MERRIMAC SERIES
AMENDMENT NO. 1 TO
MASTER TRUST AGREEMENT
AMENDMENT NO. 1 to the Master Trust Agreement dated March 30, 1998 of
the Merrimac Series (the "Trust") made at Nashua, New Hampshire as of this 26th
day of October, 1998.
WHEREAS, Section 7.3 of the Agreement of the Trust provides that the
Agreement may be amended at any time by an instrument in writing signed by a
majority of Trustees of the Trust without the vote of the Shareholders of the
Trust, so long as such amendment does not adversely affect the rights of any
shareholder;
WHEREAS, Section 4.1 of the Agreement of the Trust provides that the
Trustees of the Trust may establish and designate additional Series of Shares by
an instrument in writing signed by a majority of Trustees of the Trust; and
WHEREAS, the Trustees of the Trust desire to establish an additional
Series of Shares to be identified as the "Merrimac Treasury Plus Series."
NOW, THEREFORE, the Trustees hereby state that:
1. Section 4.2 of the Agreement and all other appropriate references in
the Agreement are amended to designate and establish a new Series of shares (in
addition to the Merrimac Treasury Series, the Merrimac Cash Series and the
Merrimac Short-Term Asset Reserve Series heretofore established and designed) to
be known as the Merrimac Treasury Plus Series, effective as of this date, such
new Series to have the relative rights and preferences set forth in Section 4.2
of the Agreement.
2. The initial paragraph of Section 4.2 of the agreement, as
heretofore in effect, is amended to read as follows:
"Section 4.2 Establishment and Designation of Sub-Trusts and Classes.
Without limiting the authority of the Trustees set forth in Section 4.1
to establish and designate any further Sub-Trusts, the Trustees hereby
establish and designate four Sub-Trusts identified as "Merrimac Cash
Series", "Merrimac Treasury Series", Merrimac Short-Term Asset Reserve
Series" and "Merrimac Treasury Plus Series" which Sub-Trusts shall
consist of three classes of shares identified as the "Premium Class"
the "Institutional Class" and "Investment Class" Shares. The Shares of
such Sub-Trusts and any Shares of any further Sub-Trusts that may from
time to time be established and designated by the Trustees shall
(unless the Trustees otherwise determine with respect to some further
Sub-Trust at the time of establishing and designating the same) have
the following relative rights and preferences:"
IN WITNESS WHEREOF, the undersigned have hereunto set their hands and
seal for themselves and their assigns, as of this 26th day of October, 1998.
/s/ Xxxxxx X. Xxxxx, Xx.
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Xxxxxx X. Xxxxx, Xx.
/s/ Xxxxxxx X. Xxxx, Xx.
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Xxxxxxx X. Xxxx, Xx.
/s/ Xxxxxx X. Xxxxxx
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Xxxxxx X. Xxxxxx
/s/ Xxxxx X. Xxxxxxx
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Xxxxx X. Xxxxxxx
