Exhibit h (xiii) under Form N-1A
Exhibit 10 under Item 601/ Reg. S-K
AGREEMENT
For
ADMINISTRATIVE SERVICES
AGREEMENT made as of November 1, 2000, by and between Vision Group of
Funds, a Delaware business trust having its principal office and place of
business in Pittsburgh, Pennsylvania ("Investment Company"), on behalf of
its portfolios now existing or hereafter created, as identified on Exhibit
1 hereto as the same may be amended from time to time (each a "Fund" and
collectively the "Funds"), and Manufacturers and Traders Trust Company, a
New York State chartered bank and trust company having its principal place
of business in Buffalo, New York ("M&T").
WHEREAS, the Investment Company is registered as an open-end management
investment company under the Investment Company Act of 1940, as amended
(the "1940 Act"), with authorized and issued shares of capital stock
("Shares"); and
WHEREAS, the Investment Company desires to appoint M&T as its
administrator to provide it with certain Administrative Services
(hereinafter defined) exclusively or in conjunction with one or more
co-administrators, and M&T desires to accept such appointment.
NOW THEREFORE, in consideration of the premises and mutual covenants
herein contained, and intending to be legally bound hereby, the parties
hereto agree as follows:
Article 1. Appointment.
The Investment Company hereby appoints M&T as administrator for the
period on the terms and conditions set forth in this Agreement. M&T hereby
accepts such appointment and agrees to furnish the services set forth in
Article 2 of this Agreement in return for the compensation set forth in
Article 6 of this Agreement.
Article 2. M&T's Duties.
As administrator, in conjunction with any other administrators, and
subject to the supervision and control of the Board and in accordance with
Proper Instructions (hereinafter defined) from the Investment Company, M&T
will provide facilities, equipment, and personnel to carry out the
following administrative services for the operation of the business and
affairs of the Investment Company and each of its Funds:
A. assist in drafting and reviewing the Investment Company's minutes of
meetings of the Board and Shareholders;
B. assist in negotiating contracts on behalf of the Investment Company
with, among others, the Investment Company's distributor, transfer
agent, custodian and fund accountant, subject to any applicable
restrictions of the Board or the 1940 Act;
C. assist in coordinating the layout and printing of publicly
disseminated prospectuses and reports;
D. coordinate and assist with the design, development, and operation of
the Investment Company and the Funds and new product initiatives;
E. provide individuals reasonably acceptable to the Board for
nomination, appointment, or election as officers of the Investment
Company, who will be responsible for the management of certain of
the Investment Company's affairs as determined by the Investment
Company's Board;
F. consult with the Investment Company, its Board, and any other
administrators on matters concerning the Investment Company, its
affairs, and operations;
G. assist in the development and preparation of due diligence materials
to assist the Board's consideration and approval of the Investment
Company's fund accountant, custodian, and shareholder servicing
agent;
H. assist in coordinating with fund counsel, independent auditors
(including providing records), custodians and sub-custodians, rating
and publication agencies, outside vendors (including printing and
mailing income breakdown data to client services and transfer
agent), and the SEC regarding inspections (including providing
records) and comments on registration statements;
I. assist in coordinating board meeting dates, agendas,
responsibilities, and deadlines;
J. assist in producing operating and compliance reports and in
collecting and assembling reports required by board-adopted
procedures;
K. assist in coordinating custodian presentations (including 17f-5
materials);
L. assist in drafting and reviewing shareholder meeting scripts;
M. assist in the drafting and production of account applications and
operational matters relating to establishing new accounts;
N. assist in creating and coordinating strategic and tactical marketing
support to the Funds; and
O. providing additional assistance to the Investment Company's
co-administrator, as M&T may mutually agree from time to time, and
provide general service relating to the Funds' operations.
The foregoing, along with any additional services that M&T shall agree
in writing to perform for the Investment Company hereunder, shall hereafter
be referred to as "Administrative Services."
Article 3. Records.
