AMENDED AND RESTATED PARTICIPATION AGREEMENT
Among
XXXXXX VARIABLE TRUST
XXXXXX RETAIL MANAGEMENT, L.P.
and
THE TRAVELERS INSURANCE COMPANY AND THE TRAVELERS LIFE AND ANNUITY
COMPANY
THIS AGREEMENT, made and entered into as of this 1st day of June, 2001,
among The Travelers Insurance Company and the Travelers Life and Annuity Company
(each a "Company"), each a Connecticut corporation, on its own behalf and on
behalf of each separate account of the Company set forth on Schedule A hereto,
as such Schedule may be amended from time to time (each such account hereinafter
referred to as the "Account"), PUTNAM VARIABLE TRUST (the "Trust"), a
Massachusetts business trust, and XXXXXX RETAIL MANAGEMENT, L.P. (the
"Underwriter"), a Massachusetts limited partnership.
WHEREAS, the Trust is an open-end diversified management investment company
and is available to act as the investment vehicle for separate accounts
established for variable life insurance policies and variable annuity contracts
(collectively, the "Variable Insurance Products") to be offered by insurance
companies which have entered into Participation Agreements with the Trust and
the Underwriter (the "Participating Insurance Companies"); and
WHEREAS, the beneficial interest in the Trust is divided into several
series of shares, each designated a "Fund" and representing the interest in a
particular managed portfolio of securities and other assets; and
WHEREAS, the Trust has obtained an order from the Securities and Exchange
Commission, dated December 29, 1993 (File No. 812-8612), granting the variable
annuity and variable life insurance separate accounts participating in the Trust
exemptions from the provisions of sections 9(a), 13(a), 15(a) and 15(b) of the
Investment Company Act of 1940, as amended (the "1940 Act"), and Rules
6e-2(b)(15) and 6e-3(T)(b)(15) thereunder, to the extent necessary to permit
shares of the Trust to be sold to and held by variable annuity and variable life
insurance separate accounts of the Participating Insurance Companies (the
"Shared Funding Exemptive Order"); and
WHEREAS; the Trust is registered as an open-end management investment
company under the 1940 Act and the sale of its shares is registered under the
Securities Act of 1933, as amended (the" 1933 Act"); and
WHEREAS, the Company has registered or will register certain variable life
and/or variable annuity contracts under the 1933 Act and any applicable state
securities and insurance law except for such contracts as the Company offers and
sells in compliance with exemptions from such registration; and
WHEREAS, each Account is a duly organized, validly existing separate
account, established by resolution of the Board of Directors of the Company, on
the date shown for such Account on Schedule A hereto, to set aside and invest
assets attributable to one or more Variable Insurance Products (the
"Contracts"); and
WHEREAS, the Company has registered or will register each Account as a unit
investment trust under the 1940 Act except for such Accounts the Company will
operate in compliance with an exemption from such registration; and
WHEREAS, the Underwriter is registered as a broker dealer with the
Securities and Exchange Commission under the Securities Exchange Act of 1934, as
amended (the" 1934 Act"), and is a member in good standing of the National
Association of Securities Dealers, Inc. (the "NASD"); and
WHEREAS, to the extent permitted by applicable insurance laws and
regulations, the Company intends to purchase shares in certain Funds
("Authorized Funds") on behalf of each Account to fund certain of the Contracts
and the Underwriter is authorized to sell such shares to unit investment trusts
such as each Account at net asset value; and
WHEREAS, the Companies, the Trust and the Underwriter have previously
entered into a Participation Agreement, dated as of May 1,2001 (the "Existing
Agreement"), and wish to amend and restate such Agreement to provide for
Contracts which are sold as private placements under the securities laws.
NOW, THEREFORE, in consideration of the promises herein, the Company, the
Trust and the Underwriter agree, amend and restate the Existing Agreement as
follows:
ARTICLE 1. Sale of Trust Shares
1.1 The Underwriter agrees, subject to the Trust's rights under Section 1.2
and otherwise under this Agreement, to sell to the Company those Trust shares
representing interests in Authorized Funds which each Account orders, executing
such orders on a daily basis at the net asset value next computed after receipt
by the Trust or its designee of the order for the shares of the Trust. For
purposes of this Section 1, 1, the Company shall be the designee of the Trust
for receipt of such orders from each Account and receipt by such designee shall
constitute receipt by the Trust; provided that the Trust receives notice of such
order by 10:00 a.m. Eastern time on the next following Business Day. . "Business
Day" shall mean any day on which the New York Stock Exchange is open for trading
and on which the Trust calculates its net asset
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value pursuant to the rules of the Securities and Exchange Commission. The
initial Authorized Funds are set forth in Schedule B, as such schedule is
amended from time to time.
1.2 The Trust agrees to make its shares available indefinitely for purchase
at the applicable net asset value per share by the Company and its Accounts on
those days on which the Trust calculates its net asset value pursuant to rules
of the Securities and Exchange Commission and the Trust shall use reasonable
efforts to calculate such net asset value on each day on which the New York
Stock Exchange is open for trading. Notwithstanding the foregoing, the Trustees
of the Trust (the "Trustees") may refuse to sell shares of any Fund to the
Company or any other person, or suspend or terminate the offering of shares of
any Fund if such action is required by law or by regulatory authorities having
jurisdiction over the Trust or if the Trustees determine, in the exercise of
their fiduciary responsibilities, that to do so would be in the best interests
of shareholders.
1.3 The Trust and the Underwriter agree that shares of the Trust will be
sold only to Participating Insurance Companies and their separate accounts. No
shares of any Fund will be sold to the general public.
1.4 The Trust shall redeem its shares in accordance with the terms of its
then current prospectus. For purposes of this Section 1.4, the Company shall be
the designee of the Trust for receipt of requests for-redemption from each
Account and receipt by such designee shall constitute receipt by the Trust;
provided that the Trust receives notice of such request for redemption by 10:00
a.m., Eastern time, on the next following Business Day.
1.5 The Company shall purchase and redeem the shares of Authorized Funds
offered by the then current prospectus of the Trust in accordance with the
provisions of such prospectus.
1.6 The Company shall pay for Trust shares on the next Business Day after
an order to purchase Trust shares is made in accordance with the provisions of
Section 1.1 hereof. Payment shall be in federal funds transmitted by wire.
1.7 Issuance and transfer of the Trust's shares will be by book entry only.
Share certificates will not be issued to the Company or any Account. Shares
ordered from the Trust will be recorded as instructed by the Company to the
Underwriter in an appropriate title for each Account or the appropriate
sub-account of each Account.
1.8 The Underwriter shall furnish prompt notice (by wire or telephone,
followed by written confirmation) to the Company of the declaration of any
income, dividends or capital gain distributions payable on the Trust's shares.
The Company hereby elects to receive all such income dividends and capital gain
distributions as are payable on the Fund shares in additional shares of that
Fund. The Company reserves the right to revoke this election and to receive all
such income dividends and capital gain distributions in cash. The Underwriter
shall notify the Company of the number of shares so issued as payment of such
dividends and distributions.
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1.9 The Underwriter shall make the net asset value per share for each Fund
available to the Company on a daily basis as soon as reasonably practical after
the Trust calculates its net asset value per share and each of the Trust and the
Underwriter shall use its best efforts to make such net asset value per share
available by 6:30 p.m. Eastern time.
