ADMINISTRATION AND ACCOUNTING SERVICES AGREEMENT
THIS
AGREEMENT is made as of July 31, 2007 by and between PFPC Inc., a Massachusetts
corporation ("PFPC"), and SPARX ASIA FUNDS, a Massachusetts business trust (the
"Fund").
W I T N E S S E T H :
WHEREAS, the Fund is registered as an open-end management investment company
under the Investment Company Act of 1940, as amended (the "1940 Act"); and
WHEREAS, the Fund wishes to retain PFPC to provide administration and accounting
services to its investment portfolios listed on Exhibit A attached hereto and
made a part hereof, as such Exhibit A may be amended from time to time (each a
"Portfolio"), and PFPC wishes to furnish such services.
NOW,
THEREFORE, in consideration of the premises and the mutual covenants herein
contained, and intending to be legally bound hereby the parties hereto agree as
follows:
1. |
Definitions. As used in this Agreement: |
|
(a) |
"1933 Act" means the Securities Act of 1933, as amended. |
|
(b) |
"1934 Act" means the Securities Exchange Act of 1934, as amended. |
|
(c) |
"Authorized Person" means any officer of the Fund and any other person
duly authorized by the Fund's Board of Trustees to give Oral Instructions or
Written Instructions on behalf of the Fund. An Authorized Person's scope of
authority may be limited by setting forth such limitation in a written document
signed by both parties hereto. |
|
(d) |
"Oral Instructions" mean oral instructions received by PFPC from an
Authorized Person or from a person reasonably believed by PFPC to be an
Authorized Person. PFPC may, in its sole discretion in each separate instance,
consider and rely upon instructions it receives from an Authorized Person via
electronic mail as Oral Instructions. |
|
(e) |
"SEC" means the Securities and Exchange Commission. |
|
(f) |
"Securities Laws" means the 1933 Act, the 1934 Act and the 0000 Xxx. |
|
(g) |
"Shares" means the shares of beneficial interest of any series or class
of the Fund. |
|
(h) |
"Written Instructions" mean (i) written instructions signed by an
Authorized Person (or a person reasonably believed by PFPC to be an Authorized
Person) and received by PFPC or (ii) trade instructions transmitted (and
received by PFPC) by means of an electronic transaction reporting system access
to which requires use of a password or other authorized identifier. The
instructions may be delivered electronically (with respect to sub-item (ii)
above) or by hand, mail, tested telegram, cable, telex or facsimile sending
device. |
2. |
Appointment. The Fund hereby appoints PFPC to provide
administration and accounting services to each of the Portfolios, in accordance
with the terms set forth in this Agreement. PFPC accepts such appointment and
agrees to furnish such services. PFPC shall be under no duty to take any action
hereunder on behalf of the Fund or any Portfolio except as specifically set
forth herein or as may be specifically agreed to by PFPC and the Fund in a
written amendment hereto. |
3. |
Compliance with Rules and Regulations.
PFPC undertakes to comply with applicable requirements, governmental authority
or laws, rules and regulations of governmental authorities having any
jurisdiction with respect to the services to be performed by PFPC hereunder.
