AMENDMENT TO FUND ACCOUNTING AGREEMENT
Exhibit (h)(8) |
AMENDMENT TO |
FUND ACCOUNTING AGREEMENT |
This AMENDMENT
to FUND ACCOUNTING AGREEMENT (the “Amendment”) made as of November 11, 2011
and effective as of July 1, 2011 between CAVANAL HILL FUNDS, formerly known as American
Performance Funds, a Massachusetts business trust (the “Trust”) and CITI
FUND SERVICES OHIO, INC., formerly known as BISYS Fund Services Ohio, Inc., an Ohio
corporation (“Citi”), to that certain Fund Accounting Agreement, dated
July 1, 2004, between the Trust and Citi (as amended and in effect on the date hereof,
the “Agreement”). All capitalized terms used but not defined herein shall
have the meanings given to them in the Agreement. |
WHEREAS, pursuant
to the Agreement, Citi performs certain fund accounting services for each investment
portfolio of the Trust (individually a “Fund” and collectively the “Funds”); |
WHEREAS, Citi
and the Trust wish to enter into this Amendment to the Agreement in order to revise
the fees payable by the Trust and incorporate the terms and conditions set forth
below; |
NOW, THEREFORE,
in consideration of the foregoing and the mutual covenants and promises hereinafter
contained and for other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the Trust and Citi hereby agree as follows: |
1. | Fees. | |
Schedule B of the Agreement is hereby deleted in its entirety and replaced with
the attached Schedule B. |
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2. | Representations and Warranties. | |
(a) The Trust represents (i) that it has full power and authority to enter into and
perform this Amendment and (ii) that this Amendment will be presented to the Board
of Trustees of the Trust (the “Board”) for the Board’s review and
approval. |
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(b) Citi represents that it has full power and authority to enter into and perform this Amendment. | ||
3. | Miscellaneous. | |
(a) This Amendment supplements and amends the Agreement. The provisions set forth
in this Amendment supersede all prior negotiations, understandings and agreements
bearing upon the subject matter covered herein, including any conflicting provisions
of the Agreement or any provisions of the Agreement that directly cover or indirectly
bear upon matters covered under this Amendment. Except as set forth herein, the
Agreement shall remain in full force and effect. |
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(b) Each
reference to the Agreement in the Agreement (as it existed prior to this Amendment)
and in every other agreement, contract or instrument to which the parties are bound,
shall hereafter be construed as a reference to the Agreement as amended by this
Amendment. Except as provided in this Amendment, the provisions of the Agreement
remain in full force and effect. No amendment or modification to this Amendment
shall be valid unless made in writing and executed by both parties hereto. |
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(c) Paragraph headings in this Amendment are included for convenience only and are
not to be used to construe or interpret this Amendment. |
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(d) This Amendment may be executed in counterparts, each of which shall be an original
but all which, taken together, shall constitute one and the same agreement. |
IN WITNESS
WHEREOF, the parties hereto have caused this Amendment to be duly executed all as
of the day and year first above written. |
CAVANAL HILL FUNDS | |
By: /s/ Xxxxx X. Xxxxxxxxxx | |
Name: Xxxxx X. Xxxxxxxxxx | |
Title: President | |
CITI FUND SERVICES OHIO, INC. | |
By: /s/ Xxxxxx X. Xxxxxxx | |
Name: Xxxxxx X. Xxxxxxx | |
Title: Vice President | |
SCHEDULE B |
TO THE FUND ACCOUNTING AGREEMENT |
AS OF JULY 1, 2011 |
FEES AND EXPENSES |
For the Services
provided by Citi hereunder and under the separate Transfer Agency Agreement, Compliance
Services Agreement and Rule 22c-2 Services Agreement, the Trust shall pay Citi on
the first business day of each month, or as otherwise set forth below, fees for
fund accounting, transfer agency, compliance and Rule 22c-2 services, determined
at the annual rates set forth below. |
Notwithstanding
the foregoing, the Fees for the Services provided hereunder and pursuant to the
separate Sub-Administration Agreement for the Cavanal Hill Tax Free Money Market
Fund shall be governed by that certain separate Omnibus Fee Agreement for the Institutional
Tax-Exempt Money Market Fund Agreement dated July 1, 2004, as amended (the “Omnibus
Agreement”) but only until such time as the Omnibus Agreement terminates. |
I. | Asset-Based Annual Fee |
0.035% of
the first $2 billion in aggregate net assets of all Funds (excluding any Fund that
commences operations after July 1, 2011), plus 0.0275% of the next $2 billion in aggregate net assets of all Funds (excluding any Fund that commences operations after July 1, 2011), plus 0.02% of the aggregate net assets of all Funds (excluding any Fund that commences operations after July 1, 2011) in excess of $4 billion. |
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II. | Additional Fund Fee |
$35,000 base
fee per year for each Fund that commences operations after July 1, 2011; $5,000 per Class fee per year for each Class above one of a Fund that commences operations after July 1, 2011; $7,500 fee per year per Cusip of a Fund that commences operations after July 1, 2011. |
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III. | Class Fee |
$5,000 per
year for each Fund (excluding Funds that commence operations after July 1, 2011)
with an A Class. |
In addition,
there shall be an annual minimum fee for the Funds. The annual minimum fee (calculated
and payable monthly) shall equal the product of the number of Funds multiplied by $67,500
(the “Annual Minimum Fee”). Should the amount of fees (excluding expenses
or other out of pocket costs) payable to Citi hereunder for a calendar month be
less than the Annual Minimum Fee divided by twelve (12), then the Trust shall pay
Citi the difference. |
IV. | Allocation | |
For the avoidance of doubt, all fees set forth above, including the Additional Fund Fee and Class Fee, shall be allocated and paid by all Funds. | ||
V. | Out of Pocket Expenses and Miscellaneous Charges | |
The out of
pocket expenses and miscellaneous services fees and charges provided for under this
Agreement are not included in the above fees and shall also be payable to Citi in
accordance with the provisions of this Agreement. |