ARTICLE II. Representations and Warranties
2.1 The Company represents and warrants that
(a) at all times during the term of this Agreement the Contracts are or
will be registered under the 1933 Act or will be offered and sold in compliance
with exemptions from such registration; the Contracts will be issued and sold in
compliance in all material respects with all applicable laws and the sale of the
Contracts shall comply- in all material respects with state insurance
suitability requirements, if any. The Company further represents and warrants
that it is an insurance company duly organized and in good standing under
applicable law and that it has legally and validly established each Account
prior to any issuance or sale thereof as a separate account under applicable law
and has registered or, prior to any issuance or sale of the Contracts, will
register each Account as a unit investment trust in accordance with the
provisions of the 1940 Act to serve as a segregated investment account for the
Contracts or will operate such Account in accordance with an exemption from such
registration requirements ; and
(b) the Contracts are currently treated as endowment, annuity or life
insurance contracts, under applicable provisions of the Internal Revenue Code of
1986, as amended (the "Code"), and that it will make every effort to maintain
such treatment and that it will notify the Trust and the Underwriter immediately
upon having a reasonable basis for believing that the Contracts have ceased to
be so treated or that they might not be so treated in the future.
2.2 The Trust represents and warrants that
(a) at all times during the term of this Agreement Trust shares sold
pursuant to this Agreement shall be registered under the 1933 Act, duly
authorized for issuance and sold by the Trust to the Company in compliance with
all applicable laws, subject to the terms of Section 2.4 below, and the Trust is
and shall remain registered under the 1940 Act. The Trust shall amend the
Registration Statement for its shares under the 1933 Act and the 1940 Act from
time to time as required in order to effect the continuous offering of its
shares. The Trust shall register and qualify the shares for sale in accordance
with the laws of the various states only if and to the extent deemed advisable
by the Trust or the Underwriter in connection with their sale by the Trust to
the Company and only as required by Section 2.4;
(b) it is currently qualified as a Regulated Investment Company under
Subchapter M of the Code, and that it will use its best efforts to maintain such
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qualification (under Subchapter M or any successor provision) and that it will
notify the Company immediately upon having a reasonable basis for believing that
it has ceased to so qualify or that it might not so qualify in the future; and
(c) it is lawfully organized and validly existing under the laws of the
Commonwealth of Massachusetts and that it does and will comply in all material
respects with the 1940 Act.
2.3 The Underwriter represents and warrants that it is a member in good
standing of the NASD and is registered as a broker-dealer with the SEC. The
Underwriter further represents that it will sell and distribute the Trust shares
in accordance with all applicable securities laws applicable to it, including
without limitation the 1933 Act, the 1934 Act, and the 0000 Xxx.
2.4 Notwithstanding any other provision of this Agreement, the Trust shall
be responsible for the registration and qualification of its shares and of the
Trust itself under the laws of any jurisdiction only in connection with the
sales of shares directly to the Company through the Underwriter. The Trust shall
not be responsible for determining any jurisdiction in which any qualification
or registration of Trust shares or the Trust by the Trust may be required in
connection with the sale of the Contracts or the indirect interest of any
Contract in any shares of the Trust
2.5 The Trust makes no representation as to whether any aspect of its
operations (including, but not limited to, fees and expenses and investment
policies) complies with the insurance laws or regulations of the various states.
2.6 The Trust and the Underwriter each represent that all of its directors,
officers, employees and other individuals dealing with money and or securities
shall continue to be covered by a blanket bond indemnity as required by Rule
17g-1 of the 1940 Act. Such bond shall include coverage for larceny and
embezzlement and shall be issues by a reputable bonding company.
ARTICLE III. Prospectuses and Proxy Statements; Voting
3.1 The Trust shall provide such documentation (including a camera-ready
copy of its prospectus) and other assistance as is reasonably necessary in order
for the Company once each year (or more frequently if the prospectus for the
Trust is amended) to have the prospectus for the Contracts and the Trust's
prospectus printed together in one or more documents (such printing to be at the
Company's expense).
3.2 The Trust's Prospectus shall state that the Statement of Additional
Information for the Trust is available from the Underwriter or its designee (or
in the Trust's discretion, the Prospectus shall state that such Statement is
available from the Trust), and the Underwriter (or the Trust), at its expense,
shall print and provide such Statement free of charge to the Company and to any
owner of a Contract or prospective owner who requests such Statement.
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3.3 The Trust, at its expense, shall provide the Company with copies of its
reports to shareholders, proxy material and other communications to shareholders
in such quantity as the Company shall reasonably require for distribution to the
Contract owners, such distribution to be at the expense of the Company.
3.4 The Company shall vote all Trust shares as required by law and the
Shared Funding Exemptive Order. The Company reserves the right to vote Trust
shares held in any separate account in its own right, to the extent permitted by
law and the Shared Funding Exemptive Order. The Company shall be responsible for
assuring that each of its separate accounts participating in the Trust
calculates voting privileges in a manner consistent with all legal requirements
and the Shared Funding Exemptive Order.
3.5 The Trust will comply with all applicable provisions of the 1940 Act
requiring voting by shareholders, and in particular the Trust will either
provide for annual meetings or comply with Section 16(c) of the 1940 Act
(although the Trust is not one of the trusts described in Section 16(c) of that
Act) as well as with Sections 16(a) and, if and when applicable, 16(b). Further,
the Trust will act in accordance with the Securities and Exchange Commission's
interpretation of the requirements of Section 16(a) with respect to periodic
elections of trustees and with whatever rules the Commission may promulgate with
respect thereto.
ARTICLE IV. Sales Material and Information
4.1 Without limiting the scope or effect of Section 4.2 hereof, the Company
shall furnish, or shall cause to be furnished, to the Underwriter each piece of
sales literature or other promotional material (as defined hereafter) in which
the Trust, its investment adviser or the Underwriter is named at least 15 days
prior to its use. No such material shall be used if the Underwriter objects to
such use within five Business Days after receipt of such material.
4.2 The Company shall not give any information or make any representations
or statements on behalf of the Trust or concerning the Trust in connection with
the sale of the .Contracts other than the information or representations
contained in the registration statement or prospectus for the Trust shares, as
such registration statement and prospectus may be amended or supplemented from
time to time, or in annual or semi-annual reports or proxy statements for the
Trust, or in sales literature or other promotional material approved by the
Trust or its designee or by the Underwriter, except with the written permission
of the Trust or the Underwriter or the designee of either or as is required by
law.
4.3 The Underwriter or its designee shall furnish, or shall cause to be
furnished, to the Company or its designee, each piece of sales literature or
other promotional material prepared by the Underwriter in which the Company
and/or its separate account(s) is named at least 15 days prior to its use. No
such material shall be used if the Company or its designee objects to such use
within five Business Days after receipt of such material.
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4.4 Neither the Trust nor the Underwriter shall give any information or
make any representations on behalf of the Company or concerning the Company,
each Account, or the Contracts other than the information or representations
contained in a registration statement or prospectus for the Contracts, as such
registration statement and prospectus may be amended or supplemented from time
to time, or in published reports for each Account which are in the public domain
or approved by the Company for distribution to Contract owners, or in sales
literature or other promotional material approved by the Company or its
designee, except with the written permission of the Company or as is required by
law.
