ALPINE EQUITY TRUST AMENDMENT NO. 2 TRANSFER AGENT SERVICING AGREEMENT
AMENDMENT
NO. 2
THIS
AMENDMENT dated as of November 1, 2004 to the Transfer Agent Servicing Agreement
dated as of the 28th day of December, 2001, including Amendment No.1 dated
January 1, 2002 (the "Agreement") and an Addendum dated June 24", 2002, by
and
between Alpine Equity Trust, a business trust organized under
the laws of the State of Delaware (the "Trust") and U.S. Bancorp Fund
Services, LLC QJSBFS), a Wisconsin limited liability company shall
amend the Agreement as follows:
Section
3. Compensation
USBFS
shall be compensated for providmg the services set forth in this Agreement
in
accordance with the fee schedule set forth on Exhibit A hereto (as amended
ii-om
time to time). The Trust shall pay all fees and reimbursable expenses within
thirty (30) calendar days following receipt of the billing notice, except for
any fee or expense subject to a good faith dispute. The Trust shall notify
USBFS
in writing within thirty (30) calendar days following receipt of each invoice
if
the Trust is disputing any amounts in good faith. The Trust shall settle such
disputed amounts within ten (10) calendar days of the day on which the parties
agree to the amount to be paid. With the exception of any fee or expense the
Trust is disputing in good faith as set forth above, unpaid invoices shall
accrue a finance charge of one and one-half percent (1 %%) per month, after
the
due date. Notwithstanding anything to the contrary, amounts owed by the Trust
to
USBFS shall only be paid out of the assets and property of the particular Fund
involved.
Section
8. Term
of Agreement
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A.
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This
Amendment shall be effective on the date of this Amendment and shall
continue for a period of three (3) years from the date
hereof (the "Initial Term").
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B.
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The
Agreement may be terminated by either party upon giving sixty (60)
days
prior written notice to the other party or such shorter period as
is
mutually agreed upon by the
parties.
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C.
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Upon
the expiration of the Jnitial Term, the Agreement shall automatically
renew for successive terms of one (1) year ("Renewal Terms") each,
unless
the Trust or USBFS provides written notice to the other of its intent
not
to renew. Such notice must be received not less than sixty (60) days
prior
to the expiration of the Initial Term or the then current Renewal
Term.
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D.
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In
the event the Trust gives notice of termination, all reasonable expenses
associated with movement (or duplication) of records and materials
and
conversion thereof to a successor transfer agent or other service
provider, and all trailing expenses incurred by USBFS, will be borne
by
the Trust.
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Section
11. Duties in the Event
of Termination
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A.
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In
the event that a successor to any of USBFS's duties or responsibilities
hereunder is designated by the Trust by written notice to USBFS,
USBFS
will promptly, upon such termination and at the expense of the Trust
transfer to such successor all relevant books, records, correspondence
and
other data established or maintained by USBFS under the Agreement
in a
form reasonably acceptable to the Trust (if such form differs from
the
form in which USBFS has maintained the same, the Trust shall pay
any
expenses associated with transfemng the same to such form), and will
cooperate in the transfer of such duties and responsibilities, including
provision for assistance from USBFS's personnel in the establishment
of
books, records and other data by such
successor.
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B.
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Early
Termination. If the Trust replaces USBFS as service provider for
the Trust
for any reason other than upon the expiration of the Initial Term
or any
successive twelve-month term, or if a third party is added to perform
all
or part of the Services provided by USBFS under t h ~ sAgreement
(excluding any sub-transfer agent appointed by USBFS), then the Trust
shall pay to USBFS liquidated damages. If the termination occurs
in year
one (1) of the Initial Term, liquidated damages will be paid to USBFS
in
an amount equal to two basis points (0.02%) of the average net assets
for
the Trust during the 365 days preceding the date notice of conversion
or
termination of services was provided. If the Trust terminates the
USBFS
services in year two (2) of the Initial Term, the Trust shall pay
USBFS-one basis point (0.01%) of the average net assets for the Trust
during the 365 days preceding notice of conversion or termination
of
services. If conversion or termination shall occur in the final year
of
the Initial Term, the Trust shall provide 120-day notice to USBFS,
superseding the Trust's notice requirement in Section
8(B).
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C.
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The
liquidated damages provision shall also apply in the event a change
of
control with respect to the Fund occurs, the Trust is merged into
another
legal entity in part or in whole pursuant to any form of business
reorganization, or is liquidated in part or in whole prior to the
expiration of the Initial Term of this Amendment, and USBFS is not
retained as service provider. The parties acknowledge and agree that,
in
the event USBFS ceases to be retained as set forth above, (i)
determination of actual damages incurred by USBFS would be extremely
difficult, (ii) the liquidated damages provision contained herein
is
intended to adequately compensate USBFS for damages incurred and
is not
intended to constitute any form of penalty and (iii) the liquidated
damages are reasonable and proportionate to the probable loss suffered
by
USBFS. Any such payment shall be due and payable on or before the
day the Agreement terminates, a third party is added, or Trust is
merged
or liquidated, as applicable.
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D.
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If
USBFS materially breaches this Agreement due to USBFS's willful
misfeasance, gross negligence or reckless disregard of its duties
and
obligations hereunder the Trust may give written notice thereof to
USBFS,
and if such material breach shall not have been remedied to the reasonable
satisfaction of the Trust within thirty (30) days after such written
notice is given, then the Tmst may terminate the Agreement without
paying
liquidated damages.
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IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
by
a duly authorized officer on one or more counterparts as of the day and year
first written above.
| ALPINE EQUITY TRUST | U.S. BANCORP FUND SERVICES, LLC |
| By: /s/ Xxxxxx X. Xxxxxx | By: /s/ Xxx X. Xxxxxxx |
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Xxx
X. Xxxxxxx
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President
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