SUBADVISORY AGREEMENT
Agreement made as of the ____ day of March, 2003, by and between
American Express Financial Corporation, a Delaware corporation ("AEFC"), and
Xxxxxx Investment Partners, Inc., a Pennsylvania __________ corporation
("Subadviser").
WHEREAS the Fund listed in Schedule A is a series of an investment
company registered under the Investment Company Act of 1940, as amended (the
"1940 Act").
WHEREAS AEFC has entered into an Investment Management Services
Agreement dated January 9, 2003 (the "Advisory Agreement") with the Fund
pursuant to which AEFC provides investment advisory services to the Fund.
WHEREAS AEFC desires to retain Subadviser to provide investment
sub-advisory services to the Fund, and Subadviser is willing to render such
investment sub-advisory services.
NOW, THEREFORE, the parties, intending to be legally bound, agree as follows:
1. Subadviser's Duties.
(a) Portfolio Management. Subject to supervision by AEFC and the Fund's
Board of Directors (the "Board"), Subadviser shall manage the
investment operations and the composition of that portion of assets of
the Fund which is allocated to Subadviser (the "Assets") from time to
time by AEFC (which portion may include any or all of the Fund's
assets), including the purchase, retention, and disposition thereof,
in accordance with the Fund's investment objectives, policies, and
restrictions, and subject to the following understandings:
(i) Investment Decisions. Subadviser shall determine from time to
time what investments and securities will be purchased, retained,
or sold with respect to the Assets, and what portion of such
assets will be invested in cash equivalents or held uninvested as
cash. Subadviser is prohibited from consulting with any other
subadviser of the Fund concerning transactions of the Fund in
securities or other assets, other than for purposes of complying
with the conditions of Rule 12d3-1(a) or (b).
(ii) Investment Limits. In the performance of its duties and
obligations under this Agreement, Subadviser shall act in
conformity with applicable limits and requirements, as amended
from time to time, as set forth in the (A) Fund's Prospectus and
Statement of Additional Information ("SAI"); (B) instructions and
directions of AEFC and of the Board; (C) requirements of the 1940
Act, the Internal Revenue Code of 1986, as amended, as applicable
to the Assets Fund, and all other applicable federal and state
laws and regulations; and (D) the procedures and standards set
forth in, or established in accordance with, the Advisory
Agreement.
(iii) Portfolio Transactions.
(A) Trading. With respect to the securities and other
investments to be purchased or sold for the Fund, Subadviser
shall place orders with or through such persons, brokers,
dealers, or futures commission merchants (including, but not
limited to, broker-dealers that are affiliated with AEFC or
Subadviser and which may obtain compensation therefrom)
selected by Subadviser in its discretion; provided, however,
that such orders shall be consistent with the brokerage
policy set forth in the Fund's Prospectus and SAI, or
approved by the Board; conform with federal securities laws;
and be consistent with "best execution" (securing the most
favorable price and efficient execution available). The
Sub-Adviser shall consider all factors that it deems
relevant, including the breadth of the market in the
security, the price of the security, the financial condition
and execution capability of the broker or dealer, and the
reasonableness of the commission, if any, both for the
specific transaction and on a continuing basis. Within the
framework of this policy, in selecting the broker-dealer to
execute a particular transaction, the Sub-Advisor may also
consider the brokerage and research services provided (as
those terms are defined in Section 28(e) of th4e Securities
Exchange Act of 1934). Consistent with any guidelines
established by the Board, the Sub-Adviser is authorized to
pay to a broker or dealer who provides such brokerage and
research services a commission for executing a fund
transaction for the Fund which is in excess of the amount of
commission another broker or dealer would have charged for
effecting that transaction if the Sub-Adviser determines in
good faith that such commission was reasonable in relation
to the value of the brokerage and research services provided
by such broker or dealer - - viewed in terms of that
particular transaction or in terms of the overall
responsibilities of the Sub-Adviser to the Fund.
(B) Aggregation of Trades. On occasions when Subadviser deems
the purchase or sale of a security or futures contract to be
in the best interest of the Fund as well as other clients of
Subadviser, Subadviser, to the extent permitted by
applicable laws and regulations, may, but shall be under no
obligation to, aggregate the securities or futures contracts
to be sold or purchased in order to obtain the most
favorable price or lower brokerage commissions and efficient
execution. In such event, allocation of the securities or
futures contracts so purchased or sold, as well as the
expenses incurred in the transaction, will be made by
Subadviser in the manner Subadviser considers to be the most
equitable and consistent with its fiduciary obligations to
the Fund and to such other clients.