4.5 For purposes of this Article IV, the phrase "sales literature or other
promotional material" includes, but is not limited to, advertisements (such as
material published, or designed for use in, a newspaper, magazine, or other
periodical, radio, television, telephone or tape recording, videotape display,
signs or billboards, motion pictures, or other public media), sales literature
(i.e. any written communication distributed or made generally available to
customers or the public, including brochures, circulars, research reports,
market letters, form letters, seminar texts, reprints or excerpts of any other
advertisement, sales literature, or published article), educational or training
materials or other communications distributed or made generally available to
some or all registered representatives.
ARTICLE V. Fees and Expenses
5.1 Except as provided in Article VI, the Trust and Underwriter shall pay
no fee or other compensation to the Company under this agreement.
5.2 All expenses incident to performance by the Trust under this Agreement
shall be paid by the Trust. The Trust shall bear the expenses for the cost of
registration and qualification of the Trust's shares, preparation and filing of
the Trust's prospectus and registration statement, proxy materials and reports,
setting the prospectus and shareholder reports in type, setting in type and
printing the proxy materials, and the preparation of all statements and notices
required by any federal or state law, in each case as may reasonably be
necessary for the performance by it of its obligations under this Agreement.
5.3 The Company shall bear the expenses of (a) printing and distributing
the Trust's prospectus in connection with sales of the Contracts and (b)
distributing the reports to Trust's Shareholders and (c) of distributing the
Trust's proxy materials to owners of the Contracts.
Article VI. Service Fees
6.1 So long as the Company complies with its obligations in this Article
VI, the underwriter shall pay such Company a service fee (the "Service Fee") on
shares of the Funds held in the Accounts at the annual rates specified in
Schedule B (excluding any accounts for the Company's own corporate retirement
plans), subject to Section 6.2 hereof.
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6.2 The Company understands and agrees that all Service Fee payments are
subject to the limitations contained in each Fund's Distribution Plan, which may
be varied or discontinued at any time and hereby waives the right to receive
such service fee payments with respect to the Fund if the Fund ceases to pay
12b-l fees to the Underwriter.
6.3 (a) The Company's failure to provide the services described in Section
6.4 or otherwise comply with the terms of this Agreement will render it
ineligible to receive Service Fees; and
(b) the UnderWriter may, without the consent of the Company, amend
this Article VI to change the terms of the Service Fee payments with prior
written notice to the Company.
6.4 The Company will provide the following services to the Contract Owners
purchasing Fund shares:
(i) Maintaining regular contact with Contract owners and assisting in
answering inquiries concerning the Funds;
(ii) Assisting in printing and distributing shareholder reports,
prospectuses and other sale and service literature provided by the Underwriter;
(iii) Assisting the Underwriter and its affiliates in the establishment and
maintenance of shareholder accounts and records;
(iv) Assisting Contract owners in effecting administrative changes, such as
exchanging shares in or out of the Funds;
(v) Assisting in processing purchasing purchase and redemption
transactions; and
(vi) Providing any other information or services as the Contract owners or
the Underwriter may reasonably request.
The Company will support the Underwriter's marketing efforts by granting
reasonable requests for visits to the Company's offices by representatives of
the Underwriter.
6.5 The Company's compliance with the service requirement set forth in this
Agreement will be evaluated from time to time by monitoring redemption levels of
Fund shares held in any Account and by such other methods as the Underwriter
deems appropriate.
6.6 The provisions of this Article VI shall remain in effect for not more
than one 'year from the date hereof and thereafter for successive annual periods
only so long as such continuance is specifically approved at least annually by
the Trustees in conformity with Rule12b-l. This Agreement shall automatically
terminate in the event of its assignment (as defined
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by the 1940 Act). In addition, this Article VI may be terminated at any time,
without the payment of any penalty, with respect to any Fund or the Trust as a
whole by any party upon written notice delivered or mailed by registered mail,
postage prepaid, to the other party, or, as provided in Rule 12b-l under the
1940 Act by the Trustees or by the vote of the holders of the outstanding voting
securities of any Fund.
6.7 The Underwriter shall provide the Trustees of each of the Funds, and
such Trustees shall review at least quarterly, a written report of the amounts
paid to the Company under this Article VI and the purposes for which such
expenditures were made.
ARTICLE VII. Diversification
7.1 The Trust shall use its best efforts to cause each Authorized Fund to
comply with Section 817 (h) of the Code (and the applicable regulations
thereunder) relating to diversification requirements for variable annuity and
life insurance contracts.
ARTICLE VIII. Potential Conflicts
8.1 The Trustees will monitor the Trust for the existence of any material
irreconcilable conflict between the interests of the contract owners of all
separate accounts investing in the Trust. A material irreconcilable conflict may
arise for a variety of reasons, including: (a) an action by any state insurance
regulatory authority; (b) a change in applicable federal or state insurance,
tax, or securities law or regulations, or a public ruling, private letter
ruling, no-action or interpretative letter, or any similar action by insurance,
tax, or securities regulatory authorities; (c) an administrative or judicial
decision in any relevant proceeding; (d) the manner in which the investments of
any Fund are being managed; ( e) a difference in voting instructions given by
variable annuity contract and variable life insurance contract owners; or (t) a
decision by an insurer to disregard the voting instructions of contract owners.
The Trust shall promptly inform the Company if the Trustees determine that a
material irreconcilable conflict exists and the implications thereof.
8.2 The Company will report any potential or existing conflicts of which it
is aware to the Trustees. The Company will assist the Trustees in carrying out
their responsibilities under the Shared Funding Exemptive Order, by providing
the Trustees with all information reasonably necessary for the Trustees to
consider any issues raised. This includes, but is not limited to, an obligation
by the Company to inform the Trustees whenever Contract owner voting
instructions are disregarded.
8.3 If it is determined by a majority of the Trustees, or a majority of the
disinterested Trustees, that a.material irreconcilable conflict exists, the
Company shall to the extent reasonably practicable (as determined by a majority
of the disinterested Trustees), take, at the Company's expense, whatever steps
are necessary to remedy or eliminate the material irreconcilable conflict, up to
and including: (1) withdrawing the assets allocable to some or all of the
separate accounts from the Trust or any Fund and reinvesting such assets in a
different
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investment medium, including (but not limited to) another Fund of the Trust, or
submitting the question whether such segregation should be implemented to a vote
of all affected contract owners and, as appropriate, segregating the assets of
any appropriate group (ie., annuity contract owners, life insurance contract
owners, or variable contract owners of one or more Participating Insurance
Companies) that votes in favor of such segregation, or offering to the affected
contract owners the option of making such a change; and (2) establishing a new
registered management investment company or managed separate account.
8.4 If a material irreconcilable conflict arises because of a decision by
the Company to disregard Contract owner voting instructions and that decision
represents a minority position or would preclude a majority vote, the Company
may be required, at the Trust's election, to withdraw the affected Account's
investment in one or more portfolios of the Trust and terminate this Agreement
with respect to such Account; provided, however, that such withdrawal and
termination shall be limited to the extent required by the foregoing material
irreconcilable conflict as determined by a majority of the disinterested
Trustees. No charge or penalty shall be imposed as a result of such withdrawal.
