subadviser will cooperate with and
provide reasonable assistance to the Investment Adviser, the Fund’s custodian
and foreign custodians, transfer agent and all other agents and representatives
of the Trust and the Investment Adviser, keep all such persons fully informed as
to such matters as they may reasonably deem necessary to the performance of
their obligations to the Trust, on behalf of the Fund, and the Investment
Adviser, provide prompt responses to reasonable requests made by such persons
and maintain any appropriate interaction with each to promote the exchange of
information.
Unless and until otherwise directed in
writing by the Investment Adviser or the Trust’s officers or Board, the
Subadviser will be responsible for voting all proxies, including taking action
with respect to corporate action elections for proxies and corporate actions
communicated by the Fund or its agents to the Subadviser, with respect to the
securities held by the Fund as of the relevant record date.
The
Subadviser may at, its sole expense engage or associate itself with other
persons, including affiliates, to assist it in the execution or performance of
its obligations under this Agreement. Notwithstanding the assistance
of such other persons, the Subadviser shall remain liable for the performance of
its obligations under this Agreement, and for the acts and omissions of such
persons to the same extent it would be responsible for its own acts and
omissions under this Agreement.
Unless and until otherwise directed in
writing by the Investment Adviser or the Trust’s officers or Board, the
Subadviser shall prepare and file in consultation with the Investment Adviser or
the Trust’s officers proofs of claim and other documentation on behalf of the
Fund as necessary to permit the Fund to participate in securities class action
suits relating to securities purchased or sold for the Fund by the Subadviser.
In filing proofs of claims and other documentation for the Fund in consultation
with the Adviser and Trust officers, the Subadviser shall not render, and will
not be deemed, to render legal advice as to whether participation in the class
action suit or settlement is preferable to initiation of a separate
lawsuit.
The Subadviser shall maintain all books
and records required by Rule 31a-1 under the 1940 Act relating to its
responsibilities provided hereunder with respect to the Fund, and shall preserve
such records for the periods and in a manner prescribed by Rule 31a-2 under the
1940 Act. The Subadviser shall permit the Investment Adviser, the
Fund's officers and its independent public accountants to inspect and audit such
records at reasonable times during normal business hours upon due notice or
provide copies of such records upon reasonable request.
If any occasion should arise in which
the Subadviser gives any advice to its clients concerning the shares of the
Fund, the Subadviser will act solely as investment counsel for such clients and
not in any way on behalf of the Fund. The Subadviser's services to
the Fund pursuant to this Agreement are not to be deemed to be exclusive, and it
is understood that the Subadviser may render investment advice, management and
other services to others.
The Subadviser is prohibited from
consulting with any other subadviser to any other series of the Trust concerning
the Fund’s transactions in securities or other assets, except for the purpose of
complying with the conditions of Rule 12d3-1(a) and (b) under the 1940
Act.
2. Expenses. The
Subadviser will bear its own costs of providing services
hereunder. The Subadviser will not be responsible for expenses of the
Investment Adviser or the Fund, including, but not limited to, the following:
the Fund's legal, auditing and accounting expenses; expenses of maintenance of
the Fund's books and records other than those required to be maintained by the
Subadviser, including computation of the Fund's daily net asset value per share
and dividends; interest, taxes, governmental fees and membership dues incurred
by the Fund; fees of the Fund’s custodian, transfer agent, registrar or other
agents; expenses of preparing the Fund's share certificates; expenses relating
to the redemption or repurchase of the Fund’s shares; expenses of registering
and qualifying Fund shares for sale under applicable federal and state laws;
expenses of preparing, setting in print, printing and distributing prospectuses,
reports, notices and dividends to Fund investors (except that the Subadviser
will be responsible for costs associated with supplements to the Fund’s
registration statement and all regulatory filing requirements necessitated by a
(i) change of control of the Subadviser or (ii) any change in the portfolio
manager or managers assigned by the Subadviser to manage the Fund; provided
that, with respect to (ii), the Subadviser will bear its proportionate share of
the expenses associated with any supplement that also addresses other matters);
cost of Fund stationery; costs of Trustee, shareholder and other meetings of the
Trust or Fund (except that the Subadviser will be responsible for the reasonable
costs of preparation, filing and mailing of a proxy statement, and of soliciting
proxies or the preparation, filing and mailing of an information
statement prepared and distributed in lieu of a shareholder meeting,
necessitated by a change of control of the Subadviser); traveling expenses of
officers, trustees and employees of the Trust or Fund; fees of the Trust's
trustees and salaries of any officers or employees of the Trust or Fund; and the
Fund's pro rata portion of premiums on any fidelity bond and other insurance
covering the Trust or Fund and their officers and trustees.