(iv) Records and Reports. Subadviser shall maintain such books and
records required under the 1940 Act as shall be agreed upon from
time to time by the parties hereto, shall render to the Board
such periodic and special reports as the Board or AEFC may
reasonably request, and shall meet with any persons at the
request of AEFC or the Board for the purpose of reviewing
Subadviser's performance under this Agreement at reasonable times
and upon reasonable advance written notice.
(v) Transaction Reports. Subadviser shall provide the Fund's
custodian on each business day with information relating to all
transactions concerning the Fund's assets and shall provide AEFC
with such information pursuant to procedures agreed upon by AEFC
and Subadviser.
(b) Subadviser's Directors, Officers, and Employees. Subadviser shall
authorize and permit any of its directors, officers, and employees who
may be elected as directors or officers of the Fund to serve in the
capacities in which they are elected. Services to be furnished by
Subadviser under this Agreement may be furnished through any such
directors, officers, or employees.
(c) Maintenance of Records. Subadviser shall timely furnish to AEFC all
information relating to Subadviser's services hereunder which are
needed by AEFC to maintain the books and records of the Fund required
under the 1940 Act. Subadviser shall maintain for the Fund the records
required by paragraphs (b)(5), (b)(6), (b)(7), (b)(9), (b)(10) and (f)
of Rule 31a-1 under the 1940 Act and any additional records as agreed
upon by Subadviser and AEFC. Subadviser agrees that all records which
it maintains for the Fund are the property of the Fund and Subadviser
will surrender promptly to the Fund any of such records upon the
Fund's request; provided, however, that Subadviser may retain a copy
of such records. Subadviser further agrees to preserve for the periods
prescribed under the 1940 Act any such records as are required to be
maintained by it pursuant to paragraph 1(a) hereof.
(d) Fidelity Bond and Code of Ethics. Subadviser will provide the Fund
with reasonable evidence that, with respect to its activities on
behalf of the Fund, Subadviser is maintaining (i) adequate fidelity
bond insurance and (ii) an appropriate Code of Ethics and related
reporting procedures.
2. AEFC's Duties. AEFC shall continue to have responsibility for all other
services to be provided to the Fund pursuant to the Advisory Agreement and
shall oversee and review Subadviser's performance of its duties under this
Agreement. AEFC shall also retain direct portfolio management
responsibility with respect to any assets of the Fund which are not
allocated by it to the portfolio management of Subadviser as provided in
paragraph 1(a) hereof. AEFC agrees to comply with all applicable federal
and state law and regulation in the performance of its obligations
hereunder.
3. Documents and Information Provided to Subadviser. AEFC has delivered or
will deliver to Subadviser current copies and supplements thereto of each
of the Prospectus and SAI pertaining to the Fund, will promptly deliver to
it all future amendments and supplements, if any, will promptly advise
Subadviser in writing, consistent with sub-paragraphs 1(a)(ii)(A), (B) and
(D) hereof, of all instructions and directions of AEFC and the Fund's Board
and all procedures and standards set forth in or established in accordance
with the Advisory Agreement, as may be established or amended from time to
time, and will promptly deliver to or advise Subadviser in writing of any
other information or materials relevant to Subadviser's portfolio
management responsibilities under this Agreement.
4. Compensation of Subadviser; Expenses. For the services provided and the
expenses assumed pursuant to this Agreement, AEFC will pay to Subadviser,
effective from the date of this Agreement, a fee which shall be accrued
daily and paid monthly, on or before the last business day of the next
succeeding calendar month, from the Fund's assets at the annual rates as a
percentage of the Fund's average daily net assets set forth in the attached
Schedule A, which Schedule can be modified from time to time to reflect
changes in annual rates, subject to appropriate approvals required by the
1940 Act, if any. If this Agreement becomes effective or terminates before
the end of any month, the fee for the period from the effective date to the
end of the month or from the beginning of such month to the date of
termination, as the case may be, shall be prorated according to the
proportion that such month bears to the full month in which such
effectiveness or termination occurs.
