EXHIBIT (13)(f)
AMENDED AND RESTATED MUTUAL FUNDS
SUB-TRANSFER AGENCY AGREEMENT
AGREEMENT made as of July 31, 1998 by and between United States Trust
Company of New York ("U.S. Trust"), and Chase Global Funds Services Company
("Sub-Transfer Agent").
W I T N E S S E T H:
WHEREAS, Excelsior Funds, Inc. (the "Company"), a Maryland
corporation, is registered as an open-end investment company under the
Investment Company Act of 1940, as amended (the "1940 Act");
WHEREAS, the Company is authorized to issue shares of Common Stock in
separate series and classes representing interests in separate portfolios of
securities and other assets;
WHEREAS, the Company has retained U.S. Trust to serve as the Company's
transfer agent, registrar and dividend disbursing agent;
WHEREAS, U.S. Trust desires to assign its duties and obligations with
respect to the provision of such services to Sub-Transfer Agent, and the Company
has acknowledged the right of U.S. Trust to make such assignment provided U.S.
Trust shall be as fully responsible to the Company for the acts and omissions of
Sub-Transfer Agent as U.S. Trust is for its own acts and omissions;
NOW, THEREFORE, in consideration of the promises and mutual covenants
herein contained, it is agreed between the parties hereto as follows:
1. APPOINTMENT. U.S. Trust hereby appoints Sub-Transfer Agent to serve
as sub-transfer agent, sub-registrar and sub-dividend disbursing agent for each
class and/or series of
Common Stock of the Company with respect to its existing Funds (as hereinafter
defined) for the period and on the terms set forth in this Agreement. In the
event that the Company establishes additional classes or series other than the
Common Stock of the Funds covered by this Agreement with respect to which U.S.
Trust desires to retain Sub-Transfer Agent to serve as sub-transfer agent, sub-
registrar and sub-dividend disbursing agent hereunder, U.S. Trust shall notify
Sub-Transfer Agent in writing, whereupon such fund shall become a Fund hereunder
and shall be subject to the provisions of this Agreement to the same extent as
the Funds (except to the extent that said provisions, including the compensation
payable on behalf of such new Fund, may be modified in writing by U.S. Trust and
Sub-Transfer Agent at the time). Sub-Transfer Agent accepts such appointment and
agrees to furnish the services herein set forth in return for the compensation
as provided in Paragraph 5 of this Agreement.
2. REPRESENTATIONS AND WARRANTIES.
(a) U.S. Trust and Sub-Transfer Agent represent and warrant to each
other that:
(i) it is empowered under applicable laws and by its
charter and by-laws to enter into and perform this Agreement;
(ii) all requisite corporate proceedings have been taken to
authorize it to enter into and perform this Agreement;
(iii) it is duly registered as a transfer agent under Section
17A of the Securities Exchange Act of 1934, as amended (the "1934 Act"). Each
shall promptly give written notice to the other and the Company in the event
that its registration is revoked or a proceeding is commenced that could result
in such revocation;
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(iv) it has been in, and shall continue to be in, compliance
with all provisions of law, including Section 17A(c) of the 1934 Act, required
in connection with the performance of its duties under this Agreement;
(v) it has, and will continue to have, access to the
facilities, personnel and equipment required to fully perform its duties and
obligations hereunder;
(vi) no legal or administrative proceedings have been
instituted or threatened which would impair its ability to perform its duties
and obligations under this Agreement; and
(vii) its entrance into this Agreement shall not cause a
material breach or be in material conflict with any other agreement or
obligation of it or any law or regulation applicable to it;
U.S. Trust represents and warrants to Sub-Transfer Agent that:
(i) U.S. Trust is a state chartered bank and trust company
organized and existing under the laws of the State of New York;
(c) Sub-Transfer Agent represents and warrants to U.S. Trust that:
(i) Sub-Transfer Agent is a Delaware corporation, duly
organized and existing and in good standing under the laws of Delaware;
3. DELIVERY OF DOCUMENTS. U.S. Trust has furnished Sub-Transfer Agent
with copies properly certified or authenticated of each of the following:
(a) Resolutions of the Company's Board of Directors authorizing the
appointment of U.S. Trust as transfer agent, registrar and dividend disbursing
agent for each class and/or series of Common Stock of the Company and approving
the Mutual Funds Transfer Agency Agreement made as of September 1, 1995 by and
between the Company and U.S. Trust;
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(b) Incumbency and signature certificates identifying and containing
the signatures of the Company's officers and/or the persons authorized to sign
Written Instructions, as hereafter defined, on behalf of the Company;
(c) The Company's Charter;
(d) The Company's By-Laws;
(e) Resolutions of the Company's Board of Directors appointing U.S.