Any such withdrawal and termination must take place within six (6) months after
the Trust gives written notice that this provision is being implemented, and
until the end of that six month period the Underwriter and Trust shall, to the
extent permitted by law and any exemptive relief previously granted to the
Trust, continue to accept and implement orders by the Company for the purchase
(or redemption) of shares of the Trust.
8.5 If a material irreconcilable conflict arises because of a particular
state insurance regulator's decision applicable to the Company to disregard
Contract owner voting instructions and that decision represents a minority
position that would preclude a majority vote, then the Company may be required,
at the Trust's direction, to withdraw the affected Account's investment in one
or more Authorized Funds of the Trust; provided, however, that such withdrawal
and termination shall be limited to the extent required by the foregoing
material irreconcilable conflict as determined by a majority of the
disinterested Trustees. Any such withdrawal and termination must take place
within six (6) months after the Trust gives written notice that this provision
is being implemented, unless a shorter period is required by law, and until the
end of the foregoing six month period (or such shorter period if required by
law), the Underwriter and Trust shall, to the extent permitted by law and any
exemptive relief previously granted to the Trust, continue to accept and
implement orders by the Company for the purchase (and redemption) of shares of
the Trust. No charge or penalty will be imposed as a result of such withdrawal.
8.6 For purposes of Sections 8.3 through 8.6 of this Agreement, a majority
of the disinterested Trustees shall determine whether any proposed action
adequately remedies any material irreconcilable conflict. Neither the Trust nor
the Underwriter shall be required to establish a new finding medium for the
Contracts, nor shall the Company be required to do so, if an offer to do so has
been declined by vote of a majority of Contract owners materially adversely
affected by the material irreconcilable conflict. In the event that the Trustees
determine that any
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proposed action does not adequately remedy any material irreconcilable conflict,
then the Company will withdraw the Account's investment in one or more
Authorized Funds of the Trust and terminate this Agreement within six (6) months
(or such shorter period as may be required by law or any exemptive relief
previously granted to the Trust) after the Trustees inform the Company in
writing of the foregoing determination; provided, however, that such withdrawal
and termination shall be limited to the extent required by any such material
irreconcilable conflict as determined by a majority of the disinterested
Trustees. No charge or penalty will be imposed as a result of such withdrawal.
8.7 The responsibility to take remedial action in the event oft he
Trustees' determination of a material irreconcilable conflict and to bear the
cost of such remedial action shall be the obligation of the Company, and the
obligation of the Company set forth in this Article VII shall be carried out
with a view only to the interests of Contract owners.
8.8 If and to the extent that Rule 6e-2 and Rule 6e-3(T) are amended, or
Rule 6e-3 is adopted, to provide exemptive relief from any provision of the 1940
Act or the rules promulgated thereunder with respect to mixed or shared funding
(as defined in the Shared Funding Exemptive Order) on terms and conditions
materially different from those contained in the Shared Funding. Exemptive
Order, then (a) the Trust and/or the Participating Insurance Companies, as
appropriate, shall take such steps as may be necessary to comply with Rules 6e-2
and 6e-3(T), as amended, and Rule 6e-3, as adopted, to the extent such rules are
applicable; and (b) Sections 3.4, 3.5,8.1,8.2,8.3,8.4 and 8.5 of this Agreement
shall continue in effect only to the extent that terms and conditions
substantially identical to such Sections are contained in such Rule(s) as so
amended or adopted.
8.9 The Company has reviewed the Shared Funding Exemption Order and hereby
assumes all obligations referred to therein which are required, including,
without limitation, the obligation to provide reports, material or data as the
Trustees may request as conditions to such Order, to be assumed or undertaken by
the Company.
ARTICLE IX. Indemnification
9.1 Indemnification by the Company
9.1 (a). The Company shall indemnify and hold harmless the Trust and the
Underwriter and each of the Trustees, directors of the Underwriter, officers,
employees or agents of the Trust or the Underwriter and each person, if any, who
controls the Trust or the Underwriter within the meaning of Section 15 of the
1933 Act (collectively, the "Indemnified Parties" for purposes of this Section
9.1) against any and all losses, claims, damages, liabilities (including amounts
paid in settlement with the written consent of the Company which consent may not
be unreasonably withheld) or litigation (including reasonable legal and other
expenses), to which the Indemnified Parties may become subject under any
statute, regulation, at common law or otherwise, insofar as such losses, claims,
damages, liabilities or expenses (or actions in respect
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thereof) or settlements are related to the sale or acquisition of the Trust's
shares or the Contracts or the performance by the parties of their obligations
hereunder and:
(i) arise out of or are based upon any untrue statements or alleged
untrue statements of any material fact contained in a Registration
Statement, Prospectus or Statement of Additional Information for the
Contracts (or, in the case of any Contract not registered under the
1933 Act, in any private placement memorandum or offering circular (a
"Private Placement Memorandum") or contained in the Contracts or sales
literature for the Contracts (or any amendment or supplement to any of
the foregoing), or arise out of or are based upon the omission or the
alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not
misleading, provided that this agreement to indemnify shall not apply
as to any Indemnified Party if such statement or omission or such
alleged statement or omission was made in reliance upon and in
conformity with information furnished to the Company by or on behalf
of the Trust for use in the Registration Statement, Prospectus,
Statement of Additional Information or Private Placement Memorandum
for the Contracts or in the Contracts or sales literature (or any
amendment or supplement) or otherwise for use in connection with the
sale of the Contracts or Trust shares; or
(ii) arise out of or as a result of written statements or
representations (other than statements or representations contained in
the Trust's Registration Statement or Prospectus, or in sales
literature for Trust shares not supplied by the Company, or persons
under its control) or wrongful conduct of the Company or persons under
its control, with respect to the sale or distribution of the Contracts
or Trust shares; or
(iii) arise out of any untrue statement or alleged untrue statement of
a material fact contained in a Registration Statement, Prospectus, or
sales literature of the Trust or any amendment thereof or supplement
thereto or the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the
statements therein not misleading if such a statement or omission was
made in reliance upon information furnished to the Trust or the
Underwriter by or on behalf of the Company; or
(iv) arise out of or result from any breach of any representation
and/or warranty made by the Company in this Agreement or arise out of
or result from any other breach of this Agreement by the Company, as
limited by and in accordance with the provisions of Sections 9.1 (b)
and 9. 1 (c) hereof.
9.1 (b) The Company shall not be liable under this indemnification
provision with respect to any losses, claims, damages, liabilities or litigation
incurred or assessed against an Indemnified Party to the extent such may arise
from such Indemnified Party's willful misfeasance, bad faith, or gross
negligence in the performance of such Indemnified Party's duties or by reason of
such Indemnified Party's reckless disregard of obligations or duties under this
Agreement or to the Trust, whichever is applicable.
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9.1 (c) The Company shall not be liable under this indemnification
provision with respect to any claim made against an Indemnified :Party unless
such Indemnified party shall have notified the Company in writing within a
reasonable time after the summons or other first legal process giving
information of the nature of the claim shall have been served upon such
Indemnified Party (or after such Indemnified Party shall have received notice of
such service on any designated agent), on the basis of which the Indemnified
Party should reasonably know of the availability of indemnity hereunder in
respect of such claim but failure to notify the Company of any such claim shall
not relieve the Company from any liability which it may have to the Indemnified
Party against whom such action is brought otherwise than on account of this
indemnification provision. In case any such action is brought against the
Indemnified Parties, the Company shall be entitled to participate, at its own
expense, in the defense of such action. The Company also shall be entitled to
assume the defense thereof, with counsel satisfactory to the Indemnified Party
named in the action. After notice from the Company to such Indemnified Party of
the Company's election to assume the defense thereof the Indemnified Party shall
bear the fees and expenses of any additional counsel retained by it, and the
Company will not be liable to such Indemnified Party under this Agreement for
any legal or other expenses subsequently incurred by such Indemnified Party
independently in connection with the defense thereof other than reasonable costs
of investigation.