M&T shall create and maintain all necessary books and records required
by Section 31(a) of the Investment Company Act of 1940 and the rules
thereunder, as the same may be amended from time to time, pertaining to the
Administrative Services performed by it. Where applicable, such records
shall be maintained by the Administrator for the periods and in the places
required by Rule 31a-2 under the 1940 Act. The books and records
pertaining to the Investment Company which are in the possession of M&T
shall be the property of the Investment Company. The Investment Company,
or the Investment Company's authorized representatives, shall have access
to such books and records at all times during M&T's normal business hours.
Upon the reasonable request of the Investment Company, copies of any such
books and records shall be provided promptly by M&T to the Investment
Company or the Investment Company's authorized representatives.
Article 4. Duties of the Fund.
The Fund assumes full responsibility for the preparation, contents
and distribution of its own offering document and for complying with all
applicable requirements the 1940 Act, the Internal Revenue Code, and any
other laws, rules and regulations of government authorities having
jurisdiction.
Article 5. Expenses.
M&T shall be responsible for expenses incurred in providing office
space, equipment, and personnel as may be necessary or convenient to
provide the Administrative Services to the Investment Company, including
the compensation of M&T employees who may serve as trustees or officers of
the Investment Company. The Investment Company shall be responsible for
all other expenses incurred by M&T on behalf of the Investment Company,
including without limitation postage and courier expenses, printing
expenses, travel expenses, registration fees, filing fees, fees of outside
counsel and independent auditors, or other professional services,
organizational expenses, insurance premiums, fees payable to persons who
are not M&T's employees, trade association dues, and other expenses
properly payable by the Funds and/or the classes.
Article 6. Compensation.
For the Administrative Services provided, the Investment Company
hereby agrees to pay and M&T hereby agrees to accept as full compensation
for its services rendered hereunder an administrative fee at an annual rate
of the average daily net asset value of the Funds as provided below.
Average Daily Net Assets
Max. Admin. Fee of the Funds
.04% on the first $5 billion
.015% on assets in excess of $5 billion
(Average Daily Net Asset break points are on a complex-wide basis)
The compensation and out of pocket expenses attributable to the Funds
shall be accrued daily by the Funds and paid to M&T no less frequently than
monthly, and shall be paid daily upon request of M&T. M&T will maintain
detailed information about the compensation and out of pocket expenses by
the Funds.
M&T may in its sole discretion waive receipt of all or a part of the
foregoing administrative fee from time to time.
Article 7. Proper Instructions.
As used throughout this Agreement, a "Proper Instruction" means a writing
signed or initialed by one or more person or persons as the Board shall have
from time to time authorized. Each such writing shall set forth the specific
transaction or type of transaction involved. Oral instructions will be deemed
to be Proper Instructions if (a) M&T reasonably believes them to have been
given by a person previously authorized in Proper Instructions to give such
instructions with respect to the transaction involved, and (b) the Investment
Company, or the Fund, and M&T promptly cause such oral instructions to be
confirmed in writing. Proper Instructions may include communications
effected directly between electro-mechanical or electronic devices provided
that the Investment Company, or the Fund, and M&T are satisfied that such
procedures afford adequate safeguards for the Fund's assets. Proper
Instructions may only be amended in writing.
Article 8. Assignment.
Except as provided herein, neither this Agreement nor any of the rights
or obligations under this Agreement may be assigned by either party without
the written consent of the other party, except that M&T may, upon prior
written notice but without further consent on the part of the Investment
Company, subcontract for the performance of such services with any
subsidiary commonly owned or controlled by M&T Bank Corporation, but M&T
will remain fully responsible to the Investment Company for the acts and
omissions of such affiliated subsidiary. This Agreement shall inure to the
benefit of and be binding upon the parties and their respective permitted
successors and assigns.
Article 9. Documents.
A. In connection with the appointment of M&T under this Agreement, the
Investment Company shall file with M&T the following documents:
(1) A copy of the Declaration of Trust and By-Laws of the
Investment Company and all amendments thereto ("Charter
Documents");
(2) A copy of the resolution of the Board of the Investment
Company authorizing this Agreement; and
(3) A copy of the current Prospectus for each Fund.