Trust as the investment adviser to the Company's Money, Government Money,
Equity, Managed Income, Income and Growth, International, Treasury Money, Early
Life Cycle, Long-Term Supply of Energy, Productivity Enhancers, Environmentally-
Related Products and Services, Aging of America, Communication and
Entertainment, Business and Industrial Restructuring, Global Competitors,
Emerging Americas, Pacific/Asia, Pan European, Short-Term Government Securities
and Intermediate-Term Managed Income Funds (herein "the Funds") and resolutions
of the Company's Board of Directors and Fund shareholders ("Shareholders")
approving an Investment Advisory Agreement between U.S. Trust and the Company
dated February 6, 1985, as amended; an Investment Advisory Agreement between
U.S. Trust and the Company dated November 26, 1985, as amended; an Investment
Advisory Agreement between U.S. Trust and the Company dated December 16, 1986,
as amended; an Investment Advisory Agreement between U.S. Trust and the Company
dated May 27, 1987, as amended; an Investment Advisory Agreement between U.S.
Trust and the Company dated February 1, 1991; a Sub-Advisory Agreement dated May
27, 1987 between U.S. Trust and Foreign and Colonial Asset Management ("FACAM");
a Sub-Advisory Agreement dated December 15, 1992 between U.S Trust and FACAM;
and a Sub-Advisory Agreement dated February 16, 1994 between U.S. Trust and
Foreign and Colonial Emerging Markets Limited (the "Advisory Agreements");
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(f) Resolutions of the Company's Board of Directors appointing
Edgewood Services, Inc. (the "Distributor") as the Company's distributor for the
Funds and approving a Distribution Agreement between the Distributor and the
Company dated as of August 1, 1995 (the "Distribution Agreement");
(g) Resolutions of the Company's Board of Directors appointing
Federated Administrative Services ("Federated") and Mutual Funds Service Company
("MFSC") as the administrators for the Funds and approving an Administration
Agreement among Federated, MFSC and the Company dated as of August 1, 1995 (the
"Administration Agreement");
(h) The Advisory Agreements, the Distribution Agreement and the
Administration Agreement;
(i) The Company's Notification of Registration filed pursuant to
Section 8(a) of the 1940 Act on Form N-8A with the Securities and Exchange
Commission ("SEC") on August 8, 1984;
(j) Post-Effective Amendment No. 21 to the Company's Registration
Statement on Form N-1A under the 1940 Act and the 1933 Act, as filed with the
SEC on August 1, 1995 (File No. 2-92665) relating to shares of the Company's
Class A Common Stock, $.001 par value per share, which represent interests in
the Money Fund; Class B Common Stock, $.001 par value per share, which
represents interests in the Government Money Fund; Class C Common Stock and
Class C Common Stock - Special Series 1, $.001 par value per share, which
represent interests in the Equity Fund; Class D Common Stock, $.001 par value
per share, which represent interests in the Managed Income Fund; Class E Common
Stock and Class E Common Stock - Special Series 1, $.001 par value per share,
which represent interests in the Income and Growth Fund; Class F Common Stock,
$.001 par value per share, which represent interests in the
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International Fund; Class G Common Stock, $.001 par value per share, which
represent interests in the Treasury Money Fund; Class H Common Stock and Class H
Common Stock - Special Series 1, $.001 par value per share, which represent
interests in the Early Life Cycle Fund; Class I Common Stock and Class I Common
Stock - Special Series 1, $.001 par value per share, which represent interests
in the Long-Term Supply of Energy Fund; Class J Common Stock and Class J Common
Stock - Special Series 1, $.001 par value per share, which represent interests
in the Productivity Enhancers Fund; Class K Common Stock and Class K Common
Stock - Special Series 1, $.001 par value per share, which represent interests
in the Environmentally-Related Products and Services Fund; Class L Common Stock
and Class L Common Stock - Special Series 1, $.001 par value per share, which
represent interests in the Aging of America Fund; Class M Common Stock and Class
M Common Stock -Special Series 1, $.001 par value per share, which represent
interests in the Communication and Entertainment Fund; Class N Common Stock and
Class N Common Stock - Special Series 1, $.001 par value per share, which
represent interests in the Business and Industrial Restructuring Fund; Class O
Common Stock and Class O Common Stock - Special Series 1, $.001 par value per
share, which represent interests in the Global Competitors Fund; Class P Common
Stock, $.001 par value per share, which represent interests in the Emerging
Americas Fund; Class Q Common Stock, $.001 par value per share, which represent
interests in the Pacific/Asia Fund; Class R Common Stock, $.001 par value per
share, which represent interests in the Pan European Fund; Class S Common Stock,
$.001 par value per share, which represent interests in the Short-Term
Government Securities Fund; and Class T Common Stock, $.001 par value per share,
which represent interests in the Intermediate-Term Managed Income Fund (such
shares and shares of the Company
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hereafter classified by the Company's Board of Directors are hereinafter
collectively called "Shares"), and all amendments thereto; and
(k) The Company's most recent prospectuses (such prospectuses, as
currently in effect, and all amendments and supplements thereto and future
versions thereof are herein called the "Prospectuses").
