TRUST FOR CREDIT UNIONS
FORM OF
ADDENDUM NO. 3 TO THE ADMINISTRATION AGREEMENT
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This Addendum, dated as of the first day of July, 1995, is entered into
between TRUST FOR CREDIT UNIONS (the "Trust"), a Massachusetts business trust,
and XXXXXXXX CREDIT UNION FINANCIAL SERVICES LIMITED PARTNERSHIP (the
"Administrator"), a Delaware limited partnership.
WHEREAS, the Trust and Administrator have entered into a Revised and
Restated Administration Agreement dated as of March 31, 1993 (the
"Administration Agreement"), and Addenda Nos. 1 and 2 thereto dated June 30,
1993 and January 1, 1994, respectively, pursuant to which the Trust has
appointed the Administrator to provide certain administrative services to the
Trust for the Money Market Portfolio, Government Securities Portfolio, Mortgage
Securities Portfolio, Target Maturity Portfolio (1996), Target Maturity
Portfolio (Feb 97) and Target Maturity Portfolio (May 97), together with all
other portfolios subsequently established by the Trust; and
WHEREAS, Xxxxxxx, Sachs & Co. renders investment advisory services and
certain administrative services to the aforesaid Portfolios pursuant to an
Advisory Agreement dated June 20, 1991 and Addenda Nos. 1, 2, 3 and 4 dated
October 6, 1992, June 30, 1993, December 29, 1993 and January 1, 1994,
respectively; and
WHEREAS, pursuant to Section 4(c) of the aforesaid Advisory Agreement
Xxxxxxx, Xxxxx & Co. has delivered a letter to the Trust dated May 13, 1992
regarding the payment of expenses of the Trust's Money Market Portfolio; and
WHEREAS, the Trust, Xxxxxxx, Sachs & Co. and the Administrator have
determined that the arrangement regarding the payment of expenses of the Trust's
Money Market Portfolio in the aforesaid letter shall be discontinued and that
the arrangement regarding the payment of said expenses set forth below shall be
adopted instead;
NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby
agree as follows:
1. Expense Guarantee. Effective immediately, paragraph 4 of the
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Administration Agreement is hereby amended to add the following as the
last sentence thereof:
"In addition, the Administrator agrees that the fee
otherwise payable to it under this Agreement with respect
to the Money Market
Portfolio shall be reduced, and the Administrator shall
otherwise pay the Money Market Portfolio, to the extent
necessary so that the annualized ordinary operating
expenses (excluding interest, taxes, brokerage and
extraordinary expenses) of the Money Market Portfolio do
not exceed 0.20% of the average daily net assets of such
Portfolio, such reduction or payment, if any, to be
estimated and accrued daily and made on a monthly basis."
2. Miscellaneous. Except to the extent supplemented hereby, the
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Administration Agreement shall remain unchanged and in full force and
effect, and is hereby ratified and confirmed in all respects as
supplemented hereby.
IN WITNESS WHEREOF, the undersigned have executed this Addendum as of the
date and year first above written.
TRUST FOR CREDIT UNIONS
Attest: /s/ Xxxxxxxxx Xxxxxx By: /s/ Xxxxxx X. Xxxx
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As its: President
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XXXXXXXX CREDIT UNION FINANCIAL
SERVICES LIMITED PARTNERSHIP
Attest: /s/ Xxxxxxxx Xxxxx By: /s/ Xxxxxxx Xxxxxxx
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As its: General Partner
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