EX-99.B9(f)
EXHIBIT 9(f)
SUBADMINISTRATION AGREEMENT SUPPLEMENTS
Exhibit 9(f)
SUBADMINISTRATION AGREEMENT SUPPLEMENT
BOND FUND
AGREEMENT made as of the 3rd day of January, 1994, by and between New York
Life Insurance Company (the "Administrator") and NYLIFE Distributors Inc. (the
"Subadministrator").
WHEREAS, Mainstay Institutional Funds Inc. (the "Company") is an open-end
management investment company, organized as a Maryland corporation, and consists
of such separate investment series as have been or may be established and
designated by the Directors of the Company from time to time;
WHEREAS, a separate class of shares of the Company is offered to investors
with respect to each investment series;
WHEREAS, the Administrator and the Subadministrator have entered into a
Master Subadministration Agreement, dated January 3, 1994 ("Master
Subadministration Agreement"), pursuant to which the Administrator has appointed
the Subadministrator to provide the administrative services specified in the
Master Subadministration Agreement; and
WHEREAS, the Bond Fund (the "Fund") is a separate investment series of the
Company.
NOW, THEREFORE, the parties hereby agree to take the following actions,
subject to the conditions set forth:
1. As provided for in the Master Subadministration Agreement, the
Administrator hereby adopts the Master Subadministration Agreement with respect
to the Fund, and the Subadministrator hereby acknowledges that the Master
Subadministration Agreement shall pertain to the Fund, the terms and conditions
of such Master Subadministration Agreement being hereby incorporated herein by
reference.
2. The term "Fund" as used in the Master Subadministration Agreement
shall, for purposes of this Supplement, pertain to the Fund.
3. As provided in the Master Subadministration Agreement and subject to
further conditions as set forth therein, the Administrator shall pay the
Subadministrator a monthly fee based upon the average daily value (as determined
on each business day at the time set forth in the prospectus for determining net
asset value per share) of the net assets of the Fund during the
preceding month at the annual rate of .10% of the Fund's average daily net
assets.
4. This Supplement and the Master Subadministration Agreement (together,
the "Agreement") shall become effective with respect to the Fund on January 3,
1994 and shall continue in effect with respect to the Fund until terminated.
This Agreement may be terminated by the Administrator at any time, without the
payment of any penalty or by the Subadministrator at any time, without the
payment of any penalty, upon sixty (60) days' written notice to the other party.
This Agreement shall terminate automatically in the event of its assignment (as
defined in the Investment Company Act of 1940).
NEW YORK LIFE INSURANCE COMPANY
By: ______________________________
Name: ▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title: Senior Vice President
NYLIFE DISTRIBUTORS INC.
By: ______________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
Title: President and CEO
2
SUBADMINISTRATION AGREEMENT SUPPLEMENT
EAFE INDEX FUND
AGREEMENT made as of the 3rd day of January, 1994, by and between New York
Life Insurance Company (the "Administrator") and NYLIFE Distributors Inc. (the
"Subadministrator").
WHEREAS, Mainstay Institutional Funds Inc. (the "Company") is an open-end
management investment company, organized as a Maryland corporation, and consists
of such separate investment series as have been or may be established and
designated by the Directors of the Company from time to time;
WHEREAS, a separate class of shares of the Company is offered to investors
with respect to each investment series;
WHEREAS, the Administrator and the Subadministrator have entered into a
Master Subadministration Agreement, dated January 3, 1994 ("Master
Subadministration Agreement"), pursuant to which the Administrator has appointed
the Subadministrator to provide the administrative services specified in the
Master Subadministration Agreement; and
WHEREAS, the EAFE Index Fund (the "Fund") is a separate investment series
of the Company.
NOW, THEREFORE, the parties hereby agree to take the following actions,
subject to the conditions set forth:
1. As provided for in the Master Subadministration Agreement, the
Administrator hereby adopts the Master Subadministration Agreement with respect
to the Fund, and the Subadministrator hereby acknowledges that the Master
Subadministration Agreement shall pertain to the Fund, the terms and conditions
of such Master Subadministration Agreement being hereby incorporated herein by
reference.