U.S. Trust will furnish Sub-Transfer Agent from time to time with
copies of all amendments of or supplements to the foregoing, if any, and with
comparable documents with respect to any Fund of the Company organized after the
date of this Agreement that is covered by this Agreement. U.S. Trust shall also
deliver to Sub-Transfer Agent the following documents on or before the effective
date of any increase or decrease in the total number of Shares authorized to be
issued by the Company: (a) a certified copy of the amendment of the Articles of
Incorporation giving effect to such increase or decrease, and (b) in the case of
an increase, if the appointment of U.S. Trust was theretofore expressly limited,
a certified copy of a resolution of the Board of Directors of the Company
increasing the authority of U.S. Trust.
4. SERVICES PROVIDED
(a) Sub-Transfer Agent will provide the following services subject to
the control, direction and supervision of U.S. Trust and in compliance with the
objectives, policies and limitations set forth in the Company's Registration
Statement, Charter and By-Laws; applicable laws and regulations; and all
resolutions and policies implemented by the Board of Directors.
The following is a general description of the transfer agency services
Sub-Transfer Agent shall provide to the Company.
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A. Shareholder Recordkeeping. Maintain records showing for each
Fund shareholder the following: (i) name, address, appropriate
tax certification and tax identifying number; (ii) number of
shares of each Fund; (iii) historical information including, but
not limited to, dividends paid and date and price of all
transactions including individual purchase and redemptions and
appropriate supporting documents; and (iv) any dividend
reinvestment order, application, dividend to a specific address
and correspondence relating to the current maintenance of the
account.
B. Share Issuance. Record the issuance of shares of each Fund.
Except as specifically agreed in writing between U.S. Trust and
Sub-Transfer Agent, Sub-Transfer Agent shall have no obligation
when countersigning and issuing and/or crediting shares to take
cognizance of any other laws relating to the issue and sale of
such shares except insofar as policies and procedures of the
Stock Transfer Association recognize such laws. Sub-Transfer
Agent shall notify U.S. Trust and the Company in case any
proposed issue of shares by the Company shall result in an over-
issuance. In case any issue of shares would result in such an
over-issue, Sub-Transfer Agent shall refuse to issue said shares
and shall not countersign and issue certificates (if any) for
such shares.
C. Purchase Orders. Process all orders for the purchase of shares
of the Company in accordance with the Company's Prospectuses,
including electronic transmissions, which the Company has
acknowledged it has authorized. Upon receipt of any check or
other payment for purchase of
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shares of the Company from an investor, Sub-Transfer Agent will
(i) stamp the order or other documentation with the date and
time of receipt, (ii) forthwith process the same for collection,
(iii) determine the amounts thereof due the Company, and notify
U.S Trust and the Company of such determination and deposit,
such notification to be given on a daily basis of the total
amounts determined and deposited to the Company's custodian bank
account during such day. Sub-Transfer Agent shall then credit
the share account of the investor with the number of Fund shares
to be purchased made on the date such payment is received by
Sub-Transfer Agent, as set forth in the Company's Prospectus and
shall promptly mail a confirmation of said purchase to the
investor, all subject to any instructions which the Company or
U.S. Trust may give to Sub-Transfer Agent with respect to the
timing or manner of acceptance of orders for shares relating to
payments so received by it. Any purchase order received by Sub-
Transfer Agent, which is not in good order will be rejected
immediately.
