EXHIBIT 99.B(9)(b)
AMENDMENT TO SERVICE AGREEMENT
Amendment to the Agreement made by and between SunAmerica Equity Funds (the
"Trust") and SunAmerica Fund Services, Inc. ("Fund Services").
WHEREAS, the Trust and Fund Services are parties to a Service
Agreement dated September 23, 1993 governing the terms and conditions under
which Fund Services provides certain shareholder servicing activities; and
WHEREAS, the Board of Trustees of the Trust has established and
designated a new class of shares, Class Z shares, of each series of the
Trust; and
WHEREAS, the Trust and Fund Services desire to amend the terms
governing the payment for such services rendered by Fund Services;
NOW, THEREFORE, the parties agree to amend the Service Agreement as
follows:
1. Paragraph 9A. shall include the following additional term:
"No portion of such fees shall be paid or reimbursed by the Class
Z shares of the Trust's series. Class Z shares shall pay all direct
transfer agency fees and out-of-pocket expenses."
2. Except as specifically modified herein, the terms and provisions of
the Service Agreement shall continue to apply with full force and
effect.
IN WITNESS WHEREOF, each of the parties has caused this instrument to be
executed as a sealed instrument in its name and behalf by its duly authorized
representative this 21 day of August, 1996.
SUNAMERICA EQUITY FUNDS
By: /s/ Xxxxx X. Xxxxxxx
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Xxxxx X. Xxxxxxx
President
SUNAMERICA FUND SERVICES, INC.
By: /s/ Xxxxxx X. Xxxxx
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Xxxxxx X. Xxxxx
Vice President
SUNAMERICA EQUITY FUNDS
SERVICE AGREEMENT
This AGREEMENT made as of this 23 day of September, 1993 by and between
SunAmerica Equity Funds, a Massachusetts business trust having its principal
place of business at 000 Xxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 (hereinafter
called the "Trust") and SunAmerica Fund Services, Inc., a Delaware corporation,
having its principal place of business at 000 Xxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx
00000 (hereinafter called "Fund Services").
W I T N E S S E T H:
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WHEREAS, the Trust desires to appoint Fund Services as its agent in
connection with certain shareholder servicing activities, and Fund Services
desires to accept such appointment;
NOW, THEREFORE, in consideration of the mutual covenants herein contained,
the parties hereto agree as follows:
1. Terms of Appointment; Duties of Fund Services
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A. Subject to the terms and conditions set forth in this Agreement, the
Trust hereby employs and appoints Fund Services to act, and Fund Services agrees
to act, as servicing agent to assist State Street Bank and Trust Company and its
affiliates, the Trust's transfer agent (the "Transfer Agent") for the authorized
and issued shares of beneficial interest, $.01 par value of the Trust (the
"Shares"), in connection with certain services offered to the shareholders of
the Trust (the "Shareholders") as set out in the current prospectus of the
Trust, as may be amended from time to time, as on file with the Securities and
Exchange Commission.
B. Fund Services agrees that it will perform the following services:
(a) In accordance with procedures established from time to time between the
Trust, the Transfer Agent and Fund Services, Fund Services shall:
(i) receive for acceptance, orders for the purchase of Shares, and
promptly deliver payment and appropriate documentation therefor
to the custodian of the Trust authorized pursuant to the
Declaration of Trust of the Trust (the "Custodian"):
(ii) pursuant to purchase orders, assist the Transfer Agent to issue
the appropriate number of Shares and hold such Shares in the
appropriate Shareholder account;
(iii) receive for acceptance, redemption requests and redemption
directions and deliver the appropriate documentation therefor to
the Custodian;
(iv) at the appropriate time as and when it receives monies paid to
it by the Custodian with respect to any redemption, pay over or
cause to be paid
over in the appropriate manner such monies as instructed by the
redeeming Shareholders;
(v) assist the Transfer Agent to effect transfers of Shares by the
registered owners thereof upon receipt of appropriate
documentation;
(vi) assist the Transfer Agent to prepare and transmit payments for
dividends and distributions declared by the Trust; and
(vii) assist the Transfer Agent to maintain records of account for the
Trust and its Shareholders as to the foregoing.