2. The term "Fund" as used in the Master Subadministration Agreement
shall, for purposes of this Supplement, pertain to the Fund.
3. As provided in the Master Subadministration Agreement and subject to
further conditions as set forth therein, the Administrator shall pay the
Subadministrator a monthly fee based upon the average daily value (as determined
on each business day at the time set forth in the prospectus for determining net
asset
3
value per share) of the net assets of the Fund during the preceding month at the
annual rate of .10% of the Fund's average daily net assets.
4. This Supplement and the Master Subadministration Agreement (together,
the "Agreement") shall become effective with respect to the Fund on January 3,
1994 and shall continue in effect with respect to the Fund until terminated.
This Agreement may be terminated by the Administrator at any time, without the
payment of any penalty or by the Subadministrator at any time, without the
payment of any penalty, upon sixty (60) days' written notice to the other party.
This Agreement shall terminate automatically in the event of its assignment (as
defined in the Investment Company Act of 1940).
NEW YORK LIFE INSURANCE COMPANY
By: ______________________________
Name: ▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title: Senior Vice President
NYLIFE DISTRIBUTORS INC.
By: ______________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
Title: President and CEO
4
SUBADMINISTRATION AGREEMENT SUPPLEMENT
GROWTH EQUITY FUND
AGREEMENT made as of the 3rd day of January, 1994, by and between New York
Life Insurance Company (the "Administrator") and NYLIFE Distributors Inc. (the
"Subadministrator").
WHEREAS, Mainstay Institutional Funds Inc. (the "Company") is an open-end
management investment company, organized as a Maryland corporation, and consists
of such separate investment series as have been or may be established and
designated by the Directors of the Company from time to time;
WHEREAS, a separate class of shares of the Company is offered to investors
with respect to each investment series;
WHEREAS, the Administrator and the Subadministrator have entered into a
Master Subadministration Agreement, dated January 3, 1994 ("Master
Subadministration Agreement"), pursuant to which the Administrator has appointed
the Subadministrator to provide the administrative services specified in the
Master Subadministration Agreement; and
WHEREAS, the Growth Equity Fund (the "Fund") is a separate investment
series of the Company.
NOW, THEREFORE, the parties hereby agree to take the following actions,
subject to the conditions set forth:
1. As provided for in the Master Subadministration Agreement, the
Administrator hereby adopts the Master Subadministration Agreement with respect
to the Fund, and the Subadministrator hereby acknowledges that the Master
Subadministration Agreement shall pertain to the Fund, the terms and conditions
of such Master Subadministration Agreement being hereby incorporated herein by
reference.
2. The term "Fund" as used in the Master Subadministration Agreement
shall, for purposes of this Supplement, pertain to the Fund.
3. As provided in the Master Subadministration Agreement and subject to
further conditions as set forth therein, the Administrator shall pay the
Subadministrator a monthly fee based upon the average daily value (as determined
on each business day at the time set forth in the prospectus for determining net
asset
5
value per share) of the net assets of the Fund during the preceding month at the
annual rate of .10% of the Fund's average daily net assets.
4. This Supplement and the Master Subadministration Agreement (together,
the "Agreement") shall become effective with respect to the Fund on January 3,
1994 and shall continue in effect with respect to the Fund until terminated.
This Agreement may be terminated by the Administrator at any time, without the
payment of any penalty or by the Subadministrator at any time, without the
payment of any penalty, upon sixty (60) days' written notice to the other party.
This Agreement shall terminate automatically in the event of its assignment (as
defined in the Investment Company Act of 1940).
NEW YORK LIFE INSURANCE COMPANY
By: ______________________________
Name: ▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title: Senior Vice President
NYLIFE DISTRIBUTORS INC.
By: ______________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
Title: President and CEO
6
SUBADMINISTRATION AGREEMENT SUPPLEMENT
INDEXED BOND FUND
AGREEMENT made as of the 3rd day of January, 1994, by and between New York
Life Insurance Company (the "Administrator") and NYLIFE Distributors Inc. (the
"Subadministrator").