D. Redemption Orders. Receive and stamp with the date and time of
receipt all requests for redemptions or repurchase of shares
held in certificate or non-certificate form, and process
redemptions and repurchase requests as follows: (i) if such
certificate or redemption request complies with the applicable
standards approved by the Company, Sub-Transfer Agent shall on
each business day notify the Company of the total number of
shares presented and covered by such requests received by Sub-
Transfer Agent
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on such day; (ii) within the time specified in the Prospectus
and if not so specified on or prior to the seventh calendar day
succeeding any such requests received by Sub-Transfer Agent,
shall notify The Chase Manhattan Bank, N.A. (the "Custodian"),
subject to instructions from the Company or U.S. Trust, to
transfer monies to such account as designated by Sub-Transfer
Agent for such payment to the redeeming shareholder of the
applicable redemption or repurchase price; (iii) if any such
certificate or request for redemption of repurchase does not
comply with applicable standards, Sub-Transfer Agent shall
promptly notify the investor of such fact, together with the
reason therefor, and shall effect such redemption at the
Company's price next determined after receipt of documents
complying with said standards.
E. Telephone Orders. Process redemptions, exchanges and transfers
of Fund shares upon telephone instructions from qualified
shareholders in accordance with the procedures set forth in the
Company's Prospectuses. The administrator shall be permitted to
redeem, exchange and/or transfer Fund shares from any account
for which such services have been authorized, including
electronic transmissions.
F. Transfer of Shares. Upon receipt by Sub-Transfer Agent of
documentation in proper form to effect a transfer of shares,
including in the case of shares for which certificates have been
issued the share certificates in proper form for transfer, Sub-
Transfer Agent will register such transfer on the Company's
shareholder records maintained by Sub-
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Transfer Agent pursuant to instructions received from the
transferor, cancel the certificates representing such shares, if
any, and if so requested, countersign, register, issue and mail
by first class mail new certificates for the same or a smaller
whole number of shares.
G. Shareholder Communications. Address and mail all communications
by the Company to its shareholders promptly following the
delivery by the Company or U.S. Trust of the material to be
mailed.
H. Proxy Materials. Prepare shareholder lists, mail and certify as
to the mailing of proxy materials, receive the tabulated proxy
cards, render periodic reports to the Company and U.S. Trust on
the progress of such tabulation, and provide the Company with
inspectors of election at any meeting of shareholders.
I. Share Certificates. If a shareholder of the Company requests a
certificate representing his shares, Sub-Transfer Agent as sub-
transfer agent will countersign and mail, a share certificate to
the investor at his/her address as it appears on the Company's
transfer books. Sub-Transfer Agent shall supply, at the expense
of the Company a supply of blank share certificates. The
certificates shall be properly signed, manually or by facsimile,
as authorized by the Company, and shall bear the Company's seal
or facsimile; and notwithstanding the death, resignation or
removal of any officers of the Company authorized to sign
certificates, Sub-Transfer Agent may, until otherwise directed
by the Company or U.S. Trust,
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continue to countersign certificates which bear the manual or
facsimile signature of such officer.
J. Returned Checks. In the event that any check or other order for
the payment of money is returned unpaid for any reason, Sub-
Transfer Agent will take such steps, including redepositing the
check for collection or returning the check to the investor, as
Sub-Transfer Agent may, at its discretion, deem appropriate and
notify the Company and U.S. Trust of such action, or as the
Company or U.S. Trust may instruct. However, subject to
Paragraph 7(b) below, the Company remains ultimately liable for
any returned checks of its shareholders.
K. Shareholder Correspondence. Acknowledge all correspondence from
shareholders relating to their share accounts and undertake such
other shareholder correspondence as may from time to time be
mutually agreed upon.
L. Tax Reporting. Sub-Transfer Agent shall issue appropriate
shareholder tax forms on an annual basis.
M. Dividend Disbursing. Sub-Transfer Agent will serve as the
Company's dividend disbursing agent. Sub-Transfer Agent will
prepare and mail checks, place wire transfers of credit income
and capital gain payments to shareholders. The Company or U.S.