PFPC assumes no responsibility for such compliance by the Fund or other
entity. |
|
(a) |
Unless otherwise provided in this Agreement, PFPC shall act only upon Oral
Instructions or Written Instructions. |
|
(b) |
PFPC shall be entitled to rely upon any Oral Instruction or Written Instruction
it receives from an Authorized Person (or from a person reasonably believed by
PFPC to be an Authorized Person) pursuant to this Agreement. PFPC may assume
that any Oral Instruction or Written Instruction received hereunder is not in
any way inconsistent with the provisions of organizational documents or this
Agreement or of any vote, resolution or proceeding of the Fund's Board of
Trustees or of the Fund's shareholders, unless and until PFPC receives Written
Instructions to the contrary. |
|
(c) |
The Fund agrees to forward to PFPC Written Instructions confirming Oral
Instructions (except where such Oral Instructions are given by PFPC or its
affiliates) so that PFPC receives the Written Instructions by the close of
business on the same day that such Oral Instructions are received. The fact that
such confirming Written Instructions are not received by PFPC or differ from the
Oral Instructions shall in no way invalidate the transactions or enforceability
of the transactions authorized by the Oral Instructions or PFPC's ability to
rely upon such Oral Instructions. |
5. |
Right to Receive Advice. |
|
(a) |
Advice of the Fund. If PFPC is in doubt as to any action it
should or should not take, PFPC may request directions or advice, including Oral
Instructions or Written Instructions, from the Fund. |
|
(b) |
Advice of Counsel. If PFPC shall be in doubt as to any
question of law pertaining to any action it should or should not take, PFPC may
request advice from counsel of its own choosing (who may be counsel for the
Fund, the Fund's investment adviser or PFPC, at the option of PFPC). The parties
agree to use good faith efforts to properly allocate the expense of any such
counsel fees between the parties. |
|
(c) |
Conflicting Advice. In the event of a conflict between
directions or advice or Oral Instructions or Written Instructions PFPC receives
from the Fund and the advice PFPC receives from counsel, PFPC may rely upon and
follow the advice of counsel. |
|
(d) |
No Obligation to Seek Advice. Nothing in this section shall
be construed so as to impose an obligation upon PFPC (i) to seek such directions
or advice or Oral Instructions or Written Instructions, or (ii) to act in
accordance with such directions or advice or Oral Instructions or Written
Instructions. |
|
(a) |
The books and records pertaining to the Fund and the Portfolios which are in the
possession or under the control of PFPC shall be the property of the Fund. Such
books and records shall be prepared and maintained as required by the 1940 Act
and other applicable securities laws, rules and regulations. The Fund and
Authorized Persons shall have access to such books and records at all times
during PFPC's normal business hours. Upon the reasonable request of the Fund,
copies of any such books and records shall be provided by PFPC to the Fund or to
an Authorized Person, at the Fund's expense. |
|
(b) |
PFPC shall keep the following records: |
|
(i) |
all books and records with respect to each Portfolio's books of account; |
|
(ii) |
records of each Portfolio's securities transactions; and |
|
(iii) |
all other books and records held by PFPC or provided to PFPC as the Fund is
required to maintain pursuant to Rule 31a-1 of the 1940 Act in connection with
the services provided hereunder. |
7. |
Confidentiality. Each party shall keep confidential
any information relating to the other party's business ("Confidential
Information"). Confidential Information shall include (a) any data or
information that is competitively sensitive material, and not generally known to
the public, including, but not limited to, information about product plans,
marketing strategies, finances, operations, customer relationships, customer
profiles, customer lists, sales estimates, business plans, and internal
performance results relating to the past, present or future business activities
of the Fund or PFPC, their respective subsidiaries and affiliated companies; (b)
any scientific or technical information, design, process, procedure, formula, or
improvement that is commercially valuable and secret in the sense that its
confidentiality affords the Fund or PFPC a competitive advantage over its
competitors; (c) all confidential or proprietary concepts, documentation,
reports, data, specifications, computer software, source code, object code, flow
charts, databases, inventions, know-how, and trade secrets, whether or not
patentable or copyrightable; and (d) anything designated as confidential.
