Common use of Equity Securities Portfolio Sector Diversification Clause in Contracts

Equity Securities Portfolio Sector Diversification. (i) The weighting of each Sector within the Equity Securities Portfolio shall be a percentage that is (A) at least equal to the Benchmark Sector Weight minus 8% thereof, and (B) not greater than the Benchmark Sector Weight plus 8% thereof; PROVIDED, HOWEVER, that a Sector may have a weighting that is less than the minimum required weighting to the extent that the minimum required weighting exceeds 25%. For the avoidance of doubt, nothing in this SECTION 3.04(C)(I) shall alter the requirements in SECTION 3.04(D) or SECTION 3.04(E). (ii) The Market Value of Equity Securities (other than exchange-traded funds) that are not classified by the Sector Classification System or the Adviser shall not in the aggregate exceed 2% of the Market Value of the Equity Securities Portfolio. The aggregate Market Value of (x) Equity Securities that are not classified by the Sector Classification System or the Adviser, and all exchange-traded funds (collectively, "UNCLASSIFIED EQUITY Securities"), other than exchange-traded funds based solely on the Equity Benchmark, and (y) Nonconforming Equity Securities shall not in the aggregate exceed 7% of the Market Value of the Equity Securities Portfolio. If exchange-traded funds are Sector- specific rather than based on broad market indices, each such Sector- specific exchange-traded fund shall be classified as belonging to the Sector on which it is based. (iii) If the Adviser classifies an Equity Security that is not classified by the Sector Classification System, the Adviser shall determine the applicable Sector reasonably, in good faith and in accordance with industry standards. To the extent that an Equity Security is classified by the Adviser (as reflected in a Weekly Report or otherwise), the Adviser will, if requested by the Insurer, consult with the Insurer with respect to such classification and, if the Insurer does not concur with the Adviser's classification, the classification shall be revised to a mutually acceptable classification. (iv) Exchange-traded funds based solely on the Equity Benchmark shall not be required to be assigned to a Sector and shall be disregarded for purposes of the tests required by SECTION 3.04(C). (v) For the avoidance of doubt, to the extent the Equity Portfolio is invested in Master Fund shares, this test shall be applied as if the Fund's assets and liabilities included a pro rata portion of the assets and liabilities of such Master Funds.

Equity Securities Portfolio Sector Diversification. (i) The weighting of each Sector within the Equity Securities Portfolio shall be a percentage that is (A) at least equal to the Benchmark Sector Weight minus 815% thereof, and (B) not greater than the Benchmark Sector Weight plus 815% thereof; PROVIDED, HOWEVER, thereof (it being understood that a Sector may have breach of this Section 3.04(c)(i) that arises solely from the Fund's investment in Master Fund shares and is included in the Portfolio Excess Adjustment shall not constitute a weighting that is less than the minimum required weighting to the extent that the minimum required weighting exceeds 25%. For the avoidance of doubt, nothing in this SECTION 3.04(C)(I) shall alter the requirements in SECTION 3.04(D) or SECTION 3.04(ETrigger Event). (ii) The Market Value of Equity Securities (other than exchange-traded funds) that are not classified by the Sector Classification System or the Adviser shall not in the aggregate exceed 2% of the Market Value of the Equity Securities Portfolio. The aggregate Market Value of (x) Equity Securities that are not classified by the Sector Classification System or the Adviser, Adviser and all exchange-exchange traded funds (collectively, "UNCLASSIFIED EQUITY Unclassified Equity Securities"), other than exchange-traded funds based solely on the Equity Benchmark, and (y) Nonconforming Equity Securities shall not in the aggregate exceed 7% of the Market Value of the Equity Securities Portfolio. If during the term of this Agreement, exchange-traded funds are Sector- developed that are Sector-specific rather than based on broad market indices, each such Sector- Sector-specific exchange-traded fund shall be classified as belonging to the Sector on which it is based. (iii) If the Adviser classifies an Equity Security that is not classified by the Sector Classification System, the Adviser shall determine the applicable Sector reasonably, in good faith and in accordance with industry standards. To the extent that an Equity Security is classified by the Adviser (as reflected in a Weekly Report or otherwise), the Adviser willstandards following prior notice to and, if requested by the Insurer, consult consultation with the Insurer with respect to such classification and, Insurer. The Adviser may only classify an Equity Security if it is not classified by the Insurer does not concur with the Adviser's classification, the classification shall be revised to a mutually acceptable classificationSector Classification System. (iv) Exchange-traded funds based solely on the Equity Benchmark shall not be required to be assigned to a Sector and shall be disregarded for purposes of the tests required by SECTION 3.04(CSection 3.04(c). (v) For the avoidance of doubt, to the extent the Equity Portfolio is invested in Master Fund shares, this test shall be applied as if the Fund's assets and liabilities included a pro rata portion of the assets and liabilities of such Master Funds.

