Common use of Financial Intermediary Acts as Contract Underwriter Clause in Contracts

Financial Intermediary Acts as Contract Underwriter. The parties agree that in performing its services under this Agreement: (a) Financial Intermediary is acting as agent for the Contract owners; (b) The Contract owner is for all purposes the customer of Financial Intermediary; (c) Each transaction reflects solely orders of the Contract owners; (d) As between Financial Intermediary and the Contract owner, the Contract owner will have full beneficial ownership of all Shares; and (e) Each transaction shall be for the Separate Accounts and not for Financial Intermediary’s account; and (f) Except for the limited purpose of receiving orders for Share transactions from Contract owners as described in Section B of this Agreement, Financial Intermediary shall have no authority to act as agent for JPMDS or the Funds.

Financial Intermediary Acts as Contract Underwriter. The parties agree that in performing its services under this Agreement: (a) Financial Intermediary is acting as agent for the Contract owners; (b) The Contract owner is for all purposes the customer of Financial Intermediary; (c) Each transaction reflects solely orders of the Contract owners; (d) As between Financial Intermediary and the Contract owner, the Contract owner will have full beneficial ownership of all Shares; and (e) Each transaction shall be for the Separate Accounts and not for Financial Intermediary’s account; : and (f) Except for the limited purpose of receiving orders for Share transactions from Contract owners as described in Section B of this Agreement, Financial Intermediary shall have no authority to act as agent for JPMDS or the Funds.