Notwithstanding the foregoing, information shall not be Confidential Information
and shall not be subject to such confidentiality obligations if it: (a) is
already known to the receiving party at the time it is obtained; (b) is or
becomes publicly known or available through no wrongful act of the receiving
party; (c) is rightfully received from a third party who, to the best of the
receiving party's knowledge, is not under a duty of confidentiality; (d) is
released by the protected party to a third party without restriction; (e) is
requested or required to be disclosed by the receiving party pursuant to a court
order, subpoena, governmental or regulatory agency request or law (provided the
receiving party will use commercially reasonable efforts to provide the other party written
notice of such requirement, to the extent such notice is permitted); (f) is
relevant to the defense of any claim or cause of action asserted against the
receiving party; (g) is Fund information provided by PFPC in connection with an
independent third party compliance or other review; (h) is necessary or
desirable for PFPC to release such information in connection with the provision
of services under this Agreement; or (h) has been or is independently developed
or obtained by the receiving party. The provisions of this Section 7 shall
survive termination of this Agreement for a period of three (3) years after such
termination. |
8. |
Liaison with Accountants. PFPC shall act as liaison
with the Fund's independent public accountants and shall provide account
analyses, fiscal year summaries, and other audit-related schedules with respect
to each Portfolio. PFPC shall take all reasonable action in the performance of
its duties under this Agreement to assure that the necessary information is made
available to such accountants as reasonably necessary in connection with their
engagements by the Fund. |
9. |
PFPC System. PFPC shall retain title to and ownership
of any and all data bases, computer programs, screen formats, report formats,
interactive design techniques, derivative works, inventions, discoveries,
patentable or copyrightable matters, concepts, expertise, patents, copyrights,
trade secrets, and other related legal rights utilized by PFPC in connection
with the services provided by PFPC to the Fund. |
10. |
Disaster Recovery. PFPC shall enter into and shall
maintain in effect with appropriate parties one or more agreements making
reasonable provisions for emergency use of electronic data processing equipment
to the extent appropriate equipment is available. In the event of equipment
failures, PFPC shall, at no additional expense to the Fund, take reasonable
steps to minimize service interruptions. PFPC shall have no liability with
respect to the loss of data or service interruptions caused by equipment
failure, provided such loss or interruption is not caused by PFPC's own willful
misfeasance, bad faith, gross negligence or reckless disregard of its duties or
obligations under this Agreement. |
|
(a) |
As compensation for services rendered by PFPC during the term of this Agreement,
the Fund, on behalf of each Portfolio, will pay to PFPC a fee or fees as may be
agreed to in writing by the Fund and PFPC. Subject to payment of filing fees to
PFPC in advance, PFPC will remit to the respective jurisdictions the requisite
blue sky filing fees for the shares of the relevant Portfolios(s) (or classes
thereof), and any fees for qualifying or continuing the qualification of any
Portfolio(s) (or classes thereof). The Fund acknowledges that PFPC may receive
float benefits in connection with maintaining certain accounts required to
provide services under this Agreement. |
|
(b) |
The undersigned hereby represents and warrants to PFPC that (i) the terms of
this Agreement, (ii) the fees and expenses associated with this Agreement, and
(iii) any benefits accruing to PFPC or to the adviser or sponsor to the Fund in
connection with this Agreement, including but not limited to any fee waivers,
conversion cost reimbursements, up front payments, signing payments or periodic
payments made or to be made by PFPC to such adviser or sponsor or any affiliate
of the Fund relating to this Agreement have been fully disclosed to the Board of
Trustees of the Fund and that, if required by applicable law, such Board of
Trustees has approved or will approve the terms of this Agreement, any such fees
and expenses, and any such benefits. |
12. |
Standard of Care/Limitation of Liability. |
|
(a) |
Subject to the terms of this Section 12, PFPC shall be liable to the Fund (or
any person or entity claiming through the Fund) for damages only to the extent
caused by PFPC's own willful misfeasance, bad faith, gross negligence or
reckless disregard of its duties under this Agreement ("Standard of
Care"). |
|
(b) |
PFPC's liability to the Fund and any person or entity claiming through the Fund
for any loss, claim, suit, controversy, breach or damage of any nature
whatsoever (including but not limited to those arising out of or related to this
Agreement) and regardless of the form of action or legal theory ("Loss") shall
not exceed the fees received by PFPC for services provided hereunder during the
twelve (12) months immediately prior to the date of such Loss. |
|
(c) |
PFPC shall not be liable for damages (including without limitation damages
caused by delays, failure, errors, interruption or loss of data) occurring
directly or indirectly by reason of circumstances beyond its reasonable control,
including without limitation acts of God; action or inaction of civil or
military authority; national emergencies; public enemy; war; terrorism; riot;
fire; flood; catastrophe; sabotage; epidemics; labor disputes; civil commotion;
interruption, loss or malfunction of utilities, transportation, computer or
communications capabilities; insurrection; elements of nature; non-performance
by a third party; failure of the mails; or functions or malfunctions of the
internet, firewalls, encryption systems or security devices caused by any of the
above. |
|
(d) |
PFPC shall not be under any duty or obligation to inquire into and shall not be
liable for the validity or invalidity, authority or lack thereof, or
truthfulness or accuracy or lack thereof, of any instruction, direction, notice,
instrument or other information which PFPC reasonably believes to be genuine.