WHEREAS, Mainstay Institutional Funds Inc. (the "Company") is an open-end
management investment company, organized as a Maryland corporation, and consists
of such separate investment series as have been or may be established and
designated by the Directors of the Company from time to time;
WHEREAS, a separate class of shares of the Company is offered to investors
with respect to each investment series;
WHEREAS, the Administrator and the Subadministrator have entered into a
Master Subadministration Agreement, dated January 3, 1994 ("Master
Subadministration Agreement"), pursuant to which the Administrator has appointed
the Subadministrator to provide the administrative services specified in the
Master Subadministration Agreement; and
WHEREAS, the Indexed Bond Fund (the "Fund") is a separate investment series
of the Company.
NOW, THEREFORE, the parties hereby agree to take the following actions,
subject to the conditions set forth:
1. As provided for in the Master Subadministration Agreement, the
Administrator hereby adopts the Master Subadministration Agreement with respect
to the Fund, and the Subadministrator hereby acknowledges that the Master
Subadministration Agreement shall pertain to the Fund, the terms and conditions
of such Master Subadministration Agreement being hereby incorporated herein by
reference.
2. The term "Fund" as used in the Master Subadministration Agreement
shall, for purposes of this Supplement, pertain to the Fund.
3. As provided in the Master Subadministration Agreement and subject to
further conditions as set forth therein, the Administrator shall pay the
Subadministrator a monthly fee based upon the average daily value (as determined
on each business day at the time set forth in the prospectus for determining net
asset
7
value per share) of the net assets of the Fund during the preceding month at the
annual rate of .10% of the Fund's average daily net assets.
4. This Supplement and the Master Subadministration Agreement (together,
the "Agreement") shall become effective with respect to the Fund on January 3,
1994 and shall continue in effect with respect to the Fund until terminated.
This Agreement may be terminated by the Administrator at any time, without the
payment of any penalty or by the Subadministrator at any time, without the
payment of any penalty, upon sixty (60) days' written notice to the other party.
This Agreement shall terminate automatically in the event of its assignment (as
defined in the Investment Company Act of 1940).
NEW YORK LIFE INSURANCE COMPANY
By: ______________________________
Name: ▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title: Senior Vice President
NYLIFE DISTRIBUTORS INC.
By: ______________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
Title: President and CEO
8
SUBADMINISTRATION AGREEMENT SUPPLEMENT
INDEXED EQUITY FUND
AGREEMENT made as of the 3rd day of January, 1994, by and between New York
Life Insurance Company (the "Administrator") and NYLIFE Distributors Inc. (the
"Subadministrator").
WHEREAS, Mainstay Institutional Funds Inc. (the "Company") is an open-end
management investment company, organized as a Maryland corporation, and consists
of such separate investment series as have been or may be established and
designated by the Directors of the Company from time to time;
WHEREAS, a separate class of shares of the Company is offered to investors
with respect to each investment series;
WHEREAS, the Administrator and the Subadministrator have entered into a
Master Subadministration Agreement, dated January 3, 1994 ("Master
Subadministration Agreement"), pursuant to which the Administrator has appointed
the Subadministrator to provide the administrative services specified in the
Master Subadministration Agreement; and
WHEREAS, the Indexed Equity Fund (the "Fund") is a separate investment
series of the Company.
NOW, THEREFORE, the parties hereby agree to take the following actions,
subject to the conditions set forth:
1. As provided for in the Master Subadministration Agreement, the
Administrator hereby adopts the Master Subadministration Agreement with respect
to the Fund, and the Subadministrator hereby acknowledges that the Master
Subadministration Agreement shall pertain to the Fund, the terms and conditions
of such Master Subadministration Agreement being hereby incorporated herein by
reference.
2. The term "Fund" as used in the Master Subadministration Agreement
shall, for purposes of this Supplement, pertain to the Fund.
3. As provided in the Master Subadministration Agreement and subject to
further conditions as set forth therein, the Administrator shall pay the
Subadministrator a monthly fee based upon the average daily value (as determined
on each business day at the time set forth in the prospectus for determining net
asset
9
value per share) of the net assets of the Fund during the preceding month at the
annual rate of .10% of the Fund's average daily net assets.
