ALPINE EQUITY TRUST AMENDMENT NO. 1 AMENDED AND RESTATED CUSTODY AGREEMENT
AMENDMENT
NO. 1
AMENDED
AND RESTATED CUSTODY AGREEMENT
THIS
AMENDMENT dated as of November 1, 2004 to the Amended and Restated Custody
Agreement dated as of the 1st day of December, 2003 (the "Agreement"), by and
between Alpine Equity Trust, a business trust organized under
the laws of the State of Delaware (the "Trust") and U.S. Bank National
Association (US Bank), a national banking association shall amend the
Agreement as follows:
ARTICLE
X. Effective Period: Termination
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10.1
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Effective
Period. This Amendment shall be effective on the date of this
amendment and shall continue for a period of three (3) years from
the date
hereof (the "Initial Term"). Upon the expiration of the Initial Term,
the
Agreement shall automatically renew for successive terms of one (1)
year
("Renewal Terms") each, unless the Trust or US BANK provides written
notice to the other of its intent not to
renew.
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10.2
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Termination.
The Agreement may be terminated by either party upon giving sixty
(60)
days prior written notice to the other party or such shorter period
as is
mutually agreed upon by the
parties.
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10.3
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In
the event the Trust gives notice of termination, all reasonable expenses
associated with movement (or duplication) of records and materials
and
conversion thereof to a successor custodian or other service provider,
and
all trailing expenses incurred by US BANK, will be borne by the Trust.
If
a successor custodian shall have been appointed by the Board of Trustees,
the Custodian shall, upon receipt of a notice of acceptance by the
successor custodian, on such specified date of termination (a) deliver
directly to the successor custodian all Securities (other than Securities
held in a Book-Entry System or Securities Depository) and cash then
owned
by the Fund and held by the Custodian as custodian, and (b) transfer
any
Securities held in a Book-Entry System or Securities Depository to
an
account of or for the benefit of the Fund at the successor custodian,
provided that the Trust shall have paid to the Custodian all fees,
expenses and other amounts to the payment or reimbursement of which
it
shall then be entitled. Upon such delivery and transfer, the Custodian
shall be relieved of all obligations under the Agreement. The Trust
may at
any time immediately terminate the Agreement in the event of the
appointment of a conservator or receiver for the Custodian by regulatory
authorities or upon the happening of a like event at the
direction of an appropriate regulatory agency or court of competent
jurisdiction.
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10.4
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Failure
to Appoint Successor Custodian. If a successor custodian is not
designated by the Trust on or before the date of termination specified
pursuant to Section 10.1 above, then the Custodian shall have the
right to
deliver to a bank or corporation company of its own selection, which
(a)
is a "bank" as defined in the 1940 Act and (b) has aggregate capital,
surplus and undivided profits as shown on its then most recent published
report of not less than $25 million, all Securities, cash and other
property held by Custodian under this Agreement and to transfer to
an
account of or for the Fund at such bank or trust company all Securities
of
the Fund held in a Book-Entry System or Securities Depository. Upon
such
delivery and transfer, such bank or trust company shall be the successor
custodian under this Agreement and the Custodian shall be relieved
of all
obligations under this Agreement.
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ARTICLE
XI. Compensation of Custodian
The
Trust
agrees to pay US BANK for providing the services set forth in the Agreement
in
accordance with the Fee Schedule attached hereto as Exhibit C and as mutually
agreed upon and amended f?om time to time. The Trust agrees to pay all fees
and
reimbursable expenses within ten (10) business days following the receipt of
the
billing notice. Notwithstanding anything to the contrary, amounts owed by the
Trust to US BANK shall only be paid out of the assets and property of the
particular Fund involved.
IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
by
a duly authorized officer on one or more counterparts as of the day and year
frst written above.
| ALPINE EQUITY TRUST | U.S. BANK.NATIONAL ASSOCIATION |
| By: /s/ Xxxxxx X. Xxxxxx | By: /s/ Xxx X. Xxxxxxx |
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Xxx
X. Xxxxxxx
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Senior
Vice
President
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