9.1 (d) The Underwriter shall promptly notify the Company of the
commencement of any litigation or proceedings against the Trust or the
Underwriter in connection with the issuance or sale of the Trust Shares or the
Contracts or the operation of the Trust.
9. 1 (e) The provisions of this Section 9.1 shall survive any termination
of this Agreement.
9.2 Indemnification by the Underwriter
9.2 (a) The Underwriter shall indemnify and hold harmless the Company and
each person, if any, ~ho controls the Company within the meaning of Section 15
of the 1933 Act and any director, officer, employee or agent of the foregoing
(collectively, the "Indemnified Parties" for purposes of this Section 9.2)
against any and all losses, claims, damages, liabilities (including amounts paid
in settlement with the written consent of the Underwriter which consent may not
be unreasonably withheld) or litigation (including reasonable legal and other
expenses) to which the Indemnified Parties may become subject under any statute,
at common law or otherwise, insofar as such losses, claims, damages, liabilities
or expenses (or actions in respect thereof) or settlements are related to the
sale or acquisition of the Trust's shares or the Contracts or the performance by
the parties of their obligations hereunder and:
(i) arise out of or are based upon any untrue statement or alleged untrue
statement of any material fact contained in the sales literature of the
Trust prepared by or approved by the Trust or Underwriter (or any amendment
or supplement to any of the foregoing), or arise
13
out of or are based upon the omission or the alleged omission to state
therein a material fact required to be stated therein or necessary to make
the statements therein not misleading, provided that this agreement to
indemnify shall not apply as to any Indemnified Party if such statement or
omission or such alleged statement or omission was made in reliance upon
and in conformity with information furnished to the Underwriter or Trust by
or on behalf of the Company for use in sales literature (or any amendment
or supplement) or otherwise for use in connection with the sale of the
Contracts or Trust shares; or
(ii) arise out of or as a result of written statements or representations
(other than statements or representations contained in the Registration
Statement, Prospectus, Statement of Additional Information, Private
Placement Memorandum or sales literature for the Contracts not supplied by
the Underwriter or persons under its control) of the Underwriter or persons
under its control, with respect to the sale or distribution of the
Contracts or Trust shares; or
(iii) arise out of any untrue statement or alleged untrue statement of a
material fact contained in a Registration Statement, Prospectus, Statement
of Additional Information, Private Placement Memorandum or sales literature
covering the Contracts, or any amendment thereof or supplement thereto, or
the omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statement or statements
therein not misleading, if such statement or omission was made in reliance
upon information furnished to the Company by or on behalf of the
Underwriter; or
(iv) arise out of or result from any breach of any representation and/or
warranty made by the Underwriter in this Agreement or arise out of or
result from any other breach of this Agreement by the Underwriter; as
limited by and in accordance with the provisions of Sections 9.2(b) and
9.2(c) hereof.
9.2 (b) The Underwriter shall not be liable under this indemnification
provision with respect to any losses, claims, damages, liabilities or litigation
incurred or assessed against an Indemnified Party as such may arise from such
Indemnified Party's willful misfeasance, bad faith, or gross negligence in the
performance of such Indemnified Party's duties or by reason of such Indemnified
Party's reckless disregard of obligations and duties under this Agreement or to
each Company or the Account, whichever is applicable.
9.2 (c) The Underwriter shall not be liable under this indemnification
provision with respect to any claim made against an Indemnified Party unless
such Indemnified Party shall have notified the Underwriter in writing within a
reasonable time after the summons or other first legal process giving
information of the nature of the claim shall have been served upon such
Indemnified Party (or after such Indemnified Party shall have received notice of
such service on any designated agent) on the basis of which the Indemnified
Party should reasonably know of the availability of indemnity hereunder in
respect of such claim, but failure to notify the Underwriter
14
of any such claim shall not relieve the Underwriter from any liability which it
may have to the Indemnified Party against whom such action is brought otherwise
than on account of this indemnification provision. In case any such action is
brought against the Indemnified Parties, the Underwriter will be entitled to
participate, at its own expense, in the defense thereof. The Underwriter also
shall be entitled to assume the defense thereof, with counsel satisfactory to
the Indemnified Party named in the action. After notice from the Underwriter to
such Indemnified Party of the Underwriter's election to assume the defense
thereof, the Indemnified Party shall bear the fees and expenses of any
additional counsel retained by it, and the Underwriter will not be liable to
such Indemnified Party under this Agreement for any legal or other expenses
subsequently incurred by such Indemnified Party independently in connection with
the defense thereof other than reasonable costs of investigation.
9.2 (d) The Company shall promptly notify the Underwriter of the Trust of
the commencement of any litigation or proceedings against it or any of its
officers or directors, in connection with the issuance or sale of the Contracts
or the operation of each Account.
9.2 (e) The provisions of this Section 9.2 shall survive any termination of
this Agreement.
9.3 Indemnification by the Trust
9.3 (a) The Trust shall indemnify and hold harmless the Company, and each
person, if any, who controls the Company within the meaning of Section 15 of the
1933 Act and any director, officer, employee or agent of the foregoing
(collectively, the "Indemnified Parties" for purposes of this Section 9.3)
against any and all losses, claims, damages, liabilities (including amounts paid
in settlement with the written consent of the Trust which consent may not be
unreasonably withheld) or litigation (including reasonable legal and other
expenses) to which the Indemnified Parties may become subject under any statute,
at common law or otherwise, insofar as such losses, claims, damages, liabilities
or expenses (or actions in respect thereof) or settlements are related to the
operations of the Trust and:
(i) arise out of or are based upon any untrue statement or alleged untrue
statement of any material fact contained in a Registration Statement,
Prospectus and Statement of Additional Information of the Trust (or any
amendment or supplement to any of the foregoing), or arise out of or are
based upon the omission or the alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements
therein not misleading, provided that this agreement to indemnify shall not
apply as to any Indemnified Party if such statement or omission or such
alleged statement or omission was made in reliance upon and in conformity
with information furnished to the Underwriter or Trust by or on behalf of
the Company for use in the Registration Statement, Prospectus, or Statement
of Additional Information for the Trust (or any amendment or supplement) or
otherwise for use in connection with the sale of the Contracts or Trust
shares; or
15
(ii) arise out of or result from any material breach of any representation
and/or warranty made by the Trust in this Agreement or arise out of or
result from any other material breach of this Agreement by the Trust, as
limited by and in accordance with the provisions of Sections 9.3(b) and
9.3(c) hereof.
9.3 (b) The Trust shall not be liable under the indemnification provision
with respect to any losses, claims, damages, liabilities or litigation incurred
or assessed against an Indemnified Party as such may arise from such Indemnified
Party s willful misfeasance, bad faith, or gross negligence or by reason of such
Indemnified Party's reckless disregard of obligations and duties under this
Agreement or to the Company, the Trust, the Underwriter or each Account,
whichever is applicable.
