EX. 10.46
FIFTH AMENDMENT TO TRUST AGREEMENT BETWEEN
FIDELITY MANAGEMENT TRUST COMPANY
MUNICIPAL BOND INVESTORS ASSURANCE CORPORATION
THIS FIFTH AMENDMENT, dated as of he first day of November, 1995, by and
between Fidelity Management Trust Company (the "Trustee") and Municipal Bond
Investors Assurance Corporation (the "Sponsor");
WITNESSETH
WHEREAS, the Trustee and the Sponsor heretofore entered veto a trust
agreement dated December 31, 1991, with regard to MBIA Inc. Employees Profit
Sharing and 401(k) Salary Deferral Plan (the "Plan"); and
WHEREAS, the Trustee and the Sponsor now desire to amend said trust
agreement as provided for in Section 13 thereof;
NOW THEREFORE, in consideration of the above premises the Trustee and the
Sponsor hereby amend the trust agreement by:
(1) Amending and restating Schedule "g" (Telephone Exchange Procedures),
in its entirety, as attached.
IN WITNESS WHEREOF, the Trustee and the Sponsor have caused this Fifth
Amendment to be exempt by their duty authorized officers effective as of the day
and year first above written..
MBIA INC. FIDELITY MANAGEMENT TRUST COMPANY
By:___________________________ By:______________________________
Date Vice President Date
MANAGED INCOME PORTFOLIO
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I. EXCHANGES BETWEEN MUTUAL FUNDS AND MANAGED INCOME PORTFOLIO
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Participants who wish to exchange between a mutual fund and the Managed
Income Portfolio may call on any business day. If the request is received
before 4:00 p.m. (ET), it will receive that day's trade date. Calls
received after 4:00 p.m. (EST) will be processed on a next day basis.
II. EXCHANGES FROM MANAGED INCOME PORTFOLIO INTO SPONSOR STOCK
----------------------------------------------------------
Participants who wish to exchange out of the Managed Income Portfolio into
Sponsor Stock may call between the 1st and He 13th of the month. No calls
will be accepted after 4:00 p.m. (ET) on the 13th (or previous business day
if the 13th is not a business day).
Managed Income Portfolio shares are sold on the 15th of the month (or the
previous business day if the 15th is not a business day) and the Sponsor
Stock is purchased within two (2) business days after the date on which the
Managed Income Portfolio shares are sold.
III. EXCHANGES FROM SPONSOR STOCK INTO MANAGED INCOME PORTFOLIO
----------------------------------------------------------
Participants who wish to exchange out of Sponsor Stock into the Managed
Income Portfolio may call between the 1st and the 13th of the month. No
calls will be accepted after 4:00 p.m. (ET)) on the 13th (or previous
business day if the 13th is not a business day).
The Sponsor Stock is sold on the 16th (or the next business day if the 16th
is not a business day) and the subsequent purchase into the Managed Income
Portfolio will take place three (3) business days later. This allows for
settlement of the stock trade at the custodian and the corresponding
transfer to Fidelity.
IV. EXCHANGE RESTRICTIONS
---------------------
Participants will not be permitted to make direct transfers from the
Managed Income Portfolio into a competing fund. Participants who wish to
exchange from the Managed Income Portfolio into a competing fund must first
exchange into a non-competing fund for a period of 90 days.
MBIA INC. FIDELITY MANAGEMENT TRUST COMPANY
By:___________________________ By:_______________________________
Date Vice President Date
SCHEDULE "G"
TELEPHONE EXCHANGE PROCEDURES
-----------------------------
The following telephone exchange procedures are currency employed by Fidelity
Institutional Retirement Services Company (FIRSCO).
Telephone exchange hours are 8:30 a.m. (ET) to 8:00 p.m. (ET) on each business
day. A "business day" is any day on which the New York Stock Exchange is open.
FIRSCO reserves the right to change these telephone exchange guidelines at its
discretion.
MUTUAL FUNDS
------------
EXCHANGES BETWEEN MUTUAL FUNDS
------------------------------
Participants may call on any business day to exchange between the mutual
funds. If the request is received before 4:00 p.m. (ET) it will receive
that day's trade date. Calls received after 4:00 p.m. (ET) will be
processed on a next day basis.
SPONSOR STOCK
-------------
I. EXCHANGES FROM MUTUAL FUNDS INTO SPONSOR STOCK
----------------------------------------------
Sponsor Stock exchanges are processed on a monthly cycle. Participants who
wish to exchange out of a mutual fund into Sponsor Stock may call between
the 1st and the 13th of the month. No calls will be accepted after 4:00
p.m. (ET) on the 13th (or previous business day if the 13th is not a
business day).
Mutual fund shares are sold on the 15th of the month (or the previous
business day if the 15th is not a business day) and the Sponsor Stock is
purchased within two (2) business days after the date on which the mutual
fund shares are sold.
II. EXCHANGES FROM SPONSOR STOCK INTO MUTUAL FUNDS
----------------------------------------------
Participant who wish to exchange out of Sponsor Stock into mutual funds may
call between the 1st and the 13th of the month. No calls will be accepted
after 4:00 p.m. (ET) on the 13th (or previous business day if the 13th is
not a business day).
The Sponsor Stock is sold on the 16th (or the next business day if the 16th
is not a business day) find the subsequent purchase into manual funds will
take place three (3) business days later, This allows for settlement of
the stock trade at the custodian and the corresponding transfer to
Fidelity.
SIXTH AMENDMENT TO TRUST AGREEMENT BETWEEN
FIDELITY MANAGEMENT TRUST COMPANY AND
MUNICIPAL BOND INVESTORS ASSURANCE CORPORATION
THIS SIXTH AMENDMENT, dated as of the first day of January, 1996, by and
between Fidelity Management Trust Company (the "Trustee") and Municipal Bond
Investors Assurance Corporation (the "Sponsor");
' WITNESSETH:
WHEREAS, the Trustee and the Sponsor heretofore entered into a Trust
Agreement dated December 31, 1991, with regard to the MBIA Inc. Employees
Pension Plan and 401(k) Salary Deferral Plan (individually and collectively, the
Plan"); and
WHEREAS, the Trustee and the Sponsor now desire to amend said trust
agreement as provided for in Section 13 thereof;
NOW THEREFORE, in consideration of the above premises the Trustee and the
Sponsor hereby amend the trust agreement by:
(1) Amending the "investment options" portion of Schedules "A" and "an by
adding the following fund:
Fidelity Value Fund
IN WITNESS WHEREOF, the Trustee and the Sponsor have caused this Sixth
Amendment to be executed by their duly authorized officers effective as of the
day and year first above written.
MBIA INC. FIDELITY MANAGEMENT TRUST COMPANY
By:___________________________ By:_______________________________
Date Vice President Date
