Common use of Trust Not a Party Clause in Contracts

Trust Not a Party. The parties to this Agreement acknowledge and agree that the Trust is not directly or indirectly a party to this Agreement. If, however, the Trust shall be so deemed, the parties to this Agreement acknowledge and agree that any liabilities of the Trust arising, directly or indirectly, under this Agreement will be satisfied out of the assets of the Trust and that no trustee, officer, agent or holder of shares of beneficial interest of the Trust or any Fund will be personally liable for such liabilities. No Fund of the Trust will be liable for the obligations or liabilities of any other Fund. 2004 0210 Preferred Life Admin Svc Agreement This Agreement is dated October 1, 2003. PREFERRED LIFE INSURANCE COMPANY OF NEW YORK By:Christopher H. Pinkerton ____________________________ Name: Christopher H. Pinkerton Title: Senior Vice President FRANKLIN TEMPLETON SERVICES, LLC By: Leslie M. Kratter ____________________________ Name: Leslie M. Kratter Title: Senior Vice President 2004 0210 Preferred Life Admin Svc Agreement Schedule A Administrative Services Maintenance of Books and Records o Assist as necessary to maintain book entry records on behalf of the Funds regarding issuance to, transfer within (via net purchase orders) and redemption by the Accounts of Fund shares.

Trust Not a Party. The parties to this Agreement acknowledge and agree that the Trust is not directly or indirectly a party to this Agreement. If, however, the Trust shall be so deemed, the parties to this Agreement acknowledge and agree that any liabilities of the Trust arising, directly or indirectly, under this Agreement will be satisfied out of the assets of the Trust and that no trustee, officer, agent or holder of shares of beneficial interest of the Trust or any Fund will be personally liable for such liabilities. No Fund of the Trust will be liable for the obligations or liabilities of any other Fund. 2004 0210 Preferred Allianz Life Admin Svc Agreement 3 This Agreement is dated October 1, 2003. PREFERRED ALLIANZ LIFE INSURANCE COMPANY OF NEW YORK NORTH AMERICA By:: /s/ Christopher H. Pinkerton ____________________________ NameXame: Christopher H. Pinkerton TitleXitle: Senior Vice President FRANKLIN TEMPLETON SERVICES, LLC By: /s/ Leslie M. Kratter ____________________________ NameXame: Leslie M. Kratter TitleXitle: Senior Vice President 2004 0210 Preferred Allianz Life Admin Svc Agreement Schedule 4 SCHEDULE A Administrative Services Maintenance of Books and Records ADMINISTRATIVE SERVICES MAINTENANCE OF BOOKS AND RECORDS o Assist as necessary to maintain book entry records on behalf of the Funds regarding issuance to, transfer within (via net purchase orders) and redemption by the Accounts of Fund shares.

Trust Not a Party. The parties to this Agreement acknowledge and agree that the Trust is not directly or indirectly a party to this Agreement. If, however, the Trust shall be so deemed, the parties to this Agreement acknowledge and agree that any liabilities of the Trust arising, directly or indirectly, under this Agreement will be satisfied out of the assets of the Trust and that no trustee, officer, agent or holder of shares of beneficial interest of the Trust or any Fund will be personally liable for such liabilities. No Fund of the Trust will be liable for the obligations or liabilities of any other Fund. 2004 0210 Preferred Life Admin Svc Agreement This Agreement is dated October 1, 2003. PREFERRED LIFE INSURANCE COMPANY OF NEW YORK By:Christopher H. Pinkerton Cxxxxxxxxxx X. Xxxxxxxxx ____________________________ Name: Christopher H. Pinkerton Cxxxxxxxxxx X. Xxxxxxxxx Title: Senior Vice President FRANKLIN TEMPLETON TXXXXXXXX SERVICES, LLC By: Leslie M. Kratter Lxxxxx X. Xxxxxxx ____________________________ Name: Leslie M. Kratter Lxxxxx X. Xxxxxxx Title: Senior Vice President 2004 0210 Preferred Life Admin Svc Agreement Schedule A Administrative Services Maintenance of Books and Records o Assist as necessary to maintain book entry records on behalf of the Funds regarding issuance to, transfer within (via net purchase orders) and redemption by the Accounts of Fund shares.