POTENTIAL MATERIAL CONFLICTS. 7.I. Each Trust agrees that its relevant Board, constituted with a majority of disinterested trustees, will monitor each Portfolio of such Trust for the existence of any material irreconcilable conflict between the interests of the variable annuity contract owners and the variable life insurance policy owners of the Company and/or affiliated companies ("contract owners") investing in such Trust. The relevant Board shall have the sole authority to determine if a material irreconcilable conflict exists, and such determination shall be binding on the Company only if approved in the form of a resolution by a majority of the relevant Board, or a majority of the disinterested trustees of the relevant Board. The relevant Board will give prompt notice of any such determination to the Company.
Appears in 1 contract
Samples: Participation Agreement (Prudential Annuities Life Assurance Corp Variable Account B)
POTENTIAL MATERIAL CONFLICTS. 7.I. Each The Trust agrees that its relevant the Board, constituted with a majority of disinterested trustees, will monitor each Portfolio of such the Trust for the existence of any material irreconcilable conflict between the interests of the variable annuity contract owners and the variable life insurance policy owners of the Company and/or affiliated companies ("contract owners") investing in such the Trust. The relevant Board shall have the sole authority to determine if a material irreconcilable conflict exists, and such determination shall be binding on the Company only if approved in the form of a resolution by a majority of the relevant Board, or a majority of the disinterested trustees of the relevant Board. The relevant Board will give prompt notice of any such determination to the Company.
Appears in 1 contract
Samples: Participation Agreement (First Variable Annuity Fund E)
POTENTIAL MATERIAL CONFLICTS. 7.I. Each 7.1 . The Trust agrees that its relevant Board, constituted with a majority of disinterested trustees, will monitor each Portfolio of such the Trust for the existence of any material irreconcilable conflict between the interests of the variable annuity contract owners and the variable life insurance policy owners of the Company and/or affiliated companies ("contract owners") investing in such the Trust. The relevant Board shall have the sole authority to determine if a material irreconcilable conflict exists, and such determination shall be binding on the Company only if approved in the form of a resolution by a majority of the relevant Board, or a majority of the disinterested trustees of the relevant Board. The relevant Board will give prompt notice of any such determination to the Company.
Appears in 1 contract
Samples: Participation Agreement (Merrill Lynch Life Variable Life Separate Account Ii)
POTENTIAL MATERIAL CONFLICTS. 7.I. Each Trust agrees that its relevant Board, constituted with a majority of disinterested trustees, will monitor each Portfolio of such Trust for the existence of any material irreconcilable conflict between the interests of the variable annuity contract owners and the variable life insurance policy owners of the Company and/or affiliated companies ("contract owners") investing in such Trust. The relevant Board shall have the sole authority to determine if a material irreconcilable conflict exists, and such determination shall be binding on the Company only if approved in the form of a resolution by a majority of the relevant Board, or a majority of the disinterested trustees of the relevant Board. The relevant Board will give prompt notice of any such determination to the Company.
Appears in 1 contract
Samples: Fund Participation and Service Agreement (Horace Mann Life Insurance Co Separate Account)
