Exhibit (h)(4)
ADMINISTRATIVE SERVICES AGREEMENT
THIS AGREEMENT is made as of the _______ day of ________________, 1999 by
and between Huntington VA Funds, a Massachusetts business trust (the "Trust")
and Hartford Life Insurance Company ("Hartford").
WHEREAS, Hartford and the Trust intend to enter into a Fund Participation
Agreement ("Participation Agreement") in order for certain separate accounts of
Hartford ("Separate Accounts") to purchase shares ("Shares") of funds of the
Trust ("Funds"). The Funds will serve as investment vehicles available under
variable annuity contracts ("Variable Contracts") offered by Hartford.
WHEREAS, the Trust recognizes that Hartford will perform certain
administrative services valuable to the Funds in the course of soliciting
applications for the Variable Contracts and in servicing owners of the Variable
Contracts.
NOW, THEREFORE, the parties agree as follows:
1. Administrative Services. Hartford agrees to provide administrative
services ("Services") with respect to the Funds, including but not limited to:
a) Teleservicing support in connection with the Funds;
b) Facilitation of delivery of current prospectuses, reports,
notices, proxies and proxy statements and other informational materials;
c) Facilitation of the tabulation of Variable Contract owners' votes
in the event of a meeting of Fund shareholders; providing information
relating to the Variable Contracts and Share balances under such Variable
Contracts to the Trust as may be reasonably requested;
d) Provision of communication support services including providing
information about the Funds and answering questions concerning the Funds,
including questions respecting Variable Contract owners' interests in one
or more Funds;
e) Administration of fund transfers, dollar cost averaging, asset
allocation, portfolio rebalancing, earnings sweep, and pre-authorized
deposits and withdrawals involving the Funds; and
f) Provision of other services as may be agreed upon from time to
time.
2. Annual Fee. The Trust agrees to pay Hartford a service fee at an
annual rate equal to twenty five (25) basis points (0.25%) of the average daily
net assets of the Shares of the
Funds held in Separate Accounts. For purposes of computing the payment to
Hartford under this paragraph, Hartford shall compute the average daily net
assets of Shares held in Separate Accounts over a monthly period by totaling
such Separate Accounts' aggregate investment (Shares net asset value multiplied
by total number of Shares held by such Separate Accounts) on each business day
during the calendar month, and dividing by the total number of business days
during such month. The payment to Hartford under this paragraph shall be
calculated by Hartford and communicated to the Trust at the end of each calendar
month and will be paid to Hartford within 30 days thereafter.
3. Termination. This Agreement may be terminated by written notice only
upon termination or assignment of the Fund Participation Agreement between
Hartford and the Trust. Notwithstanding the termination of this Agreement,
Huntington will continue to pay the service fees in accordance with Section 2 so
long as net assets of Hartford or a Separate Account remain in a Fund and
Hartford continues to provide Services, provided such continued payment is
permitted in accordance with applicable law and regulation.
4. Amendment. This Agreement may be amended only upon mutual agreement of
Hartford and the Trust in writing.
5. Miscellaneous. Nothing in this Agreement shall amend, modify or
supersede any contractual terms, obligations or covenants between Hartford and
the Trust previously or currently in effect, including those contractual terms,
obligations or covenants contained in the Fund Participation Agreement.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first above written.
HARTFORD LIFE INSURANCE COMPANY
By:
---------------------------------
Xxxxx X. Xxxxxx
Title: Assistant Vice President
Investment Product Sales
HUNTINGTON VA FUNDS
By:
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Xxxx Xxxxx
Title: President
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