4. This Supplement and the Master Subadministration Agreement (together,
the "Agreement") shall become effective with respect to the Fund on January 3,
1994 and shall continue in effect with respect to the Fund until terminated.
This Agreement may be terminated by the Administrator at any time, without the
payment of any penalty or by the Subadministrator at any time, without the
payment of any penalty, upon sixty (60) days' written notice to the other party.
This Agreement shall terminate automatically in the event of its assignment (as
defined in the Investment Company Act of 1940).
NEW YORK LIFE INSURANCE COMPANY
By: ______________________________
Name: ▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title: Senior Vice President
NYLIFE DISTRIBUTORS INC.
By: ______________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
Title: President and CEO
10
SUBADMINISTRATION AGREEMENT SUPPLEMENT
INTERNATIONAL BOND FUND
AGREEMENT made as of the 1st day of January, 1995, by and between New York
Life Insurance Company (the "Administrator") and NYLIFE Distributors Inc. (the
"Subadministrator").
WHEREAS, Mainstay Institutional Funds Inc. (the "Company") is an open-end
management investment company, organized as a Maryland corporation, and consists
of such separate investment series as have been or may be established and
designated by the Directors of the Company from time to time;
WHEREAS, a separate class of shares of the Company is offered to investors
with respect to each investment series;
WHEREAS, the Administrator and the Subadministrator have entered into a
Master Subadministration Agreement, dated January 3, 1994 ("Master
Subadministration Agreement"), pursuant to which the Administrator has appointed
the Subadministrator to provide the administrative services specified in the
Master Subadministration Agreement; and
WHEREAS, the International Bond Fund (the "Fund") is a separate investment
series of the Company.
NOW, THEREFORE, the parties hereby agree to take the following actions,
subject to the conditions set forth:
1. As provided for in the Master Subadministration Agreement, the
Administrator hereby adopts the Master Subadministration Agreement with respect
to the Fund, and the Subadministrator hereby acknowledges that the Master
Subadministration Agreement shall pertain to the Fund, the terms and conditions
of such Master Subadministration Agreement being hereby incorporated herein by
reference.
2. The term "Fund" as used in the Master Subadministration Agreement
shall, for purposes of this Supplement, pertain to the Fund.
3. As provided in the Master Subadministration Agreement and subject to
further conditions as set forth therein, the Administrator shall pay the
Subadministrator a monthly fee based upon the average daily value (as determined
on each business day at the time set forth in the prospectus for determining net
asset
11
value per share) of the net assets of the Fund during the preceding month at the
annual rate of .10% of the Fund's average daily net assets.
4. This Supplement and the Master Subadministration Agreement (together,
the "Agreement") shall become effective with respect to the Fund on January 1,
1995 and shall continue in effect with respect to the Fund until terminated.
This Agreement may be terminated by the Administrator at any time, without the
payment of any penalty or by the Subadministrator at any time, without the
payment of any penalty, upon sixty (60) days' written notice to the other party.
This Agreement shall terminate automatically in the event of its assignment (as
defined in the Investment Company Act of 1940).
NEW YORK LIFE INSURANCE COMPANY
By: ______________________________
Name: ▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title: Senior Vice President
NYLIFE DISTRIBUTORS INC.
By: ______________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
Title: President and CEO
12
SUBADMINISTRATION AGREEMENT SUPPLEMENT
INTERNATIONAL EQUITY FUND
AGREEMENT made as of the 1st day of January, 1995, by and between New York
Life Insurance Company (the "Administrator") and NYLIFE Distributors Inc. (the
"Subadministrator").
WHEREAS, Mainstay Institutional Funds Inc. (the "Company") is an open-end
management investment company, organized as a Maryland corporation, and consists
of such separate investment series as have been or may be established and
designated by the Directors of the Company from time to time;
WHEREAS, a separate class of shares of the Company is offered to investors
with respect to each investment series;
WHEREAS, the Administrator and the Subadministrator have entered into a
Master Subadministration Agreement, dated January 3, 1994 ("Master
Subadministration Agreement"), pursuant to which the Administrator has appointed
the Subadministrator to provide the administrative services specified in the
Master Subadministration Agreement; and
WHEREAS, the International Equity Fund (the "Fund") is a separate
investment series of the Company.