B. The Fund will also furnish from time to time the following
documents:
(1) Each resolution of the Board of the Investment Company
authorizing the original issuance of each Fund's, and/or
Class's Shares;
(2) Each Registration Statement filed with the SEC and amendments
thereof, including current prospectuses and statements of
additional information as amended from time to time, and
orders relating thereto in effect with respect to the sale of
Shares of any Fund, and/or Class;
(3) A certified copy of each amendment to the governing document
and the By-Laws of the Investment Company;
(4) Certified copies of each vote of the Board authorizing officers to give
Proper Instructions to the administrators, Custodian and
agents for fund accountant and shareholder recordkeeping or
transfer agency services; and
(5) Such other certifications, documents or opinions which M&T
may, in its discretion, deem necessary or appropriate in the
proper performance of its duties.
Article 10. Representations and Warranties.
A. Representations and Warranties of M&T
M&T represents and warrants to the Fund that:
(1) it is a bank and trust company duly organized and existing and
in good standing under the laws of the State of New York;
(2) it is duly qualified to carry on its business in each
jurisdiction where the nature of its business requires such
qualification;
(3) it is empowered under applicable laws and by its
organizational documents and By-Laws to enter into and perform
this Agreement;
(4) all requisite proceedings have been taken to authorize it to
enter into and perform its obligations under this Agreement;
(5) it has and will continue to have access to the necessary
facilities, equipment and personnel to perform its duties and
obligations under this Agreement; and
(6) it is in compliance with federal securities law and applicable
federal and state banking requirements and in good standing as
an administrator; and
B. Representations and Warranties of the Investment Company
The Investment Company represents and warrants to M&T that:
(1) It is an investment company duly organized and existing and
in good standing under the laws of its state of organization;
(2) It is empowered under applicable laws and by its Charter
Documents to enter into and perform its obligations under
this Agreement;
(3) All corporate proceedings required by said Charter Documents
have been taken to authorize it to enter into and perform its
obligations under this Agreement;
(4) The Investment Company is an open-end investment company
registered under the 1940 Act; and
(5) A registration statement under the 1933 Act will be
effective, and appropriate state securities law filings have
been made and will continue to be made, with respect to all
Shares of each Fund being offered for sale.
Article 11. Indemnification.
A. M&T shall not be liable for any error of judgment or mistake of law or
for any loss suffered by the Investment Company in connection with
the matters to which this Agreement relates, except a loss resulting
from willful misfeasance, bad faith or gross negligence on M&T's
part in the performance of its duties or from reckless disregard by
it of its obligations and duties under this Agreement.
B. At any time M&T may apply to any officer of the Investment Company or
Fund for instructions, and may consult with legal counsel
experienced in the 1940 Act (who may be counsel for the Investment
Company) with respect to any matter arising in connection with the
services to be performed by M&T under this Agreement, and M&T and
its agents or subcontractors shall not be liable and shall be
indemnified by the Investment Company or the appropriate Fund for
any action reasonably taken or omitted by it in good faith reliance
upon such instructions or upon the opinion of such counsel, provided
such action is not in violation of applicable federal or state laws
or regulations.
C. Any person, even though also an officer, director, trustee, partner,
employee or agent of M&T, who may be or become an officer, trustee,
partner, employee or agent of the Investment Company, shall be
deemed, when rendering services to the Investment Company or acting
on any business of the Investment Company (other than services or
business in connection with the duties of M&T hereunder) to be
rendering such services to or acting solely for the Investment
Company and not as an officer, director, trustee, partner, employee
or agent or one under the control or direction of M&T even though
paid by M&T.
D. If at any time another entity performs administrative services to any
Fund, including without limitation those services listed herein or
services similar to those listed herein, M&T and such other entity
shall in no event be liable for the acts or omissions of the other.
E. M&T shall be kept indemnified by the Investment Company and be
without liability for any action taken or thing done by it in
performing the Administrative Services in accordance with the
above.
