Exhibit h(v) under Form N-1A
Exhibit 10 under Item 601/ Reg. S-K
SHAREHOLDER SERVICES AGREEMENT
This Agreement is made between the Financial Institution executing this
Agreement ("Provider") and Federated Services Company, ("FSCo") on behalf of
certain classes of shares ("Classes") of the investment companies listed in
Exhibit A hereto (the "Funds"), for whom FSCo administers Shareholder Services
Plans ("Plans") and who have approved this form of Agreement. In consideration
of the mutual covenants, hereinafter contained, it is hereby agreed by and
between the parties hereto as follows:
1. FSCo hereby appoints Provider to render or cause to be rendered personal
services to shareholders of the Fund and/or the maintenance of accounts of
shareholders of the Funds ("Services"). Provider agrees to provide Services
which, in its best judgment, are necessary or desirable for its customers
who are investors in the Funds. Provider further agrees to provide FSCo,
upon request, a written description of the Services which Provider is
providing hereunder.
2. The Services to be provided under Paragraph 1 may include, but are not
limited to, the following:
(a) communicating account openings through facsimile transmission from a
machine located on the Provider's premises (by "fax") or through a
pouch sent by overnight air courier by Provider (by "pouch") or
otherwise;
(b) communicating account closings by fax or pouch or otherwise;
(c) communicating purchase transactions by fax or pouch or otherwise;
(d) communicating redemption transactions by fax or pouch or otherwise;
(e) electronically transferring and receiving funds for Fund share
purchases and redemptions;
(f) reviewing the activity in Fund accounts with respect to which Provider
has communicated instructions (but not reviewing all activity in Fund
accounts);
(g) providing training and supervision of its personnel; and
(h) responding to customers' and potential customers' questions about the
Funds.
The Services listed above are illustrative. The Provider is not required to
perform each service and may at any time perform either more or fewer Services
than described above.
3. During the term of this Agreement, the Funds will pay the Provider fees (if
any) as set forth in a written schedule delivered to the Provider pursuant
to this Agreement. The fee schedule for Provider may be changed by FSCo and
Provider pursuant to Paragraph 10 of this Agreement. For the payment period
in which this Agreement becomes effective or terminates, there shall be an
appropriate proration of the fee on the basis of the number of days that
this Agreement is in effect during the quarter.
4. The Provider agrees not to solicit or cause to be solicited directly, or
indirectly at any time in the future, any proxies from the shareholders of
a Fund in opposition to proxies solicited by management of the Fund, unless
a court of competent jurisdiction shall have determined that the conduct of
a majority of the Board of Trustees of the Fund constitutes willful
misfeasance, bad faith, gross negligence or reckless disregard of their
duties. This paragraph 4 will survive the term of this Agreement.
5. This Agreement shall continue in effect with respect to each Class
presently set forth on an exhibit and any subsequent Classes added pursuant
to an exhibit.
6. Notwithstanding paragraph 5, this Agreement may be terminated as follows:
(a) at any time, without the payment of any penalty, by the vote of a
majority of the Board Members of a Fund or by a vote of a majority of
the outstanding voting securities of the Fund as defined in the
Investment Company Act of 1940 on not more than sixty (60) days'
written notice to parties to this Agreement; and
(b) at any time, without the payment of any penalty, by either party to
the Agreement without cause by giving the other party at least sixty
(60) days' written notice of its intention to terminate.
7. Provider agrees to obtain taxpayer identification numbers from its
customers as required by the Internal Revenue Code and applicable Treasury
regulations, and to provide the Fund or its designee with such information.
The Fund or its designee will review customer documentation submitted by
Provider and will notify Provider if such information has not been
provided, and, if the Internal Revenue Service determines taxpayer
identification information furnished by Provider is inaccurate, will notify
Provider of such determination. In such a case, Provider will either obtain
the missing or correct information or advise the Fund or its designee to
implement required backup withholding in accordance with procedures under
the Internal Revenue Code and applicable Treasury regulations.
8. Provider and FSCo acknowledge and agree that Provider may perform the
Services through its own dedicated employees or cause the Services to be
performed through employees who are dual employees of Provider and one of
of Provider's wholly-owned subsidiaries.
9. This Agreement supersedes any prior service agreements between the parties
for the Funds.
10. This Agreement may not be amended or modified except by a writing executed
by each of the parties.
11. The execution and delivery of this Agreement have been authorized by the
Trustees of FSCo and signed by an authorized officer of FSCo, acting as
such, and neither such authorization by such Trustees nor such execution
and delivery by such officer shall be deemed to have been made by any of
them individually or to impose any liability on any of them personally, and
the obligations of this Agreement are not binding upon any of the Trustees
or shareholders of FSCo, but bind only the trust property of FSCo as
provided in the Declaration of Trust of FSCo.
12. The Provider acknowledges and agrees that FSCo has entered into this
Agreement solely in the capacity of agent for the Funds and administrator
of the Plans. The Provider agrees not to claim that FSCo is liable as
principal for any responsibilities or amounts due by the Funds hereunder.