2. Services with Respect to the Registration of Shares.
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On each day on which an issuance or redemption of Shares occurs, Fund
Services shall assist the Transfer Agent to prepare for the Trust account
records opening, crediting, debiting and closing affected Shareholders' accounts
as necessary to reflect the issuances or redemptions occurring on that day. All
credits to Shareholders' accounts shall be for the price of the Shares at the
time of purchase, determined in accordance with the Trust's current prospectus.
3. Share Price for Purchase and Redemption
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A. Fund Services shall assist the Transfer Agent to identify all share
transactions which involve purchase and redemption orders that are processed at
a time other than the time of the computation of net asset value per share next
computed after receipt of such orders, and shall compute the net effect upon the
Trust of such transactions so identified on a daily and cumulative basis.
B. Fund Services shall supply to the Trust monthly reports summarizing the
transactions identified pursuant to paragraph A. above, and the daily and
cumulative net effects of such transactions, and shall advise the Trust at the
end of each month of the net cumulative effect at such time.
4. Books and Records
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Fund Services shall prepare for the Trust and assist the Transfer Agent in
maintaining records showing for each Shareholder's account the following:
A. The name, address and tax identification number of such Shareholder;
B. The number of Shares held by such Shareholder;
C. Historical information including dividends paid and date and price for
all transactions;
D. Any stop or restraining order placed against such account;
E. Information with respect to the withholding of any portion of income
dividends or capital gains distributions;
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F. Any dividend or distribution reinvestment election, withdrawal plan
application, and correspondence relating to the current maintenance of
the account;
G. The certificate numbers and denominations of any share certificates
issued to such Shareholder; and
H. Any additional information required by Fund Services to perform the
services contemplated by this Agreement.
Any such records required to be maintained by the Trust pursuant to Rule
31a-1 under the Investment Company Act of 1940, as amended (the "Act") or any
successor rule shall be preserved by the Transfer Agent or Fund Services for the
periods prescribed by Rule 31a-2 under the Act or any successor rule. Such
record retention shall be at the expense of the Trust. Fund Services may, at its
option at any time, turn over to the Trust and cease to retain records created
and maintained by Fund Services pursuant to this Agreement which are no longer
required by Fund Services to perform the services contemplated by this
Agreement. If not turned over to the Trust, such records shall be preserved by
Fund Services for six years from the year of creation, during the first two of
which years such records shall be in readily accessible form. At the conclusion
of such six-year period, such records shall either be turned over to the Trust
or destroyed in accordance with the Trust's authorization.
5. Information To Be Furnished To The Trust
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Fund Services shall assist the Transfer Agent to furnish to the Trust
periodically as agreed upon between the Trust, Fund Services and the Transfer
Agent the following information:
A. Copies of the daily transaction register for each business day of the
Trust;
B. Copies of all dividend, distribution and reinvestment blotters;
C. Schedules of the quantities of Shares distributed in each state for
purposes of any state's laws or regulations as specified in
instructions given to Fund Services from time to time by the Trust or
its agents;
D. Reports on transactions described in Paragraph 3 of this Agreement.
E. Such other information, including Shareholder lists, and statistical
information as may be requested by the Trust from time to time.
6. Confirmations and Statements of Account
---------------------------------------
Fund Services shall assist the Transfer Agent to prepare and mail to each
Shareholder at his address as set forth on the transfer books of the Trust such
confirmations of the Trust for each purchase or sale of Shares by each
Shareholder and periodic statements of such Shareholder's account with the Trust
as may be specified from time to time by the Trust.
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7. Correspondence
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Fund Services shall respond to correspondence from Shareholders relating to
their accounts with the Trust and such other correspondence as may from time to
time be mutually agreed upon by the Trust, the Transfer Agent and Fund Services.
8. Proxies
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Fund Services shall assist the Transfer Agent to mail to Shareholders
notices of meetings, proxy statements, forms of proxy and other material
supplied to it by the Trust in connection with Shareholder meetings of the Trust
and shall receive, examine and tabulate returned proxies and certify such
tabulations to the Trust in such written form as the Trust may require.
