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BankofAmerica ~ ~ AITACBMENI' G 1 5 8 . Client Agreement for Commercial Automated Investment Account Concentration Liquidity Shares of San Marcos (the "Client") and Bank of America, N.A. ("Bank of America") hereby agree to establish one or more mmercial Automated Investment Accounts (each, an "Investment Account") for the Client upon the following terms: 1. The Client Agreement. This Client Agreement for Commercial Automated Investment Account, together with each Investment Selection Form for the investment options selected by the Client (each, an "Investment Option"), comprises the "Agreemenf'. 2. Checking Account. For each checking account which the Client maintains in its name with Bank of America and identifies on an Investment Selection Form (a "Checking Account"), Bank of America will establish in the Client's name a commercial automated investment account ("Investment Account"). For the investment described in a given Investment Selection Form (the "Investment "), the Client may maintain more than one Checking Account. Each Checking Account is governed by the terms and conditions set forth in the Bank of America Deposit Agreement and Disclosures, as amended from time to time. 3. Investment of Excess Funds. Beginning a reasonable time after the date Bank of America receives both this Agreement, properly executed by the Client, and a certificate confirming the Client's authority to enter into the Agreement, amounts from each Checking Account will be transferred to and from its specified Investment in accordance with the following procedures: (a) At the end of each banking day, upon the completion of the process of posting, Bank of America will determine the amount by which the collected balance in each Checking Account exceeds its respective target collected balance ("Target Balance") established jointly by Bank of America and the Client. The initial Target Balance for each Checking Account is set forth in its respective Investment Selection Form(s). The amount by which the collected balance in the Checking Account at the end of each banking day exceeds the Target Balance for such Checking Account (as adjusted from time to time) is hereinafter called the "Excess Funds Amount". Subject to the terms in subparagraph b for Money Market (Liquidity Class) Funds, the Excess Funds Amount will be applied to the Investment. 1 (b) Money Market (Liquidity Class) Funds have cut-off times for the placement of purchase and redemption orders that are earlier than Bank of America's close of business. In order to provide same-day investment of your excess funds in such an Investment Option, Bank of America must place, on behalf of all clients investing in a particular Investment Option through their respective investment accounts and on behalf of itself, an aggregate net purchase or redemption order for Fund shares before the close of Bank of America's business day. Bank of America then will allocate the individual purchase and redemption amounts of each such client as of the close of business, when the final collected Checking Account balances of each client are determined for that business day. Accordingly, for the Client and all other clients investing in a Money Market (Liquidity Class) Fund through an investment account, Bank of America will set a daily cut-off time at which time it will estimate the amount by which, for each banking day, the anticipated collected balance in each Checking Account as of the completion of the process of posting at the end of the banking day (the "Anticipated Collected Balance") will exceed or fall below its respective Target Balance. If the Anticipated Collected Balance exceeds the Target Balance, Bank of America will add the amount of the excess to its net purchase (or deduct it from its net redemption) for that banking day. If the Anticipated Collected Balance is less than the Target Balance, Bank of America will deduct the amount of the difference, up to the amount of Client's then current Money Market (Liquidity Class) Fund balance, from its net purchase (or add it to its net redemption) for that banking day. Bank of America, in its sole discretion, will also include in its daily net transaction for each Money Market (Liquidity Class) Fund an additional amount which will serve as a reserve against underestimation of the aggregate of Anticipated Collected Balances from all clients investing in such Fund through investment accounts (the "Residual Amount"). Individual client purchase and redemption amounts are then allocated by Bank of America after the close of each banking day in accordance with the following procedures. Following the close of each banking day, Bank of America will determine the amount by which the actual collected balance in a Checking Account is greater or less than its respective Target Balance. The amount by which the business day-end collected Checking Account balance exceeds the Target Balance will be treated as the Client's Money Market (Liquidity Class) Fund or Fed Fund purchase for the respective Checking Account for that day (the "Excess Funds Amount") and will be added to the Client's Investment balance for such Checking Account. If the Client's business day-end collected Checking Account balance is less than its respective Target Balance, the amount of the difference, up to the Client's available Fund balance, will be treated as the Client's Fund redemption for the respective Checking Account for that day and will be subtracted from the Client's Investment balance. 1 00-35- 2512NSBW 10-2004 @ 2004 Bank of America Corporation