FIRST AMENDMENT TO CUSTODY AGREEMENT
This First Amendment to the Custody Agreement (the "First
Amendment") dated as of July 20, 1990 among United States Trust Company of New
York, a New York Corporation, as custodian (the "Custodian"), Municipal Bond
Investors Assurance Corporation (the "Corporation"), Bear Xxxxxxx & Co., Inc.
and Bear Xxxxxxx & Co., Inc., as attorney in fact for Gruntal & Co.,
Incorporated (collectively, the "Sponsor"), and United States Trust Company of
New York or any successor trustee, as trustee (the "Trustee") for various series
of the Insured Municipal Securities Trust, Navigator Insured Series, sponsored
by the Sponsor (the "Funds"), each such series consisting of one or more
underlying separate unit investment trusts.
RECITALS
A. The Sponsor wishes to deposit obligations into Funds in
addition to the New York Navigator Insured Series.
B. Section 12 of the Custody Agreement dated as of
January 18, 1990 (the "Original Custody Agreement") among the Custodian,
the Corporation, the Sponsor and the Trustee provides that it may be amended
with the written consent of the parties thereto. Accordingly, the Custodian, the
Corporation, the Sponsor and the Trustee agree as follows:
480255.1
1. The definition of "Fund" in the Original Custody
Agreement is amended to add "and other Navigator Insured
Series".
2. Upon execution of this First Amendment, all the terms and
conditions of the Original Custody Agreement shall remain in full force
and effect and be binding upon and enforceable by and against the
Custodian, the Corporation, the Sponsor and the Trustee except as such
terms and conditions are amended by this First Amendment.
3. This First Amendment may be executed in several
counterparts, each of which will be an original and all of which
together will constitute but one instrument.
IN WITNESS WHEREOF, each of the parties hereto has caused this
First Amendment to be duly executed, in counterparts in its respective name, all
as of the date first written above.
BEAR XXXXXXX & CO., INC.,
Sponsor
By:
-----------------------
Managing Director
Attest:
By:_______________________
Vice President
480255.1
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XXXXXX XXXXXX TRUST COMPANY OF
NEW YORK, Custodian
By:
---------------------------
Assistant Vice President
Attest:
By:_______________________
Vice President
UNITED STATES TRUST COMPANY OF
NEW YORK, Trustee
By:
---------------------------
Attest:
By: _________________________
Assistant Secretary
480255.1
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MUNICIPAL BOND INVESTORS ASSURANCE
CORPORATION
By:
-------------------------------
Attest:
By: _________________________
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BEAR XXXXXXX & CO., INC.,
Attorney in Fact for Gruntal & Co.,
Incorporated
By:
--------------------------------
Managing Director
Attest:
By:__________________________
Vice President
480255.1
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