Ex. 8(c)(2)
[JPFIC letterhead]
_______ __, 2000
VIA FIRST CLASS MAIL
Dear _______:
Attached, for your signature, is a novation to your current Participation
Agreement dated December 1, 1997, by and between Xxxxxxxxx Xxxxxxxx Life
Insurance Company ("Xxxxxxxxx Xxxxxxxx"), on its own behalf and on behalf of the
Xxxxxxxxx Xxxxxxxx Variable Annuity Separate Account (the "Separate Account"),
Xxxxxxxxxxx Variable Account Funds, and Xxxxxxxxxxx Funds, Inc. (the
"Novation"). A novation is a mechanism by which parties to an underlying
agreement (here, the Participation Agreement) may make a substitution of one or
more of the parties to that agreement quickly and efficiently, without
disruption of normal business flow and without the need to enter into a new
agreement.
This Novation will not alter the terms of the current Participation
Agreement; rather, it merely provides for Jefferson Pilot Financial Insurance
Company ("JP Financial") to replace Xxxxxxxxx Xxxxxxxx as a party to the
Participation Agreement. JP Financial will be the surviving company following
the merger of JP Financial, Xxxxxxxxx Xxxxxxxx, and one other subsidiary of
Jefferson-Pilot Corporation (the "Merger"). As a practical matter, this Novation
will not cause any interruption in business or in the purchase or redemption of
fund shares by the Separate Account under the current Participation Agreement.
The purpose of this Novation is to document JP Financial, on its own behalf and
on behalf of the Separate Account, becoming a party to the Participation
Agreement in place of Xxxxxxxxx Xxxxxxxx, and the Separate Account continuing to
purchase and redeem fund shares on the same terms as are in effect prior to the
Merger.
Please sign this Novation in the space provided and return it as soon as
possible. The Merger is scheduled to close on [August 1, 2000], and the Novation
will be effective as of the closing date of the Merger. Thus, in any event, we
will presume that any purchases or redemptions made after the effective date of
this Novation indicate your acceptance of JP Financial's assumption of Xxxxxxxxx
Xxxxxxxx'x rights and obligations under the Participation Agreement.
Very truly yours,
Novation to Participation Agreement
WHEREAS, on December 1, 1997, a Participation Agreement (the "Agreement")
was entered into by and among Xxxxxxxxx Xxxxxxxx Life Insurance Company of
America ("Xxxxxxxxx Xxxxxxxx"), on its own behalf and on behalf of the Xxxxxxxxx
Xxxxxxxx Variable Annuity Separate Account (the "Separate Account"), Xxxxxxxxxxx
Variable Account Funds (the "Funds") and Xxxxxxxxxxx Funds, Inc. (the "Adviser")
whereby Xxxxxxxxx Xxxxxxxx issues certain variable annuity contracts (the
"Contracts"), the Funds act as the underlying investment vehicles of such
contracts and the Adviser serves as investment adviser to the Funds. A copy of
the Agreement is attached hereto and made a part hereof. The Agreement, by its
terms, provides for amendment upon the written agreement of all parties; and
WHEREAS, the closing of the merger of Xxxxxxxxx Xxxxxxxx with and into
Jefferson Pilot Financial Insurance Company ("JP Financial"), with JP Financial
the surviving company (the "Merger") is currently scheduled for [August 1,
2000];
It is therefore agreed:
1. Substitution of Party - The Agreement is amended to provide for JP
Financial to act as the issuer of the Contracts in substitution of Xxxxxxxxx
Xxxxxxxx.
2. Change of Name - The Agreement is amended to reflect the change of the
name of the Separate Account to "JPF Variable Annuity Separate Account II."
3. Performance of Duties - JP Financial hereby assumes and agrees to
perform the duties previously performed by Xxxxxxxxx Xxxxxxxx under the
Agreement.
4. Assumption of Rights - JP Financial hereby assumes the rights
previously held by Xxxxxxxxx Xxxxxxxx under the Agreement.
5. Effective Date - This Novation shall take effect as of the actual
closing date of the Merger, and such effectiveness is conditioned upon the
closing of the Merger. JP Financial will
notify the other parties hereto of any change in the scheduled closing date and
of the actual closing date.
In witness whereof the parties have signed this instrument.
Executed this _____ day of _______, 2000.
Xxxxxxxxx Xxxxxxxx Life Insurance Company of America
By:_____________________________
Xxxxxxxxxxx Variable Account Funds
By:_____________________________
Xxxxxxxxxxx Funds, Inc.
By:_____________________________
Jefferson Pilot Financial Insurance Company
By:_____________________________