9.3 (c) The Trust shall not be liable under this indemnification provision
with respect to any claim made against any Indemnified Party unless such
Indemnified Party shall have notified the Trust in writing within a reasonable
time after the summons or other first legal process giving information of the
nature of the claim shall have been served upon such Indemnified Party (or after
such Indemnified Party shall have received notice of such service on any
designated agent) on the basis of which the Indemnified Party should reasonably
know of the availability of indemnity hereunder in respect of such claim, but
failure to notify the Trust of any such claim shall not relieve the Trust from
any liability which it may have to the Indemnified Party against whom such
action is brought otherwise than on account of this indemnification provision.
In case any such action is brought against the Indemnified Parties, the Trust
will be entitled to participate, at its own expense, in the defense thereof. The
Trust also shall be entitled to assume the defense thereof, with counsel
reasonably satisfactory to the Indemnified Party named in the action. After
notice from the Trust to such Indemnified Party of the Trust's election to
assume the defense thereof, the Indemnified Party shall bear the fees and
expenses of any additional counsel retained by it, and the Trust will not be
liable to such Indemnified Party under this Agreement for any legal or other
expenses subsequently incurred by such Indemnified Party independently in
connection with the defense thereof other than reasonable costs of
investigation.
9.3 (d) The Company agrees promptly to notify the Trust of the commencement
of any litigation or proceedings against it or any of its officers or,
directors, in connection with this Agreement, the issuance or sale of the
Contracts or the sale or acquisition of shares of the Trust.
9.3 (e) The provisions of this Section 9.3 shall survive any termination of
this Agreement.
ARTICLE X. Applicable Law
10.1 This Agreement shall be construed and the provisions hereof
interpreted under and in accordance with the laws of the Commonwealth of
Massachusetts.
10.2 This Agreement shall be subject to the provisions of the 1933, 1934
and
16
1940 acts, and the rules and regulations and rulings thereunder, including such
exemptions from those statutes, rules and regulations as the Securities and
Exchange Commission may grant (including, but not limited to, the Shared Funding
Exemptive Order) and the terms hereof shall be interpreted and construed in
accordance therewith.
ARTICLE XI. TERMINATION
II.I.This Agreement shall terminate:
(a) at the option of any party upon 120 days advance written notice to the
other parties; or
(b) at the option of the Trust or the Underwriter in the event that formal
administrative. proceedings are instituted against the Company by the NASD, the
Securities and Exchange Commission, the Insurance Commissioner of the State of
Connecticut or any other regulatory body regarding the Company's duties under
this Agreement or related to the sales of the Contracts, with respect to the
operation of any Account, or the purchase of the Trust shares, provided,
however, that the Trust or the Underwriter determines in its sole judgment
exercised in good faith, that any such administrative proceedings will have a
material adverse effect upon the' ability of the Company to perform its
obligations under this Agreement; or
(c) at the option of the Company in the event that formal administrative
proceedings are instituted against the Trust or Underwriter by the NASD, the
Securities and Exchange Commission, or any state securities or insurance
department or any other regulatory body in respect of the sale of shares of the
Trust to the Company, provided, however, that the Company determines in its sole
judgment exercised in good faith, that any such administrative proceedings will
have a material adverse effect upon the ability of the Trust or Underwriter to
perform its obligations under this Agreement; or
(d) with respect to any Account, upon requisite vote of the Contract owners
having an interest in such Account (or any subaccount) to substitute the shares
of another investment company for the corresponding Fund shares of the Trust in
accordance with the terms of the Contracts for which those Fund shares had been
selected to serve as the underlying investment media. The Company will give 30
days' prior written notice to the Trust of the date of any proposed vote to
replace the Trust's shares; or
(e) with respect to any Authorized Fund, upon 30 days advance written
notice from the Underwriter to the Company, upon a decision by the Underwriter
to cease offering shares of the Fund for sale.
11.2. It is understood and agreed that the right of any party hereto to
terminate this Agreement pursuant to Section 11.1 (a) may be exercised for any
reason or for no reason.
11.3 No termination of this Agreement shall be effective unless and until
the
17
party terminating this Agreement gives prior written notice to all other parties
to this Agreement of its intent to terminate, which notice shall set forth the
basis for such termination. Such prior written notice shall be given in advance
of the effective date of termination as required by this Article XI.
11.4 Notwithstanding any termination of this Agreement, subject to Section
1.2 of this Agreement, the Trust and the Underwriter shall, at the option of the
Company, continue to make available additional shares of the Trust pursuant to
the terms and conditions of this Agreement, for all Contracts in effect on the
effective date of termination of this Agreement (hereinafter referred to as
"Existing Contracts"). Specifically, without limitation, subject to Section 1.2
of this Agreement, the owners of the Existing Contracts shall be permitted to
reallocate investments in the Trust, redeem investments in the Trust and/or
invest in the Trust upon the making of additional purchase payments under the
Existing Contracts. The parties agree that this Section 11.4 shall not apply to
any termination under Article VIII and the effect of such Article VIII
termination shall be governed by Article VIII of this Agreement.
11.5 The Company shall not redeem Trust shares attributable to the
Contracts (as opposed to Trust shares attributable to the Company's assets held
in either Account) except (i) as. necessary to implement Contract owner
initiated transactions, (ii) as required by state and/or federal laws or
regulations or judicial or other legal precedent of general application
(hereinafter referred to as a "Legally required Redemption") or (iii) as
permitted by an order of the SEC pursuant to Section 26(b) of the 1940 Act. Upon
request, the Company will promptly furnish to the Trust and the Underwriter an
opinion of counsel for the Company, reasonably satisfactory to the Trust, to the
effect that any redemption pursuant to clause (ii) above is a Legally Required
Redemption. Furthermore, except in cases where permitted under the terms of the
Contracts, subject to Section 1.2 of this Agreement, the Company shall not
prevent Contract owners from allocating payments to an Authorized Fund that was
otherwise available under the Contracts without first giving the Trust or the
Underwriter 90 days notice of its intention to do.
ARTICLE XII. Notices
Any notice shall be sufficiently given when sent by registered or certified
mail to the other party at the address of such party set forth below or at such
other address as such party may from time to time specify in writing to the
other party.
If to the Trust:
Xxx Xxxx Xxxxxx Xxxxxx
Xxxxxx, XX 00000
Attention: Xxxx X. Xxxxxx
If to the Underwriter:
Xxx Xxxx Xxxxxx Xxxxxx
00
Xxxxxx, XX 00000
Attention: General Counsel
If to the Company:
Xxx Xxxxx Xxxxxx
Xxxxxxxx, XX. 00000
Attention: General Counsel
ARTICLE XIII. Miscellaneous
13.1 A copy of the Agreement and Declaration of Trust of the Trust is on
file with the Secretary of State of the Commonwealth of Massachusetts, and
notice is hereby given that this instrument is executed on behalf of the
Trustees of the Trust as Trustees and not individually and that the obligations
of or arising out of this instrument, including without limitation Article VII,
are not binding upon any of the Trustees or shareholders individually but
binding only upon the assets and property of the Trust.
13.2 The captions in this Agreement are included for convenience of
reference only and in no way define or delineate any of the provisions hereof or
otherwise affect their construction or effect.
