Common use of RESERVED RIGHT TO DELEGATE DUTIES AND SERVICES TO Clause in Contracts

RESERVED RIGHT TO DELEGATE DUTIES AND SERVICES TO. OTHERS In each case, to the extent required by applicable law (i) subject to the prior approval of a majority of the Board of Directors of the Fund, including a majority of the Directors who are not interested persons (as defined in the 0000 Xxx) of the Manager, Principal Life Insurance Company, or the Fund and, (ii) by vote of a majority of the outstanding voting securities (as defined in the 0000 Xxx) of the applicable Series, the Manager, in assuming responsibility for the various services as set forth in this Agreement, may (a) enter into agreements with others for the performance of certain duties and services or (b) delegate the performance of some or all of such duties and services to Principal Life Insurance Company, or one or more affiliates thereof; provided, however, that (x) the entry into any such agreements shall not relieve the Manager of its duty to review and monitor the performance of such persons to the extent provided in the agreements with such persons or as determined from time to time by the Board of Directors and (y) the entry into any such agreements in clause (a) or any such delegation in clause (b) shall not relieve the Manager of any of its obligations under this Agreement.

RESERVED RIGHT TO DELEGATE DUTIES AND SERVICES TO. OTHERS In each case, to the extent required by applicable law (i) subject to the prior approval of a majority of the Board of Directors Trustees of the Fund, including a majority of the Directors Trustees who are not interested persons (as defined in the 0000 Xxx) 1940 Act of the Managermanager, Principal Life Insurance Company, or the Fund and, (ii) by vote of a majority of the outstanding voting securities (as defined in the 0000 Xxx) of the applicable Series, the Manager, in assuming responsibility for the various services as set forth in this Agreement, Agreement may (a) enter into agreements with others for the performance of certain duties and services or (b) delegate the performance of some or all of such duties and (services to Principal Life Insurance Company, or one or more affiliates or to unaffiliated parties thereof; provided, however, that the (x) the entry into any such agreements shall not relieve the Manager of its duty to review and monitor the performance of such persons to the extent provided in the agreements with such persons or as determined from time to time by the Board of Directors Trustees and (y) the entry into any such agreements in clause (a) or any such delegation in clause (b) shall not relieve the Manager of any of its obligations under this Agreement.