AMENDMENT TO THE CUSTODIAN CONTRACT
AGREEMENT made this 23rd day of May, 1989 by and between
STATE STREET BANK AND TRUST COMPANY ("Custodian") and ALLIANCE
TAX-EXEMPT RESERVES (the "Fund").
WITNESSETH THAT:
WHEREAS, the Custodian and the Fund are parties to a
Custodian Contract dated June 1, 1985, (as amended to date, the
"Contract") which governs the terms and conditions under which
the Custodian maintains custody of the securities and other
assets of the Fund:
NOW THEREFORE, the Custodian and the Fund hereby amend
the terms of the Custodian Contract and mutually agree to the
following:
Replace subsection 7 of Section 2.2 Delivery of Securities
with the following new subsection 7:
7) Upon the sale of such securities for the account
of the Fund, to the broker or its clearing agent,
against a receipt, for examination in accordance
with "street delivery" custom; the Custodian shall
have no responsibility or liability for any loss
arising from the delivery of such securities prior
to receiving payment for such securities except as
may arise from the Custodian's own negligence or
willful misconduct;
IN WITNESS WHEREOF, each of the parties has caused this
Amendment to be executed in its name and on its behalf by a duly
authorized officer as of the day and year first above written.
ATTEST ALLIANCE TAX-EXEMPT RESERVES
/s/ Xxxxxx X. Xxxxxx /s/ Xxxxx X. Xxxxxx
___________________________ ______________________________
Secretary President
ATTEST STATE STREET BANK AND TRUST COMPANY
/s/ X. XxXxxxx /s/ X. X. Xxxxxx, Xx.
___________________________ ______________________________
Assistant Secretary Vice President
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00250185.AD0