9. Fees And Charges
----------------
A. For the services rendered by Fund Services as described above, subject
to the conditions described below, the Trust shall pay to Fund Services a fee
calculated and payable monthly based upon the annual rate of .22% of average
daily net assets. Fund Services shall also be reimbursed for the cost of forms
used by it in communicating with Shareholders of the Trust or specially prepared
for use in connection with its services hereunder, as well as the cost of
postage, telephone and telegraph (or similar electronic media) used in
communicating with Shareholders of the Trust. It is agreed in this regard that
Fund Services, prior to ordering any form shall obtain the written consent of
the Trust. All forms for which Fund Services has received reimbursement from the
Trust shall be the property of the Trust. Such fees and out-of-pocket expenses
and advances described herein may be changed from time to time subject to mutual
written agreement between the Trust and Fund Services.
B. No fee shall be payable to Fund Services pursuant to this Agreement in
the event that the Board of Trustees of the Trust (the "Trustees") determines
that Fund Services did not provide the services required by this Agreement or
provided services which were inadequate as determined by the Trustees, in its
sole discretion.
10. Compliance With Government Rules And Regulations
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The Trust understands and agrees that it shall be solely responsible for
ensuring that each prospectus of the Trust complies with all applicable
provisions of, or regulations adopted pursuant to, the Securities Act of 1933,
as amended (the "Securities Act"), the Act, and any other laws, rules and
regulations of Federal, state or foreign governmental authorities having
jurisdiction in connection with the offering or sale of Shares.
11. Representations and Warranties of Fund Services
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Fund Services represents and warrants to the Trust that:
A. It is a corporation duly organized and existing and in good standing
under the laws of the State of Delaware.
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B. It is empowered under applicable laws and by its charter and by-laws
to enter into and perform this Agreement.
C. All requisite corporate proceedings have been taken to authorize it to
enter into and perform this Agreement.
D. It has and will continue to have access to the necessary facilities,
equipment and personnel to perform its duties and obligations under this
Agreement.
12. Representations and Warranties of the Trust
-------------------------------------------
The Trust represents and warrants to Fund Services that:
A. It is a business trust duly organized and existing and in good
standing under the laws of the Commonwealth of Massachusetts.
B. It is empowered under applicable laws and by its Declaration of Trust
and By-Laws to enter into and perform this Agreement.
C. All proceedings required by said Declaration of Trust and By-Laws have
been taken to authorize it to enter into and perform this Agreement.
D. It is an investment company registered under the Act.
E. A registration statement under the Securities Act is currently effective
and will remain effective, and appropriate state securities law filings have
been made and will continue to be made, with respect to all Shares of the Trust
being offered for sale; information to the contrary will result in immediate
notification to Fund Services.
13. Indemnification
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A. Fund Services shall not be responsible for, and the Trust shall
indemnify and hold Fund Services harmless from and against, any and all losses,
damages, costs, charges, reasonable counsel fees, payments, expenses and
liability arising out of or attributable to:
(a) All actions of Fund Services or its agents or subcontractors
required to be taken pursuant to this Agreement, provided that such actions are
taken in good faith and without negligence or willful misconduct.
(b) The Trust's refusal or failure to comply with the terms of this
Agreement, or which arise out of the Trust's lack of good faith, negligence or
willful misconduct which arise out of the breach of any representation or
warranty of the Trust hereunder.
(c) The reliance on or use by Fund Services or its agents or
subcontractors of information, records and documents which (i) are received by
Fund Services or its agents
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or subcontractors and furnished to it by or on behalf of the Trust, and (ii)
have been prepared or maintained by the Trust.
(d) The reliance on, or the carrying out by Fund Services or its
agents or subcontractors of any instructions or requests of the Trust
representative.
(e) The offer or sale of Shares in violation of any requirement under
the Federal securities laws or regulations or the securities laws or regulations
of any state that such Shares be registered in such state or in violation of any
stop order or other determination or ruling by any Federal agency or any state
with respect to the offer or sale of such Shares in such state.
B. Fund Services shall indemnify and hold the Trust harmless from Fund
Services refusal or failure to comply with the terms of this Agreement, or which
arise out of Fund Services lack of good faith, negligence or willful misconduct
or which arise out of the breach of any representation or warranty of Fund
Services or its agents or subcontractors hereunder.