NOW, THEREFORE, the parties hereby agree to take the following actions,
subject to the conditions set forth:
1. As provided for in the Master Subadministration Agreement, the
Administrator hereby adopts the Master Subadministration Agreement with respect
to the Fund, and the Subadministrator hereby acknowledges that the Master
Subadministration Agreement shall pertain to the Fund, the terms and conditions
of such Master Subadministration Agreement being hereby incorporated herein by
reference.
2. The term "Fund" as used in the Master Subadministration Agreement
shall, for purposes of this Supplement, pertain to the Fund.
3. As provided in the Master Subadministration Agreement and subject to
further conditions as set forth therein, the Administrator shall pay the
Subadministrator a monthly fee based upon the average daily value (as determined
on each business day at the time set forth in the prospectus for determining net
asset
13
value per share) of the net assets of the Fund during the preceding month at the
annual rate of .10% of the Fund's average daily net assets.
4. This Supplement and the Master Subadministration Agreement (together,
the "Agreement") shall become effective with respect to the Fund on January 1,
1995 and shall continue in effect with respect to the Fund until terminated.
This Agreement may be terminated by the Administrator at any time, without the
payment of any penalty or by the Subadministrator at any time, without the
payment of any penalty, upon sixty (60) days' written notice to the other party.
This Agreement shall terminate automatically in the event of its assignment (as
defined in the Investment Company Act of 1940).
NEW YORK LIFE INSURANCE COMPANY
By: ______________________________
Name: ▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title: Senior Vice President
NYLIFE DISTRIBUTORS INC.
By: ______________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
Title: President and CEO
14
SUBADMINISTRATION AGREEMENT SUPPLEMENT
MONEY MARKET FUND
AGREEMENT made as of the 3rd day of January, 1994, by and between New York
Life Insurance Company (the "Administrator") and NYLIFE Distributors Inc. (the
"Subadministrator").
WHEREAS, Mainstay Institutional Funds Inc. (the "Company") is an open-end
management investment company, organized as a Maryland corporation, and consists
of such separate investment series as have been or may be established and
designated by the Directors of the Company from time to time;
WHEREAS, a separate class of shares of the Company is offered to investors
with respect to each investment series;
WHEREAS, the Administrator and the Subadministrator have entered into a
Master Subadministration Agreement, dated January 3, 1994 ("Master
Subadministration Agreement"), pursuant to which the Administrator has appointed
the Subadministrator to provide the administrative services specified in the
Master Subadministration Agreement; and
WHEREAS, the Money Market Fund (the "Fund") is a separate investment series
of the Company.
NOW, THEREFORE, the parties hereby agree to take the following actions,
subject to the conditions set forth:
1. As provided for in the Master Subadministration Agreement, the
Administrator hereby adopts the Master Subadministration Agreement with respect
to the Fund, and the Subadministrator hereby acknowledges that the Master
Subadministration Agreement shall pertain to the Fund, the terms and conditions
of such Master Subadministration Agreement being hereby incorporated herein by
reference.
2. The term "Fund" as used in the Master Subadministration Agreement
shall, for purposes of this Supplement, pertain to the Fund.
3. As provided in the Master Subadministration Agreement and subject to
further conditions as set forth therein, the Administrator shall pay the
Subadministrator a monthly fee based upon the average daily value (as determined
on each business day at the time set forth in the prospectus for determining net
asset
15
value per share) of the net assets of the Fund during the preceding month at the
annual rate of .10% of the Fund's average daily net assets.
4. This Supplement and the Master Subadministration Agreement (together,
the "Agreement") shall become effective with respect to the Fund on January 3,
1994 and shall continue in effect with respect to the Fund until terminated.
