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EXHIBIT 9(P)
Amendment No. 3 to
Administration Agreement
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WHEREAS, Pacific Horizon Funds, Inc., a Maryland corporation
(the "Company"), and CONCORD HOLDING CORPORATION, a Delaware corporation
("Concord"), are parties to an Administration Agreement dated as of November
13, 1989, as amended (the "Agreement"), wherein Concord has agreed to provide
administrative services to the Company's Aggressive Growth Fund, U.S.
Government Securities Fund, Capital Income Fund, California Tax-Exempt Bond
Fund, Equity Fund, Fixed Income Fund, Asset Allocation Fund and National
Municipal Bond Fund (sometimes referred to herein collectively as the "Funds");
and
WHEREAS, the parties wish to amend the Agreement in certain
respects;
NOW THEREFORE, the parties hereby agree, intending to be
legally bound, that effective immediately the Agreement is amended to read as
follows:
1) Section IV is hereby amended and restated in
its entirety as follows: "This Agreement shall
become effective November 1, 1993 and, unless sooner
terminated as provided herein, shall continue until
October 31, 1995. Thereafter, this Agreement will be
extended for successive two year periods ending on
October 31st of each year, PROVIDED each such
extension is specifically approved (a) by vote of a
majority of those members of the Fund's Board of
Directors who are not interested persons of any party
to this Agreement, cast in person at a meeting called
for the purpose of voting on such approval, and (b)
by the Company's Board of Directors or by vote of a
majority of the outstanding voting securities of such
Fund. This Agreement is terminable during any term
for cause at any time by the Fund's Board of
Directors, "cause" being defined and limited for this
purpose to mean willful misfeasance, bad faith or
negligence by Concord in the performance of its
duties or from reckless disregard by it of its
obligations and duties under this Agreement." The
Fund's Board of Directors may terminate this
Agreement at the end of any term without cause upon
60 days prior written notice to Concord. This
Agreement will immediately terminate in the event of
its assignment. (As used in this Agreement, the
terms "majority of the outstanding
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"voting securities," "interested persons" and
"assignment" shall have the same meanings as such
terms have in the 1940 Act.)
Except as expressly amended and modified hereby, all
provisions of the Agreement shall remain in full force and effect.
This Agreement may be executed in one or more counterparts and
all such counterparts will constitute one and the same instrument.
IN WITNESS WHEREOF, intending to be legally bound, hereby, the
parties have executed this Amendment No. 3 as of the 1st day of November, 1993.
PACIFIC HORIZON FUNDS, INC.
By: /s/ Xxxxxx X. Xxxxxxx
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President
CONCORD HOLDING CORPORATION
By: /s/ Xxxxxxx Xxxxxxxxx
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Chief Executive Officer
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