FSCo acknowledges and agrees, however, that it is responsible for its
activities hereunder as agent for the Funds and administrator of the Plans.
13. This Agreement shall be construed in accordance with the Laws of the
Commonwealth of Pennsylvania.
MANUFACTURERS AND TRADERS TRUST
COMPANY
Xxx X&X Xxxxx
Xxxxxxx, Xxx Xxxx 00000
Dated: November 8, 2000 By: /s/ Xxxxxxx X. Xxxxxxxx
Authorized Signature
Title: Vice President
Xxxxxxx X. Xxxxxxxx
------------------------------------
Print Name of Authorized Signature
FEDERATED SERVICES COMPANY
Federated Investors Tower
Xxxxxxxxxx, XX 00000-0000
By: /s/ Xxxxxx X. Xxxxxxx
---------------------------------
Name: Xxxxxx X. Xxxxxxx
Title: Vice President
EXHIBIT A
to Shareholder Services Agreement with
respect to the MTB Group of Funds (the "Funds")
dated August 22, 2003
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Fund Name Share Class
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MTB Balanced Fund Class A, Class B and Institutional I
Shares
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MTB Equity Income Fund Class A, Class B and Institutional I
Shares
----------------------------------------------------------------------------------------------------
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MTB Equity Index Fund Class A, Class B and Institutional I
Shares
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
MTB Income Fund Class A, Class B and Institutional I
Shares
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
MTB Intermediate-Term Bond Fund Class A, Class B and Institutional I
Shares
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
MTB International Equity Fund Class A, Class B and Institutional I
Shares
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
MTB Large Cap Growth Fund Class A, Class B and Institutional I
Shares
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
MTB Large Cap Stock Fund Class A, Class B and Institutional I
Shares
----------------------------------------------------------------------------------------------------
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MTB Large Cap Value Fund Class A, Class B and Institutional I
Shares
----------------------------------------------------------------------------------------------------
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MTB Managed Allocation Fund - Aggressive Growth Class A Shares and Class B Shares
----------------------------------------------------------------------------------------------------
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MTB Managed Allocation Fund - Conservative Growth Class A Shares and Class B Shares
----------------------------------------------------------------------------------------------------
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MTB Managed Allocation Fund - Moderate Growth Class A Shares and Class B Shares
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
MTB Maryland Municipal Bond Fund Class A, Class B and Institutional I
Shares
----------------------------------------------------------------------------------------------------
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MTB Mid Cap Growth Fund Class A, Class B and Institutional I
Shares
----------------------------------------------------------------------------------------------------
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MTB Mid Cap Stock Fund Class A, Class B and Institutional I
Shares
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
MTB Money Market Fund Class A, Class B, Class S, Institutional
and Institutional I Shares
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
MTB Multi Cap Growth Fund Class A, Class B and Institutional I
Shares
----------------------------------------------------------------------------------------------------
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MTB New York Municipal Bond Fund Class A, Class B and Institutional I
Shares
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
MTB New York Tax-Free Money Market Fund Class A and Institutional I Shares
----------------------------------------------------------------------------------------------------
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MTB Pennsylvania Municipal Bond Fund Class A, Class B and Institutional I
Shares
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MTB Pennsylvania Tax-Free Money Market Fund Class A and Institutional I Shares
----------------------------------------------------------------------------------------------------
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MTB Prime Money Market Fund Institutional Shares
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MTB Short Duration Government Bond Fund Class A, Class B and Institutional I
Shares
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MTB Short-Term Corporate Bond Fund Class A, Class B and Institutional I
Shares
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MTB Small Cap Growth Fund Class A, Class B, Class C and
Institutional I Shares
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MTB Small Cap Stock Fund Class A, Class B and Institutional I
Shares
----------------------------------------------------------------------------------------------------
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MTB Social Balanced Fund Institutional I Shares
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MTB Tax-Free Money Market Fund Class A and Institutional I Shares
----------------------------------------------------------------------------------------------------
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MTB U.S. Government Bond Fund Class A, Class B and Institutional I
Shares
----------------------------------------------------------------------------------------------------
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MTB U.S. Government Money Market Fund Class A and Institutional I Shares
----------------------------------------------------------------------------------------------------
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MTB U.S. Treasury Money Market Fund Class A, Class S and Institutional I
Shares
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Shareholder Service Fees
1. During the term of this Agreement, the Provider is entitled to a fee,
payable quarterly. This fee will be computed at the annual rate of .25% of
the average net asset value of shares of the Funds held during the quarter
in accounts for which the Provider provides Services under this Agreement,
so long as the average net asset value of Shares in the Funds during the
quarter equals or exceeds such minimum amount as the Funds shall from time
to time determine and communicate in writing to the Provider. This fee may
be waived by Provider from time to time at its own discretion.
2. For the quarterly period in which the Shareholder Services Agreement
becomes effective or terminates, there shall be an appropriate proration of
any fee payable on the basis of the number of days that the Agreement is in
effect during the quarter.
Dated: August 22, 2003