3. Compensation of
Subadviser. As compensation for all investment advisory and
management services to be rendered hereunder, the Investment Adviser will pay
the Subadviser an annual fee, computed daily and paid quarterly in arrears,
which varies in accordance with the net asset value of the Fund. The
annual subadvisory fee is expressed as a percent of the average daily net assets
of the Fund as follows:
ASSET
LEVEL FEE RATE
|
$0
to $100 million
|
0.55%
|
|
$100
million to $200 million
|
0.50%
|
|
Over
$200 million
|
0.45%
|
For any period less than a full fiscal
quarter during which this Agreement is in effect, the fee shall be prorated
according to the proportion which such period bears to a full fiscal
quarter. The Subadviser's fee shall be payable solely by the
Investment Adviser. The Fund shall have no responsibility for such
fee.
For purposes hereof, the value of net
assets of the Fund shall be computed in the manner specified in the Fund’s
Prospectus and Statement of Additional Information for the computation of the
value of the net assets of the Fund in connection with the determination of net
asset value of its shares. On any day that the net asset value
determination is suspended as specified in the Fund’s Prospectus, the net asset
value for purposes of calculating the advisory fee shall be calculated as of the
date last determined.
4. Obligations of the
Investment Adviser.
a. The
Investment Adviser shall provide (or cause the Trust's custodian to provide)
timely information to the Subadviser regarding such matters as the composition
of assets in the Fund, cash requirements and cash available for investment in
the Fund, and all other information as may be reasonably necessary for the
Subadviser to perform its responsibilities hereunder.
b. The
Investment Adviser has furnished the Subadviser a copy of the prospectus and
statement of additional information of the Fund and agrees during the
continuance of this Agreement to furnish the Subadviser copies of any revisions
or supplements thereto at, or, if practicable, before the time the revisions or
supplements become effective. The Investment Adviser agrees to
furnish the Subadviser with copies of any financial statements or reports made
by the Fund to its shareholders, and any further materials or information which
the Subadviser may reasonably request to enable it to perform its functions
under this Agreement.
5. Brokerage
Transactions. Subject to the provisions of this Section 5 and
absent instructions from the Investment Adviser or the Trust, the Subadviser
will have full discretionary authority to place orders for the purchase and sale
of securities for the account of the Fund with such brokers or dealers as it may
select. In the selection of such brokers or dealers and the placing
of such orders, the Subadviser is directed at all times to seek for the Fund the
best overall terms available. It is also understood, however, that it
is desirable for the Fund that the Subadviser have access to supplemental
investment and market research and security and economic analyses provided by
certain brokers who may execute brokerage transactions at higher commissions to
the Fund than may result when allocating brokerage to other brokers solely on
the basis of seeking the most favorable price and efficient
execution. Therefore, the Subadviser is authorized to place orders
for the purchase and sale of securities for the Fund with such certain brokers,
subject to applicable laws and regulations and review by the Investment Adviser
and the Trust’s Board of Trustees from time to time with respect to the extent
and continuation of this practice. It is understood that the services
provided by such brokers may be useful to the Subadviser in connection with its
services to other clients.
