FORM OF CONSENT TO TRANSFER ADVISORY AGREEMENT
Exhibit (d)(1)(i)
Reference is made to the Advisory Agreement among Pacific Life Funds (the
“Trust”) and Pacific Life Insurance Company
(“Investment Adviser” or “Pacific Life”) dated the ___day of ___, 200_, as amended to date, (the “Agreement”).
RECITALS
Pacific Life and Pacific Life & Annuity Company formed Pacific Life Fund
Advisors LLC (PLFA), a Delaware limited liability company and subsidiary of Pacific
Life, to take over the investment advisory services Pacific Life performs for the Trust and
to receive the fees the Trust pays Pacific Life for its advisory services, via transfer of the
Agreement (the Transfer);
As a result of the Transfer, PLFA is to serve as the investment adviser to
the Trust in place of Pacific Life;
The Transfer will not result in a change of actual control or management, which
would result in an automatic termination of the Agreement due to “assignment” pursuant
to Section 2(a)(4) of the 1940 Act, and Rule 2a-6 thereunder. Pacific Life has obtained
an opinion from its legal counsel, Dechert LLP, (Dechert) confirming its conclusion that
the Transfer will not result in an actual change in control or management, a copy of
which opinion is attached hereto.
Effective January 1, 2007, the Trust was renamed Pacific Life Funds.
NOW, THEREFORE, in consideration of the premises:
1. | Subject to the approval of the Board of Trustees of the Trust for PLFA to serve as a investment adviser of the Trust, effective May 1, 2007: |
a. | Pacific Life assigns all duties and obligations, and associated liabilities arising out of the Agreement to PLFA; and | ||
b. | PLFA hereby agrees to assume all duties and obligations, and associated liabilities arising out of the Agreement and to become a party to said Agreement upon the terms and conditions set forth therein, other than as modified below in paragraph 4, standing in the stead of Pacific Life. |
2. | The Investment Adviser and the Trust consent to the assignment of the Agreement. | |
3. | All terms and conditions of the Agreement are hereby confirmed by all parties. | |
4. | The following language replaces paragraph 16(b) of the Agreement: |
It is understood that the names “Pacific Life Fund Advisors LLC”, “Pacific Life Insurance Company” or any derivative thereof or logo associated with those names are the valuable property of Pacific Life and that the Trust has the right to use those names (or derivatives or logos) in the Prospectus, SAI, the Trust’s Registration Statement or other filings, or in other forms or reports required under applicable state or federal securities, insurance, or other law, for so long as the Investment Adviser is investment adviser to the Trust, provided, however, that (i) the Trust may continue to use all above names of Investment Adviser in its Registration Statement and other documents to the extent deemed necessary by the Trust to comply with disclosure obligations under applicable law and regulation, or in the opinion of counsel to the Investment Adviser or the Trust or as directed by the Securities and Exchange Commission, such use is necessary to make the disclosures contained in the Trust’s Registration Statement not misleading; and (ii) the Trust shall not use the Investment Adviser’s name or logo in promotional or sales related materials prepared by or on behalf of the Trust, without prior review and approval by the Investment Adviser, which may not be unreasonably withheld. Upon termination of this Agreement, the Trust shall forthwith cease to use such names (and logo), except as provided for herein. | ||
5. | All terms and conditions set forth in the Agreement, other than as modified above in paragraph 4, are hereby confirmed and remain in full force and effect. |
IN WITNESS WHEREOF, the parties have caused this Consent to Transfer the
Advisory Agreement to be executed by their respective officers.
Accepted and Agreed:
Pacific Life Fund Advisors LLC,
By its Managing Member
Pacific Life Insurance Company
By its Managing Member
Pacific Life Insurance Company
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Pacific Life Funds | ||||||
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