Fiduciary Status. The provisions of this Exhibit C are additional to and do not amend, replace or otherwise reduce the Executive’s fiduciary obligations at law or equity.
Fiduciary Status a. To the extent that Broker-Dealer, Agency, or any of the Representatives act as an “investment advice fiduciary,” as defined in section 3(21) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) in connection with the distribution of Policies to (or purchase or funding of Policies with assets of) employer-sponsored retirement plans and individual participant accounts thereunder that are subject to ERISA, and/or plans subject to section 4975 of the Internal Revenue Code of 1986, as amended (“IRC”), such as individual retirement accounts (“IRAs”) described in sections 408 and 408A of the IRC (collectively, the “Covered Accounts”), each of them shall comply with standards of care and undivided loyalty applicable to plan fiduciaries under EXXXX and to fiduciaries under section 4975 of the IRC. Broker-Dealer and Agency acknowledge and agree that nothing in this Agreement shall cause or require the Company or LFD to provide any investment advice or recommendation, with respect to any Covered Account that acquires or holds a Policy or that uses its assets to purchase or fund a Policy.
b. To the extent that Broker-Dealer, Agency, or any of the Representatives when providing investment advice, with respect to any Covered Account that acquires or holds a Policy or uses its assets to purchase or fund a Policy, may be engaged in prohibited transaction(s) described in section 406(a) or (b) of ERISA or section 4975(c) of the IRC, in connection with the provision of such advice, Broker-Dealer and Agency shall comply and shall ensure that each such Representative complies with all conditions of one or more applicable prohibited transaction exemptions (“PTEs”) that cover the prohibited transaction(s).
c. Broker-Dealer and Agency acknowledge and agree that neither the Company nor LFD has any supervisory authority or responsibility over Broker-Dealer, Agency, or the Representatives, relating to their provision of investment advice, with respect to any Covered Account that acquires or holds a Policy or uses its assets to purchase or fund a Policy, notwithstanding the Company’s maintenance of a suitability supervision system for purposes of complying with laws, rules, and regulations adopted by states and their state insurance regulatory authorities relating to the suitability of recommendations of certain annuity and insurance transactions.
Fiduciary Status. Nothing contained herein or in any User Manuals shall be deemed to create any fiduciary status on the part of Bank in connection with the provision of the RDC Services.
Fiduciary Status. Nothing contained herein shall be deemed to create fiduciary status on the part of Bank in connection with the provision of the Service. The foregoing notwithstanding, to the extent, if any, that Bank is deemed to be a fiduciary of Business in providing the Service, this Agreement is not intended to, nor shall, relieve Bank of any fiduciary responsibility otherwise imposed on it by law.
Fiduciary Status. CBI and Convergys each acknowledges that actions required to be taken pursuant to this Agreement may be subject to fiduciary duties or standards of conduct under ERISA or other applicable law, and no party shall be deemed to be in violation of this Agreement if it fails to comply with any provisions hereof based upon its good faith determination that to do so would violate such a fiduciary duty or standard.
Fiduciary Status. Consultant acknowledges that in carrying out the consulting services described in Section A.1 of Exhibit A, Consultant is a fiduciary with respect to the Plan within the meaning of Section 3(21) of ERISA and Labor Regulation Sections 2510.3-21(c)(1)(i) and (ii)(B). Accordingly, Consultant agrees to discharge such duties with respect to the Plan in accordance with the standards set forth in ERISA.
Fiduciary Status. Xxxx Atlantic and NMS acknowledge and agree that NMS shall not be a fiduciary within the meaning of the Employee Retirement Income Security Act of 1974, as amended, or any state or federal law with respect to any Plan. NMS shall not have any discretion with respect to the management or administration of any Plan or with respect to determining or changing the rules or policies pertaining to eligibility or entitlement of any Participant in any Plan to benefits under such Plan. NMS also shall not have any control or authority with respect to any assets of any Plan, including the investment or disposition thereof. All discretion and control with respect to the terms, administration or assets of any Plan shall remain with Xxxx Atlantic or with the named fiduciaries under such Plan. NMS shall not be responsible or liable for any claims decisions made by Vendors based on eligibility information provided to Vendors by NMS. The determination as to whether claims shall be paid under the Plan shall be the responsibility of Xxxx Atlantic and Vendor in accordance with each applicable Plan.
Fiduciary Status. The Company acknowledges and agrees that (i) the purchase and sale of the Notes pursuant to this Agreement is an arm’s-length commercial transaction between the Company, on the one hand, and the Underwriters, on the other, (ii) in connection therewith and with the process leading to such transaction each Underwriter is acting solely as a principal and not the agent or fiduciary of the Company, (iii) each Underwriter has not assumed an advisory or fiduciary responsibility in favor of the Company with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Company on other matters) or any other obligation to the Company except the obligations expressly set forth in this Agreement and (iv) the Company has consulted its own legal and financial advisors to the extent it deemed appropriate. The Company agrees that it will not claim that any Underwriter has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to the Company, in connection with such transaction or the process leading thereto.
Fiduciary Status. GE and Supplier understand and intend that Supplier shall not be a fiduciary within the meaning of the Employee Retirement Income Security Act of 1974 as amended, or any state law with respect to any Plan. Supplier shall not have any discretion with respect to the management or administration of any Plan or with respect to determining or changing the rules or policies pertaining to eligibility or entitlement of any participant in any Plan to benefits under such Plan. Supplier also shall not have any control or authority with respect to any assets of any Plan, Including the investment or disposition thereof. All discretion and control with respect to the terms, administration or assets of any Plan shall remain with GE or with the named fiduciaries under such Plan.
Fiduciary Status. GECS and NMS understand and intend that NMS shall not be a fiduciary within the meaning of the Employee Retirement Income Security Act of 1974 as amended, or any state law with respect to any Plan. NMS shall not have any discretion with respect to the management or administration of any Plan or with respect to determining or changing the rules or policies pertaining to eligibility or entitlement of any participant in any Plan to benefits under such Plan. NMS also shall not have any control or authority with respect to any assets of any Plan, including the investment or disposition thereof All discretion and control with respect to the terms, administration or assets of any Plan shall remain with GECS or with the named fiduciaries under such Plan.