F. M&T shall not be responsible for and the Investment Company or Fund
shall indemnify and hold M&T, including its officers, directors,
shareholders and their agents, employees and affiliates, harmless
against any and all losses, damages, costs, charges, counsel fees,
payments, expenses and liabilities arising out of or attributable
to:
(1) The acts or omissions of any Custodian, Adviser, Sub-adviser,
Fund Accountant, Transfer Agent, or other party contracted by
or approved by the Investment Company or Fund,
(2) The reliance on or use by M&T or its agents or subcontractors
of information, records and documents in proper form which
(a) are received by M&T or its agents or subcontractors
from Advisers, Sub-advisers, or other third parties
contracted by or approved by the Investment Company or
Fund for use in the performance of services under this
Agreement; or
(b) have been prepared and/or maintained by the Fund or its
affiliates or any other person or firm on behalf of the
Investment Company.
(3) The reliance on, or the carrying out by M&T or its agents or
subcontractors of Proper Instructions of the Investment
Company or the Fund.
(4) The offer or sale of Shares in violation of any requirement under the
federal securities laws or regulations or the securities laws
or regulations of any state that such Shares be registered in
such state or in violation of any stop order or other
determination or ruling by any federal agency or any state
with respect to the offer or sale of such Shares in such
state.
G. In all cases, M&T shall not be protected by this Article 11 from
liability for any act or omission resulting from M&T's willful
misfeasance, bad faith, gross negligence or reckless disregard of its
duties. In addition, M&T shall not be protected from liability for
any act or omission resulting from the willful misfeasance, bad
faith, gross negligence or reckless disregard of the duties of M&T's
affiliates, agents or employees, of any subcontractor selected by
M&T, or a subsidiary commonly owned or controlled by M&T Bank
Corporation.
H. In order that the indemnification provisions contained in this Article
11 shall apply, however, it is understood that the party seeking
indemnification ("Claimant") will use all reasonable care to promptly
identify and notify the party against whom indemnification is sought
("Indemnifier") concerning any situation which presents or appears
likely to present the probability of a claim for indemnification, and
shall advise the Indemnifier of all pertinent facts and developments
concerning the situation in question. The Indemnifier shall have the
option to defend the Claimant against any claim which may be the
subject of this indemnification. In the event that the Indemnifier
so elects, it will so notify the Claimant and thereupon the
Indemnifier shall take over complete defense of the claim, and the
Claimant shall in such situation initiate no further legal or other
expenses for which it shall seek indemnification under this Article
11. The Claimant shall in no case confess any claim or make any
compromise in any case in which the Indemnifier will be asked to
indemnify the Claimant except with the Indemnifier's prior written
consent.
Article 12. Term and Termination of Agreement.
This Agreement shall begin as of the date of execution above, and shall
continue in effect with respect to each Fund presently set forth on Exhibit
1 (as it may be amended from time to time) through November 30, 2002, and
thereafter for successive periods of one year, subject to the provisions
for termination and all of the other terms and conditions hereof, if: (a)
such continuation shall be specifically approved at least annually by the
vote of a majority of the Trustees of the Investment Company, including a
majority of the Trustees who are not parties to this Agreement or
interested persons of any such party cast in person at a meeting called for
that purpose; and (b) M&T shall not have notified the Investment Company in
writing at least sixty (60) days prior to the anniversary date of this
Agreement in any year thereafter that it does not desire such
continuation. The termination date for all original or after-added Funds
which are, or become, a party to this Agreement shall be coterminous.
In the event, however, of willful misfeasance, bad faith, gross
negligence or reckless disregard of its duties by M&T, the Investment
Company has the right to terminate the Agreement upon 60 days written
notice, if M&T has not cured such willful misfeasance, bad faith, gross
negligence or reckless disregard of its duties within 60 days.
Should the Investment Company exercise its rights to terminate, all
reasonable out-of-pocket expenses associated with the movement of records
and materials will be borne by the Investment Company or the appropriate
Fund. The provisions of Article 11 shall survive the termination of this
Agreement.
