Exhibit No. 5(d)
DEALER AGREEMENT
▇▇▇▇▇▇▇ MONEY SERIES
AGREEMENT made as of May 9, 2001 between ▇▇▇▇▇▇▇ Advisors, Inc. ("▇▇▇▇▇▇▇
Advisors"), a Delaware corporation, and UBS PaineWebber Inc. ("UBS
PaineWebber"), a Delaware corporation.
WHEREAS ▇▇▇▇▇▇▇ Money Series ("Fund") is a Delaware business trust registered
under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-
end management investment company; and
WHEREAS the Fund currently offers distinct series of shares of beneficial
interest ("Series"), each of which corresponds to a distinct portfolio, one of
which has been designated as ▇▇▇▇▇▇▇ Select Money Market Fund, for which the
Fund's board of trustees ("Board") has established an unlimited number of shares
of beneficial interest ("Shares"); and
WHEREAS ▇▇▇▇▇▇▇ Advisors has entered into a Principal Underwriting Contract
with the Fund ("Underwriting Contract") pursuant to which ▇▇▇▇▇▇▇ Advisors
serves as principal underwriter in connection with the offering and sale of the
Shares of the above-referenced Series and of such other Series as may hereafter
be designated by the Board and have one or more classes of Shares established;
and
WHEREAS ▇▇▇▇▇▇▇ Advisors desires to retain UBS PaineWebber as its agent in
connection with the offering and sale of the Shares of each Series and to
delegate to UBS PaineWebber performance of certain of the services which ▇▇▇▇▇▇▇
Advisors provides to the Fund under the Underwriting Contract; and
WHEREAS UBS PaineWebber is willing to act as ▇▇▇▇▇▇▇ Advisors' agent in
connection with the offering and sale of such Shares and to perform such
services on the terms and conditions hereinafter set forth;
NOW THEREFORE, in consideration of the premises and the mutual covenants
contained herein, ▇▇▇▇▇▇▇ Advisors and UBS PaineWebber agree as follows:
1. Appointment. ▇▇▇▇▇▇▇ Advisors hereby appoints UBS PaineWebber as its
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agent to sell and to arrange for the sale of the Shares on the terms and for the
period set forth in this Agreement. ▇▇▇▇▇▇▇ Advisors also appoints UBS
PaineWebber as its agent for the performance of certain other services set forth
herein, which ▇▇▇▇▇▇▇ Advisors provides to the Fund under the Underwriting
Contract. UBS PaineWebber hereby accepts such appointments and agrees to act
hereunder. It is understood, however, that these appointments do not preclude
▇▇▇▇▇▇▇ Advisors from entering into agreements with other registered and
qualified retail dealers for the sale of Shares or preclude sales of the Shares
directly through the Fund's transfer agent in the manner set forth in the
Registration Statement. As used in this Agreement, the term "Registration
Statement" shall mean the currently effective Registration Statement of the
Fund, and any supplements thereto, under the Securities Act of 1933, as amended
("1933 Act"), and the ▇▇▇▇ ▇▇▇.
2. Services, Duties and Representations of UBS PaineWebber.
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(a) UBS PaineWebber agrees to sell the Shares on a best efforts basis from
time to time during the term of this Agreement as agent for ▇▇▇▇▇▇▇ Advisors and
upon the terms described in this Agreement and the Registration Statement.
(b) Upon the later of the date of this Agreement or the initial offering of
Shares by a Series to the public, UBS PaineWebber will hold itself available to
receive orders, satisfactory to UBS PaineWebber and ▇▇▇▇▇▇▇ Advisors, for the
purchase of Shares and will accept such orders on behalf of ▇▇▇▇▇▇▇ Advisors and
the Fund as of the time of receipt of such orders and will promptly transmit
such orders as are accepted to the Fund's transfer agent. Purchase orders shall
be deemed effective at the time and in the manner set forth in the Registration
Statement.
(c) The offering price of the Shares shall be the net asset value per share as
next determined by the Fund following receipt of an order at UBS PaineWebber's
principal office as set forth in the Registration Statement. ▇▇▇▇▇▇▇ Advisors
shall promptly furnish or arrange for the furnishing to UBS PaineWebber from the
Fund of a statement of each computation of net asset value.
(d) UBS PaineWebber shall not be obligated to sell any certain number of
Shares.
(e) UBS PaineWebber represents and warrants that: (i) it is a member in good
standing of the NASD and agrees to abide by the Conduct Rules of the NASD; (ii)
it is registered as a broker-dealer with the Securities and Exchange Commission;
(iii) it will maintain any filings and licenses required by federal and state
laws to conduct the business contemplated under this Agreement; and (iv) it will
comply with all federal and state laws and regulations applicable to the offer
and sale of the Shares.
(f) UBS PaineWebber shall not incur any debts or obligations on behalf of
▇▇▇▇▇▇▇ Advisors or the Fund. UBS PaineWebber shall bear all costs that it
incurs in selling the Shares and in complying with the terms and conditions of
this Agreement as more specifically set forth in paragraph 8.
(g) UBS PaineWebber shall not permit any employee or agent to offer or sell
Shares to the public unless such person is duly licensed under applicable
federal and state laws and regulations.