The Subadviser, to the extent permitted
by applicable laws and regulations, may, but shall be under no obligation to,
aggregate the securities to be sold or purchased in order to obtain the most
favorable price or lower brokerage commissions and efficient
execution. In such event, allocation of securities so sold or
purchased, as well as the expenses incurred in the transaction, will be made by
the Subadviser in the manner the Subadviser considers to be the most equitable
and consistent with its fiduciary obligations to the Fund and to such other
clients. The Subadviser will report on such allocations at the
request of the Investment Adviser, the Fund or the Trust's Board of Trustees,
providing such information as the number of aggregated trades to which the Fund
was a party, the broker(s) to whom such trades were directed and the basis of
the allocation for the aggregated trades.
In connection with purchases or sales
of portfolio securities for the account of the Fund, neither the Subadviser nor
any of its affiliated persons, will act as a principal or agent or receive
directly or indirectly any compensation in connection with the purchase or sale
of investment securities by the Fund, except as permitted by applicable law and
with the express written consent of the Trust and the Investment
Adviser.
The Subadviser will advise the Fund’s
custodian and the Investment Adviser on a prompt basis of each purchase and sale
of a portfolio security, specifying the name of the issuer, the description and
amount or number of shares of the security purchased or sold, the market price,
commission and gross or net price, trade date, settlement date and identity of
the effecting broker or dealer, and such other information as may be reasonably
required.
6. Standard of Care and
Liability of Subadviser. The Subadviser will not be liable for
any loss sustained by reason of the adoption of any investment policy or the
purchase, sale, or retention of any security on the recommendation of the
Subadviser, whether or not such recommendation shall have been based upon its
own investigation and research or upon investigation and research made by any
other individual, firm or corporation, if such recommendation shall have been
made and such other individual, firm, or corporation shall have been selected,
with due care and in good faith; but nothing herein contained will be construed
to protect the Subadviser against any liability to the Investment Adviser, the
Fund or its shareholders by reason of: (a) the Subadviser’s causing
the Fund to be in violation of any applicable federal or state law, rule or
regulation or any investment policy or restriction set forth in the Fund’s
prospectus or Statement of Additional Information or any written guidelines or
instruction provided in writing by the Trust’s Board of Trustees or the
Investment Adviser, (b) the Subadviser’s causing the Fund to fail to satisfy the
diversification requirements of § 817(h) of Subchapter L of the Code, or
the diversification or source of income requirements of Subchapter M of the
Code, or (c) the Subadviser’s willful misfeasance, bad faith or gross negligence
in the performance of its duties hereunder or its reckless disregard of its
obligations and duties under this Agreement.
The Subadviser will indemnify and hold
harmless the Investment Adviser, its affiliated persons and the Fund
(collectively, the "Indemnified Persons") to the fullest extent permitted by law
against any and all loss, damage, judgments, fines, amounts paid in settlement
and reasonable attorneys fees incurred by any Indemnified Person to the extent
resulting, in whole or in part, from any of the Subadviser’s acts or omissions
specified in (a), (b) or (c) above, any breach of any duty or warranty hereunder
of the Subadviser or any inaccuracy of any representation of the Subadviser made
hereunder, provided, however, that nothing herein contained will provide
indemnity to any Indemnified Person for liability to the extent resulting from
its own willful misfeasance, bad faith, or gross negligence in the performance
of its obligations and duties or reckless disregard of such obligations and
duties, or any breach of any duty or warranty hereunder or under the Investment
Advisory Agreement of any Indemnified Person.
The Investment Adviser shall indemnify
and hold harmless the Subadviser to the fullest extent permitted by law against
any and all loss, damage, judgments, fines, amounts paid in settlement and
reasonable attorneys fees incurred by the Subadviser to the extent resulting, in
whole or in part, from (x) the Investment Adviser's willful misfeasance, bad
faith or gross negligence in the performance of its obligations and duties
hereunder or its reckless disregard of its obligations and duties under this
Agreement and (y) any breach of any duty or warranty hereunder of the Investment
Adviser or and inaccuracy of any representation of the Investment Adviser made
hereunder, provided, however, that nothing herein contained will provide
indemnity to the Subadviser for liability to the extent resulting from its own
willful misfeasance, bad faith, or gross negligence in the performance of its
obligations and duties or reckless disregard of such obligations and duties, or
any breach of any duty or warranty under this Agreement.