PFPC shall not be liable for any damages that are caused by actions or omissions
taken by PFPC in accordance with Written Instructions or advice of counsel. PFPC
shall not be liable for any damages arising out of any action or omission to act
by any prior service provider of the Fund or for any failure to discover any
such error or omission. |
|
(e) |
Neither PFPC nor its affiliates shall be liable for any consequential,
incidental, exemplary, punitive, special or indirect damages, whether or not the
likelihood of such damages was known by PFPC or its affiliates. |
|
(f) |
No party may assert a cause of action against PFPC or any of its affiliates that
allegedly occurred more than twelve (12) months immediately prior to the filing
of the suit (or, if applicable, commencement of arbitration proceedings)
alleging such cause of action. |
|
(g) |
Each party shall have a duty to mitigate damages for which the other party may
become responsible. |
|
(h) |
This Section 12 shall survive termination of this Agreement. |
13. |
Indemnification. Absent PFPC's failure to meet its
Standard of Care (defined in Section 12 above), the Fund agrees to indemnify,
defend and hold harmless PFPC and its affiliates and their respective directors,
trustees, officers, agents and employees from all claims, suits, actions,
damages, losses, liabilities, obligations, costs and reasonable expenses
(including attorneys' fees and court costs, travel costs and other reasonable
out-of-pocket costs related to dispute resolution) arising directly or
indirectly from: (a) any action or omission to act by any prior service provider
of the Fund; and (b) any action taken or omitted to be taken by PFPC in
connection with the provision of services to the Fund.
This Section 13 shall survive termination of this Agreement. |
14. |
Description of Accounting Services on a Continuous Basis. |
|
PFPC will perform the following accounting services with respect
to each Portfolio: |
|
(i) |
Journalize investment, capital share and income and expense activities; |
|
(ii) |
Verify investment buy/sell trade tickets when received from the investment
adviser for a Portfolio (the "Adviser") and transmit trades to the Fund's
custodian (the "Custodian") for proper settlement; |
|
(iii) |
Maintain individual ledgers for investment securities; |
|
(iv) |
Maintain historical tax lots for each security; |
|
(v) |
Reconcile cash and investment balances of the Fund with the Custodian, and
provide the Adviser with the beginning cash balance available for investment
purposes; |
|
(vi) |
Update the cash availability throughout the day as required by the Adviser; |
|
(vii) |
Post to and prepare the Statement of Assets and Liabilities and the Statement of
Operations; |
|
(viii) |
Calculate various contractual expenses (e.g., advisory and
custody fees) in accordance with the Fund's registration statement); |
|
(ix) |
Monitor the expense accruals and notify an officer of the Fund of
any proposed adjustments; |
|
(x) |
Control all disbursements and authorize such disbursements upon
Written Instructions; |
|
(xi) |
Calculate capital gains and losses; |
|
(xii) |
Determine net income; |
|
(xiii) |
Obtain daily security market quotes and currency exchange rates
from independent pricing services approved by the Adviser, or if such quotes are
unavailable, then obtain such prices from the Adviser, and in either case
calculate the market value of each Portfolio's investments in accordance with
the applicable valuation policies or guidelines provided by the Fund to PFPC and
acceptable to PFPC; |
|
(xiv) |
Transmit or mail a copy of the daily portfolio valuation to the
Adviser;
|
|
(xv) |
Compute net asset value;
|
|
(xvi) |
Record and reconcile corporate action activity and all other
corporate changes; |
|
(xvii) |
Determine applicable foreign exchange gains and losses on payables
and receivables; and |
|
(xviii) |
As appropriate, compute yields, total return, expense ratios,
portfolio turnover rate, and, if required, portfolio average dollar-weighted
maturity. |
15. |
Description of Administration Services on a Continuous Basis. |
|
PFPC will perform the following administration services with respect to each
Portfolio: |
|
(i) |
Prepare quarterly broker security transactions summaries;
|
|
(ii) |
Prepare monthly security transaction listings;
|
|
(iii) |
Supply various normal and customary Portfolio and Fund statistical
data as requested on an ongoing basis; |
|
(iv) |
Prepare for execution and file the Fund's Federal and state tax
returns:
|
|
• |
Prepare a fiscal tax provision in coordination with the annual
audit: |
|
• |
Prepare an excise tax provision;
|
|
• |
Prepare all relevant 1099 calculations for delivery to the
transfer agent.