This Agreement may be terminated by the Administrator at any time, without the
payment of any penalty or by the Subadministrator at any time, without the
payment of any penalty, upon sixty (60) days' written notice to the other party.
This Agreement shall terminate automatically in the event of its assignment (as
defined in the Investment Company Act of 1940).
NEW YORK LIFE INSURANCE COMPANY
By: ______________________________
Name: ▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title: Senior Vice President
NYLIFE DISTRIBUTORS INC.
By: ______________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
Title: President and CEO
16
SUBADMINISTRATION AGREEMENT SUPPLEMENT
MULTI-ASSET FUND
AGREEMENT made as of the 3rd day of January, 1994, by and between New York
Life Insurance Company (the "Administrator") and NYLIFE Distributors Inc. (the
"Subadministrator").
WHEREAS, Mainstay Institutional Funds Inc. (the "Company") is an open-end
management investment company, organized as a Maryland corporation, and consists
of such separate investment series as have been or may be established and
designated by the Directors of the Company from time to time;
WHEREAS, a separate class of shares of the Company is offered to investors
with respect to each investment series;
WHEREAS, the Administrator and the Subadministrator have entered into a
Master Subadministration Agreement, dated January 3, 1994 ("Master
Subadministration Agreement"), pursuant to which the Administrator has appointed
the Subadministrator to provide the administrative services specified in the
Master Subadministration Agreement; and
WHEREAS, the Multi-Asset Fund (the "Fund") is a separate investment series
of the Company.
NOW, THEREFORE, the parties hereby agree to take the following actions,
subject to the conditions set forth:
1. As provided for in the Master Subadministration Agreement, the
Administrator hereby adopts the Master Subadministration Agreement with respect
to the Fund, and the Subadministrator hereby acknowledges that the Master
Subadministration Agreement shall pertain to the Fund, the terms and conditions
of such Master Subadministration Agreement being hereby incorporated herein by
reference.
2. The term "Fund" as used in the Master Subadministration Agreement
shall, for purposes of this Supplement, pertain to the Fund.
3. As provided in the Master Subadministration Agreement and subject to
further conditions as set forth therein, the Administrator shall pay the
Subadministrator a monthly fee based upon the average daily value (as determined
on each business day at the time set forth in the prospectus for determining net
asset
17
value per share) of the net assets of the Fund during the preceding month at the
annual rate of .10% of the Fund's average daily net assets.
4. This Supplement and the Master Subadministration Agreement (together,
the "Agreement") shall become effective with respect to the Fund on January 3,
1994 and shall continue in effect with respect to the Fund until terminated.
This Agreement may be terminated by the Administrator at any time, without the
payment of any penalty or by the Subadministrator at any time, without the
payment of any penalty, upon sixty (60) days' written notice to the other party.
This Agreement shall terminate automatically in the event of its assignment (as
defined in the Investment Company Act of 1940).
NEW YORK LIFE INSURANCE COMPANY
By: ______________________________
Name: ▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title: Senior Vice President
NYLIFE DISTRIBUTORS INC.
By: ______________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
Title: President and CEO
18
SUBADMINISTRATION AGREEMENT SUPPLEMENT
SHORT-TERM BOND FUND
AGREEMENT made as of the 3rd day of January, 1994, by and between New York
Life Insurance Company (the "Administrator") and NYLIFE Distributors Inc. (the
"Subadministrator").
WHEREAS, Mainstay Institutional Funds Inc. (the "Company") is an open-end
management investment company, organized as a Maryland corporation, and consists
of such separate investment series as have been or may be established and
designated by the Directors of the Company from time to time;
WHEREAS, a separate class of shares of the Company is offered to investors
with respect to each investment series;
WHEREAS, the Administrator and the Subadministrator have entered into a
Master Subadministration Agreement, dated January 3, 1994 ("Master
Subadministration Agreement"), pursuant to which the Administrator has appointed
the Subadministrator to provide the administrative services specified in the
Master Subadministration Agreement; and
WHEREAS, the Short-Term Bond Fund (the "Fund") is a separate investment
series of the Company.