During the term of this Agreement, Subadviser will pay all expenses
incurred by it in connection with rendering portfolio management services
under this Agreement. Subadviser shall have no obligation to pay or
liability with respect to all costs and expenses of the Fund's operation,
including but not limited to those for custody, interest, taxes, brokerage,
transfer agency, dividend disbursement, accounting, pricing of shares,
legal and auditing services, filing and registration, shareholder reports
or shareholder meetings, the costs and expenses of the Adviser in
overseeing the above or Subadviser, and any extraordinary costs or expenses
such as relating to litigation against the Adviser or the Fund.
5. Liability of Subadviser. Subadviser agrees to perform faithfully the
services required to be rendered to the Fund under this Agreement, but
nothing herein contained shall make Subadviser or any of its officers,
directors, or employees liable for any loss sustained by the Fund or its
officers, directors, or shareholders, or any other person on account of the
services which Subadviser may render or fail to render under this
Agreement; provided, however, that nothing herein shall protect Subadviser
against liability to the Fund or to any of its shareholders, to which
Subadviser would otherwise be subject, by reason of its willful
misfeasance, bad faith, or gross negligence in the performance of its
duties, or by reason of its reckless disregard of its obligations and
duties under this Agreement. Nothing in this Agreement shall protect
Subadviser from any liabilities which it may have under the 1933 Act or the
1940 Act.
6. Representations of Subadviser. Subadviser represents and warrants as
follows:
(a) Subadviser (i) is registered as an investment advisor under the
Advisers Act of 1940 (the "Advisers Act") and will continue to be so
registered for so long as this Agreement remains in effect; (ii) is
not prohibited by the 1940 Act or the Advisers Act from performing the
services contemplated by this Agreement, (iii) has met and will seek
to continue to meet for so long as this Agreement remains in effect,
any other applicable federal or state requirements, or the applicable
requirements of any regulatory or industry self-regulatory agency
necessary to be met in order to perform the services contemplated by
this Agreement; (iv) has the authority to enter into and perform the
services contemplated by this Agreement; and (v) will promptly notify
AEFC of the occurrence of any event that would disqualify Subadviser
from serving as an investment advisor of an investment company
pursuant to Section 9(a) of the 1940 Act or otherwise.
(b) Subadviser has adopted a written code of ethics complying with the
requirements of Rule 17j-1 under the 1940 Act and will provide AEFC
with a copy of the code of ethics, together with evidence of its
adoption. Within 45 days of the end of the last calendar quarter of
each year that this Agreement is in effect, a duly authorized officer
of Subadviser shall certify to AEFC that Subadviser has complied with
the requirements of Rule 17j-1 during the previous year and that there
has been no material violation of Subadviser's code of ethics or, if
such a violation has occurred, that appropriate action was taken in
response to such violation. Upon the written request of AEFC,
Subadviser shall permit AEFC, its employees, or its agents to examine
the reports required to be made to Subadviser by Rule 17j-1(c)(1) and
all other records relevant to Subadviser's code of ethics.
(c) Subadviser has provided AEFC with a copy of its Form ADV, which as of
the date of this Agreement is its Form ADV as most recently filed with
the Securities and Exchange Commission ("SEC") and promptly will
furnish a copy of all amendments to AEFC at least annually.
(d) Subadviser will promptly notify AEFC of any changes in the controlling
shareholder(s) or in the key personnel who are either the portfolio
manager(s) responsible for the Asset or senior management of
Subadviser, or if there is otherwise an actual or expected change in
control or management of Subadviser.
(e) Subadviser agrees that neither it nor any of its affiliates will in
any way refer directly or indirectly to its relationship with the Fund
or AEFC, or any of their respective affiliates in offering, marketing,
or other promotional materials without the prior written consent of
AEFC; except that Subadviser may refer to the Fund and/or to AEFC in
its listings of clients and may include the Assets in its listing of
assets under management.
7. Representations of AEFC. AEFC represents and warrants as follows:
(a) AEFC (i) is registered as an investment advisor under the Advisers Act
and will
continue to be so registered for so long as this Agreement remains in
effect; (ii) is not prohibited by the 1940 Act or the Advisers Act
from performing the services contemplated by this Agreement, (iii) has
met and will seek to continue to meet for so long as this Agreement
remains in effect, any other applicable federal or state requirements,
or the applicable requirements of any regulatory or industry
self-regulatory agency necessary to be met in order to perform the
services contemplated by this Agreement; (iv) has the authority to
enter into and perform the services contemplated by this Agreement;
and (v) will promptly notify Subadviser of the occurrence of any event
that would disqualify AEFC from serving as an investment advisor of an
investment company pursuant to Section 9(a) of the 1940 Act or
otherwise. AEFC also represents and warrants that the Subadviser has
been duly appointed by the Board and/or Fund shareholder action, that
the Fund and/or the corporation of which it is a series is duly
organized, validly existing and is in good standing under the laws of
the State of its incorporation, and that to the best of its knowledge
the Fund is in compliance and shall at all times use its best efforts
to comply with applicable federal and state law and regulation.