|
|
(v) |
Monitor each Portfolio's status as a regulated investment company
under Sub-chapter M of the Internal Revenue Code of 1986, as amended; |
|
(vi) |
Prepare the Fund's annual and semi-annual shareholder reports, and
coordinate and cause to be prepared and filed Forms N-CSR, N-Q and N-PX (with
the Fund providing the voting records in the format required by PFPC); |
|
(vii) |
Coordinate and cause to be prepared the filing of annual
Post-Effective Amendments to the Fund's Registration Statement; cause to be
prepared and filed (or coordinate the filing of) (i) semi-annual reports on Form
N-SAR and (ii) Notices pursuant to Rule 24f-2; |
|
(viii) |
Administratively assist in obtaining the fidelity bond and
directors' and officers'/errors and omissions insurance policies for the Fund in
accordance with the requirements of Rule 17g-1 and 17d-1(d)(7) under the 1940
Act as such bond and policies are approved by the Fund's Board of Directors and
coordinate and cause to be filed such fidelity bond; |
|
(ix) |
Draft agendas and resolutions for quarterly board meetings (with
final selection of agenda items being made by Fund counsel); |
|
(x) |
Coordinate the preparation, assembly and mailing of board
materials for quarterly board meetings; |
|
(xi) |
Attend quarterly board meetings and draft minutes thereof; |
|
(xii) |
Maintain a regulatory calendar for the Fund listing various SEC
filing and board approval deadlines; |
|
(xiii) |
Provide compliance policies and procedures related to services
provided by PFPC and, if mutually agreed, certain PFPC affiliates, summary
procedures thereof and an annual certification letter; and |
|
(xiv) |
If the chief executive officer or chief financial officer of the
Fund is required to provide a certification as part of the Fund's Form N-SAR or
Form N-CSR filing pursuant to regulations promulgated by the SEC under Section
302 of the Sarbannes-Oxley Act of 2002, PFPC will provide (to such person or
entity as agreed between the Fund and PFPC) a sub-certification in support of
certain matters set forth in the aforementioned certification, such
sub-certification to be in such form and relating to such matters as agreed
between the Fund and PFPC from time to time. PFPC shall be required to provide
the sub-certification only during the term of the agreement and only if it
receives such cooperation as it may request to perform its investigations with
respect to the sub-certification. For clarity, the sub-certification is not
itself a certification under the Sarbannes-Oxley Act of 2002 or under any other
regulatory requirement. |
|
All regulatory services are subject to the review and approval of
Fund counsel. |
16. |
Duration and Termination. |
|
(a) |
This Agreement shall be effective on the date first written above
and unless terminated pursuant to its terms shall continue for a period of three
(3) years (the "Initial Term"). |
|
(b) |
Upon the expiration of the Initial Term, this Agreement shall
automatically renew for successive terms of one (1) year ("Renewal Term") each,
unless the Fund or PFPC provides written notice to the other of its intent not
to renew. Such notice must be received not less than ninety (90) days prior to
the expiration of the Initial Term or the then current Renewal Term. |
|
(c) |
In the event of termination, all expenses associated with movement
(or duplication) of records and materials and conversion thereof to a successor administration
and accounting service provider will be borne by the Fund and paid to PFPC prior
to any such conversion. |
|
(d) |
If a party hereto is guilty of a material failure to perform its
duties and obligations hereunder (a "Defaulting Party") the other party (the
"Non-Defaulting Party") may give written notice thereof to the Defaulting Party,
and if such material breach shall not have been remedied within thirty (30) days
after such written notice is given, then the Non-Defaulting Party may terminate