NOW, THEREFORE, the parties hereby agree to take the following actions,
subject to the conditions set forth:
1. As provided for in the Master Subadministration Agreement, the
Administrator hereby adopts the Master Subadministration Agreement with respect
to the Fund, and the Subadministrator hereby acknowledges that the Master
Subadministration Agreement shall pertain to the Fund, the terms and conditions
of such Master Subadministration Agreement being hereby incorporated herein by
reference.
2. The term "Fund" as used in the Master Subadministration Agreement
shall, for purposes of this Supplement, pertain to the Fund.
3. As provided in the Master Subadministration Agreement and subject to
further conditions as set forth therein, the Administrator shall pay the
Subadministrator a monthly fee based upon the average daily value (as determined
on each business day at the time set forth in the prospectus for determining net
asset
19
value per share) of the net assets of the Fund during the preceding month at the
annual rate of .10% of the Fund's average daily net assets.
4. This Supplement and the Master Subadministration Agreement (together,
the "Agreement") shall become effective with respect to the Fund on January 3,
1994 and shall continue in effect with respect to the Fund until terminated.
This Agreement may be terminated by the Administrator at any time, without the
payment of any penalty or by the Subadministrator at any time, without the
payment of any penalty, upon sixty (60) days' written notice to the other party.
This Agreement shall terminate automatically in the event of its assignment (as
defined in the Investment Company Act of 1940).
NEW YORK LIFE INSURANCE COMPANY
By: ______________________________
Name: ▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title: Senior Vice President
NYLIFE DISTRIBUTORS INC.
By: ______________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
Title: President and CEO
20
SUBADMINISTRATION AGREEMENT SUPPLEMENT
VALUE EQUITY FUND
AGREEMENT made as of the 3rd day of January, 1994, by and between New York
Life Insurance Company (the "Administrator") and NYLIFE Distributors Inc. (the
"Subadministrator").
WHEREAS, Mainstay Institutional Funds Inc. (the "Company") is an open-end
management investment company, organized as a Maryland corporation, and consists
of such separate investment series as have been or may be established and
designated by the Directors of the Company from time to time;
WHEREAS, a separate class of shares of the Company is offered to investors
with respect to each investment series;
WHEREAS, the Administrator and the Subadministrator have entered into a
Master Subadministration Agreement dated January 3, 1994 ("Master
Subadministration Agreement"), pursuant to which the Administrator has appointed
the Subadministrator to provide the administrative services specified in the
Master Subadministration Agreement; and
WHEREAS, the Value Equity Fund (the "Fund") is a separate investment series
of the Company.
NOW, THEREFORE, the parties hereby agree to take the following actions,
subject to the conditions set forth:
1. As provided for in the Master Subadministration Agreement, the
Administrator hereby adopts the Master Subadministration Agreement with respect
to the Fund, and the Subadministrator hereby acknowledges that the Master
Subadministration Agreement shall pertain to the Fund, the terms and conditions
of such Master Subadministration Agreement being hereby incorporated herein by
reference.
2. The term "Fund" as used in the Master Subadministration Agreement
shall, for purposes of this Supplement, pertain to the Fund.
3. As provided in the Master Subadministration Agreement and subject to
further conditions as set forth therein, the Administrator shall pay the
Subadministrator a monthly fee based upon the average daily value (as determined
on each business day at the time set forth in the prospectus for determining net
asset
21
value per share) of the net assets of the Fund during the preceding month at the
annual rate of .10% of the Fund's average daily net assets.
4. This Supplement and the Master Subadministration Agreement (together,
the "Agreement") shall become effective with respect to the Fund on January 3,
1994 and shall continue in effect with respect to the Fund until terminated.
This Agreement may be terminated by the Administrator at any time, without the
payment of any penalty or by the Subadministrator at any time, without the
payment of any penalty, upon sixty (60) days' written notice to the other party.
This Agreement shall terminate automatically in the event of its assignment (as
defined in the Investment Company Act of 1940).
NEW YORK LIFE INSURANCE COMPANY
By: ______________________________
Name: ▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title: Senior Vice President
NYLIFE DISTRIBUTORS INC.
By: ______________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
Title: President and CEO
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