EX 10.22
LOCKBOX SERVICE AGREEMENT
This Agreement is made and entered into this 21st day of September, 1994 by
and between Accolade Funds, a Massachusetts business trust having its principal
place of business at 0000 Xxxxxxxxx Xxxx, Xxx Xxxxxxx, Xxxxx, hereinafter called
the "Fund" and United Shareholder Services, Inc., a corporation organized under
the laws of Texas having its principal place of business at the same address as
the Fund, hereinafter called "USSI".
SERVICES
The Fund hereby requests and USSI hereby agrees to provide lockbox
processing services to the Fund in accordance with applicable statutes and
regulations promulgated by regulatory authorities.
USSI's lockbox processing service involves receiving, processing and
depositing all investment checks, drafts or other negotiable instruments for the
Fund. [Fund shareholders or customers mail their payments for shares or services
to the Fund's post office box. USSI's employees pick up the mail several times a
day and transport it directly to USSI for processing. Items are examined to make
sure they have been properly written. Unacceptable items are forwarded to
appropriate USSI personnel, unprocessed, for their review and handling.
Acceptable items are microfilmed, encoded, stamped for deposit and deposited on
behalf of the Fund on the day processed. The envelope in which the payment was
received, a record of the total checks processed for the Fund's account, along
with all invoices and other correspondence, are forwarded to appropriate USSI
personnel for further processing.]
COMPENSATION
USSI, for performing lockbox processing, shall be compensated in accordance
with Exhibit A. The pricing schedule in Exhibit A is subject to modification,
from time to time, upon agreement of the parties.
EFFECTIVE DATE
This Agreement shall become effective with respect to a Fund as of the date
first written above (or, if a particular series or sub-trust of the Fund is not
in existence on that date, on the date an amendment to Exhibit B to this
Agreement relating to the Fund is executed).
TERMINATION
This Contract may be terminated by either party without penalty by giving
60 days written notice.
PERFORMANCE OF SERVICE
USSI shall exercise reasonable care in the performance of its duties under
this Agreement.
UNCONTROLLABLE EVENTS
USSI assumes no responsibility hereunder, and shall not be liable, for any
damage, loss of data, delay or any other loss whatsoever caused by events beyond
its reasonable control, including, without limitation, failure of hardware and
software provided by third persons. The foregoing does not relieve USSI from
acting in a commercially reasonable manner and using its best efforts to recover
from any such failure, delay or loss.
ASSIGNMENT
This Agreement and the rights and duties hereunder shall not be assignable
by either of the parties hereto except by the specific written consent of the
other party.
INTERPRETATION
This Agreement shall be interpreted under the laws of the State of Texas.
Words and phrases used herein shall be interpreted in accordance with the Act.
LIMITATION ON LIABILITY
The term "Accolade Funds" means and refers to the Trustees from time to
time serving under the Master Trust Agreement of the Fund dated April 15, 1993,
as the same may subsequently thereto have been, or subsequently hereto be
amended. It is expressly agreed that the obligations of the Fund hereunder shall
not be binding upon any of the Trustees, shareholders, nominees, officers,
agents or employees of the Fund, personally, but bind only the assets and
property of the Fund, as provided in the Master Trust Agreement of the Fund. The
execution and delivery of this Agreement have been authorized by the Trustees of
the Fund and signed by an authorized officer of the Fund, acting as such, and
neither such authorization by such Trustees nor such execution and delivery by
such officer shall be deemed to have been made by any of them individually or to
impose any liability on any of them personally, but shall bind only the assets
and property of the Fund as provided in its Master Trust Agreement.
IN WITNESS WHEREOF, The parties have caused this Agreement to be signed by
their respective officials duly authorized, as of the day and year first above
written.
ACCOLADE FUNDS
/S/ Xxxxxx Xxxx /S/Xxxxx X. Xxxxxx
Witness Xxxxx X. Xxxxxx
President
UNITED SHAREHOLDER SERVICES, INC.
/S/ Xxxxxx Xxxx /S/ Xxxxx X. Xxxxxx
Witness Xxxxx X. Xxxxxx
President
EXHIBIT A
TO
LOCKBOX SERVICE AGREEMENT
BETWEEN
UNITED SHAREHOLDER SERVICES, INC.
AND
ACCOLADE FUNDS
PRICING SCHEDULE FOR
LOCKBOX SERVICES
ITEMS PROCESSED PRICE
BREAKPOINT VOLUME PER ITEM PROCESSED
up to 90,000 $ .81
90,000 to 115,000 $ .61
115,001 and over $ .51
An "Item" for the purposes of compensation under this Agreement is a check,
draft or other negotiable instrument to be encoded and/or deposited. The volume
breakpoints and the per Item processing charges are subject to modifications as
agreed upon by the parties to this Agreement.
Dated: As of September 21, 1994 UNITED SHAREHOLDER SERVICES, INC.
BY: /S/ Xxxxx X. Xxxxxx
Xxxxx X. Xxxxxx, President
ACCOLADE FUNDS
BY: /S/ Xxxxx X. Xxxxxx
Xxxxx X. Xxxxxx President
EXHIBIT B
TO
LOCKBOX SERVICE AGREEMENT
BETWEEN
UNITED SHAREHOLDER SERVICES, INC.
AND
ACCOLADE FUNDS
NAME OF FUND DATE SUBJECT TO AGREEMENT
Bonnel Growth Fund September 21, 1994
Dated: As of September 21, 1994 UNITED SHAREHOLDER SERVICES, INC.
BY:/S/ Xxxxx X. Xxxxxx
Xxxxx X. Xxxxxx, President
ACCOLADE FUNDS
BY:/S/ Xxxxx X. Xxxxxx
Xxxxx X. Xxxxxx, President