this Agreement by giving thirty (30) days written notice of such termination to
the Defaulting Party. In all cases, termination by the Non-Defaulting Party
shall not constitute a waiver by the Non-Defaulting Party of any other rights it
might have under this Agreement or otherwise against the Defaulting Party. |
|
(e) |
Notwithstanding anything contained in this Agreement to the
contrary, if in connection with a Change in Control the Fund gives notice to
PFPC terminating it as the provider of any of the services hereunder or if the
Fund otherwise terminates this Agreement before the expiration of the
then-current Initial or Renewal Term ("Early Termination"): |
|
(1) |
PFPC shall, if requested by the Fund, make a good faith effort to
facilitate a conversion to the Fund's successor service provider; provided that
PFPC does not guarantee that it will be able to effect a conversion on the
date(s) requested by the Fund. |
|
(2) |
Before the effective date of the Early Termination, the Fund shall
pay to PFPC an amount equal to all fees and other amounts ("Early Termination
Fee") calculated as if PFPC were to provide all services hereunder until the
expiration of the then-current Initial or Renewal Term. The Early Termination
Fee shall be calculated using the average of the monthly fees and other amounts
due to PFPC under this Agreement during the last three calendar months before
the date of the notice of Early Termination (or if not given the date it should
have been given). |
|
(3) |
The Fund expressly acknowledges and agrees that the Early
Termination Fee is not a penalty but reasonable compensation to PFPC for the
termination of services before the expiration of the then-current Initial or
Renewal Term. |
|
(4) |
For purposes of Section 16(e), "Change in Control" means a merger,
consolidation, adoption, acquisition, change in control, re-structuring, or
re-organization of or any other similar occurrence involving the Fund or any
affiliate of the Fund. |
|
(5) |
If the Fund gives notice of Early Termination after expiration of
the specified notice period to terminate this Agreement in the ordinary course
at the end of the then-current Initial or Renewal Term, the references above to
"expiration of the then-current Initial or Renewal Term" shall be deemed to mean
"expiration of the Renewal Term immediately following the then-current Initial
or Renewal Term." |
|
(6) |
If any of the Fund's assets serviced by PFPC under this Agreement
are removed from the coverage of this Agreement ("Removed Assets") and are
subsequently serviced by another service provider (including the Fund or an
affiliate of the Fund): (i) the Fund will be deemed to have caused an Early
Termination with respect to such Removed Assets as of the day immediately
preceding the first such removal of assets; and, (ii) at, PFPC's option, either
(a) the Fund will also be deemed to have caused an Early Termination with
respect to all non-Removed Assets as of a date selected by PFPC, or (b) this
Agreement will remain in full force and effect with respect to all non-Removed
Assets. |
17. |
Notices. Notices shall be addressed (a)
if to PFPC, at 000 Xxxxxxxx Xxxxxxx, Xxxxxxxxxx, Xxxxxxxx 00000, Attention:
President (or such other address as PFPC may inform the Fund in writing); (b) if
to the Fund, at SPARX Asia Funds c/o SPARX Investment & Research, USA, Inc.
000 Xxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 Attention: Secretary (or such other
address as the Fund may inform PFPC in writing) or (c) if to neither of the
foregoing, at such other address as shall have been given by like notice to the
sender of any such notice or other communication by the other party. If notice
is sent by confirming telegram, cable, telex or facsimile sending device, it
shall be deemed to have been given immediately. If notice is sent by first-class
mail, it shall be deemed to have been given three days after it has been mailed.
