EXHIBIT NO. 99.9(e)
LIFETIME MONEY MARKET TRUST
LIFETIME MANAGED MUNICIPAL BOND TRUST
LIFETIME HIGH INCOME TRUST
LIFETIME CAPITAL GROWTH TRUST
LIFETIME EMERGING GROWTH TRUST
LIFETIME MANAGED SECTORS TRUST
LIFETIME GLOBAL EQUITY TRUST
LIFETIME CONSERVATIVE EQUITY TRUST
LIFETIME GOVERNMENT INCOME PLUS TRUST
State Street Bank and Trust Company
000 Xxxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000
Dividend Disbursing Agency Agreement
Dear Sirs:
Each of the above-listed funds (individually, the "Fund") is an
open-end registered investment company organized as a Massachusetts business
trust. Each Fund separately has selected you to act as its Dividend Disbursing
Agent and you hereby agree to act as such Agent and perform the duties and
functions thereof in the manner and on the conditions hereinafter set forth.
Accordingly, each Fund individually hereby agrees with you as follows:
1. Services to be Performed. As Dividend Disbursing Agent ("Agent"),
you shall be responsible for performing dividend and distribution disbursing
agent functions with regard to the Fund's shares of beneficial interest
("Shares"). The details of the operating standards and procedures to be followed
by you shall be determined from time to time by agreement between you and the
Fund.
2. Standard of Service. As Agent for the Fund, you agree to provide
service equal to at least that provided by you or others furnishing dividend and
distribution disbursing services to other open-end investment companies
("Standard") at a fee, as may be agreed to from time to time, comparable to the
fee paid you for your services hereunder. The Standard shall include at least
the following:
(a) Prompt processing of all matters requiring action by you;
(b) Prompt clearance of any daily volume backlog;
(c) Providing innovative services and technological
improvements;
(d) Meeting the requirements of any governmental authority
having jurisdiction over you or the Fund; and
(e) Prompt reconciliation of all bank accounts under your
control belonging to the Fund.
If the Fund is reasonably of the view that the service provided
by you does not meet the Standard, it shall give you written notice specifying
the particulars, and you then shall have 120 days in which to restore the
service so that it meets the Standard, except that such period shall be 180 days
with respect to meeting that portion of the Standard described above in item (c)
of this paragraph 2. If at the end of such period the Fund remains reasonably of
the view that the service provided by you in the particulars specified, does not
meet the Standard, then the Fund may, by appropriate action, elect to terminate
this Agreement for cause upon 90 days notice to you. Upon termination hereof,
the Fund shall pay you such compensation as may be due to you as of the date of
such termination, and shall likewise reimburse you for any costs, expenses, and
disbursements reasonably incurred by you to such date in the performance of your
duties hereunder.
3. Rights in Data and Confidentiality. You agree that all records,
data, files, input materials, reports, forms and other data received, computed
or stored in the performance of this Agreement are the exclusive property of the
Fund and that all such records and other data shall be furnished without
additional charge, except for actual processing costs, to the Fund in machine
readable as well as printed form immediately upon termination of this Agreement
or at the Fund's request. You shall safeguard and maintain the confidentiality
of the Fund's data and information supplied to you by the Fund and you shall not
transfer or disclose the Fund's data to any third party without the Fund's prior
written consent unless compelled to do so by order of a court or regulatory
authority.
4. Fees. The fee, based upon check clearance and reconciliation work
performed hereunder, shall not be in excess of such amount as shall be agreed in
writing between us. Such fee shall be payable in monthly installments. Such fee
shall be subject to review at least annually and fixed by the parties in good
faith negotiation on the basis of a statement of your expenses, which either you
or the Fund may require to be certified by a major accounting firm acceptable to
the parties. The party requesting such certification shall bear all expenses
thereof. In addition to the foregoing fee, you will be reimbursed by the Fund
for out-of-pocket expenses reasonably incurred by you on behalf of the Fund,
including but not limited to expenses for stationery, postage, telephone and
telegraph line and toll charges and similar items.
5. Record Keeping. You will maintain records in a form acceptable to
the Fund and in compliance with the rules and regulations of the Securities and
Exchange Commission, including, but not limited to, records required to be
maintained by Section 31(a) of the Investment Company Act of 1940 and the rules
thereunder, which at all times will be the property of the Fund and will be
available for inspection and use by the Fund or the Fund's transfer agent.
6. Duty of Care and Indemnification. You will at all times act in good
faith in performing your duties hereunder. You will not be liable or responsible
for delays or errors by reason of circumstances beyond your control, including
acts of civil or military authority, national emergencies, labor difficulties,
fire, mechanical breakdown beyond your control, flood or catastrophe, acts of
God, insurrection, war, riots or failure beyond your control of transportation,
communication or power supply. The Fund will indemnify you against and hold you
harmless from any and all losses, claims, damages, liabilities or expenses
(including reasonable counsel fees and expenses) resulting from any claim,
demand, action or suit not resulting from your bad faith or negligence, and
arising out of, or in connection with, your duties on behalf of the Fund
hereunder. In addition, the Fund will indemnify you against and hold you
harmless from any and all losses, claims, damages, liabilities or expenses
(including reasonable counsel fees and expenses) resulting from any claim,
demand, action or suit as a result of your acting in accordance with any
instructions reasonably believed by you to have been given executed or orally
communicated by any person duly authorized by the Fund or as a result of acting
in accordance with written or oral advice reasonable believed by you to have
been given by counsel for the Fund, or as a result of acting in accordance with
any instrument or share certificate reasonably believed by you to have been
genuine and signed, countersigned or executed by any person or persons
authorized to sign, countersign or execute the same (unless contributed to by
your gross negligence or bad faith). In any case in which the Fund may be asked
to indemnify you or hold you harmless, the Fund shall be advised of all
pertinent facts concerning the situation in question and you will use reasonable
care to identify and notify the Fund promptly concerning any situation which
presents or appears likely to present a claim for indemnification against the
Fund. The Fund shall have the option to defend you against any claim which may
be the subject of this indemnification, and in the event that the Fund so elects
such defense shall be conducted by counsel chosen by the Fund and satisfactory
to you and it will so notify you, and thereupon the Fund shall take over
complete defense of the claim and you shall sustain no further legal or other
expenses in such situation for which you seek indemnification under this
paragraph, except the expense of any additional counsel retained by you. You
will in no case confess any claim or make any compromise in any case in which
the Fund will be asked to indemnify you except with the Fund's prior written
consent. The obligations of the parties hereto under this paragraph shall
survive the termination of this Agreement.
