Exhibit No. 7(b)
AMENDMENT TO CUSTODY CONTRACT
Amendment dated August 20, 1999, to the custody contract, dated
September 9, 1991, as amended, by and between State Street Bank and Trust
Company (the "Custodian") and PaineWebber Investment Trust (formerly Xxxxxx,
Xxxxxxx Investment Trust and Xxxxxxxx Xxxxxxxx/Xxxxxx, Xxxxxxx Investment
Trust), on behalf of each Portfolio/Series listed on Attachment I hereto (each a
"Fund") (the "Custody Contract").
WHEREAS the Custodian serves as the custodian of each Fund's assets
pursuant to the Custody Contract;
WHEREAS the Funds may appoint one or more banks identified on Schedule
A to this Amendment, as amended from time to time, to serve as additional
custodians for the Funds (each, a "Repo Custodian") for the purpose of the
Funds' engaging in tri-party repurchase agreement transactions ("Tri-Party
Repos");
WHEREAS the Funds may direct the Custodian to make "free delivery" to
one or more Repo Custodians of cash or other assets maintained in custody by the
Custodian for the Funds pursuant to the Custody Contract for purposes of
engaging in Tri-Party Repos; and
WHEREAS the Custodian and the Funds desire to amend the Custody
Contract to permit the Custodian to make "free delivery" of cash and other
assets of the Funds to Repo Custodians from time to time;
NOW THEREFORE, the Custodian and the Fund hereby agree to amend the
Custody Contract by adding the following provisions thereto:
1. Notwithstanding anything to the contrary in the Custody Contract,
upon receipt of Proper Instructions (as defined in the Custody Contract), the
Custodian shall deliver cash and/or other assets of the Funds to any account
maintained for the Funds by a Repo Custodian listed on Schedule A, which
delivery may be made without contemporaneous receipt by the Custodian of cash or
other assets in exchange therefor. Upon such delivery of cash or other assets in
accordance with such Proper Instructions, the Custodian shall have no further
responsibility or obligation to the Funds as a custodian of the Funds with
respect to the cash or assets so delivered. In preparing reports of monies
received or paid out of the Fund or of assets comprising the Fund, the Custodian
shall be entitled to rely upon information received from time to time from the
Repo Custodian and shall not be responsible for the accuracy or completeness of
such information included in the Custodian's reports until such assets are
received by the Custodian.
2. The Funds may amend Schedule A from time to time to add or delete a
Repo Custodian for the Funds by delivering Special Instructions (as defined
herein) to the Custodian. The term Special Instructions shall mean written
instructions executed by at least two officers of the Funds holding the office
of Vice President or higher. In all other respects, each Custody Contract shall
remain in full force and effect and the Custodian and the Funds shall perform
their respective obligations in accordance with the terms thereof.
EXECUTED to be effective as of the date set forth above.
PAINEWEBBER INVESTMENT TRUST
On Behalf of Funds Listed on Attachment I
By: /s/ Xxxxx X. Xxxxxx
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Name: Xxxxx X. Xxxxxx
Title: Vice President and Assistant Secretary
STATE STREET BANK AND TRUST COMPANY
By: /s/ Xxxxxx X. Xxxxx
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Name: Xxxxxx X. Xxxxx
Title: Vice Chairman
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ATTACHMENT I
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Dated: August 20, 1999
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to
Amendment dated August 20, 1999, to Custody Contract
Of September 9, 1991, between
State Street Bank and Trust Company and
PaineWebber Investment Trust
PORTFOLIO/SERIES DATE OF CUSTODY
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PaineWebber Global Equity Fund 09/09/91
PaineWebber Tactical Allocation Fund 09/01/95
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SCHEDULE A
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Dated: August 20, 1999
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to
Amendment dated August 20, 1999, to Custody Contract
Of September 9, 1991, between
State Street Bank and Trust Company and
PaineWebber Investment Trust
On Behalf of Funds Listed on Attachment I
TRI-PARTY REPO CUSTODIAN BANKS
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The Bank of New York
Chase Manhattan Bank
Authorized Signatures:
By: /s/ Xxxxx X. Xxxxxx By: /s/ Xxxxxx X. X'Xxxxxxx
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Title: Vice President and Assistant Secretary Title: Vice President and Secretary
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Date: as of 8/20/99 Date: as of 8/20/99
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