Trust will advise Sub-Transfer Agent of the declaration of any
dividend or distribution and the record and payable date thereof
at least five (5) days prior to the record date. Sub-Transfer
Agent will, on or before the payment date of any such dividend
or
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distribution, notify the Company's Custodian of the estimated
amount required to pay any portion of such dividend or
distribution payable in cash, and on or before the payment date
of such distribution, the Company will instruct its Custodian to
make available to Sub-Transfer Agent sufficient funds for the
cash amount to be paid out. If a shareholder is entitled to
receive additional shares by virtue of any such distribution or
dividend, appropriate credits will be made to each shareholder's
account.
(b) Sub-Transfer Agent will also:
(i) provide office facilities with respect to the provision
of the services contemplated herein (which may be in the offices of Sub-Transfer
Agent or a corporate affiliate of Sub-Transfer Agent);
(ii) provide the services of individuals to serve as officers
of the Company who will be designated by Sub-Transfer Agent and elected by the
Company's Board of Directors subject to reasonable Board approval;
(iii) provide or otherwise obtain personnel sufficient, in
Sub-Transfer Agent's sole discretion, for provision of the services contemplated
herein;
(iv) furnish equipment and other materials, which Sub-
Transfer Agent, in its sole discretion, believes are necessary or desirable for
provision of the services contemplated herein; and
(v) keep records relating to the services provided hereunder
in accordance with the 1940 Act and the rules thereunder. To the extent required
by the 1940 Act and the rules thereunder, Sub-Transfer Agent agrees that all
such records prepared or maintained by Sub-Transfer Agent relating to the
services provided hereunder are the property of the
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Company and will be preserved for the periods prescribed under the 1940 Act and
the rules thereunder, maintained at the Company's expense, and made available in
accordance with such Act and rules. Sub-Transfer Agent further agrees to
surrender promptly to the Company upon its request and cease to retain in its
records and files those records and documents created and maintained by Sub-
Transfer Agent pursuant to this Agreement.
5. FEES; EXPENSES; EXPENSE REIMBURSEMENT.
(a) As compensation for the services rendered to the Company for U.S.
Trust pursuant to this Agreement, U.S. Trust shall pay Sub-Transfer Agent
monthly $15.00 per account and subaccount of each Fund of the Company per year
or for any portion of a year plus Sub-Transfer Agent's out-of-pocket expenses
relating to such services, including, but not limited to, expenses of postage,
telephone, TWX rental and line charges, communication forms, and checks and
check processing. Such fees are to be billed monthly and shall be due and
payable upon receipt of the invoice. Upon any termination of this Agreement
before the end of any month, the fee for the part of the month before such
termination shall be prorated according to the proportion which such part bears
to the full monthly period and shall be payable upon the date of termination of
this Agreement.
(b) For the purpose of determining fees calculated as a function of
the Company's assets, the value of the Company's assets and net assets shall be
computed as required by its Prospectuses, generally accepted accounting
principles, and resolutions of the Board of Directors.
(c) Sub-Transfer Agent may, in its sole discretion, from time to time
employ or associate with such person or persons as may be appropriate to assist
Sub-Transfer Agent in the performance of this Agreement. Such person or persons
may be officers and employees who
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are employed or designated as officers by both Sub-Transfer Agent and the
Company. The compensation of such person or persons for such employment shall be
paid by Sub-Transfer Agent and no obligation will be incurred by or on behalf of
the Company or U.S. Trust in such respect.
(d) U.S. Trust may request additional services, additional processing,
or special reports. U.S. Trust shall submit such requests in writing together
with such specifications and documentation as may be reasonably required by Sub-
Transfer Agent. If Sub-Transfer Agent elects to provide such services or arrange
for their provision, it shall be entitled to additional fees and expenses at its
customary rates and charges as approved by U.S. Trust.