(h) UBS PaineWebber shall not (i) furnish any information or make any
representations concerning the Shares other than those contained in the
Registration Statement or in sales literature or advertising that has been
prepared or approved by ▇▇▇▇▇▇▇ Advisors as provided in paragraph 6 or (ii)
offer or sell the Shares in jurisdictions in which they have not been approved
for offer and sale.
3. Services Not Exclusive. The services furnished by UBS PaineWebber
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hereunder are not to be deemed exclusive and UBS PaineWebber shall be free to
furnish similar services to others so long as its services under this Agreement
are not impaired thereby.
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4. Compensation.
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UBS PaineWebber shall be compensated by ▇▇▇▇▇▇▇ Advisors in the amount set
forth on Schedule A hereto. Such amount may be changed from time to time with
the express written consent of the parties to this Agreement.
5. Duties of ▇▇▇▇▇▇▇ Advisors.
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(a) It is understood that the Fund reserves the right at any time to withdraw
all offerings of any class or classes of Shares of any or all Series by written
notice to ▇▇▇▇▇▇▇ Advisors.
(b) ▇▇▇▇▇▇▇ Advisors shall keep UBS PaineWebber fully informed of the Fund's
affairs and shall make available to UBS PaineWebber copies of all information,
financial statements and other papers that UBS PaineWebber may reasonably
request for use in connection with the distribution of Shares, including,
without limitation, certified copies of any financial statements prepared for
the Fund by its independent public accountant and such reasonable number of
copies of the most current prospectus, statement of additional information, and
annual and interim reports of any Series as UBS PaineWebber may request, and
▇▇▇▇▇▇▇ Advisors shall cooperate fully in the efforts of UBS PaineWebber to sell
and arrange for the sale of Shares and in the performance of UBS PaineWebber
under this Agreement.
(c) ▇▇▇▇▇▇▇ Advisors shall comply with all state and federal laws and
regulations applicable to a distributor of the Shares.
(d) ▇▇▇▇▇▇▇ Advisors shall promptly notify UBS PaineWebber if the Fund's
Registration Statement ceases to become effective.
(e) ▇▇▇▇▇▇▇ Advisors represents and warrants that as of the date hereof and
throughout the term of this Agreement the Shares of the Fund are qualified for
sale under or are exempt from the requirements of the respective securities laws
of the states and jurisdictions listed on Schedule B of this Agreement. ▇▇▇▇▇▇▇
Advisors shall promptly notify UBS PaineWebber in the event Shares of the Fund
cease to be qualified for sale under or cease to qualify for an exemption from
the requirements of the respective securities laws of the states and
jurisdictions listed on Schedule B.
6. Advertising. ▇▇▇▇▇▇▇ Advisors agrees to make available such sales and
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advertising materials relating to the Shares as ▇▇▇▇▇▇▇ Advisors in its
discretion determines appropriate. UBS PaineWebber agrees to submit all sales
and advertising materials developed by it relating to the Shares to ▇▇▇▇▇▇▇
Advisors for approval. UBS PaineWebber agrees not to publish or distribute such
materials to the public without first receiving such approval in writing.
▇▇▇▇▇▇▇ Advisors shall assist UBS PaineWebber in obtaining any regulatory
approvals of such materials that may be required of or desired by UBS
PaineWebber.
7. Records. UBS PaineWebber agrees to maintain all records required by
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applicable state and federal laws and regulations relating to the offer and sale
of the Shares. ▇▇▇▇▇▇▇ Advisors and its representatives shall have access to
such records during normal business hours for review or copying.
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8. Expenses of UBS PaineWebber. UBS PaineWebber shall bear all costs and
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expenses of (i) preparing, printing, and distributing any materials not prepared
by the Fund or ▇▇▇▇▇▇▇ Advisors and other materials used by UBS PaineWebber in
connection with its offering of the Shares for sale to the public; (ii) any
expenses of advertising incurred by UBS PaineWebber in connection with such
offering; (iii) the expenses of registration or qualification of UBS PaineWebber
as a dealer or broker under federal or state laws and the expenses of continuing
such registration or qualification; and (iv) all compensation paid to UBS
PaineWebber's Financial Advisors or other employees and others for selling
Shares, and all expenses of UBS PaineWebber, its Financial Advisors and
employees and others who engage in or support the sale of Shares as may be
incurred in connection with their sales efforts. UBS PaineWebber shall bear such
additional costs and expenses as it and ▇▇▇▇▇▇▇ Advisors may agree upon. ▇▇▇▇▇▇▇
Advisors shall advise the Board of any such agreement as to additional costs and
expenses borne by but shall not be required to obtain prior approval for such
agreements from the Board.
