POTENTIAL MATERIAL CONFLICTS. 7.1. The Trust agrees that it will monitor each Portfolio of 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 the Trust. The 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 Board, or a majority of the disinterested trustees of the Board. The Trust will give prompt notice of any such determination to the Company.
Appears in 9 contracts
Samples: Participation Agreement (Rs Variable Products Trust), Participation Agreement (Guardian Separate Acct N of the Guardian Ins & Annuity Co), Participation Agreement (Guardian Separate Acct N of the Guardian Ins & Annuity Co)
POTENTIAL MATERIAL CONFLICTS. 7.1. 7.1 The Trust agrees that it will monitor each Portfolio of 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 the Trust. The 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 Board, or a majority of the disinterested trustees of the Board. The Trust will give prompt notice of any such determination to the Company.
Appears in 2 contracts
Samples: Participation Agreement (Protective COLI VUL), Participation Agreement (Mutual of America Separate Account No 2)
POTENTIAL MATERIAL CONFLICTS. 7.1. 7.1 The Trust agrees that it will monitor each Portfolio of 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 the Trust. The 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 Board, or a majority of the disinterested trustees of the Board. The Trust will give prompt notice of any such determination to the Company.
Appears in 2 contracts
Samples: Participation Agreement (Victory Variable Insurance Funds), Victory Variable Insurance Funds
POTENTIAL MATERIAL CONFLICTS. 7.1. The Trust agrees that it the Board, constituted with a majority of disinterested trustees, will monitor each Portfolio of 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”) all separate accounts investing in the Trust. The 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 Board, or a majority of the disinterested trustees of the Board. The Trust Board will give prompt notice of any such determination to the Company.
Appears in 1 contract
Samples: Participation Agreement (Nyliac Variable Annuity Separate Account Iii)