In addition, each party reserves the right to immediately terminate this
Agreement upon the giving of written notice in the event of: the
dissolution or liquidation of either party or other cessation of business
other than a reorganization or recapitalization of such party as an ongoing
business; financial difficulties on the part of either party which is
evidenced by the authorization or commencement of, or involvement by way of
pleading, answer, consent, or acquiescence in, a voluntary or involuntary
case under Title 11 of the United States Code, as from time to time is in
effect, or any applicable law, other than said Title 11, of any
jurisdiction relating to the liquidation or reorganization of debtors or to
the modification or alteration of the rights of creditors; or a final,
unappealable judicial, regulatory or administrative ruling or order in
which either party has been found guilty of criminal behavior in the
conduct of its business.
Article 13. Amendment.
This Agreement may be amended or modified only by a written agreement
executed by both parties.
Article 14. Interpretive and Additional Provisions.
In connection with the operation of this Agreement, M&T and the
Investment Company may from time to time agree on such provisions
interpretive of or in addition to the provisions of this Agreement as may
in their joint opinion be consistent with the general tenor of this
Agreement. Any such interpretive or additional provisions shall be in a
writing signed by both parties and shall be annexed hereto, provided that
no such interpretive or additional provisions shall contravene any
applicable federal or state regulations or any provision of the Charter
Documents. No interpretive or additional provisions made as provided in the
preceding sentence shall be deemed to be an amendment of this Agreement.
Article 15. Governing Law.
This Agreement shall be construed and the provisions hereof interpreted
under and in accordance with the laws of the Commonwealth of Pennsylvania.
Article 16. Notices.
Except as otherwise specifically provided herein, notices and other
writings delivered or mailed postage prepaid to the Investment Company at
0000 Xxxxxxxxx Xxxxx, Xxxxxxxxxx, XX 00000-0000, Attention: Secretary, or
to M&T at Xxx X&X Xxxxx, Xxxxxxx, XX 00000, Attention: Xxxxxxx X.
Xxxxxxxx, Vice President or to such other address as the Investment Company
or M&T may hereafter specify, shall be deemed to have been properly
delivered or given hereunder to the respective address.
Article 17. Counterparts.
This Agreement may be executed simultaneously in two or more
counterparts, each of which shall be deemed an original.
Article 18. Merger of Agreement.
This Agreement constitutes the entire agreement between the parties
hereto and supersedes any prior agreement with respect to the subject
hereof whether oral or written.
Article 19. Successor Agent.
If the Investment Company shall appoint a successor agent for the
Investment Company, M&T shall upon termination of this Agreement deliver to
such successor agent at the office of M&T all properties of the Investment
Company held by M&T hereunder. If no such successor agent shall be
appointed, M&T shall deliver such properties to the Investment Company.
Article 20. Force Majeure.
M&T shall have no liability for cessation of services hereunder or any
damages resulting there from to the Fund as a result of work stoppage,
power or other mechanical failure, natural disaster, governmental action,
communication disruption or other impossibility of performance.
Article 21. Severability.
In the event any provision of this Agreement is held illegal, void or
unenforceable, the balance shall remain in effect.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be executed in their names and on their behalf under their seals by and
through their duly authorized officers, as of the day and year first above
written.
VISION GROUP OF FUNDS
By: /s/ Xxxx X. Xxxxxxxxx
--------------------------------------
Name: Xxxx X. Xxxxxxxxx
Title: Vice President
MANUFACTURERS AND TRADERS TRUST
COMPANY
By: /s/ Xxxxxxx X. Xxxxxxxx
--------------------------------------
Name: Xxxxxxx X. Xxxxxxxx
Title: Vice President
EXHIBIT 1 to the
Administrative Services Agreement
with M&T Securities, Inc.
