Exhibit (8)(b)(vi)
AMENDMENT NO. 5
PARTICIPATION AGREEMENT
The Participation Agreement (the "Agreement"), dated as of May 1, 2003, as
amended, by and among AIM Variable Insurance Funds (Invesco Variable Insurance
Funds), a Delaware trust ("AVIF (IVIF)"); Invesco Distributors, Inc., a Delaware
corporation ("Invesco"); Jefferson National Life Insurance Company, a Texas life
insurance company ("JNL") and Jefferson National Securities Corporation (f/k/a
Inviva Securities Corporation), is hereby amended as follows:
The following is added under: "Section 2 Processing Transactions" before
Section 2.1(a):
"Notwithstanding the provisions of paragraph (b) of this Section
2.1, the Parties agree to communicate, process and settle purchase and
redemption transactions for Shares (collectively, "Share transactions")
via the Fund/SERV and Networking systems of the National Securities
Clearing Corporation (hereinafter, "NSCC"). JNL and AVIF (IVIF) each
represents and warrants that it: (a) has entered into an agreement with
NSCC, (b) has met and will continue to meet all of the requirements to
participate in Fund/SERV and Networking, and (c) intends to remain at all
times in compliance with the then current rules and procedures of NSCC,
all to the extent necessary or appropriate to facilitate such
communications, processing, and settlement of Share transactions. AVIF
(IVIF) agrees to provide JNL with account positions and activity data
relating to Share transactions via Networking. JNL shall place trades with
NSCC using Defined Contribution Clearance & Settlement (hereinafter,
"DCC&S") indicators, no later than 8:00 a.m. Central Time, and JNL shall
pay for Shares by the scheduled close of federal funds transmissions on
the same Business Day on which it places an order to purchase Shares in
accordance with this section. Payment shall be in federal funds
transmitted by wire from the designated NSCC Settling Bank (on behalf of
JNL).
For purposes of this Agreement, "Fund/SERV" shall mean NSCC's system
for automated, centralized processing of mutual fund purchase and
redemption orders, settlement, and account registration; "Networking"
shall mean NSCC's (Level Zero) system that allows mutual funds and life
insurance companies to exchange account level information electronically;
"DCC&S" shall refer to an NSCC program that facilitates the automated
processing and reporting of defined contribution transactions among asset
managers, plan trustees, and plan administrators, including third-party
administrators; and "Settling Bank" shall mean the entity appointed by
AVIF (IVIF) to perform such settlement services on behalf of AVIF (IVIF),
which agrees to abide by NSCC's then current rules and procedures insofar
as they relate to same day funds settlement. In all cases, processing and
settlement of Share transactions shall be done in a manner consistent with
applicable law.
In the event that any Party is prohibited from communicating, processing
or settling Share transactions via Fund/SERV or Networking, such Party shall
notify the other Parties by 9:00 a.m. Central Time. After all Parties have been
notified, the provisions of paragraphs (b) and (c) of this Section 2.1 shall
apply."
All other terms and provisions of the Agreement not amended herein shall
remain in full force and effect. Unless otherwise specified, all defined terms
shall have the same meaning given to them in the Agreement.
Effective Date: ________________________
AIM VARIABLE INSURANCE FUNDS
(INVESCO VARIABLE INSURANCE FUNDS)
Attest: By:
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Name: Xxxxx Xxxxxxxx Name: Xxxx X. Xxxx
Title: Assistant Secretary Title: Senior Vice President
INVESCO DISTRIBUTORS, INC.
Attest: By:
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Name: Xxxxx Xxxxxxxx Name: Xxxx X. Xxxxxx
Title: Assistant Secretary Title: President
JEFFERSON NATIONAL LIFE INSURANCE COMPANY
Attest: By:
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Name: Name:
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Title: Title:
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JEFFERSON NATIONAL SECURITIES CORPORATION
Attest: By:
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Name: Name:
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Title: Title:
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