(b) AEFC agrees that neither it nor any of its affiliates will in any way
refer directly or indirectly to its relationship with Subadviser, or
any of its affiliates in offering, marketing, or other promotional
materials without the prior written consent of Subadviser.
8. Liability and Indemnification.
(a) Except as may otherwise be provided by the 1940 Act or any other
federal securities law, Subadviser, any of its affiliates and any of
the officers, directors, employees, consultants, or agents thereof
shall not be liable for any losses, claims, damages, liabilities, or
litigation (including legal and other expenses) incurred or suffered
by AEFC or the Fund as a result of any error of judgment or mistake of
law by Subadviser with respect to the Fund, except that nothing in
this Agreement shall operate or purport to operate in any way to
exculpate, waive, or limit the liability of Subadviser for, and
Subadviser shall indemnify and hold harmless the Fund, AEFC, all
affiliated persons thereof (within the meaning of Section 2(a)(3) of
the 0000 Xxx) and all controlling persons (as described in Section 15
of the Securities Act of 1933, as amended ("1933 Act")) (collectively,
"AEFC Indemnitees") against any and all losses, claims, damages,
liabilities, or litigation (including reasonable legal and other
expenses) to which any of the AEFC Indemnitees may become subject
under the 1933 Act, the 1940 Act, the Advisers Act, or under any other
statute, at common law, or otherwise arising out of or based on (i)
any willful misconduct, bad faith, reckless disregard, or gross
negligence of Subadviser in the performance of any of its duties or
obligations hereunder; (ii) any untrue statement of a material fact
contained in the Prospectus and SAI, proxy materials, reports,
advertisements, sales literature, or other materials pertaining to the
Fund or the omission to state therein a material fact known to
Subadviser which was required to be stated therein or necessary to
make the statements therein not misleading, if such statement or
omission was made in reliance upon written information furnished to
AEFC or the Fund by the
Subadviser Indemnitees (as defined below) for use therein; or (iii)
any violation of federal or state statutes or regulations by
Subadviser. It is further understood and agreed that Subadviser may
rely upon information furnished to it by AEFC that it reasonably
believes to be accurate and reliable. The federal securities laws
impose liabilities in certain circumstances on persons who act in good
faith, and therefore nothing herein shall in any way constitute a
waiver of limitation of any rights which AEFC may have under any
securities laws.
(b) Except as may otherwise be provided by the 1940 Act or any other
federal securities law, AEFC and the Fund shall not be liable for any
losses, claims, damages, liabilities, or litigation (including legal
and other expenses) incurred or suffered by Subadviser as a result of
any error of judgment or mistake of law by AEFC with respect to the
Fund, except that nothing in this Agreement shall operate or purport
to operate in any way to exculpate, waive, or limit the liability of
AEFC for, and AEFC shall indemnify and hold harmless Subadviser, all
affiliated persons thereof (within the meaning of Section 2(a)(3) of
the 0000 Xxx) and all controlling persons (as described in Section 15
of the 1933 Act) (collectively, "Subadviser Indemnitees") against any
and all losses, claims, damages, liabilities, or litigation (including
reasonable legal and other expenses) to which any of the Subadviser
Indemnitees may become subject under the 1933 Act, the 1940 Act, the
Advisers Act, or under any other statute, at common law, or otherwise
arising out of or based on (i) any willful misconduct, bad faith,
reckless disregard, or gross negligence of AEFC in the performance of
any of its duties or obligations hereunder; (ii) any untrue statement
of a material fact contained in the Prospectus and SAI, proxy
materials, reports, advertisements, sales literature, or other
materials pertaining to the Fund or the omission to state therein a
material fact known to AEFC which was required to be stated therein or
necessary to make the statements therein not misleading, unless such
statement or omission was made in reliance upon written information
furnished to AEFC or the Fund by a Subadviser Indemnitee for use
therein, or (iii) any violation of federal or state statutes or
regulations by AEFC or the Fund.
