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EXHIBIT 9(t)
AMENDMENT TO THE SECURITIES LENDING AGREEMENT (FOREIGN SECURITIES) EFFECTIVE
MAY 21, 1998 BETWEEN THE REGISTRANT, BANC ONE INVESTMENT ADVISORS CORPORATION
AND BANK ONE TRUST COMPANY, N.A.
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AMENDMENT TO THE SECURITIES LENDING AGREEMENT
(FOREIGN SECURITIES)
This Amendment to the Securities Lending Agreement is hereby made
effective May 21, 1998, by and between The One Group(R), an open-end management
investment company formed under the Investment Company Act of 1940 (the
"Lender"), Banc One Investment Advisors Corporation, an investment adviser under
the Investment Advisers Act of 1940 (the "Advisor"), and Bank One Trust Company,
N.A., a national banking association (the "Subcustodian").
BACKGROUND INFORMATION
Pursuant to the Securities Lending Agreement, dated as of January 8,
1998 (the "Agreement"), the Lender participates in an International Securities
Lending Program developed by the Advisor in conjunction with the Subcustodian.
The Lender, the Advisor, and the Subcustodian desire to amend the Agreement to:
(i) clarify the amount of Foreign Securities which may be lent to Borrowers and
(ii) authorize the use of letters of credit as collateral for loans of Foreign
Securities.
STATEMENT OF AGREEMENT
The Lender, the Advisor, and the Subcustodian hereby acknowledge the
accuracy of the above Background Information and agree to amend the Agreement by
deleting Section 5 and Section 8(a) in their entirety and substituting the
following in their place:
"Section 5. MAKING OF LOANS. The Advisor will notify Borrowers that it
is prepared to lend Foreign Securities of the Lender. If the Advisor determines,
in response to a Borrower's orally advising the Advisor of its desire to borrow
Foreign Securities, to lend Foreign Securities of the Lender pursuant to a Loan
Agreement, the Advisor will instruct the Subcustodian to receive such Collateral
as required by the Loan Agreement. Upon receipt of verification from the
Subcustodian that it has received the Collateral required by the Loan Agreement,
the Advisor shall take such actions to effect the loan as are required by the
Loan Agreement; provided that the Advisor shall lend no more than 33-1/3% of the
Fund's total assets and verify that such loans are secured by Collateral equal
to at least 100% of the market value plus accrued interest on the Foreign
Securities lent. For each Borrower, the Advisor shall establish a maximum limit
on the amount of securities that will be delivered to each Borrower in
connection with loans of the Lender's securities, including Foreign Securities
(the "Borrower Limit"). Foreign Securities shall not be loaned to a Borrower
when the value of the loan when added to all outstanding loans with the Borrower
exceeds the Borrower Limit."
"Section 8. COLLATERAL.
(a) In connection with loans of Foreign Securities made on behalf of
the Lender that are secured by Collateral other than letters of credit, the
Advisor agrees to limit Collateral accepted and investments of Cash Collateral
to those securities in which the Fund of the Lender owning the loaned Foreign
Securities could invest and, subject to this requirement, the Lender authorizes
the Advisor: (i) to accept Collateral of the types which are designated on
EXHIBIT D with such changes as recommended from time to time by the Advisor with
the approval of the Lender (the "Collateral"); and (ii) to invest cash received
as collateral for a loan of Foreign Securities in any of the types of
investments specified on EXHIBIT D as modified from time to time. Where a loan
of securities is to be collateralized by a letter of credit, the Advisor shall
instruct the Subcustodian to accept only an irrevocable letter of credit that
contains an immediate draw-down capability from a financial institution listed
on the Advisor's Bank Approved Lists(s). The Lender hereby authorizes the
Advisor to purchase or sell investments of Cash Collateral to or from other
accounts advised by the Advisor or held by its affiliates."
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IN WITNESS WHEREOF, this Amendment to the Securities Lending Agreement is
executed by Lender, the Advisor, and the Subcustodian.
THE ONE GROUP
By: /s/ XXXX X. XXXXXX
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Xxxx X. Xxxxxx, President
BANC ONE INVESTMENT ADVISORS CORPORATION
By: /s/ XXXX X. XXXXXX
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Xxxx X. Xxxxxx, Senior Managing Director
BANK ONE TRUST COMPANY, N.A.
By: /s/ XXXXXX X. XXXXXX
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Xxxxxx X. Xxxxxx, Officer
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