AMENDMENT TO THE
CUSTODIAN CONTRACT
AGREEMENT made this 27th day of October, 1988 by and between STATE
STREET BANK AND TRUST COMPANY ("Custodian") and FPA CAPITAL FUND, INC. (the
"Fund").
WITNESSETH THAT:
WHEREAS, the Custodian and the Fund are parties to a Custodian Contract
dated August 20, 1984 (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:
Insert as the final paragraph under RESPONSIBILITY OF CUSTODIAN:
If the Fund requires the Custodian to advance cash or securities
for any purpose or in the event that the Custodian or its nominee
shall incur or be assessed any taxes, charges, expenses,
assessments, claims or liabilities in connection with the
performance of this Contract, except such as may arise from its or
its nominee's own negligent action, negligent failure to act or
willful misconduct, any property at any time held for the account of
the Fund shall be security therefor and should the Fund fail to
repay the Custodian promptly, the Custodian shall be entitled to
utilize available cash to the extent necessary to obtain
reimbursement, and if insufficient sell other Fund assets, PROVIDED
THAT Custodian shall, with respect to Fund assets as to which
Custodian has perfected its lien and which Custodian proposes to
dispose of pursuant to the foregoing right, give the Fund notice
identifying such assets and the Fund shall have three business days
from receipt of such notice to notify the Custodian if the Fund
wishes the Custodian to dispose of Fund assets of equal value other
than those identified in such notice; in the absence of any
contrary notification from the Fund, Custodian shall be free to
dispose of the Fund assets initially identified to the extent
necessary to realize the amounts to which it is entitled hereunder.
Replace subsection 7. of Section II.B. 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; provided
that in any such case, 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 FPA CAPITAL FUND, INC.
/s/ Xxxxxx Xxxxxx /s/ Xxxxx xx Xxxx, Xx.
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Secretary Treasurer
ATTEST STATE STREET BANK AND TRUST COMPANY
/s/ X. XxXxxxx /s/ X.X. Xxxxxx, Xx.
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Assistant Secretary Vice President
