AMENDMENT NO. 1
to the
AMENDED AND RESTATED CUSTODIAN AGREEMENT
between
TIFF INVESTMENT PROGRAM, INC.
and
INVESTORS BANK & TRUST COMPANY
AMENDMENT, dated as of March 14, 1997, by and between TIFF
Investment Program, Inc., a Maryland corporation (the "Fund") and
Investors Bank & Trust Company, a Massachusetts trust company (the
"Bank").
WHEREAS, the Fund and the Bank entered into an Amended and
Restated Custodian Agreement dated April 1, 1995 (the "Custodian
Agreement"); and
WHEREAS, the Fund and the Bank desire to amend the Custodian
Agreement as set forth below.
NOW, THEREFORE, in consideration of the premises and of the mutual
convenants and agreements herein set forth, the parties hereto agree as
follow:
1. Amendment. The second sentence of Section 13.4 of the Custodian
Agreement is hereby to read in its entirety as follows:
For the services rendered by the Bank hereunder, the Bank will be
entitled to receive from the Fund such compensation or fees at such rate
and at such times as shall be agreed upon in writing by the parties from
time to time and set forth in a schedule or schedules to this Agreement,
and such amount may be deducted from the accounts of the Fund maintained
by the Bank on the fifth day following each month-end without any
further instruction from the Fund, notwithstanding any provision of
Section 5 hereof to the contrary.
2. Fee Schedule. The Fee Schedule attached to this Amendment shall
replace and supersede the Fee Schedule originally attached to the
Custodian Agreement in all respects, shall be effective as of the
date of this Amendment, and shall remain in effect for the full term
of the Custodian Agreement.
3. Miscellaneous.
(a) Except as amended hereby, the Custodian Agreement shall remain
in full force and effect.
(b) This amendment may be executed in two or more counterparts,
each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.
IN WITNESS WHEREOF, each party hereto has caused this Agreement to
be executed by its duly authorized officer, as the case may be, as of
the date and year first above written.
INVESTORS BANK & TRUST COMPANY TIFF INVESTMENT PROGRAM, INC.
By: /s/ Xxxxxx X. Xxxxxxx By: /s/ Xxxxx X. Salem
Managing Director President
