EXHIBIT (h)(20)(i)
AMENDMENT TO THE
CUSTODIAN SERVICE AND MONITORING AGREEMENT
This Amendment to the Custodian Service and Monitoring Agreement, which
amends the Custodian Service and Monitoring Agreement dated June 2,2003 (the
"Agreement"), by and among ING Series Fund, Inc. (the "Fund"), MBIA Insurance
Corporation ("MBIA") and The Bank of New York ("BNY"), is made and entered into
as of September 30, 2003 (this "Amendment").
WHEREAS, the Fund, MBIA and BNY (the "Parties") are parties to the
Agreement; and
WHEREAS, the Parties to the Agreement wish to amend Section 6(c) of the
Agreement and SCHEDULE B to the Agreement.
NOW, THEREFORE, for and in consideration of the mutual promises
contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties hereby agree that:
A. Amendment to Section 6(c). Section 6(c) of the Agreement is
hereby amended by adding the following sentence as the last sentence in Section
6(c):
In cases where BNY is entitled to indemnification from MBIA
under this paragraph (c) and also may be eligible to receive
indemnification from a Fund as provided in paragraph (b) of
this Section 6, BNY shall not seek to recover from the Fund
until it has sought recovery and made a good faith effort to
collect from MBIA under this paragraph (c).
B. Amendments to SCHEDULE B.
1. SCHEDULE B, Conforming Assets Guidelines, attached to the
Agreement and dated June 2, 2003 is hereby deleted in its
entirety; and
2. AMENDED SCHEDULE B, Conforming Assets Guidelines, attached
hereto replaces, in its entirety, the previous SCHEDULE B to
the Agreement.
IN WITNESS WHEREOF, the undersigned have caused this Amendment to be executed as
of September 30,2003.
ING SERIES FUND, INC MBIA INSURANCE CORPORATION
/s/ Xxxxxxx X. Xxxxxx /s/ Xxxx X. Xxxxxxx
--------------------------------- ---------------------------------
Name: Xxxxxxx X. Xxxxxx Name: Xxxx X. Xxxxxxx
Title: Executive Vice President Title: Vice President
THE BANK OF NEW YORK
/s/ Xxx Xxxxxx
---------------------------------
Name: Xxx Xxxxxx
Title: Vice President
AMENDED SCHEDULE B
CONFORMING ASSETS GUIDELINES
BNY will utilize Open Bloomberg to determine whether the non-callable corporate
debt securities have the requisite ratings from S&P and Moody's in performing
the Conforming Assets Guideline review. In the event a corporate debt rating is
not available on Open Bloomberg, BNY will apply the rating from Moody's and
Standard & Poors, if available. If not, BNY will use the issuer's long-term
debt rating for monitoring purposes.
Equity Asset Test
- Equity securities of any company included in the S&P 500 Index, as
published by FactSet Data Systems, Inc. or by S&P
- Forward contracts on the S&P 500 Index, as traded on the Chicago
Mercantile Exchange
- Exchange Traded Funds that invest in a portfolio of stocks designed to
track the performance and dividend yield of the S&P 500 Index
Fixed Income Assets Test
- U.S. Treasury or Agency Zeroes, including Government Trust
Certificates, which represent an interest in a government trust, the property of
which consists of (i) a promissory note of a foreign government no less than 90%
of which is backed by a full faith and credit guaranty issued by the Federal
Government of the United States of America (issued pursuant to Title III of the
Foreign Operations, Export, Financing and Related Borrowers Programs
Appropriations Act, 1988) and (ii) a security interest in obligations of the
United States Treasury backed by the full faith and credit of the United States
of America sufficient to support the remaining balance (no more than 10%) of all
payments of principal and interest on such promissory note, and which are rated
at least AAA by S&P or Aaa by Moody's, maturing on, or within 90 days preceding,
the Guarantee Maturity Date
- Non-callable corporate debt securities, maturing within 3 years
(preceding or following) of the Guarantee Maturity Date and having a rating of
at least AA- by S&P or Aa3 by Moody's
- U.S. Treasury Notes and U.S. Agency Notes maturing within 3 years
(preceding or following) of the Guarantee Maturity Date
- if both Moody's and S&P have issued a rating thereon, such rating shall
be no less than Aa3/AA-
- U.S. Treasury Futures
Cash and Cash Equivalents Test
- Cash and
- the following short-term securities with remaining maturities of 180
days or less:
(1) direct obligations of, and obligations fully guaranteed as to full and
timely payment by the full faith and credit of, the United States of America,
U.S. Agency Notes and U.S. Agency Zeroes;
(2) demand deposits, time deposits or certificates of deposit of any depository
institution or trust company incorporated under the laws of the United States of
America or any state thereof; provided that at the time of investment therein
the commercial paper or other short-term unsecured debt obligations thereof
shall be rated at least A-1 by S&P or P-l by Moody's
(3) bankers acceptances issued by any depository institution or trust company
referred to in clause (2) above and
(4) commercial paper having at the time of the investment therein a rating of at
least A-1 by S&P or P-1 by Moody's
(5) "Qualified Repurchase Agreements" which shall mean, with respect to any PPF
and any Valuation Date, repurchase agreements that (i) mature in no more than
seven days (ii) are 102% fully collateralized with cash, U.S. Treasury
securities or U.S. Agency debentures, (iii) are marked-to-market and remargined
daily, and (iv) are issued by sellers that at the time of issue have a
short-term rating of P-1 from Moody's and A-1 or A-1 + from Standard and Poor's,
or in the absence of a short-term rating of the issuer, the parent of the
issuer has a short-term rating of P-1 from Moody's and A-1 or A-1 + from
Standard and Poor's, provided that a repurchase agreement will not be a
Qualified Repurchase Agreement, if immediately after its purchase the aggregate
amount of all Qualified Repurchase Agreements would exceed 10% of the Total Net
Assets, except that during the initial ten days of the Guarantee Period there
shall be no limitation on Qualified Repurchase Agreements as a percentage of
Total Net Assets.
