Exhibit 9(b)(iv)
ASSIGNMENT AGREEMENT FOR
ORGANIZATIONAL AGREEMENT
(for the mutual benefit life insurance company)
ASSIGNMENT AGREEMENT FOR
ORGANIZATIONAL AGREEMENT
AGREEMENT, made this 20th day of March, 1991, by and among
Specialty Advisors Corp. ("SAC") (formerly Variable Advisors
Corp.), a California corporation; Directed Services, Inc.
("DSI"), a New York corporation; The Mutual Benefit Life
Insurance Company ("MBL"), a mutual life insurance company
incorporated under the laws of the State of New Jersey, on its
own behalf and on behalf of Mutual Benefit Variable Contract
Account-11; and The Specialty Managers Trust, a Massachusetts
business trust ("Trust").
WHEREAS, the Trust is registered with the Securities and
Exchange Commission as an open-end management investment company
under the Investment Company Act of 1940, as amended ("Act"), and
the Trust issues shares in several different classes, each of
which is known as a "Series"; and
WHEREAS, the Trust, SAC and MBL entered into an
Organizational Agreement dated May 21, 1990 ("Organizational
Agreement"); and
WHEREAS, SAC has served as Manager to the Trust pursuant to
a Management Agreement between the Trust and SAC dated November
1, 1988; and
WHEREAS, the Trust and SAC have terminated the Management
Agreement with SAC, effective at the close of business on March
20, 1991; and
WHEREAS, commencing Xxxxx 00, 0000, XXX has agreed to serve
as Manager to the Trust pursuant to a new Management Agreement
between the Trust and DSI dated March 20, 1991; and
WHEREAS, SAC, MBL and the Trust desire to assign SAC's
interest in the Organizational Agreement to DSI, and DSI desires
to be the assignee of SAC's interest.
NOW, THEREFORE, it is agreed as follows:
1. ASSIGNMENT. Effective as of March 21, 1991, SAC hereby
assigns to DSI all of its interest in the Organizational
Agreement.
2. PERFORMANCE OF DUTIES. DSI hereby assumes and agrees
to perform all of SAC's duties and obligations under the
Organizational Agreement and be subject to all of the terms and
conditions of said Agreement as if they applied to SAC. DSI
shall not be responsible for any claim or demand arising under
the Organizational Agreement from services rendered prior to the
effective date of this Assignment Agreement unless otherwise
agreed by DSI, and SAC shall not be responsible for any claim or
demand arising under the Organizational Agreement from services
rendered after the effective date of this Assignment Agreement
unless otherwise agreed by SAC.
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3. REPRESENTATION OF DSI. DSI represents and warrants
that it is registered as an investment adviser under the
Investment Advisers Act of 1940 and will remain registered as
long as required by applicable law.
4. CONSENT. The Trust and MBL hereby consent to this
assignment by SAC of its rights under the Organizational
Agreement to DSI and the assumption by DSI of SAC's interest in
such Agreement and the duties and obligations thereunder, and
agree, subject to the terms and conditions of said Agreement, to
look to DSI for the performance of the duties and obligations
formerly owed by SAC under said Agreement.
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IN WITNESS WHEREOF, the parties hereto have cause this
Assignment Agreement to be executed by their duly authorized
officers hereunto duly attested as of the date and year written
above.
SPECIALTY ADVISORS CORP.
_______________________ By: _______________________________
Attest
_______________________ _______________________________
Title Title
DIRECTED SERVICES, INC.
_______________________ By: _______________________________
Attest
_______________________ _______________________________
Title Title
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THE MUTUAL BENEFIT LIFE
INSURANCE COMPANY
_______________________ By: _______________________________
Attest
_______________________ _______________________________
Title Title
THE SPECIALTY MANAGERS TRUST
_______________________ By: _______________________________
Attest
_______________________ _______________________________
Title Title
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