13.3 This Agreement may be executed simultaneously in two or more
counterparts, each of which taken together shall constitute one and the same
instrument.
13.4 If any provision of this Agreement shall be held or made invalid by a
court decision, statute, rule or otherwise, the remainder of the Agreement shall
not be affected thereby.
13.5 Each party hereto shall cooperate with each other party and all
appropriate governmental authorities (including without limitation the
Securities and Exchange Commission, the NASD and state insurance regulators) and
shall permit such authorities reasonable access to its books and records in
connection with any investigation or inquiry relating to this Agreement or the
transactions contemplated hereby.
13.6 The rights, remedies and obligations contained in this Agreement are
cumulative and are in addition to any and all rights, remedies and obligations,
at law or in equity, which the parties hereto are entitled to under state and
federal laws.
13.7 Notwithstanding any other provision of this Agreement, the obligations
of the Trust and the Underwriter are several and, without limiting in any way
the generality of the foregoing, neither such party shall have any liability for
any action or failure to act by the other party, or any person acting on such
other party's behalf.
19
IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be
executed in its name and on its behalf by its duly authorized representative and
its seal to be hereunder affixed hereto as of the date specified below.
THE TRAVELERS INSURANCE COMPANY
By its authorized officer,
/s/ Xxxxxx Xxxxxx
Name: Xxxxxx Xxxxxx
Title: VP
THE TRAVELERS LIFE AND ANNUITY COMPANY
By its authorized officer,
/s/ Xxxxxx Xxxxxx
Name: Xxxxxx Xxxxxx
Title: XX
XXXXXX VARIABLE TRUST
By its authorized officer,
/s/ JR Xxxxxx
XX Veroni
Title: XX
XXXXXX RETAIL MANAGEMENT, L. P.
By its authorized officer,
/s/ Xxxx X. Xxxx
Xxxx X. Xxxx
Title: Senior Vice President
20
SCHEDULE A
The Travelers Insurance Company
Separate Account QPN 12-26-95
Separate Account ABD 10-17-95
Separate Account BDIII 03-27-97
Separate Account QP 12-26-95
Separate Account Five 06-08-95
Separate Account Fund U 09-02-82
Separate Account Nine 06-18-99
Separate Account UL 11-10-83
Separate Account TM 11-05-97
Separate Account PP 05-21-01
Separate Account UL III 1-15-99
The Travelers Life and Annuity Company
Separate Account ABDII 10-17-95
Separate Account BDIV 03-27-97
Separate Account Six 06-08-98
Separate Account Ten 06-18-99
Separate Account UL II 11-10-83
Separate Account XX XX 11-05-97
21
SCHEDULE B
Xxxxxx VT International Growth Fund
Xxxxxx VT Small Cap Value Fund
Xxxxxx VT Voyager II Fund
SERVICE FEES
0.25% per annum on all Funds
pickardlpvtib
22
AMENDMENT NO. 1 DATED JANUARY 31, 2002
TO THE PARTICIPATION AGREEMENT DATED JUNE 1, 2001
Amendment to the Participation Agreement by and among Xxxxxx Variable Trust,
Xxxxxx Retail Management, L.P., (collectively, the "Fund"), The Travelers
Insurance Company, and The Travelers Life and Annuity Company, (collectively,
the "Company"); each on behalf of itself and each of its segregated asset
accounts listed in Schedule A hereto.
WHEREAS, each of the parties desires to amend Article III, Paragraphs 3.1 of the
Agreement, each party hereby agrees to amend said Paragraph by adding the
following language:
In addition to any other format in which the Fund may choose to provide its
prospectuses to the Company, the Fund will also provide the Company with fund
prospectuses and any supplements thereto in PDF format contemporaneously with or
prior to the filing of the fund prospectus or supplement with the SEC.
WHEREAS, each of the parties desires to expand the Accounts of the Company which
invest in shares of the Fund, each of the parties hereby agrees to amend
Schedule A of the Agreement by adding the following to the existing language on
Schedule A and replacing the existing Schedule A with the attached Schedule A
dated January 31, 2002:
New Separate Accounts
The Travelers Separate Account PF for Variable Annuities
The Travelers Separate Account XX XX for Variable Annuities
IN WITNESS WHEREOF, each of the parties hereto have caused this Amendment No. 1
to the Agreement to be executed in their names and on their behalf by and
through their duly authorized officers signing below.
THE TRAVELERS INSURANCE COMPANY
By: /s/ Xxxxxx Xxxxxx Xx.
------------------------------------
Title: VP
Date: 6/27/02
THE TRAVELERS LIFE AND ANNUITY COMPANY
By: /s/ Xxxxxx Xxxxxx Xx.
------------------------------------
Title: VP
Date: 6/27/02
XXXXXX VARIABLE TRUST
By: /s/ Xxxx X. Xxxxxx
------------------------------------
Title: Xxxx X. Xxxxxx, VP
Date: June 1,2002
XXXXXX RETAIL MANAGEMENT, L.P.
By: /s/ Illegible
------------------------------------
Title: Managing Director
Date: June 3, 2002
Schedule A
January 31, 2002
The Travelers Insurance Company
Separate Account ABD 10-17-95
Separate Account Five 06-08-95
Separate Account Fund U 09-02-82
Separate Account Nine 06-18-99
Separate Account PF 07-30-97
Separate Account XX XX 07-30-97
Separate Account QP 12-26-95
Separate Account QPN 12-26-95
Separate Account TM 11-05-97
Separate Account UL 11-10-83
Separate Account UL III 1-15-99
The Travelers Life and Annuity Company
Separate Account ABD II 10-17-95
Separate Account XX XX 03-27-97
Separate Account Six 06-08-98
Separate Account Ten 06-18-99
Separate Account XX XX 11-05-97
Separate Account UL II 10-17-95
AMENDMENT NO. 2 DATED JANUARY 1, 2003
TO THE PARTICIPATION AGREEMENT DATED JUNE 1, 2002
Amendment to the Participation Agreement by and among Xxxxxx Variable Trust,
Xxxxxx Retail Management, L.P., (collectively, the "Fund"), the Travelers
Insurance Company, and The Travelers Life and Annuity Company, (collectively,
the "Company"); each on behalf of itself and each of its segregated asset
accounts listed in Schedule A hereto.
WHEREAS, each of the parties desires to amend the Agreement as follows:
1. Travelers Distribution LLC is added as a party to the Agreement.
2. The following sentences are added to the end of paragraph 6.1, in
ARTICLE VI. SERVICE FEES:
"Such payment will be by wire transfer. Wire transfers will be
sent to the bank account and in the manner specified by the
Company. Such wire transfer will be separate from wire transfer
of redemption proceeds and distributions."
Except as set forth above, the Agreement remains in full force and effect.
IN WITNESS WHEREOF, each of the parties hereto have caused this Amendment No. 2
to the Agreement to be executed in their names and on their behalf by and
through their duly authorized officers signing below.
THE TRAVELERS INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxxx
------------------------------------
Title:
---------------------------------
Date:
----------------------------------
THE TRAVELERS LIFE AND ANNUITY COMPANY
By: /s/ Xxxxxx X. Xxxxxx
------------------------------------
Title:
---------------------------------
Date:
----------------------------------
THE TRAVELERS DISTRIBUTION LLC
By: /s/ Xxxxxx X. Xxxxxx
------------------------------------
Title:
---------------------------------
Date:
----------------------------------
XXXXXX VARIABLE TRUST
By: /s/ Illegible
------------------------------------
Title: Senior Vice President
Date:
----------------------------------
XXXXXX RETAIL MANAGEMENT, L.P.