7. Insurance. You will notify the Fund should any of your
insurance coverage, as set forth on Exhibit A hereto, be changed for any
reason, such notification to include the date of change and reason or reasons
therefor.
8. Notices. All notices or other communications hereunder shall be in
writing and shall be deemed sufficient if mailed to either party at the
addresses set forth in this Agreement, or at such other addresses as the parties
hereto may designate by notice to each other.
9. Further Assurances. Each party agrees to perform such further
acts and execute such further documents as are necessary to effectuate the
purposes hereof.
10. Use of a Sub-Dividend Disbursing Agent. Notwithstanding any
other provision of this Agreement, it is expressly understood and agreed that
you are authorized in the performance of your duties hereunder to employ one
or more Sub-Dividend Disbursing Agents.
11. Termination. Neither this Agreement nor any provision hereof may be
changed, waived, discharged or terminated orally, but only by an instrument in
writing, which, except in the case of termination, shall be signed by the party
against which enforcement of such change waiver or discharge is sought. Except
as otherwise provided in paragraph 2 hereof, this Agreement shall continue
indefinitely until terminated by 90 days' written notice given by the Fund to
you or by you to the Fund. Upon termination hereof, the Fund shall pay you such
compensation as may be due to you as of the date of such termination, and shall
likewise reimburse you for any costs, expenses, and disbursements reasonably
incurred by you to such date in the performance of your duties hereunder. You
agree to cooperate with the Fund and provide all necessary assistance in
effectuating an orderly transition upon termination of this Agreement.
12. Successor. In the event that in connection with termination a
successor to any of your duties or responsibilities hereunder is designated by
the Fund by written notice to you, you will, promptly upon such termination and
at the expense of the Fund, transfer to such successor an historical record of
dividends and disbursements and all other relevant books, records,
correspondence, and other data established or maintained by you under this
Agreement in form reasonably acceptable to the Fund (if such form differs from
the form in which you have maintained the same, the Fund shall pay any expenses
associated with transferring the same to such form), and will cooperate in the
transfer of such duties and responsibilities, including provision for assistance
from your cognizant personnel in the establishment of books, records and other
data by such successor.
13. Miscellaneous. This Agreement shall be construed and enforced in
accordance with and governed by the laws of the Commonwealth of Massachusetts.
The captions in this Agreement are included for convenience of reference only
and in no way define or delimit any of the provisions hereof or otherwise affect
their construction or effect. This Agreement may be executed simultaneously in
two or more counterparts, each of which shall be deemed an original, but all of
which taken together shall constitute one and the same instrument. This
Agreement has been executed on behalf of the Fund by the undersigned not
individually, but in the capacity indicated, and the obligations of this
Agreement are not binding upon any of the Trustees or shareholders of the Fund
individually, but bind only the trust estate.
If you are in agreement with the foregoing, please sign the form of
acceptance on this letter and the accompanying counterpart of this letter and
return such counterpart to the Fund whereupon this letter shall become a binding
contract between the Fund and you, the Fund having already executed this letter
and its counterpart.
Very truly yours,
XXXXXXX X. XXXXXX
Lifetime Money Market Trust By: Xxxxxxx X. Xxxxxx
Chairman
XXXXXXX X. XXXXXX
Lifetime High Income Trust By: Xxxxxxx X. Xxxxxx
Chairman
XXXXXXX X. XXXXXX
Lifetime Managed Sectors Trust By: Xxxxxxx X. Xxxxxx
Chairman
XXXXXXX X. XXXXXX
Lifetime Managed Municipal By: Xxxxxxx X. Xxxxxx
Xxxx Trust Chairman
XXXXXXX X. XXXXXX
Lifetime Capital Growth Trust By: Xxxxxxx X. Xxxxxx
Chairman
XXXXXXX X. XXXXXX
Lifetime Global Equity Trust By: Xxxxxxx X. Xxxxxx
Chairman
XXXXXXX X. XXXXXX
Lifetime Government Income Plus By: Xxxxxxx X. Xxxxxx
Trust Chairman
XXXXXXX X. XXXXXX
Lifetime Emerging Growth Trust By: Xxxxxxx X. Xxxxxx
Chairman
XXXXXXX X. XXXXXX
Lifetime Conservative Equity By: Xxxxxxx X. Xxxxxx
Trust Chairman
Attest: XXXXXX X. XXXXX
Xxxxxx X. Xxxxx
The foregoing is hereby accepted as of the date thereof.
STATE STREET BANK AND TRUST COMPANY
By: ILLEGIBLE
(Illegible)