Neither the Investment Adviser nor the
Subadviser shall be obligated to make any indemnification payment in respect of
any settlement as to which it has not been notified and consented, such consent
not to be unreasonably withheld.
7. Term and
Termination. This Agreement shall remain in force until April
30, 2012 and from year to year thereafter, but only so long as such continuance,
and the continuance of the Investment Adviser as investment adviser of the Fund,
is specifically approved at least annually by the vote of a majority of the
Trustees who are not interested persons of the Subadviser or the Investment
Adviser of the Fund, cast in person at a meeting called for the purpose of
voting on such approval and by a vote of the Board of Trustees or of a majority
of the outstanding voting securities of the Fund. The aforesaid
requirement that continuance of this Agreement be "specifically approved at
least annually" shall be construed in a manner consistent with the 1940 Act and
the rules and regulations thereunder. This Agreement may, upon 60
days' written notice to the Subadviser, be terminated at any time without the
payment of any penalty, (a) by the Fund, by the Board of Trustees or by vote of
a majority of the outstanding voting securities of the Fund, or (b) by the
Investment Adviser. This Agreement may, upon 120 days written notice
to the Trust and the Investment Adviser, be terminated at any time, without
payment of any penalty, by the Subadviser. This Agreement shall
automatically terminate in the event of its assignment.
8. Interpretation of Terms;
Captions. In interpreting the provisions of this Agreement,
the definitions contained in Section 2(a) of the 1940 Act (including
specifically the definitions of "interested person," "affiliated person,"
"assignment," "control" and "vote of a majority of the outstanding voting
securities"), shall be applied, subject, however, to such exemptions as may be
granted by the Securities and Exchange Commission by any rule, regulation or
order. Captions used herein are for reference only and shall not
limit or otherwise affect the meaning of any provision of this
Agreement.
9. Registration Statement
Information Concerning Subadviser; Other Materials. The
Subadviser has reviewed the Registration Statement of the Trust, relating to the
Fund as filed with the Securities and Exchange Commission and represents and
warrants that with respect to disclosure about the Subadviser or information
relating directly or indirectly to the Subadviser, such Registration Statement
contains, on or after the effective date thereof, no untrue statement of any
material fact and does not omit any statement of material fact which was
required to be stated therein or necessary to make the statements contained
therein not misleading. The Investment Adviser agrees to provide and
the Subadviser agrees to review the Fund’s Prospectus and Statement of
Additional Information, including, on at least an annual basis, these documents
in connection with the Trust’s annual update to its Registration Statement on
Form N-1A, to ensure that the descriptions of the Subadviser are complete and
correct and that the description of the of the Fund’s investment policies and
strategies followed by the Subadviser as described therein is consistent with
the policies and strategies the Subadviser uses or intends to use. The Trust
shall provide the Subadviser a reasonable opportunity to review any references
to or description of the Subadviser to appear in marketing and other material to
be distributed to the public. The Subadviser shall promptly review
any such materials so provided and provide any such modifications as are
necessary to make such references or descriptions not misleading, and may
propose such other changes as the Subadviser deems appropriate. The
Trust and Subadviser agree to work in good faith to address such other changes
as the Subadviser proposes.
10. Other Representations and
Agreements.
(i) Each
of the parties hereto represents that the Agreement has been duly authorized,
executed and delivered by all required corporate action.
(ii) Each
of the Subadviser and the Investment Adviser represents and warrants that it is
an investment adviser duly registered with the Securities and Exchange
Commission under the Advisers Act and a duly registered investment adviser in
all jurisdictions in which it is required to be so registered, and will continue
to be so registered for so long as this Agreement remains in
effect.
