OLD MUTUAL SOUTH AFRICA EQUITY TRUST POS AMI
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Exhibit 9(l)
SECOND AMENDMENT TO
SECURITIES LENDING AUTHORIZATION AGREEMENT
BETWEEN
OLD MUTUAL SOUTH AFRICA EQUITY TRUST
AND
STATE STREET BANK AND TRUST COMPANY
WHEREAS, OLD MUTUAL SOUTH AFRICA EQUITY TRUST, a Massachusetts trust and
investment company registered under the Investment Company Act of 1940 (the
"Client") and State Street Bank and Trust Company, a Massachusetts trust company
("State Street") entered into a Securities Lending Authorization Agreement dated
6 September 1996 ( the "Agreement");
WHEREAS, Section 19 of the Agreement provides that the Agreement shall not
be modified except by an instrument in writing signed by the party against whom
enforcement is sought;
WHEREAS, the Client and State Street entered into a First Amendment to the
Agreement on 6 November 1997;
WHEREAS, the Client and State Street both desire to amend the Agreement
further to provide for the acceptance of Sovereign Debt as Collateral.
NOW, THEREFORE, for value received and in order to induce the parties to
enter into the amendment contemplated hereby, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties mutually agree to amend the Agreement in the following respects:
1. Section 8, COLLATERAL, is hereby amended by deleting the word "or" before
roman numeral (iv) at the end of the first paragraph and replacing the period at
the end of subsection (iv) thereof with a semicolon and adding the following:
"or (v) Sovereign Debt."
2. Section 14, DEFINITIONS, is hereby amended by inserting after subsection
(l) the following:
"(m) "Sovereign Debt" means securities issued by the governments, agencies
or political subdivisions of countries belonging to the Organization for
Economic Co-operation and Development (OECD)."
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3. The Agreement shall remain the same in all other respects.
4. This Amendment is executed and made by the trustees of the Master Trust and
not individually, but as trustees under the Declaration of Trust dated as of
September 1, 1995, and the obligations of this Amendment are not binding upon
any of such trustees individually.
The Amendment is effective as of the 12th day of March, 1998.
IN WITNESS WHEREOF, the parties hereto execute the above Amendment by
affixing their signatures below.
OLD MUTUAL SOUTH AFRICA EQUITY
TRUST
By:___________________
Name: Xxxxxxx Xxxxxxx
Its: Treasurer
STATE STREET BANK AND TRUST
COMPANY
By:___________________
Name: Xxxxxx X. Xxxxxxx
Its: Senior Vice President
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