CONTRACT
DATE MTB Group of Funds
------------------------------------------------------------------------------
August 22, 2003 MTB Balanced Fund
August 22, 2003 MTB Equity Income Fund
August 22, 2003 MTB Equity Index Fund
August 22, 2003 MTB Income Fund
August 15, 2003 MTB Intermediate-Term Bond Fund
November 1, 2000 MTB International Equity Fund
November 1, 2000 MTB Large Cap Growth Fund
March 1, 2002 MTB Large Cap Growth Fund II
August 15, 2003 MTB Large Cap Stock Fund
November 1, 2000 MTB Large Cap Value Fund
March 1, 2002 MTB Large Cap Value Fund II
November 1, 2000 MTB Managed Allocation Fund - Aggressive Growth
April 29, 2005 MTB Managed Allocation Fund - Aggressive Growth II
November 1, 2000 MTB Managed Allocation Fund - Conservative Growth
April 29, 2005 MTB Managed Allocation Fund - Conservative Growth II
November 1, 2000 MTB Managed Allocation Fund - Moderate Growth
March 1, 2002 MTB Managed Allocation Fund - Moderate Growth II
August 22, 0000 XXX Xxxxxxxx Municipal Bond Fund
August 22, 2003 MTB Mid Cap Growth Fund
November 1, 2000 MTB Mid Cap Stock Fund
November 1, 2000 MTB Money Market Fund
August 22, 2003 MTB Multi Cap Growth Fund
November 1, 2000 MTB New York Municipal Bond Fund
November 1, 2000 MTB New York Tax-Free Money Market Fund
August 15, 0000 XXX Xxxxxxxxxxxx Municipal Bond Fund
August 22, 0000 XXX Xxxxxxxxxxxx Tax Free Money Market Fund
November 1, 2000 MTB Prime Money Market Fund
November 1, 2000 MTB Short Duration Government Bond Fund
August 22, 2003 MTB Short-Term Corporate Bond Fund
August 22, 2003 MTB Small Cap Growth Fund
November 1, 2000 MTB Small Cap Stock Fund
August 15, 2003 MTB Social Balanced Fund
August 15, 2003 MTB Tax Free Money Market Fund
November 1, 0000 XXX X.X. Government Bond Fund
August 15, 2003 MTB US. Government Money Market Fund
November 1, 0000 XXX X.X. Treasury Money Market Fund
Revised as of April 29, 2005
A S S I G N M E N T
THIS ASSIGNMENT is entered into as of May 23, 2001 by and between
Manufacturers and Traders Trust Company, a New York state chartered bank and
trust company ("M&T Bank") and M&T Securities, Inc., a New York corporation
("M&T Securities").
WHEREAS, M&T Bank has entered into an Agreement for Administrative
Services with Vision Group of Funds, dated November 1, 2000;
WHEREAS, M&T Bank desires to assign its right, duties, and
responsibilities under those Agreements to M&T Securities; and
WHEREAS, M&T Securities desires to accept the assignment of this
Agreement from M&T Bank;
KNOW ALL MEN BY THESE PRESENTS:
In consideration of the sum of One Dollar ($1.00) and other good and
valuable consideration, M&T Bank does hereby assign all its rights,
interests, and responsibilities under the Agreement for Administrative
Services described above to M&T Securities, and M&T Securities does hereby
accept such assignment, subject to the following terms and conditions:
1. This Assignment shall be subject to the consent of the Board of
Trustees of Vision Group of Funds
IN WITNESS WHEREOF, the parties hereto have cause this Assignment to be
executed by their authorized representatives as of the date first hereinabove
set forth.
MANUFACTURERS AND TRADERS TRUST COMPANY
By: /s/ Xxxxxxx X. Xxxxxxxx
Name: Xxxxxxx X. Xxxxxxxx
Title: Vice President
M&T SECURITIES, INC. VISION GROUP OF FUNDS
By: /s/ Xxxx Xxxxxx By: /s/ Xxxx X. Xxxxxxxxx
--------------------------- ---------------------------
Name: Xxxx Xxxxxx Name: Xxxx X. Xxxxxxxxx
Title: President Title: Vice President
Amendment to
Agreement for Administrative Services
between
Vision Group of Funds
and
M&T Securities, Inc.
This Amendment to the Agreement for Administrative Services
("Agreement") dated November 1, 2000, between Vision Group of Funds ("Fund")
and M&T Securities, Inc. ("Service Provider") is made and entered into as of
the 21st day of February, 2001.