(e) Sub-Transfer Agent will bear all of its own expenses in connection
with the performance of the services under this Agreement except as otherwise
expressly provided herein. U.S. Trust agrees to promptly reimburse Sub-Transfer
Agent for any equipment and supplies specially ordered by or for the Company
through Sub-Transfer Agent, and for any other expenses not contemplated by this
Agreement that Sub-Transfer Agent may incur on the Company's behalf, as
consented to by U.S. Trust and the Company from time to time. Expenses to be
incurred in the operation of the Company and to be borne by the Company,
include, but are not limited to: taxes; interest; brokerage fees and
commissions, salaries and fees of officers and directors who are not officers,
directors, shareholders or employees of U.S. Trust, or the Company's investment
adviser, or distributor or other service providers; SEC and state Blue Sky
registration and qualification fees, levies, fines and other charges; XXXXX
filing fees, processing services and related fees; advisory and administration
fees; charges and expenses of pricing and data services, independent public
accountants and custodians; insurance premiums including fidelity bond premiums;
legal expenses; costs of maintenance of corporate existence; expenses of
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typesetting and printing of prospectuses for regulatory purposes and for
distribution to current shareholders of the Company (the Company's distributor
to bear the expense of all other printing, production, and distribution of
prospectuses, statements of additional information, and marketing materials
except as otherwise approved by the Board of Directors of the Company); expenses
of printing and production costs of shareholders' reports and proxy statements
and materials; costs and expenses of Fund stationery and forms; costs and
expenses of special telephone and data lines and devices; costs associated with
corporate, shareholder, and Board meetings; trade association dues and expenses;
and any extraordinary expenses and other customary Fund expenses. In addition,
Sub-Transfer Agent may utilize one or more independent pricing services,
approved from time to time by the Board, to obtain securities prices and to act
as backup to the primary pricing services, in connection with determining the
net asset values of the Company, and U.S. Trust will reimburse Sub-Transfer
Agent for the Company's share of the cost of such services based upon the actual
usage, or a prorata estimate of the use, of the services for the benefit of the
Company.
(f) All fees, out-of-pocket expenses, or additional charges of Sub-
Transfer Agent shall be billed on a monthly basis and shall be due and payable
upon receipt of the invoice.
Sub-Transfer Agent will render, after the close of each month in which
services have been furnished, a statement reflecting all of the charges for such
month.
6. PROPRIETARY AND CONFIDENTIAL INFORMATION. Sub-Transfer Agent agrees
on behalf of itself and its employees to treat confidentially and as proprietary
information of the Company, all records and other information relative to the
Company's prior, present or potential shareholders, and to not use such records
and information for any purpose
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other than performance of Sub-Transfer Agent's responsibilities and duties
hereunder. Sub-Transfer Agent may seek a waiver of such confidentiality
provisions by furnishing reasonable prior notice to the Company and obtaining
approval in writing from the Company, which approval shall not be unreasonably
withheld and may not be withheld where Sub-Transfer Agent may be exposed to
civil or criminal contempt proceedings for failure to comply, when requested to
divulge such information by duly constituted authorities. Waivers of
confidentiality are automatically effective without further action by Sub-
Transfer Agent with respect to Internal Revenue Service levies, subpoenas and
similar actions, or with respect to any request by the Company.
7. DUTIES, RESPONSIBILITIES, AND LIMITATION OF LIABILITY.
(a) In the performance of its duties hereunder, Sub-Transfer Agent
shall be obligated to act in good faith in performing the services provided for
under this Agreement. In performing its services hereunder, Sub-Transfer Agent
shall be entitled to rely on any oral or written instructions, notices or other
communications, including electronic transmissions, from the Company and its
custodians, officers and directors, investors, agents and other service
providers which Sub-Transfer Agent reasonably believes to be genuine, valid and
authorized. Sub-Transfer Agent shall also be entitled to consult with and rely
on the advice and opinions of outside legal counsel retained by the Company, as
necessary or appropriate.
(b) Sub-Transfer Agent shall not be liable for any error of judgment
or mistake of law or for any loss or expense suffered by the Company or U.S.
Trust, in connection with the matters to which this Agreement relates, except
for a loss or expense caused by or resulting from willful misfeasance, bad faith
or negligence on Sub-Transfer Agent's part in the performance of its duties or
from reckless disregard by Sub-Transfer Agent of its obligations and
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duties under this Agreement. Any person, even though also an officer, director,
partner, employee or agent of Sub-Transfer Agent, who may be or become an
officer, director, partner, employee or agent of the Company, shall be deemed
when rendering services to the Company in that capacity or acting on any
business of the Company in that capacity (other than services or business in
connection with Sub-Transfer Agent's duties hereunder) to be rendering such
services to or acting solely for the Company and not as an officer, director,
partner, employee or agent or person under the control or direction of Sub-
Transfer Agent even though paid by Sub-Transfer Agent.
