Exhibit (g)(17)
NORTHERN INSTITUTIONAL FUNDS
ADDENDUM No. 4 TO THE FOREIGN CUSTODY AGREEMENT
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This Addendum No. 4, dated as of the 30th day of October, 2001, is entered
into between NORTHERN INSTITUTIONAL FUNDS (the "Trust"), a Delaware business
trust, and THE NORTHERN TRUST COMPANY ("Northern"), an Illinois state bank.
WHEREAS, the Trust and Northern have entered into a Foreign Custody
Agreement dated March 1, 1994, as amended by Addendum No. 1 dated as of January
22, 1997, Addendum No. 2 dated as of December 1, 1997, and Addendum No. 3 dated
as of March 31, 1998 (the "Foreign Custody Agreement"), pursuant to which the
Trust has appointed Northern to act as custodian to the Trust for its
International Growth Portfolio, International Bond Portfolio, and International
Equity Index Portfolio (collectively, the "Portfolios"); and
WHEREAS, the Trust and Northern desire to change the choice of law
provision in Section 18 of the Agreement and the provision regarding cash
balance compensation;
NOW THEREFORE, the parties hereto, intending to be legally bound, hereby
agree as follows:
1. Amendment. The last sentence of Section 18 of the Foreign Custody
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Agreement is hereby amended and restated as follows:
This Foreign Custody Agreement shall be construed in accordance
with the laws of the State of Illinois (except as to Section 19
hereof which shall be construed in accordance with the laws of
the State of Delaware) and shall be binding upon and shall inure
to the benefit of the parties hereto and their respective
successors.
2. Amendment Regarding ('.'ash Ratance Compensation. The provision in the
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Agreement entitled "Cash Balance Compensation" is hereby amended and
restated as follows:
Northern shall compensate each portfolio for uninvested U.S.
dollar cash balances ("Cash Balances") maintained with Northern
at the end of each day in accordance with this paragraph ("Cash
Balance Compensation"). Cash Balance Compensation with respect to
each Portfolio's uninvested Cash Balance shall be determined at
the end of each day based on an annual rate equal to 96% of the
previous calendar month's average 90day Treasury xxxx interest
rate. The amount of each Portfolio's accumulated Cash Balance
Compensation shall be paid monthly in the form of
reductions to the custody fees otherwise allocable to the
Portfolio under the Agreement for such month. In the event that a
Portfolio's Cash Balance Compensation for any month exceeds the
custody fees payable by the Portfolio under the Agreement for
such month, the Portfolio's excess Cash Balance Compensation may
be carried forward and credited against future custody fees,
provided that no excess Cash Balance Compensation may be carried
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forward beyond the end of any fiscal year.
3. Miscellaneous. Except to the extent amended hereby, the Foreign
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Custody Agreement shall remain unchanged and in full force and effect,
and is hereby ratified and confirmed in all respects as amended
hereby.
IN WITNESS WHEREOF, the undersigned have executed this Addendum as of the
date and year first above written.
NORTHERN INSTITUTIONAL FUNDS
Attest: /s/ Xxxxx Xxxxxxxx By: /s/ Xxxxx X. Xxxxxxxx
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Name: Xxxxx X. Xxxxxxxx
Title: President
THE NORTHERN TRUST COMPANY
Attest: /s/ Xxxxx Xxxxxxxx By: /s/ Xxxxxxx X. Xxxxxx III
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Name: Xxxxxxx X. Xxxxxx III
Title: Vice President
