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EXHIBIT 9 (a)(2)
AMENDMENT TO THE
CUSTODIAN AGREEMENT
AMENDMENT entered into as of this 29th day of September, 1997 to the
Custodian Agreement among XXXXXXX SPAIN AND PORTUGAL FUND, INC. (the "Fund") and
XXXXX BROTHERS XXXXXXXX & CO. (the "Custodian") dated as of March 14, 1996 (the
"Agreement").
In consideration of the mutual covenants herein contained, the Fund and the
Custodian agree that the Agreement is hereby amended as follows:
1. The first paragraph of Section 2.13, Bank Accounts, is replaced in its
entirety with the following:
"The Custodian shall open and operate one or more accounts on the
Custodian's books, in the name of the Fund, subject only to draft or order by
the Custodian, and to hold in such account or accounts all deposits denominated
in U.S. and foreign currency, received for the account of the Fund, other than
deposits with Banking Institutions held in accordance with the last paragraph of
this Section 2.13. The responsibilities of the Custodian to the Fund for
deposits accepted on the Custodian's books and denominated in U.S. currency
shall be that of a U.S. bank for a similar deposit. The obligation of the
Custodian for any deposit denominated in any foreign currency shall have the
benefit of and be subject to the provisions of the last paragraph of Section
5.1(b) hereof, and accordingly in the event and to the extent the Custodian
shall be unable to make payment in currency in which a certain deposit is
denominated due to an act of God, sovereign event or other factor beyond its
control, the Custodian's obligation to pay the Fund in respect of such foreign
currency obligation shall be deferred or relieved until and to the extent the
Custodian is able to make payment in such currency and accordingly shall not be
payable on demand in U.S. currency.
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2. Section 2.14, Interest-Bearing Deposits, is amended by the addition of
the following paragraph at the end of the present Section:
"The obligation of the Custodian for any interest-bearing deposit
denominated in any foreign currency shall have the benefit of and be subject to
the provisions of the last paragraph of Section 5.1(b) hereof, and accordingly
in the event and to the extent the Custodian shall be unable to make payment in
the currency in which a certain deposit is denominated due to an act of God,
sovereign event or other factor or event beyond its control, the Custodian's
obligation to pay the Fund in respect of such foreign currency obligation shall
be deferred or relieved until and to the extent the Custodian is able to make
payment in such currency and accordingly shall not be payable on demand in U.S.
currency."
Except as amended above, all the provisions of the Agreement as heretofore
in effect shall remain in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment as of the date
first set forth above.
/s/ Xxxxxxxx Xxxxx
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Name: Xxxxxxxx Xxxxx
Title: President
XXXXX BROTHERS XXXXXXXX & CO.
/s/ Xxxxxxx X. Xxxxxx
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Name: Xxxxxxx X. Xxxxxx
Title: Partner
