Exhibit 99.(g)(1)(ii)
[INVESTORS BANK & TRUST LETTERHEAD]
Xx. Xxxxx X. Xxxxxx, Counsel
ING
000 Xxxxxxxxxx Xxxxxx, XX00
Xxxxxxxx, XX. 00000
Re: The Custodian Contract (as amended, the "Custodian Contract") between
Investors Bank & Trust Company ("Custodian) and ING Partners, Inc.
(the Client")
Dear Xxxxx:
As you know, Rule 17f-4 under the Investment Company Act of 1940 ("Rule
17f-4") has been amended, and such amendments will become effective on March 28,
2003. In order for you to be in compliance with amended Rule 17f-4, we agree to
the terms and conditions below effective March 28, 2003.
In addition to any other duties of the Custodian set forth in the Custodian
Contract, the Custodian agrees that, in connection with placing and maintaining
financial assets, corresponding to the Trust's security entitlements, with a
securities depository or intermediary custodian:
1. The Custodian will, at a minimum, exercise due care in accordance
with reasonable commercial standards in discharging its duty as a
securities intermediary to obtain and thereafter maintain such
financial assets;
2. The Custodian shall provide, promptly upon request by the Client,
such reports as are generally made available to its clients
concerning the internal accounting controls and financial
strength of the Custodian; and
3. The Custodian shall use its best efforts to require any
intermediary custodian at a minimum to exercise due care in
accordance with reasonable commercial standards in discharging
its duty as a securities intermediary to obtain and thereafter
maintain financial assets corresponding to the security
entitlements of its entitlement holders.
Except as set forth in the preceding paragraphs, the terms and provisions
of the Custodian Contract shall remain in full force and effect. Please note
that this letter shall be governed by and construed in accordance with the laws
of the same jurisdiction named in the Custodian Contract, if any. Terms not
defined herein have the meanings set forth in Rule 17f-4.
Very truly yours,
INVESTORS BANK & TRUST COMPANY
By: /s/ Xxxxxx X. Xxxxxx
-------------------------
Name: Xxxxxx X. Xxxxxx
Title: Managing Director
CC: Xxxxxx Xxxxxxxxxxx
Xxxxxxx Xxxxxx