(iii) The
Subadviser represents that it has adopted and implemented and shall maintain
written policies and procedures with respect to its services pursuant to this
Agreement that are reasonably designed to prevent violation of the Federal
Securities Laws (as defined in Rule 38a-1 under the 0000 Xxx) and the Advisers
Act and the rules thereunder as required by Rule 206(4)-7 under the Advisers
Act.
(iv) The
Subadviser represents that it has adopted a written code of ethics that complies
with the requirements of Rule 17j-1 under the 1940 Act and Rule 204A-1 under the
Advisers Act, which it has provided to the Trust. The Subadviser
represents that it has policies and procedures regarding the detection and
prevention and the misuse of material, nonpublic information, whether concerning
the Fund or otherwise, by the Subadviser and its employees as required by the
Xxxxxxx Xxxxxxx and Securities Fraud Enforcement Act of 1988.
(v) The
Subadviser agrees to maintain for the term of this Agreement and provide
evidence thereof to the Fund or the Investment Adviser a blanket bond and
professional liability (error and omissions) insurance in an amount reasonably
acceptable to the Investment Adviser and the Board.
(vi) The
Subadviser agrees to comply in all material respects with the requirements of
the 1940 Act, the Advisers Act, the Securities Act of 1933, the Securities
Exchange Act of 1934, the Commodity Exchange Act and the respective rules and
regulations thereunder, as applicable, as well as with respect to all other
applicable federal and state laws, rules, regulations and case law that relate
to the services and relationships described in this Agreement and to the conduct
of its business as a registered investment adviser.
(vii) The
Subadviser agrees to notify promptly the Investment Adviser and the Trust in
writing of the occurrence of any event which could have a material impact on the
performance of its duties under this Agreement, including but not limited to:
(a) the occurrence of any event that could disqualify the Subadviser from
serving as an investment adviser pursuant to Section 9 of the 1940 Act; (b) any
material change to the Subadviser’s business activities that could have a
material impact on the performance of its duties under this Agreement; (c) any
event that would constitute a change of control of the Subadviser; (d) any
change in the portfolio manager or portfolio management team; (e) the existence
of any pending or threatened audit, investigation, examination, complaint or
other inquiry (other than routine audits or regulatory examinations or
inspections) relating to the Subadviser’s services to the Fund; and (f) any
violation of the Subadviser’s code of ethics material to the Subadviser’s
services to the Fund.
(viii) Each
of the parties to this Agreement agrees to cooperate with each other party to
the extent permitted by applicable laws, regulations or orders in connection
with any investigation or inquiry relating to this Agreement or the
Trust.
11. Confidentiality of Portfolio
Holdings Information. The Investment Adviser agrees (i) not to use
the holdings or trade related information of the Fund for any purpose, other
than for the Investment Adviser or the Trust, or their agents, to supervise or
monitor Subadviser; and (ii) not to disclose the Fund’s holdings, except:
(a) as required by applicable law or regulation; (b) as required by
state or federal regulatory authorities; (c) to the Trust’s Trustees and
their counsel, counsel to the Trust, counsel to the Investment Adviser, the
Fund’s administrator or any sub-administrator, the independent accountants and
any other agent of the Trust or the Investment Adviser; (d) in conformity
with the disclosure set forth in the Fund’s currently effective registration
statement; or (e) otherwise with the prior written consent of the
Subadviser.
The Subadviser may release portfolio holdings information with respect to the
Fund only: (i) with the prior written consent of the Trust’s Chief
Compliance Officer; provided, however, that the Subadviser may, without such
prior written consent, disclose portfolio holdings information to the Fund’s
Investment Adviser, the Board, officers, custodian, fund accounting agent,
principal underwriter, auditors and counsel (collectively, the “Fund’s Service
Providers”) solely in connection with the performance of its advisory duties for
the Fund, or if required or requested by any regulatory authority with
jurisdiction, judicial or administrative process or otherwise by applicable law
or regulation; and (ii) if the release of the portfolio holdings information is
in conformity with the disclosure set forth in the Fund’s currently effective
Registration Statement.