9. Indemnification.
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(a) ▇▇▇▇▇▇▇ Advisors agrees to indemnify, defend, and hold UBS PaineWebber,
its officers and directors, and any person who controls UBS PaineWebber within
the meaning of Section 15 of the 1933 Act, free and harmless from and against
any and all claims, demands, liabilities, and expenses (including the cost of
investigating or defending such claims, demands, or liabilities and any counsel
fees incurred in connection therewith) which UBS PaineWebber, its officers,
directors, or any such controlling person may incur under the 1933 Act, under
common law or otherwise, arising out of or based upon any alleged untrue
statement of a material fact contained in the Registration Statement; arising
out of or based upon any alleged omission to state a material fact required to
be stated in the Registration Statement thereof or necessary to make the
statements in the Registration Statement thereof not misleading; or arising out
of any sales or advertising materials with respect to the Shares provided by
▇▇▇▇▇▇▇ Advisors to UBS PaineWebber. However, this indemnity agreement shall not
apply to any claims, demands, liabilities, or expenses that arise out of or are
based upon any such untrue statement or omission or alleged untrue statement or
omission made in reliance upon and in conformity with information furnished in
writing by UBS PaineWebber to ▇▇▇▇▇▇▇ Advisors or the Fund for use in the
Registration Statement or in any sales or advertising material; and further
provided, that in no event shall anything contained herein be so construed as to
protect UBS PaineWebber against any liability to ▇▇▇▇▇▇▇ Advisors or the Fund or
to the shareholders of any Series to which UBS PaineWebber would otherwise be
subject by reason of willful misfeasance, bad faith, or gross negligence in the
performance of its duties, or by reason of its reckless disregard of its
obligations under this Agreement.
(b) UBS PaineWebber agrees to indemnify, defend, and hold ▇▇▇▇▇▇▇
Advisors and its officers and directors, the Fund, its officers and Board
members, and any person who controls ▇▇▇▇▇▇▇ Advisors or the Fund within the
meaning of Section 15 of the 1933 Act, free and harmless from and against any
and all claims, demands, liabilities and expenses (including the cost of
investigating or defending against such claims, demands or liabilities and any
counsel fees incurred in connection therewith) which ▇▇▇▇▇▇▇ Advisors or its
officers or directors or the Fund, its officers or Board members, or any such
controlling person may incur
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under the 1933 Act, under common law or otherwise arising out of or based upon
any breach by UBS PaineWebber of its duties or obligations under this Agreement.
10. Duration and Termination.
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(a) Notwithstanding the foregoing, with respect to a class of Shares of
any Series this Agreement may be terminated at any time, without the payment of
any penalty, by either party, upon the giving of 30 days' written notice. Such
notice shall be deemed to have been given on the date it is received in writing
by the other party or any officer thereof.
(b) Termination of this Agreement with respect to a class of Shares of
any given Series shall in no way affect the continued validity of this Agreement
or the performance thereunder with respect to any other classes of Shares of
that Series or any classes of Shares of any other Series. This Agreement will
automatically terminate in the event of its assignment or in the event that the
Underwriting Contract is terminated.
11. Amendment of this Agreement. No provision of this Agreement may be
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amended, changed, waived, discharged or terminated orally, but only by an
instrument in writing signed by the party against which enforcement of the
change, waiver, discharge or termination is sought.
12. Use of UBS PaineWebber Name. UBS PaineWebber hereby authorizes ▇▇▇▇▇▇▇
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Advisors to use the name "UBS PaineWebber Inc." or any name derived therefrom in
any sales or advertising materials prepared and/or used by ▇▇▇▇▇▇▇ Advisors in
connection with its duties as distributor of the Shares, but only for so long as
this Agreement or any extension, renewal or amendment hereof remains in effect,
including any similar agreement with any organization which shall have succeeded
to the business of UBS PaineWebber.
13. Governing Law. This Agreement shall be construed in accordance with the
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laws of the State of New York and the 1940 Act. To the extent that the
applicable laws of the State of New York conflict with the applicable provisions
of the 1940 Act, the latter shall control.
14. Miscellaneous. The captions in this Agreement are included for
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convenience of reference only and in no way define or delimit any of the
provisions hereof or otherwise affect their construction or effect. If any
provision of this Agreement shall be held or made invalid by a court decision,
statute, rule or otherwise, the remainder of this Agreement shall not be
affected thereby. This Agreement shall be binding upon and shall inure to the
benefit of the parties hereto and their respective successors. As used in this
Agreement, the term "assignment" shall have the same meaning as such term has in
the 1940 Act. Where the effect of a requirement of the 1940 Act reflected in any
provision of this Contract is relaxed by a rule, regulation or order of the
Securities and Exchange Commission, whether of special or general application,
such provision shall be deemed to incorporate the effect of such rule,
regulation or order.
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their officers designated as of the day and year first written
above.
▇▇▇▇▇▇▇ ADVISORS, INC.
ATTEST:
By: /s/ ▇▇▇▇ ▇▇▇▇▇▇▇ By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
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▇▇▇▇ ▇▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
Associate Director Title: Executive Director
ATTEST: UBS PAINEWEBBER INC.
By: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇ By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇
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▇▇▇▇▇ ▇▇▇▇▇▇ Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇
Executive Vice President Title: Senior Vice President
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SCHEDULE A
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▇▇▇▇▇▇▇ Select Money Market Fund 0.03%
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SCHEDULE B
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All fifty (50) states
District of Columbia
Puerto Rico
Virgin Islands
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