By: /s/ Illegible
------------------------------------
Title: Managing Director
Date:
----------------------------------
AMENDMENT NO. 5 DATED APRIL 28, 2008
TO THE PARTICIPATION AGREEMENT DATED JUNE 1, 2001,
AS PREVIOUSLY AMENDED
Amendment to the Participation Agreement (the "Agreement") by and among
MetLife Insurance Company of Connecticut, previously known as The Travelers Life
Insurance Company, on behalf of itself and certain of its segregated asset
accounts listed in Schedule A hereto, Xxxxxx Retail Management Limited
Partnership, and Xxxxxx Variable Trust.
WHEREAS, on May 1, 2006, The Travelers Insurance Company was renamed
MetLife Insurance Company of Connecticut ("MICC") and The Travelers Life and
Annuity Company was renamed MetLife Life and Annuity Company of Connecticut
("MLACC");
WHEREAS, on December 7, 2007, MLACC was merged with and into MICC;
WHEREAS, the parties desire to amend the Agreement by updating the names of
the MICC separate accounts listed in Schedule A and expanding the Funds listed
in Schedule B.
NOW THEREFORE, in consideration of the foregoing and of the mutual
covenants and conditions set forth herein and for other good and valuable
consideration, each of the parties amends the Agreement as follow:
1. Schedule A of the Agreement is hereby deleted in its entirety and
replaced with Schedule A attached hereto.
2. Schedule B is hereby deleted in its entirety and replaced with
Schedule B attached hereto.
3. Article 5.1 of the Agreement shall be amended and restated as follows:
"Except as provided under ARTICLE VI, the Trust and Underwriter shall
pay no fee or other compensation to the Company or its distributor
under this Agreement.
4 ARTICLE VI shall be renamed "Distribution and Service Fees" and
Sections 6.1, 6.2, 6.3 and 6.4 shall be replaced in their entirety
with the following:
6.1 So long as the Company (or its distributor) complies with its
obligations in this ARTICLE VI, the Underwriter shall pay the Company
(or its distributor) a distribution and service fee (the "Service
Fee") on shares of the Funds held in the Accounts at the annual rates
specified in Schedule B (excluding any accounts for the Company's own
corporate retirement plans), subject to Article 6.2 hereof.
6.2 The Company understands and agrees that all Service Fee payments
are subject to the limitations contained in each Fund's Distribution
Plan, which may be varied or discontinued at any time and hereby
waives the right to receive such service
fee payments with respect to the Fund if the Fund ceases to pay 12b-1
fees to the Underwriter.
6.3 (a) The Company's (or its distributor's) failure to provide the
services described in this ARTICLE VI or otherwise comply with the
terms of this Agreement will render it ineligible to receive Service
Fees; and
(b) the Underwriter may, without the consent of the Company,
amend ARTICLE VI, to change the terms of the Service Fee payments with
prior written notice to the Company.
6.4 The Company (or its distributor) will provide the following
services to the Contract owners purchasing Fund shares:
(i) Maintaining regular contact with Contract owners and
assisting in answering inquiries concerning the Funds;
(ii) Assisting in printing and distributing shareholder reports,
prospectuses and other sale and service literature provided by the
Underwriter to existing and prospective contract owners;
(iii) Assisting the Underwriter and its affiliates in the
establishment and maintenance of shareholder accounts and records;
(iv) Assisting Contract owners in effecting administrative
changes, such as exchanging shares in or out of the Funds;
(v) Assisting in processing purchasing purchase and redemption
transactions;
(vi) Providing educational material regarding the shares;
(vii) Providing facilities to answer questions form prospective
and existing contract owners about the Funds;
(viii) Receiving and answering correspondence; and
(ix) Providing any other information or services as the Contract
owners or the Underwriter may reasonably request.
The Company will support the Underwriter's marketing efforts by
granting reasonable requests for visits to the Company's offices by
representatives of the Underwriter.
Except as set forth above, expressly supplemented, amended or consented to
hereby, all of the representations and conditions of the Agreement will remain
unamended and will continue to be in full force and effect.
IN WITNESS WHEREOF, each of the parties hereto have caused this Amendment No. 5
to be executed in their names and on their behalf by and through their duly
authorized officers signing below.
METLIFE INSURANCE COMPANY OF CONNECTICUT
(on behalf of the Accounts and itself)
By: /s/ Xxxxxxxxxxx X. Xxxxxx
------------------------------------
Its: Xxxxxxxxxxx X. Xxxxxx
Vice President and Actuary
XXXXXX RETAIL MANAGEMENT LIMITED
PARTNERSHIP
By: /s/ Xxxxxxx Xxxxx
------------------------------------
Its: Managing Director
XXXXXX VARIABLE TRUST
By: /s/ Xxxxxxxx
------------------------------------
Its: Fund Treasurer
SCHEDULE A
MetLife of CT Fund ABD for Variable Annuities 10-17-1995
MetLife of CT Fund ABD II for Variable Annuities 10-17-1995
MetLife of CT Separate Account PF for Variable Annuities 07-30-1997
MetLife of CT Fund BD III for Variable Annuities 03-27-1997
MetLife of CT Fund XX XX for Variable Annuities 03-27-1997
MetLife of CT Separate Account PF for Variable Annuities 07-30-1997
MetLife of CT Separate Account XX XX for Variable Annuities 07-30-1997
MetLife of CT Separate Account TM for Variable Annuities 11-05-1997
MetLife of CT Separate Account XX XX for Variable Annuities 11-05-1997
MetLife of CT Separate Account Five for Variable Annuities 06-08-1995
MetLife of CT Separate Account Six for Variable Annuities 06-08-1998
MetLife of CT Separate Account Nine for Variable Annuities 06-18-1999
MetLife of CT Separate Account Ten for Variable Annuities 06-18-1999
MetLife of CT Separate Account Eleven for Variable Annuities 11-14-2002
MetLife of CT Separate Account Twelve for Variable Annuities 11-14-2002
MetLife of CT Separate Account Fourteen for Variable Annuities 11-14-2002
MetLife Insurance Company of CT Variable Annuity Separate Account 2002 09-17-2002
MetLife Life and Annuity Company of CT Variable Annuity Separate Account 2002 09-17-2002
MetLife of CT Separate Account QP for Variable Annuities 12-26-1995
MetLife of CT Separate Account QPN for Variable Annuities 12-26-1995
MetLife of CT Fund U for Variable Annuities 09-02-1982
MetLife of CT Fund UL for Variable Life Insurance 11-10-1983
MetLife of CT Fund UL II for Variable Life Insurance 10-17-1995
MetLife of CT Fund UL III for Variable Life Insurance 01-15-1999
MetLife of CT Separate Account CPPVUL1 09-01-2002
SCHEDULE B
Xxxxxx Variable Trust:
- Xxxxxx VT International Growth Fund
- Xxxxxx VT Small Cap Value Fund
- Xxxxxx VT Voyager II Fund
- Xxxxxx VT Discovery Growth Fund
- Xxxxxx VT International Growth & Income Fund