(c) Subject to Paragraphs 7(b) and (d), Sub-Transfer Agent shall not
be responsible for, and U.S. Trust shall indemnify and hold Sub-Transfer Agent
harmless from and against, any and all losses, damages, costs, reasonable
attorneys' fees and expenses, payments, expenses and liabilities arising out of
or attributable to:
(i) all actions of Sub-Transfer Agent or its officers or
agents required to be taken pursuant to this Agreement;
(ii) the reliance on or use by Sub-Transfer Agent or its
officers or agents of information, records, or documents which are received by
Sub-Transfer Agent or its officers or agents and furnished to it or them by or
on behalf of the Company, and which have been prepared or maintained by the
Company or any third party on behalf of the Company other than Sub-Transfer
Agent or any of its affiliates;
(iii) U.S. Trust's refusal or failure to comply with the
terms of this Agreement or U.S. Trust's lack of good faith, or its actions, or
lack thereof, involving gross negligence or willful misfeasance;
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(iv) the material breach of any representation or warranty of
U.S. Trust hereunder;
(v) the legal taping or other form of legal recording of
telephone conversations or other legal forms of electronic communications with
investors and shareholders, or reliance by Sub-Transfer Agent or its officers or
agents on telephone or other electronic instructions of any person acting on
behalf of a shareholder or shareholder account for which telephone or other
electronic services have been authorized;
(vi) the reliance on or the carrying out by Sub-Transfer Agent
or its officers or agents of any proper instructions reasonably believed to be
duly authorized, or requests of U.S. Trust or the Company or recognition by Sub-
Transfer Agent or its officers or agents of any share certificates which are
reasonably believed to bear the proper signatures of the officers of the Company
and the proper countersignature of any transfer agent or registrar of the
Company;
(vii) any delays, inaccuracies, errors in or omissions from data
provided to Sub-Transfer Agent or its officers or agents by data and pricing
services;
(viii) the offer or sale of shares by the Company in violation of
any requirement under the Federal securities laws or regulations or the
securities laws or regulations of any state, or in violation of any stop order
or other determination or ruling by any Federal agency or any state agency with
respect to the offer or sale of such shares in such state (1) resulting from
activities, actions, or omissions by the Company or its other service providers
and agents other than Sub-Transfer Agent or its officers or agents or any of
their affiliates, or (2) existing or arising out of activities, actions or
omissions by or on behalf of the Company other
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than by Sub-Transfer Agent or its officers or agents or any of their affiliates
prior to the effective date of this Agreement;
(ix) any failure of the Company's registration statement to
comply with the 1933 Act and the 1940 Act (including the rules and regulations
thereunder) and any other applicable laws, or any untrue statement of a material
fact or omission of a material fact necessary to make any statement therein not
misleading in a Fund's prospectus, unless such failure, misstatement or omission
relates to, results from or otherwise arises in connection with, actions,
inactions and/or information provided by Sub-Transfer Agent or its officers or
agents; and
(x) the actions taken by the Company, its investment adviser,
and its distributor in compliance with applicable securities, tax, commodities
and other laws, rules and regulations, or the failure to so comply.
(d) Notwithstanding anything herein to the contrary, U.S. Trust shall
be as fully responsible to the Company for the acts and omissions of any sub-
transfer agent as U.S. Trust is for its own acts and omissions.
8. TERM. This Agreement shall become effective on the date first
hereinabove written. This Agreement may be modified or amended from time to
time by mutual agreement between the parties hereto. This Agreement shall
continue in effect unless terminated by either party on forty-five (45) days'
prior written notice provided that should Sub-Transfer Agent fail to be
registered pursuant to Section 17A of the 1934 Act as a transfer agent at any
time, the Company or U.S. Trust may, on written notice to Sub-Transfer Agent,
immediately terminate this Agreement. Upon termination of this Agreement, U.S.
Trust shall pay to Sub-Transfer Agent such compensation and any out-of-pocket or
other reimbursable expenses which may
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become due or payable under the terms hereof as of the date of termination or
after the date that the provision of services ceases, whichever is later.
9. NOTICES. Any notice required or permitted hereunder shall be in
writing and shall be deemed to have been given when delivered in person or by
certified mail, return receipt requested, to the parties at the following
address (or such other address as a party may specify by notice to the other):
If to the Company:
Excelsior Funds, Inc.
00 Xxxxxxx Xxxxxx
Xxxxxx, XX 00000-0000
Attn: Assistant Treasurer
Fax: (000) 000-0000
With a copy to:
Drinker Xxxxxx & Xxxxx LLP
0000 Xxxxxxxx Xxxxxx, Xxxxx 0000
Xxxxxxxxxxxx, XX 00000
Attn: W. Xxxxx XxXxxxxx, III
Fax: (000) 000-0000
If to U.S. Trust:
United States Trust Company of New York
000 Xxxx 00xx Xxxxxx
Xxx Xxxx, XX 00000
Attn: Xxxxxxx X. Xxxxx, Xx., Esq.