C. At any time Fund Services may apply to any officer of the Trust for
instructions, and may consult with outside legal counsel with respect to any
matter arising in connection with the services to be performed by Fund Services
under this Agreement, and Fund Services and its agents or subcontractors shall
not be liable and shall be indemnified by the Trust for any action taken or
omitted by it in reliance upon such instructions or upon the opinion of such
counsel. Fund Services, its agents and subcontractors shall be protected and
indemnified in acting upon any paper or document furnished by or on behalf of
the Trust, reasonably believed to be genuine and to have been signed by the
proper person or persons, or upon any instruction, information, data, records or
documents provided Fund Services or its agents or subcontractors by telephone,
in person, machine readable input, telex, CRT data entry or other similar means
authorized by the Trust, and shall not be held to have notice of any change of
authority of any person, until receipt of written notice thereof from the Trust.
Fund Services, its agents and subcontractors shall also be protected and
indemnified in recognizing stock certificates which are reasonably believed to
bear the proper manual or facsimile signatures of the appropriate officer or
officers of the Trust, and the proper countersignature of any former transfer
agent or registrar, or of a co-transfer agent or co-registrar.
D. In the event either party is unable to perform its obligations under
the terms of this Agreement because of acts of God, strikes, equipment or
transmission failure or damage reasonably beyond its control, or other causes
reasonably beyond its control, such party shall not be liable for damages to the
other for any damages resulting from such failure to perform or otherwise from
such causes.
E. Neither party to this Agreement shall be liable to the other party for
consequential damages under any provision of this Agreement or for any act or
failure to act hereunder.
F. In order that the indemnification provisions contained in this
Paragraph 13 shall apply, upon the assertion of a claim for which either party
may be required to indemnify the other, the party seeking indemnification shall
promptly notify the other party of such assertion, and shall keep the other
party advised with respect to all developments concerning such claim. The party
who may be required to indemnify shall have the option to participate with the
party seeking indemnification
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in the defense of such claim. The party seeking indemnification shall in no case
confess any claim or make any compromise in any case in which the other party
may be required to indemnify it except with the other party's prior written
consent.
14. Further Actions
---------------
Each party agrees to perform such further acts and execute and deliver such
further documents as are necessary to effectuate the purposes hereof.
15. Amendment, Termination and Delegation of Obligations
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Upon its approval by the Trustees and appropriate execution, this Agreement
shall remain in effect for two years and thereafter automatically for successive
one-year periods, provided that such continuance is specifically approved at
least annually by a vote of a majority of the Trustees and by a majority of the
members who are not parties to this Agreement or interested persons, as defined
in the Act, of any such party. The Trustees shall approve and renew this
Agreement upon determining that the fees provided by Paragraph 9 of this
Agreement are fair and reasonable in light of the usual and customary charges
made by others for services of the same nature and quality. This Agreement may
be modified or amended from time to time by written agreement between the
parties hereto. This Agreement may be terminated at any time by one hundred
twenty (120) days' written notice given by one party to the other. Upon
termination hereof, the Trust shall pay to Fund Services such compensation as
may be due as of the date of such termination, and shall likewise reimburse Fund
Services in accordance herewith for its costs, expenses and disbursements.
16. Assignment
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A. Neither this Agreement nor any rights or obligations hereunder may be
assigned by either party without the written consent of the other party.
B. This Agreement shall inure to the benefit of and be binding upon the
parties and their respective permitted successors and assigns.
17. New York Law to Apply
---------------------
This Agreement shall be construed and the provisions hereof interpreted
under and in accordance with the laws of the State of New York.
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed in their names and on their behalf under their seals by and through
their duly authorized officers, as of the day and year first above written.
ATTEST: SUNAMERICA EQUITY FUNDS
/s/ Xxxxxx X. Xxxxx By: /s/ Xxxxx X. Xxxxxxx
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Xxxxx X. Xxxxxxx,
Executive Vice President
ATTEST: SUNAMERICA FUND SERVICES, INC.
/s/ Xxxxxx X. Xxxxx By: /s/ Xxxxx X. Xxxxxxx
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Xxxxx X. Xxxxxxx, President
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