AMENDMENT
AMENDMENT made as of June 1, 2001 to that certain Custody Agreement
dated as of May 11, 1999 between STI Classic Variable Trust, with respect to
the International Equity Fund (the "Fund") and The Bank of New York
("Custodian") (such Custody Agreement hereinafter referred to as the "Custody
Agreement").
WITNESSETH:
WHEREAS, Rule 17f-7 under the Investment Company Act of 1940, as
amended (the "Rule"), was adopted on June 12, 2000 by the Securities and
Exchange Commission;
WHEREAS, each Fund and Custodian desire to amend the Custody Agreement
to conform to the Rule;
NOW, THEREFORE, each Fund and Custodian hereby agree as follows:
A. The following new Article is hereby added to the Custody
Agreement:
FOREIGN DEPOSITORIES
1. As used in this Article, the term "Foreign Depository"
shall mean each Eligible Securities Depository as defined in Rule 17f-7 under
the Investment Company Act of 1940, as amended (the "Rule"), identified by
Custodian to the Fund from time to time, and their respective successors and
nominees.
2. Notwithstanding any other provision in this Agreement, the
Fund hereby represents and warrants, which representations and warranties shall
be continuing and shall be deemed to be reaffirmed upon any delivery of a
Certificate of any giving of Oral Instructions, Instructions, or Written
Instructions, as the case may be for a Fund, that such Fund or its investment
adviser has determined that the custody agreements of each Foreign Depository
provide reasonable safeguards against the custody risks associated with
maintaining assets with such Foreign Depository within the meaning of the Rule.
3. With respect to each Foreign Depository to be utilized by a
Fund, Custodian shall exercise reasonable care, prudence, and diligence such as
a person having responsibilities for the safekeeping of the Fund's assets would
exercise (i) to provide such Fund or its investment adviser with an analysis of
the custody risks associated with maintaining assets with the Foreign
Depository, and (ii) to monitor such custody risks on a continuing basis and
promptly notify the Fund of any material change in such risks. Consistent with
such reasonable care, prudence and diligence, each such Fund acknowledges and
agrees, first, that such analysis and monitoring shall be made on the basis of,
and limited by, information gathered from Subcustodians, from trade associations
of which Custodian is a member from time to time, or through publicly available
information otherwise obtained by Custodian, and shall not include any
evaluation of Country Risks, and, second, that information supplied by Custodian
with respect to the status of an institution as a Foreign Depository or utilized
by Custodian to conclude that an institution is a Foreign Depository shall be
limited to information supplied by such institution without any independent
verification. As used herein the term "Country Risks" shall mean with respect to
any Foreign Depository: (a) the financial infrastructure of the country in which
it is organized, but not of any Foreign Depository to the extent covered by an
analysis described in clause (i) of this Section, (b) such country's prevailing
custody and settlement practices, (c) nationalization, expropriation or other
governmental actions, (d) such country's regulation of the banking or securities
industry, (e) currency controls, restrictions, devaluations or fluctuations, and
(f) market conditions which affect the orderly execution of securities
transactions or affect the value of securities.
B. Each party represents to the other that this Amendment has
been duly executed.
C. This Amendment may be executed in any number of counterparts,
each of which shall be deemed to be an original, but such counterparts, shall,
together, constitute only one amendment.
IN WITNESS WHEREOF, the Fund and Custodian have caused this Amendment
to be executed by their respective officers, thereunto duly authorized, as of
the day and year first above written.
STI CLASSIC VARIABLE TRUST
By: /S/ XXXXXXX X. XXXXX
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Name: Xxxxxxx X. Xxxxx
Title: Vice President
Tax Identification No: 00-0000000
THE BANK OF NEW YORK
By: /S/ XXXXX XXXXX
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Name: Xxxxx Xxxxx
Title: Vice President
