Exhibit 8(h)
November 7, 0000
Xxxxx Xxxxxx Bank and Trust Company
X.X. Xxx 000
Xxxxxx, Xxxxxxxxxxxxx 00000
Attention: Fiduciary Control
Gentlemen:
Pursuant to the Custodian Agreement dated December 27, 1978 between State
Street Bank and Trust Company (the "Bank") and Institutional Liquid Assets (the
"Fund"), the Fund hereby advises, authorizes and instructs the Bank to permit
redemption of Fund units by check as follows:
1. A unitholder requesting the checkwriting privilege must complete
and furnish an authorization form (Exhibit A) and a signature card (Exhibit B).
2. Upon receipt of the appropriate signature card properly completed
and executed, the Bank will establish a checking account for the unitholder and
the Transfer Agent will send to the unitholder Fund checks (the "Checks")
bearing the name of the Bank and the Fund and the account number of such
unitholder.
3. Upon the presentment of a Check to the Bank for payment, the Bank
shall accept such Check as a proper redemption request, arrange for the
redemption of sufficient units in the unitholder's account to cover such Check,
deposit the proceeds of such redemption into the unitholder's checking account
and pay such Check if:
(a) The Check meets the Bank's normal standards, rules and regulations
for honoring checks presented to it, provided, however, with respect to an
account with a signature card signed by more than one person, the Bank may
accept less than all the signatures on the Check if so authorized by such
persons on such signature card and may accept a signature differing from that
appearing on such signature card by having an abbreviated first name or by
lacking or adding a middle initial provided the signature otherwise is
acceptable.
(b) The amount of the Check is within the minimum and maximum
limitations set forth in the Fund's current prospectus, but in no event, to
exceed $5 million.
(c) There are sufficient units in the unitholder's account to cover the
amount of such Check not including (i) units which have been purchased by other
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than Federal Funds wire within 15 calendar days immediately prior to the
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presentment of such Check and (ii) units for which stock certificates have been
issued.
4. The bank agrees to provide reimbursement for any payment of a Check
which is not "properly payable" within the meaning of Section 4-401 of the
Uniform Commercial Code and the provisions hereunder.
5. The Bank will return through normal check collection channels any Check
which is not acceptable as a proper redemption request and will promptly provide
a copy of such Check to Xxxxxxx, Xxxxx & Co. along with an explanation of the
reason for not accepting such Check.
6. Within a reasonable time after a Check redemption is made, the Transfer
Agent will send a confirmation of such redemption to the unitholder and the Bank
will separately return the Check to the unitholder.
The Bank will notify Xxxxxxx, Sachs & Co. on a daily basis of the drafts
received and paid.
We agree to pay any additional fees including bank service charges and
out-of-pocket expenses resulting from the foregoing instructions.
In order to properly identify the forms to be used in connection with the
checkwriting privilege, we have dated and initialed the enclosed Exhibits.
Please indicate your agreement to the foregoing by executing and returning
the enclosed copy of this letter.
Sincerely,
Institutional Liquid Assets
By: /s/ X. Xxxxxxx, Xx.
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Its: President
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State Street Bank and Trust Co.
By: /s/ X. Xxxxxxxx
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Its: Vice President
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EXHIBIT A
AUTHORIZATION FOR REDEMPTION BY CHECK 10/85
INSTRUCTIONS:
INDIVIDUAL ACCOUNT: Complete Steps 1, 3, and 4.
INSTITUTIONAL ACCOUNT: Complete all Steps.
STEP 1 -- Fill in account title and address. (This information must be identical
to the registration of the unitholder account in Institutional Liquid
Assets) Also fill in your Institutional Liquid Assets unitholder
account number.
STEP 2 -- Institutions should enter type of organization.
STEP 3 -- Print name(s) in section (a) and sign in section (b). Officers of
organizations should give their titles.
STEP 4 -- Have your signature(s) guaranteed by a commercial bank or by a
brokerage firm that is a member of a recognized securities exchange.
Retain the ACCOUNT COPY for your records and forward the BANK COPY and FUND
COPY together with the signature card to:
Xxxxxxx, Xxxxx & Co., 0000 Xxxxx Xxxxx, Xxxxxxx, XX 00000
Xxxxxxx, Sachs & Co. will forward this form and the signature card to State
Street Bank & Trust Co.
