Exhibit 8(b)(i)
February 2, 1998
THE XXXXXX SQUARE MULTI-MANAGER FUND
Re: Sub-Custodian Services Fees
Dear Sir/Madam:
This letter constitutes our agreement with respect to compensation to be
paid to PNC Bank, National Association ("PNC") under the terms of a
Sub-Custodian Agreement dated February 2, 1998 between PNC and Xxxxxx Square
Multi-Manager Fund ("you" or the "Fund") and Wilmington Trust Company ("WTC"),
as amended from time to time (the "Agreement"). Pursuant to Paragraph 11 of the
Agreement, and in consideration of the services to be provided to the Fund, WTC
will pay PNC the following:
1. Asset-based fees, payable monthly and calculated daily, based on the
average daily net assets of the Portfolios of the Fund in the aggregate:
.0150% of the first $2 billion of average daily net assets .0125% on the
next $1 billion of average daily net assets .0100% of the average daily
net assets over $3 billion
2. Each Portfolio shall pay PNC transaction charges as follows:
Physical delivery $15.00
Fed Book entry $ 7.50
Depository eligible $ 7.50
GNMA depository $15.00
Repo with PNC $ 7.50 -- Round-trip per piece of
collateral
Repo outside PNC $ 7.50 -- Round-trip per piece of
collateral
Options contract $30.00 -- Round-trip
Futures contract $ 5.00 -- For each margin variation
wire
A transaction includes each buy, sell, maturity, "receive", "deliver",
exercise or expiration of any of the types of items listed above.
3. Wilmington Trust Company shall pay PNC's out-of-pocket expenses
reasonably incurred on behalf of the Fund, including, but not limited to,
incremental costs in providing, federal express, confirmation fees and federal
reserve wire fees.
4. The minimum monthly fee shall be $1,000 per Portfolio, exclusive of
transaction charges, balance debits, out-of-pocket charges and other
miscellaneous charges. PNC will waive its monthly minimum fee per portfolio when
aggregate asset levels reach $3 billion.
5. PNC will sweep any net excess cash balances daily into an investment
vehicle designated in writing by the Fund and agreed to by PNC and will credit
the Fund with such sweep earnings on a monthly basis. PNC will be paid .25% of
assets swept.
If the foregoing accurately sets forth our agreement and you intend to be
legally bound thereby, please execute a copy of this letter and return it to us.
Very truly yours,
PNC BANK, NATIONAL ASSOCIATION
By: /s/ Xxxxxxxx X. Xxxxxxx
----------------------------------------
Title: Senior Vice President
Agreed and Accepted:
RODNEY SQUARE MULTI-MANAGER FUND
By: /s/ Xxxxxx X. Xxxxxxxxx
-----------------------------------
Title: President
Agreed and Accepted:
WILMINGTON TRUST COMPANY
By: /s/ Xxxxxx X. Xxxxxxxxx
-----------------------------------
Title: Senior Vice President