Equity Securities Portfolio Sector Diversification. (i) The weighting of each Sector within the Equity Securities Portfolio shall be a percentage that is (A) at least equal to the lesser of (x) the Benchmark Sector Weight minus 82% thereofor (y) 75% of the Benchmark Sector Weight, and (B) not greater than the greater of (x) the Benchmark Sector Weight plus 82% thereof; PROVIDED, HOWEVER, that a or (y) 125% of the Benchmark Sector may have a weighting that is less than the minimum required weighting to the extent that the minimum required weighting exceeds 25%. For the avoidance of doubt, nothing in this SECTION 3.04(C)(I) shall alter the requirements in SECTION 3.04(D) or SECTION 3.04(E)Weight. (ii) The Market Value of Equity Securities (other than exchange-traded funds) that are not classified by the Sector Classification System or the Adviser shall not in the aggregate exceed 2% of the Market Value of the Equity Securities Portfolio. The aggregate Market Value of (x) Equity Securities that are not classified by the Sector Classification System or the Adviser, Adviser and all exchange-exchange traded funds (collectively, "UNCLASSIFIED EQUITY Unclassified Equity Securities"), other than exchangeXxxxxxx 3000 i-traded funds based solely on the Equity Benchmarkshares, and (y) Nonconforming Equity Securities shall not in the aggregate exceed 7% of the Market Value of the Equity Securities Portfolio. If during the term of this Agreement, exchange-traded funds are Sector- developed that are Sector-specific rather than based on broad market indices, each such Sector- Sector-specific exchange-traded fund shall be classified as belonging to the Sector on which it is based. (iii) If the Adviser classifies an Equity Security that is not classified by the Sector Classification System, the Adviser shall determine the applicable Sector reasonably, in good faith and in accordance with industry standards. To the extent that an Equity Security is classified by the Adviser (as reflected in a Weekly Report or otherwise), the Adviser willstandards following prior notice to and, if requested by the Insurer, consult consultation with the Insurer with respect to such classification and, Insurer. The Adviser may only classify an Equity Security if it is not classified by the Insurer does not concur with the Adviser's classification, the classification shall be revised to a mutually acceptable classificationSector Classification System. (iv) ExchangeXxxxxxx 3000 i-traded funds based solely on the Equity Benchmark shares shall not be required to be assigned to a Sector and shall be disregarded for purposes of the tests required by SECTION 3.04(CSection 3.04(c). (v) For the avoidance of doubt, to the extent the Equity Portfolio is invested in Master Fund shares, this test shall be applied as if the Fund's assets and liabilities included a pro rata portion of the assets and liabilities of such Master Funds.

Equity Securities Portfolio Sector Diversification. (i) The weighting of each Sector within the Equity Securities Portfolio shall be a percentage that is (A) at least equal to the lesser of (x) the Benchmark Sector Weight minus 82% thereofor (y) 75% of the Benchmark Sector Weight, and (B) not greater than the greater of (x) the Benchmark Sector Weight plus 82% thereof; PROVIDED, HOWEVER, that a or (y) 125% of the Benchmark Sector may have a weighting that is less than the minimum required weighting to the extent that the minimum required weighting exceeds 25%. For the avoidance of doubt, nothing in this SECTION 3.04(C)(I) shall alter the requirements in SECTION 3.04(D) or SECTION 3.04(E)Weight. (ii) The Market Value of Equity Securities (other than exchange-traded funds) that are not classified by the Sector Classification System or the Adviser shall not in the aggregate exceed 2% of the Market Value of the Equity Securities Portfolio. The aggregate Market Value of (x) Equity Securities that are not classified by the Sector Classification System or the Adviser, Adviser and all exchange-traded funds (collectively, "UNCLASSIFIED EQUITY Unclassified Equity Securities"), other than exchange-traded funds based solely on the Equity BenchmarkSPDRs, and (y) Nonconforming Equity Securities shall not in the aggregate exceed 7% of the Market Value of the Equity Securities Portfolio. If If, during the term of this Agreement, exchange-traded funds are Sector- developed that are Sector-specific rather than based on broad market indices, each such Sector- Sector-specific exchange-traded fund shall be classified as belonging to the Sector on which it is based. (iii) If the Adviser classifies an Equity Security that is not classified by the Sector Classification System, the Adviser shall determine the applicable Sector reasonably, in good faith and in accordance with industry standards. To the extent that an Equity Security is classified by the Adviser (as reflected in a Weekly Report or otherwise), the Adviser willstandards following prior notice to and, if requested by the Insurer, consult consultation with the Insurer with respect to such classification and, Insurer. The Adviser may only classify an Equity Security if it is not classified by the Insurer does not concur with the Adviser's classification, the classification shall be revised to a mutually acceptable classificationSector Classification System. (iv) Exchange-traded funds based solely on the Equity Benchmark SPDRs shall not be required to be assigned to a Sector and shall be disregarded for purposes of the tests required by SECTION 3.04(CSection 3.04(c). (v) For the avoidance of doubt, to the extent the Equity Portfolio is invested in Master Fund shares, this test shall be applied as if the Fund's assets and liabilities included a pro rata portion of the assets and liabilities of such Master Funds.