WHEREAS, the Fund has entered into the Agreement with the Service
Provider;
WHEREAS, the Securities and Exchange Commission 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;
WHEREAS, Regulation S-P permits financial institutions, such as the
Fund, 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 of the Fund, 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");
WHEREAS, 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
Fund and third party enter into a contractual agreement that prohibits the
third party from disclosing or using the information other than to carry out
the purposes for which the Fund disclosed the information (17 CFR ss. 248.13);
NOW, THEREFORE, the parties intending to be legally bound agree as
follows:
1. The Fund and the Service Provider hereby acknowledge that the Fund may
disclose shareholder NPI to the Service Provider as agent of the
Fund and solely in furtherance of fulfilling the Service Provider's
contractual obligations under the Agreement in the ordinary course
of business to support the Fund and its shareholders.
2. The Service Provider 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, for law enforcement and
miscellaneous purposes as permitted in 17 CFR xx.xx. 248.15, or in
connection with joint marketing arrangements that the Funds may
establish with the Service Provider in accordance with the limited
exception set forth in 17 CFR ss. 248.13.
3. The Service Provider further 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:
o insure the security and confidentiality of records and NPI of Fund
customers,
o protect against any anticipated threats or hazards to the security or
integrity of Fund customer records and NPI, and
o protect against unauthorized access to or use of such Fund customer
records or NPI that could result in substantial harm or
inconvenience to any Fund customer.
4. The Service Provider may redisclose Section 248.13 NPI only to: (a) the
Funds and affiliated persons of the Funds ("Fund Affiliates"); (b)
affiliated persons of the Service Provider ("Service Provider
Affiliates") (which in turn may disclose or use the information only
to the extent permitted under the original receipt); (c) a third
party not affiliated with the Service Provider of 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 Service Provider received the information
in the first instance; and (d) a Nonaffiliated Third Party under the
service provider and joint marketing exception (ss.248.13), provided
the Service Provider enters 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 Funds disclosed the information in
the first instance.
5. The Service Provider may redisclose Section 248.14 NPI and Section
248.15 NPI to: (a) the Funds and Fund Affiliates; (b) Service
Provider Affiliates (which in turn may disclose the information to
the same extent permitted under the original receipt); and (c) a
Nonaffiliated Third Party to whom the Funds might lawfully have
disclosed NPI directly.
6. The Service Provider is obligated to maintain beyond the termination
date of the Agreement the confidentiality of any NPI it receives
from the Fund in connection with the Agreement or any joint
marketing arrangement, and hereby agrees that this Amendment shall
survive such termination.
WITNESS the due execution hereof this 21st day of February, 2001.
Vision Group of Funds
By:/s/ Xxxx X. Xxxxxxxxx
-------------------------------------
Name: Xxxx X. Xxxxxxxxx
Title: Vice President
M&T Securities, Inc.
By:/s/ Xxxxxxx X. Xxxxxxxx
-------------------------------------
Name: Xxxxxxx X. Xxxxxxxx
Title: Vice President
Amendment to
Agreement for Administrative Services
for
Vision Group of Funds
This Amendment to the Agreement for Administrative Services is made and
entered into as of the 1st day of October, 2002, by and between Vision Group
of Funds ("Investment Company") and M&T Securities, Inc. ("M&T").
WHEREAS, Investment Company entered into an Agreement for
Administrative Services with M&T on November 1, 2000; and
WHEREAS, Investment Company and M&T have agreed to amend the Agreement,
in certain respects;
NOW, THEREFORE, the parties intending to be legally bound agree as
follows:
I. Article 6. Compensation is hereby deleted in its entirety and
replaced with the following:
"Article 6. Compensation.
For the Administrative Services provided, the Investment Company hereby
agrees to pay and M&T hereby accepts as full compensation for its services
rendered hereunder an administrative fee at an annual rate of the average
daily net assets of the Funds, as set forth below.