(c) After receipt by AEFC or Subadviser, its affiliates, or any officer,
director, employee, or agent of any of the foregoing, entitled to
indemnification as stated in (a) or (b) above ("Indemnified Party") of
notice of the commencement of any action, if a claim in respect
thereof is to be made against any person obligated to provide
indemnification under this section ("Indemnifying Party"), such
Indemnified Party shall notify the Indemnifying Party in writing of
the commencement thereof as soon as practicable after the summons or
other first written notification giving information of the nature of
the claim that has been served upon the Indemnified Party; provided
that the failure to so notify the Indemnifying Party will not relieve
the Indemnifying Party from any liability under this section, except
to the extent that the omission results in a failure of actual notice
to the Indemnifying Party and such Indemnifying Party is damaged
solely as a result of the failure to give such notice. The
Indemnifying Party, upon the request of the Indemnified Party, shall
retain counsel reasonably satisfactory to the Indemnified Party to
represent the Indemnified Party in the proceeding, and shall pay the
reasonable fees and disbursements of such counsel related to such
proceeding. In any such proceeding, any Indemnified Party shall have
the right to retain its own counsel, but the fees and expenses of such
counsel shall be at the expense of such Indemnified Party unless (1)
the Indemnifying Party and the Indemnified Party shall have mutually
agreed to the retention of such counsel, or (2) the named parties to
any such proceeding (including any impleaded parties) include both the
Indemnifying Party and the Indemnified Party and representation by
both parties by the same counsel would be inappropriate due to actual
or potential differing interests between them. The Indemnifying Party
shall not be liable for any settlement of any proceeding effected
without its written consent, which consent shall not be unreasonably
withheld, but if settled with such consent or if there be a final
judgment for the plaintiff, the Indemnifying Party agrees to indemnify
the Indemnified Party from and against any loss or liability by reason
of such settlement or judgment.
9. Duration and Termination.
(a) Unless sooner terminated as provided herein, this Agreement shall
continue in effect for a period of more than two years from the date
written above only so long as such continuance is specifically
approved at least annually in conformity with the requirements of the
1940 Act. Thereafter, if not terminated, this Agreement shall continue
automatically for successive periods of 12 months each, provided that
such continuance is specifically approved at least annually (i) by a
vote of a majority of the Board members who are not parties to this
Agreement or interested persons (as defined in the 0000 Xxx) of any
such party, and (ii) by the Board or by a vote of the holders of a
majority of the outstanding voting securities (as defined in the 1940
Act) of the Fund.
(b) Notwithstanding the foregoing, this Agreement may be terminated at any
time, without the payment of any penalty, by the Board or by vote of a
majority of the outstanding voting securities (as defined in the 0000
Xxx) of the Fund on 60 days' written notice to Subadviser. This
Agreement may also be terminated, without the payment of any penalty,
by AEFC (i) upon 60 days' written notice to Subadviser; (ii) upon
material breach by Subadviser of any representations and warranties
set forth in this Agreement, if such breach has not been cured within
20 days after written notice of such breach; or (iii) immediately if,
in the reasonable judgment of AEFC, Subadviser becomes unable to
discharge its duties and obligations under this Agreement, including
circumstances such as the insolvency of Subadviser or other
circumstances that could adversely affect the Fund. Subadviser may
terminate this Agreement at any time, without payment of any penalty,
on 60 days' written notice to AEFC. This Agreement shall terminate
automatically in the event of its assignment (as defined in the 0000
Xxx) or upon the termination of the Advisory Agreement.
10. Subadviser's Services Are Not Exclusive. Nothing in this Agreement shall
limit or restrict the right of any of Subadviser's directors, officers, or
employees who may also be a director, officer, or employee of the Fund to
engage in any other business or to devote his or her time and attention in
part to the management or other aspects of any business, whether of a
similar or a dissimilar nature, or limit or restrict Subadviser's right to
engage in any other business or to render services of any kind to any other
corporation, firm, individual, or association.
11. References to Subadviser. During the term of this Agreement, AEFC agrees to
furnish to Subadviser at its principal office all prospectuses, proxy
statements, reports to shareholders, sales literature, or other material
prepared for distribution to sales personnel, shareholders of the Fund or
the public, which refer to Subadviser or its clients in any way, prior to
use thereof and not to use such material if Subadviser reasonably objects
in writing five business days (or such other time as may be mutually agreed
upon) after receipt thereof. Sales literature may be furnished to
Subadviser hereunder by first-class or overnight mail, electronic or
facsimile transmission, or hand delivery.