Fax: (000) 000-0000
If to Sub-Transfer Agent:
Chase Global Funds Services Company
00 Xxxxxxx Xxxxxx
Xxxxxx, XX 00000-0000
Attn: President
Fax: (000) 000-0000
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Notice shall be effective upon receipt if by mail, on the date of personal
delivery (by private messenger, courier service or otherwise) or upon confirmed
receipt of telex or facsimile, whichever occurs first.
10. ASSIGNMENT AND DELEGATION. This Agreement shall not be assigned and
the rights, duties and obligations of the parties hereunder may not be
subcontracted or delegated by either of the parties hereto without the prior
consent in writing of the other party.
11. WAIVER. The failure of a party to insist upon strict adherence to any
term of this Agreement on any occasion shall not be considered a waiver nor
shall it deprive such party of the right thereafter to insist upon strict
adherence to that term or any term of this Agreement. Any waiver must be in
writing signed by the waiving party.
12. FORCE MAJEURE. Sub-Transfer Agent shall not be responsible or liable
for any failure or delay in performance of its obligations under this Agreement
arising out of or caused, directly or indirectly, by circumstances beyond its
control, including without limitation, acts of God, earthquakes, fires, floods,
wars, acts of civil or military authorities, or governmental actions, nor shall
any such failure or delay give the Company the right to terminate this
Agreement. During the term of this Agreement, at no additional cost to the
Company or U.S. Trust, Sub-Transfer Agent shall provide a facility capable of
safeguarding the transfer agency and dividend disbursing records of the Company
in case of damage to the primary facility providing those services (the "Back-Up
Facility"). Transfer of the transfer agency and dividend records of the Company
to the Back-Up Facility shall be at Sub-Transfer Agent's expense, shall commence
immediately after damage to the primary facility results in an inability to
provide the transfer agency and dividend disbursing services, and shall be
completed within 72 hours of commencement. After the primary facility has
recovered, Sub-Transfer Agent shall again utilize
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it to provide the transfer agency and dividend disbursing services to the
Company at no additional cost to the Company. Sub-Transfer Agent shall use
reasonable efforts to provide the services described in this Agreement from the
Back-Up Facility.
13. USE OF NAME. Sub-Transfer Agent and U.S. Trust agree not to use the
other's name nor the name of the Company nor the names of such other's nor the
Company's affiliates, designees, or assignees in any prospectus, sales
literature, or other printed material written in a manner not previously
approved by the other or the Company or such other's or the Company's
affiliates, designees, or assignees except where required by the SEC or other
regulatory authorities.
14. AMENDMENTS. This Agreement may be modified or amended from time to
time by mutual written agreement between the parties. No provision of this
Agreement may be changed, discharged, or terminated orally, but only by an
instrument in writing signed by the party against which enforcement of the
change, discharge or termination is sought.
15. SEVERABILITY. If any provision of this Agreement is invalid or
unenforceable, the balance of the Agreement shall remain in effect, and if any
provision is inapplicable to any person or circumstance it shall nevertheless
remain applicable to all other persons and circumstances.
16. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY THE SUBSTANTIVE
LAWS OF THE STATE OF NEW YORK, INCLUDING THE DETERMINATION OF WHEN AN
"ASSIGNMENT" HAS OCCURRED.
17. THIRD PARTY BENEFICIARY. U.S. Trust and Sub-Transfer Agent expressly
agree that the Company is a third party beneficiary hereof and expressly agree
that the Company may enforce the provisions hereof.
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This Agreement may be executed in one or more counterparts and all
such counterparts will constitute one and the same instrument.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be executed by their officers designated below as of the date first written
above.
CHASE GLOBAL FUNDS SERVICES
COMPANY
/s/ Xxxxxx X. Xxxxx
----------------------------------------
Name: Xxxxxx X. Xxxxx
Title: Vice Chairman
UNITED STATES TRUST COMPANY
OF NEW YORK
/s/ Xxxxxxx X. Xxxxx
----------------------------------------
Name: Xxxxxxx X. Xxxxx
Title: Executive Vice President
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