12. Governing
Law. This Agreement shall be governed by and construed in
accordance with the laws of the Commonwealth of Massachusetts, except to the
extent in conflict with U.S. federal law, in which event U.S. federal law will
control.
13. Entire Agreement;
Amendments. This Agreement states the entire agreement of the
parties hereto, and is intended to be the complete and exclusive statement of
the terms hereof. It may not be added to or changed orally, and may
not be modified or rescinded except by a writing signed by the parties hereto
and in accordance with the 1940 Act or pursuant to applicable orders or
interpretations of the Securities and Exchange Commission.
14. Severability. Any
term or provision of this Agreement which is invalid or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such invalidity or unenforceability without rendering invalid or unenforceable
the remaining terms or provisions of this Agreement or affecting the validity or
enforceability of any of the terms or provisions of this Agreement in any other
jurisdiction.
15. Independent
Contractor. In the performance of the Subadviser's
duties hereunder, the Subadviser is and shall be an independent contractor and
except as otherwise expressly provided herein or otherwise authorized in
writing, shall have no authority to act for or represent the Trust, the Fund or
the Investment Adviser in any way or otherwise be deemed to be an agent of the
Trust, the Fund or the Investment Adviser. It is understood that the Subadviser may give advice and
take action for its other clients that may differ from advice given, or the
timing or nature of action taken, for the Fund, and that the Subadviser is not
obligated to initiate transactions for the Fund in any security that the
Subadviser, its principals, affiliates or employees may purchase or sell for its
or their own accounts or the accounts of other clients, in each case to the
extent not inconsistent with the Subadviser’s fiduciary duty to the
Fund.
16. Notices. Any
notice under this Agreement shall be delivered or mailed to the addresses set
forth below, or such other address as any party may specify in writing to the
others:
If to the Trust or Fund:
One Sun Life Executive
Park
Wellesley,
MA 02481
Attn: President
If to the Investment
Adviser:
Sun Capital Advisers LLC
One Sun Life Executive
Park
Wellesley, MA 02481
Attn: General Counsel
If to the Subadviser:
Xxxxxxxxxxx X. Xxxxxxxx
Vice President and Group Counsel
Ameriprise Financial
00000 Xxxxxxxxxx Xxxxxxxxx Xxxxxx
Xxxxxxxxxxx, XX 00000
Tel:(000)
000-0000
Fax:
(000)
000-0000
If
delivered, such notices shall be deemed given upon receipt by the other party or
parties. If mailed, such notices shall be deemed given seven (7) days
after being mailed.
17. Limitation of
Liability. It is understood and expressly stipulated that
neither the holders of shares of the Fund nor the Trustees shall be personally
liable hereunder. All persons dealing with the Fund must look solely
to the property of the Fund for the enforcement of any claims against the
Fund.
18. Use of
Name. The Fund may use as part of the name the term “Columbia”
or any derivation thereof or other derivation of the Subadviser’s name for as
long as this Agreement is in effect, and thereafter may refer to such prior name
as the Fund’s prior name as required by applicable law or as needed to avoid
confusion.
19. Execution in
Counterparts. This Agreement may be executed simultaneously in
two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.
IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the day and year first written above.
By: /s/ Xxxx X.
Xxxxxxxx
Xxxx X. Xxxxxxxx
Its: President
SUN
CAPITAL ADVISERS LLC
By: /s/ Xxxx X.
Xxxxxxxx
Xxxx X.
Xxxxxxxx
Its: President
By: /s/ Xxxxx X.
Xxxxx
Xxxxx X.
Xxxxx
Its: Chief Financial
Officer
Columbia
Management Investment Advisers, LLC
By: /s/ Xxx X.
Xxxxxxx
Xxx X.
Xxxxxxx
Senior Vice
President &
Its: Chief Operating
Officer