12. Notices. Any notice under this Agreement must be given in writing as
provided below or to another address as either party may designate in
writing to the other.
Subadviser:
Xxxxxx Investment Partners, Inc.
0000 Xxxxxxxxx Xxxxx, Xxxxx 000
Xxxxxx, XX 00000
Attn: Xxx Xxxxxx, Intermediary Distribution Group - National Account
Director
Fax: 000-000-0000
With a copy to:
Xxxx X. Xxxxx
Chief Operating Officer and General Counsel
Xxxxxx Investment Partners, Inc.
0000 Xxxxxxxxx Xxxxx, Xxxxx 000
Xxxxxx, XX 00000
Fax: 000-000-0000
AEFC:
Vice President - Product Development and Research
American Express Financial Corporation
435 AXP Financial Center
Xxxxxxxxxxx, XX 00000
Fax: 000-000-0000
with a copy to:
H. Xxxxx xxx Xxxxx
Vice President and Group Counsel
American Express Financial Advisors Inc.
50606 AXP Financial Center
Xxxxxxxxxxx, XX 00000
Fax: 000-000-0000
13. Amendments. No material provision of this Agreement may be amended unless
by mutual consent of the parties hereto, subject to approval by the Board
and the Fund's shareholders to the extent required by the 1940 Act.
14. Assignment. No assignment (as defined in the 0000 Xxx) shall be made by
AEFC or the Subadviser without the prior written consent of the other.
Notwithstanding the foregoing, no assignment shall be deemed to result from
any changes in the directors, officers, or employees of AEFC or the
Subadviser except as may be provided to the contrary in the 1940 Act or the
rules and regulations thereunder.
15. Governing Law. This Agreement shall be governed by the laws of the State of
Minnesota, without giving effect to the conflicts of laws principles
thereof, or any applicable provisions of the 1940 Act. To the extent that
the laws of the State of Minnesota, or any of the provision of this
Agreement, conflict with applicable provisions of the 1940 Act, the latter
shall control.
16. Entire Agreement. This Agreement embodies the entire agreement and
understanding among the parties hereto, and supersedes all prior agreements
and understandings relating to the subject matter hereof.
17. Severability. Should any part of this Agreement be held 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.
18. Interpretation. Any questions of interpretation of any term or provision of
this Agreement having a counterpart in or otherwise derived from a term or
provision of the 1940 Act shall be resolved by reference to such term or
provision in the 1940 Act and to interpretation thereof, if any, by the
federal courts or, in the absence of any controlling decision of any such
court, by rules, regulations, or orders of the SEC validly issued pursuant
to the 1940 Act. Where the effect of a requirement of the 1940 Act
reflected in any provision of this Agreement is altered by a rule,
regulation, or order of the SEC, whether of special or general application,
such provision shall be deemed to incorporate the effect of such rule,
regulation, or order.
19. Headings. The headings in this Agreement are intended solely as a
convenience and are not intended to modify any other provision herein.
20. Authorization. Each of the parties represents and warrants that the
execution and delivery of this Agreement and the consummation of the
transactions contemplated by this Agreement have been duly authorized by
all necessary corporate action by such party and when so executed and
delivered, this Agreement will be the valid and binding obligation of such
party in accordance with its terms.
21. Confidentiality. Each party agrees that it will treat confidentially all
information provided by another party regarding the other party's business
and operations, including without limitation the investment activities or
holdings of a Fund. All confidential information provided by a party hereto
shall not be disclosed to any unaffiliated third party without the prior
consent of the providing party. The foregoing shall not apply to any
information that is public when provided or thereafter becomes public or
which is required to be disclosed by any regulatory authority in the lawful
and appropriate exercise of its jurisdiction, by any auditor of a party,
pursuant to judicial or administrative process or otherwise in accordance
with applicable law or regulation.
22. Counterparts. This Agreement may be executed in counterparts, each of which
shall be deemed an original.
IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed by their officers designated below as of the day and year first above
written.
AMERICAN EXPRESS XXXXXX INVESTMENT PARTNERS, INC.
FINANCIAL CORPORATION
By: By:
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Signature Signature
Name: Name:
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Printed Printed
Title: Title:
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