Max. Admin. Average Daily Net Assets
Fee of the Funds
.04% on first $5 billion
.03% on the next $2 billion ($5-7 billion)
.0175% on the next $3 billion ($7-10 billion)
.015% on assets in excess of $10 billion
(Average Daily Net Asset break points are on a complex-wide
basis)
The compensation and out-of-pocket expenses attributable to the Funds
shall be accrued daily by the Funds and paid to M&T no less frequently
than monthly, and shall be paid daily upon request of M&T. M&T will
maintain detailed information about the compensation and out-of-pocket
expenses by the Funds.
M&T may in its sole discretion waive receipt of all or a part of the
foregoing administrative fee from time to time."
II. The first paragraph of Article 12. Term and Termination of Agreement
is hereby deleted in its entirety and replaced with the following:
"This Agreement shall be effective from the date signed above and
shall continue through September 30, 2005 ("Initial Term").
Thereafter, the Agreement will continue for consecutive 12-month
terms (a "Renewal Term") unless one party receives written notice
of termination from the other party no less than 120 days prior
to the expiration of the Initial Term or a Renewal Term. The
termination date for all original or after-added Funds that are,
or become, a party to this Agreement shall be coterminous."
WITNESS the due execution hereof this 1st day of October, 2002.
VISION GROUP OF FUNDS
By: /s/ Xxxx X. Xxxxxxxxx
----------------------------------
Name: Xxxx X. Xxxxxxxxx
Title: Vice President
M&T SECURITIES, INC.
By: /s/ Xxxxxxx X. Xxxxxxxx
----------------------------------
Name: Xxxxxxx X. Xxxxxxxx
Title: Vice President
March 8, 2005
Board of Trustees
MTB Group of Funds
0000 Xxxxxxxxx Xxxxx
Xxxxxxxxxx, XX 00000-0000
Re: Administrative Services Agreements
Gentlemen:
Reference is hereby made to Article 17 of the Agreement for Administrative
Services [and Transfer Agency Services] between MTB Group of Funds (the
"Funds") and Federated Services Company, and Article 12 of the Agreement for
Administrative Services between the Funds and M&T Securities, Inc., each
dated November 1, 2000, as amended. These provisions state that unless
written notice of termination is provided by either party at least 120 days
prior to September 30, 2005, each agreement automatically renews for an
additional one-year term. The upcoming Board Meeting on March 8-9, 2005 is
the last regularly scheduled board meeting prior to the deadline for such
notice of June 2, 2005.
Both M&T Securities, Inc. and Federated Services Company are desirous of
continuing to provide co-administrative services to the Funds beyond
September 30, 2005. However, the terms under which such parties are prepared
to perform such services to the Funds, as well as among themselves, remain
under discussion. Accordingly, Federated Services Company, M&T Securities,
Inc. and the Funds agree that: (i) the 120-day notice requirement applicable
to the September 30, 2005 termination date of the respective agreements is
waived; (ii) at any time after June 2, 2005, a party may terminate an
existing agreement upon 120 days' prior written notice to the other; and
(iii) if the parties have not executed definitive administrative services
agreements by September 30, 2005, then each existing agreement will continue
in effect until terminated by either party upon 120 days' prior written
notice to the other.
If the foregoing is agreeable to you, please so indicate by signing in the
space provided below. This letter agreement is effective from the date set
forth above and constitutes an amendment to each of the agreements.
Sincerely,
M&T SECURITIES, INC. FEDERATED SERVICES COMPANY
By: /s/ Xxxxxxx X. Xxxxxxxx By: /s/ Xxxx X. Xxxxxxxxx
Name: Xxxxxxx X. Xxxxxxxx Name: Xxxx X. Xxxxxxxxx
Title: Vice President Title: Vice President
Acknowledged and Agreed:
MTB GROUP OF FUNDS
By: /s/ Xxxxxx X. Xxxxxxxxx
Name: Xxxxxx X. Xxxxxxxxx
Title: Chairman
cc: Xxxx X. Xxxxxxxxx
Xxxx X. Xxxxxx
Xxxxxxx X. Xxxxx, Xx.
Secretary of MTB Group of Funds