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STEP 1 At the undersigned's request, State Street Bank and Trust
Insert Account Company ("the Bank") has established a personal checking account
Number If Known for the undersigned. When a check is presented on the
undersigned's personal checking account for payment, the Bank
will present the check to Institutional Liquid Assets as
authority to redeem a sufficient number of units in the
undersigned's unitholder account with Institutional Liquid
Assets to cover the amount of the check. Checks may not be for
less than $500. Institutional Liquid Assets is hereby authorized
and directed to accept and act upon checks presented to it by
the Bank and to redeem a sufficient number of units in the
undersigned's unitholder account with Institutional Liquid
Assets and forward the proceeds of such redemption to the Bank.
The undersigned understands and agrees that units for which
certificates have been issued or which have been in his
Institutional Liquid Assets account for fifteen (15) calendar
days or less and which were purchased by other than a Federal
Funds wire will not be redeemed without the express
authorization of Xxxxxxx, Xxxxx & Co. Any checks written for
amounts which include such units will be returned marked "Non-
Sufficient Funds". The undersigned further understands and
agrees that Institutional Liquid Assets and/or its agents will
not be liable for any loss, expense or cost arising out of check
redemptions. The undersigned will be subject to the Bank's
rules expense or cost arising out of check redemptions. The
undersigned will be subject to the Bank's rules and regulations
governing such checking accounts, including the right of the
Bank not to honor checks in amounts exceeding the value of the
undersigned's unitholder account at the time the check is
presented for payment. The Bank has reserved the right to
change, modify or terminate this checking account privilege at
any time.
Account Names(s):
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Address:
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Portfolio/Account No.:
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STEP 2 We hereby certify that each of the persons listed in STEP 3
If other than has been duly elected and is now legally holding the office set
an individual, opposite his name.
insert type of We further certify that the said
organization, ---------------------------
(corporation, is duly organized and existing and has the power to take the
trust, etc.) action called for by this Continuing Redemption Authorization.
We further certify that the signatures on the signature card
which is submitted with this Application and is incorporated
into this Agreement as if set forth herein, are authentic and
represent individuals with legal capacity to sign on behalf of
the above.
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STEP 3
Names and We further certify and agree that the above certifications,
Signatures authorizations and appointments in this document will continue
until State Street Bank and Trust Company receives actual
written notice of any change thereof.
(a) Please print or type full names and titles: (b) Sign below:
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(Individual, President, Trustee, (Signature)
General Partner or Representative)
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(If joint account, insert the name (Signature)
of joint account holder)
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(Secretary of Corporation) (Signature)
(The President or Vice President and Secretary Treasurer or Assistant Secretary
of a Corporation must sign)
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STEP 4
Banker or Signatures(s) Guaranteed:
Broker signs -------------------------------------
(Name of Bank or Broker)
By:
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(Authorized Signature)
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This authorization must be completed and received by State Street Bank and Trust
Company before redemption requests by check will be honored. Retain your copy
for your records. Any amendment or modification of the above information will
require that a new Authorization form be completed and submitted and may require
the execution of new signature cards.
BANK COPY
EXHIBIT B
SIGNATURE CARD
INSTITUTIONAL LIQUID ASSETS
Account Number State Street Bank and Trust Company Name of Portfolio
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Account Names(s) as Registered
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Authorized Signature(s)
1
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2
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3
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4
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[_] Check if all signatures are required
_________________________
[_] Check if only one signature is required DATE
[_] Check if combination of signatures is required and specify number_______
SUBJECT TO CONDITIONS ON REVERSE SIDE
The payment of funds is authorized by the signature(s) appearing on the reverse
side.
If this card is signed by more than one person, all checks will require all
signatures appearing on the reverse side unless a lesser number is indicated. If
no indication is given, all checks will require all signatures. Each signatory
guarantees the genuineness of the other signatures.
The Bank is hereby appointed agent by the person(s) [the "Depositor(s)"] signing
this card and, as agent, is authorized and directed to present checks drawn on
this checking account to the Fund or its transfer agent as request to redeem
units of the Fund registered in the name of the Depositor(s) in the amounts of
such checks and to deposit the proceeds of such redemptions in this checking
account. The Bank will be liable only for its own negligence.
The Depositor(s) agrees to be subject to the rules and regulations of the Bank
pertaining to this checking account as amended from time to time. The Bank
reserves the right to change, modify, or terminate this checking account and
authorization at any time.
REV.8/85
