TRUST FOR CREDIT UNIONS
ADDENDUM NO. 1 TO THE INVESTMENT ADVISORY AGREEMENT
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This Addendum, dated as of the 6th day of October, 1992, is entered into
between TRUST FOR CREDIT UNIONS (the "TRUST"), a Massachusetts business trust,
and GOLDMAN, SACHS, & CO. (the "Adviser") a New York limited partnership.
WHEREAS, the Trust and the Adviser have entered into an Investment Advisory
Agreement dated as of June 20, 1991 (the "Advisory Agreement"), pursuant to
which the Trust has appointed the Adviser to act as investment adviser to the
Trust for the Money Market Portfolio and the Government Securities Portfolio;
WHEREAS, Section 1(b) of the Advisory Agreement provides that in the event
the Trust establishes one or more additional investment portfolios with respect
to which it desires to retain the Adviser to act as investment adviser under the
Advisory Agreement, the Trust shall so notify the Adviser in writing and if the
Adviser is willing to render such services it shall notify the Trust in writing;
and
WHEREAS, pursuant to Section 1(b) of the Advisory Agreement, the Trust has
notified the Adviser that it is establishing the Mortgage Securities Portfolio
(the "Portfolio"), and that is desires to retain the Adviser to act as the
investment adviser therefor, and the Adviser has notified the Trust that it is
willing to serve as investment adviser for the Portfolio;
NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby
agree as follows:
1. Appointment. The Trust hereby appoints the Adviser to act as
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investment adviser to the Trust for the Portfolio for the period and
on the terms set forth in the Advisory Agreement. The Adviser hereby
accepts such appointment and agrees to render the services set forth
in the Advisory Agreement for the compensation herein provided.
2. Compensation. For the services provided and the expenses assumed
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pursuant to the Advisory Agreement, the Trust will pay the Adviser,
and the Adviser will accept as full compensation therefor from the
Trust, a fee at an annual rate of .20% of 1% of the Mortgage
Securities Portfolio's average daily net assets. The fee will be
computed based on net assets on each day and will be paid to the
Adviser monthly. Such fee is attributable to the Portfolio, shall be a
charge to such Portfolio and shall be the obligation of such
Portfolio.
3. Capitalized Terms. From and after the date hereof, the term
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"Portfolios" as used in the Advisory Agreement shall be deemed to
include the Mortgage Securities Portfolio. Capitalized terms used
herein and not otherwise defined shall be the meanings ascribed to
them in the Advisory Agreement.
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4. Miscellaneous. Except to the extent supplemented hereby, the Advisory
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Agreement shall remain unchanged and in full force and effect, and is
hereby ratified and confirmed in all aspects as supplemented hereby.
IN WITNESS WHEREOF, the undersigned have executed this Addendum as of the
date and year first above written.
TRUST FOR CREDIT UNIONS
Attest: /s/ Xxxxxxx X. Xxxxxxx By: /s/ Xxxxxxx X. Xxxxx
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As its: President
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XXXXXXX, XXXXX & CO.
Attest: /s/ Xxxxxxx X. Xxxxxxx By: /s/ Xxxx X. Xxxxx
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As its:
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