If notice is sent by messenger, it shall be deemed to have been given on the day
it is delivered. |
18. |
Amendments. This Agreement, or any term
thereof, may be changed or waived only by written amendment, signed by the party
against whom enforcement of such change or waiver is sought. |
19. |
Assignment. PFPC may assign its rights
hereunder to any majority-owned direct or indirect subsidiary of PFPC or of The
PNC Financial Services Group, Inc., provided that PFPC gives the Fund thirty
(30) days prior written notice of such assignment. |
20. |
Counterparts. This Agreement may be
executed 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. |
21. |
Further Actions. Each party agrees to
perform such further acts and execute such further documents as are necessary to
effectuate the purposes hereof. |
|
(a) |
Notwithstanding anything in this Agreement to the contrary, the
Fund agrees not to make any modifications to its registration statement or adopt
any policies which would affect materially the obligations or responsibilities
of PFPC hereunder without the prior written approval of PFPC, which approval
shall not be unreasonably withheld or delayed. |
|
(b) |
During the term of this Agreement and for one year thereafter, the
Fund shall not (with the exceptions noted in the immediately succeeding
sentence) knowingly solicit or recruit for employment or hire any of PFPC's
employees, and the Fund shall cause the Fund's sponsor and the Fund's affiliates
to not (with the exceptions noted in the immediately succeeding sentence)
knowingly solicit or recruit for employment or hire any of PFPC's employees. To
"knowingly" solicit, recruit or hire within the meaning of this provision does
not include, and therefore does not prohibit, solicitation, recruitment or
hiring of a PFPC employee by the Fund, the Fund's sponsor or an affiliate of the
Fund if the PFPC employee was identified by such entity solely as a result of
the PFPC employee's response to a general advertisement by such entity in a
publication of trade or industry interest or other similar general solicitation
by such entity. |
|
(c) |
Except as expressly provided in this Agreement, PFPC hereby
disclaims all representations and warranties, express or implied, made to the
Fund or any other person, including, without limitation, any warranties
regarding quality, suitability, merchantability, fitness for a particular
purpose or otherwise (irrespective of any course of dealing, custom or usage of
trade), of any services or any goods provided incidental to services provided
under this Agreement. PFPC disclaims any warranty of title or non-infringement
except as otherwise set forth in this Agreement. |
|
(d) |
This Agreement embodies the entire agreement and understanding
between the parties and supersedes all prior agreements and understandings
relating to the subject matter hereof, provided that the parties may embody in
one or more separate documents their agreement, if any, with respect to
delegated duties. The captions in this Agreement are included for convenience of
reference only and in no way define or delimit any of the provisions hereof or
otherwise affect their construction or effect. Notwithstanding any provision
hereof, the services of PFPC are not, nor shall they be construed as
constituting, legal advice or the provision of legal services for or on behalf
of the Fund or any other person. |
|
(e) |
The Fund will provide such information and documentation as PFPC
may reasonably request in connection with services provided by PFPC to the Fund.
|
|
(f) |
This Agreement shall be deemed to be a contract made in Delaware
and governed by Delaware law, without regard to principles of conflicts of law.
|
|
(g) |
If any provision of this Agreement shall be held or made invalid
by a court decision, statute, rule or otherwise, the remainder of this Agreement
shall not be affected thereby. This Agreement shall be binding upon and shall
inure to the benefit of the parties hereto and their respective successors and
permitted assigns. |
|
(h) |
The facsimile signature of any party to this Agreement shall
constitute the valid and binding execution hereof by such party. |
|
(i) |
To help the U.S. government fight the funding of terrorism and
money laundering activities, U.S. Federal law requires each financial
institution to obtain, verify, and record certain information that identifies
each person who initially opens an account with that financial institution on or
after October 1, 2003. Certain of PFPC's affiliates are financial institutions,
and PFPC may, as a matter of policy, request (or may have already requested) the
Fund's name, address and taxpayer identification number or other
government-issued identification number, and, if such party is a natural person,
that party's date of birth. PFPC may also ask (and may have already asked) for
additional identifying information, and PFPC may take steps (and may have
already taken steps) to verify the authenticity and accuracy of these data
elements. |
IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as
of the day and year first above written.
|
PFPC INC.
By:
Title:
SPARX ASIA FUNDS
By:
Title: |
EXHIBIT A
THIS
EXHIBIT A, dated as of July 31, 2007 is Exhibit A to that certain Administration
and Accounting Services Agreement dated as of July 31, 2007 between PFPC Inc.
and SPARX Asia Funds.
PORTFOLIOS
SPARX Japan Fund
SPARX Japan Smaller Companies Fund
SPARX Asia Pacific Opportunities Fund
SPARX Asia Pacific Equity Income Fund