AMENDMENT TO CUSTODIAN AGREEMENT
Amendment made as of December 17, 1990 (the
"Amendment"), between ALLIANCE SHORT-TERM MULTI-MARKET TRUST INC.
(the "Fund") and Xxxxx Brothers Xxxxxxxx & Co. (the "Custodian")
to the Custodian Agreement dated March 27, 1989, between the Fund
and the Custodian (the "Custodian Agreement").
In consideration of the mutual covenants and agreements
herein contained, the Fund and the Custodian agree that the
Custodian Agreement is hereby amended as follows:
1. The last sentence of Section 2D, Purchases, is
amended to read in its entirety as follows:
"However, (i) in the case of repurchase agreements
entered into by the Fund, the Custodian (as well as an
Agent) may release funds to a Securities System or to a
Subcustodian prior to the receipt of advice from the
Securities System or Subcustodian that the securities
underlying such repurchase agreement have been
transferred by book entry into the Account (as defined
in Section 2U) of the Custodian (or such Agent)
maintained with such Securities System or Subcustodian,
so long as such payment instructions to the Securities
System or Subcustodian include a requirement that
delivery is only against payment for securities, (ii) in
the case of foreign exchange contracts, options, time
deposits, call account deposits, currency deposits, and
other deposits, contracts or options pursuant to
Sections 2J, 2L, 2M and 2N, the Custodian may make
payment therefor without receiving an instrument
evidencing said deposit, contract or option so long as
such payment instructions detail specific securities to
be acquired, and (iii) in the case of securities in
which payment for the security and receipt of the
instrument evidencing the security are under generally
accepted trade practice or the terms of the instrument
representing the security expected to take place in
different locations or through separate parties, such as
commercial paper which is indexed to foreign currency
exchange rates, derivatives and similar securities, the
Custodian may make payment for such securities prior to
delivery thereof in accordance with such generally
accepted trade practice or the terms of the instrument
representing such security."
2. Section 2F, Sales of Securities, is amended to read
in its entirety as follows:
"Upon receipt of proper instructions, to make delivery
of securities which have been sold for the account of
the Fund, but only against payment therefor (1) in cash,
by a certified check, bank cashier's check, bank credit,
or bank wire transfer, or (2) by credit to the account
of the Custodian with a clearing corporation of a
national securities exchange of which the Custodian is a
member, or (3) by credit to the account of the Custodian
or an Agent of the Custodian with a Securities System;
provided, however, that (i) in the case of delivery of
physical certificates or instruments representing
securities, the Custodian may make delivery to the
broker buying the securities, against receipt therefor,
for examination in accordance with "street delivery"
custom, provided that the payment therefor is to be made
to the Custodian (which payment may be made by a
broker's check) or that such securities are to be
returned to the Custodian, and (ii) in the case of
securities referred to in clause (iii) of the last
sentence of Section 2D, the Custodian may make
settlement, including with respect to the form of
payment, in accordance with generally accepted trade
practice relating to such securities or the terms of the
instrument representing said security."
3. Section 2P, Collections, is amended to read in its
entirety as follows:
"(i) To collect, receive and deposit in said
account or accounts all income, payments of principal
and other payments with respect to the securities held
hereunder, and in connection therewith to deliver the
certificates or other instruments representing the
securities to the issuer thereof or its agent when
securities are called, redeemed, retired or otherwise
become payable; provided, that the payment is to be made
in such form and manner and at such time, which may be
after delivery by the Custodian of the instrument
representing the security, as is in accordance with the
terms of the instrument representing the security, or
such proper instructions as the Custodian may receive,
or governmental regulations, the rules of Securities
2
Systems or other U.S. Securities depositories and
clearing agencies or, with respect to securities
referred to in clause (iii) of the last sentence of
Section 2D, in accordance with generally accepted trade
practice; (ii) to execute ownership and other
certificates and affidavits for all federal and state
tax purposes in connection with receipt of income or
other payments with respect to securities of the Fund or
in connection with transfer of securities, and
(iii) pursuant to proper instructions to take such other
actions with respect to collection or receipt of funds
or transfer of securities which involve an investment
decision."
4. Except as amended above, all the provisions of the
Custodian Agreement as heretofore in effect shall remain in full
force and effect.
IN WITNESS WHEREOF, the parties have executed this
Amendment as of the date first set forth above.
ALLIANCE SHORT-TERM MULTI-MARKET TRUST
INC.
By /s/ Xxxxxx X. Xxxxxx, Xx.
__________________________________
Title
XXXXX BROTHERS XXXXXXXX & CO.
Per pro /s/ Xxxxxxx X. Xxxxxxx
_____________________________
3
00250181.AV9
