FIRST AMENDMENT TO ADMINISTRATION AGREEMENT
Exhibit (h)(1)(B)
FIRST AMENDMENT TO ADMINISTRATION AGREEMENT
THIS AMENDMENT is executed as of the date set forth below by and between Ambassador Funds (the “Company”) and Fund Services Group, LLC (the “Administrator”).
The Company and the Administrator have previously entered into that certain Administration Agreement dated August 1, 2003 (the “Agreement”), and now desire to amend the Agreement as set forth below.
The Company and the Administrator agree that Section 4 of the Agreement is amended to read as follows:
4.
Compensation of the Administrator. For the services to be rendered, the facilities furnished and the expenses assumed by the Administrator pursuant to this Agreement, each Series of the Company, as listed on Exhibit A, shall pay to the Administrator compensation at the following annual rate:
·
4 basis points (0.04%) of the first $500 million of net assets of the Company,
·
3 basis points (0.03%) of the next $500 million of net assets of the Company, and
·
2 basis points (0.02%) on net assets in excess of $1 billion.
provided, however, that the minimum annual fee payable to the Administrator shall be $30,000 and provided further that the fees payable by each Series shall go into effect at such time as each Series has assets in excess of $10 million. Such compensation shall be calculated and accrued daily, and paid to the Administrator monthly. In addition to paying the Administrator the fees set forth in the Fee Agreement, each Series of the Company shall also reimburse the Administrator for its reasonable out-of-pocket expenses.
If this Agreement becomes effective subsequent to the first day of a month or terminates before the last day of a month, the Administrator’s compensation for that part of the month in which this Agreement is in effect shall be prorated in a manner consistent with the calculation of the fees as set forth above. All rights of compensation under this Agreement for services performed on or before the termination date shall survive the termination of this Agreement.
Except as specifically amended hereby, the Agreement shall remain in full force and effect in accordance with its terms.
Dated as of the 13th day of June 2006.
AMBASSADOR FUNDS
/S/ XXXXX X. XXXXXXXX
By: ____________________________
Xxxxx X. Xxxxxxxx, President
FUND SERVICES GROUP, LLC
/S/ XXXXX X. XX XXXXXX
By: _____________________________
Xxxxx X. Xx Xxxxxx, President
Exhibit A
to the
Fund Names
Separate Series of the Ambassador Funds
Name of Series
Date Added
Ambassador Money Market Fund
August 1, 2003
Michigan Investment Trust Government
Money Market Series
June 13, 2006
