Exhibit (8)(bb)(ii)
AMENDMENT TO FUND PARTICIPATION AGREEMENT
WHEREAS, Jefferson National Life Insurance Company (the "Company"),
Nationwide Variable Insurance Trust (the "Trust") and Nationwide Fund
Distributors LLC (the "Distributor") have entered into a Fund Participation
Agreement dated May 1, 2007 (the "Agreement");
WHEREAS, the parties hereto wish to process orders for the purchase and
redemption of shares of Designated Funds using the Fund/SERV program of the
National Securities Clearing Corporation ("NSCC"); and
WHEREAS, the parties hereto wish to amend the Agreement to reflect such
matters by executing this Amendment to Fund Participation Agreement (the
"Amendment").
NOW THEREFORE, the Agreement is hereby amended upon the mutual agreement
of the Company, the Trust and the Distributor as follows:
The purchase, redemption and settlement of shares of a Designated Fund
will normally follow the Fund/SERV-Defined Contribution Clearance and Settlement
Service ("DCCS") Processing Procedures below and the rules and procedures of the
SCC Division of the NSCC shall govern the purchase, redemption and settlement of
shares of the Designated Funds through NSCC by the Company. In the event of
equipment failure or technical malfunctions or the parties' inability to
otherwise perform transactions pursuant to the FUND/SERV Processing Procedures,
or the parties' mutual consent to use manual processing, the manner for placing
orders as designated in Article I of the Agreement will apply.
It is understood and agreed that, in the context of Section 22 of the
Investment Company Act of 1940 and the rules and public interpretations
thereunder by the staff of the Securities and Exchange Commission (SEC Staff),
receipt by the Company of any orders from its Contract holders prior to the
Market Close on any Business Day shall be deemed to be receipt by the Designated
Funds of such orders solely for pricing purposes and shall cause purchases and
redemptions to be deemed to occur at the net asset value for such Business Day.
Each order shall be deemed to be accompanied by a representation by the Company
that it has received proper authorization from each Contract holder whose
purchase, redemption or account transfer is effected as a result of such
Instruction.
Fund/SERV-DCCS Processing Procedures
1. On each Business Day, the Distributor shall accept, and effect changes in
its records upon receipt of purchase, redemption, account transfer and
registration instructions from the Company electronically through
Fund/SERV ("Instructions") without supporting documentation from the
Contract holder. On each Business Day, the Distributor shall accept for
processing any Instructions from the Company and shall process such
Instructions in a timely manner.
2. The Distributor shall perform any and all duties, functions, procedures
and responsibilities assigned to it under this Agreement and as otherwise
established by the NSCC. The Distributor shall conduct each of the
foregoing activities in a competent manner and in compliance with (a) all
applicable laws, rules and regulations, including NSCC Fund/SERV-DCCS
rules and procedures relating to Fund/SERV; (b) the then-current
prospectus of a Designated Fund; and
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(c) any provision relating to Fund/SERV in any other agreement of the
Distributor that would affect its duties and obligations pursuant to this
Agreement.
3. Confirmed trades and any other information provided by the Distributor to
the Company through Fund/SERV and pursuant to this Agreement shall be
accurate, complete, and in the format prescribed by the NSCC.
4. Trade, registration, and broker/dealer or financial intermediary
information provided by the Company to the Distributor through Fund/SERV
and pursuant to this Agreement shall be accurate, complete and, in the
format prescribed by the NSCC. All Instructions by the Company regarding
each Fund/SERV Account shall be true and correct and will have been duly
authorized by the Contract holder.
5. For each Fund/SERV transaction, including transactions establishing a
Contract holder account with the Distributor, the Company shall provide
the Trust and the Distributor with all information necessary or
appropriate to establish and maintain each Fund/SERV transaction (and any
subsequent changes to such information), which the Company hereby
certifies is and shall remain true and correct. The Company shall maintain
documents required by the Trust to effect Fund/SERV transactions. The
Company certifies that all Instructions delivered to Distributor on any
Business Day shall have been received by the Company from the Contract
holder by the Market Close on such Business Day and that any Instructions
received by it after the Market Close on any given Business Day will be
transmitted to Distributor on the next Business Day.
All other terms and conditions of the Agreement remain unchanged and shall
continue in full force and effect. Capitalized terms which are defined in the
Agreement shall be defined as provided therein unless otherwise defined in this
Amendment.
IN WITNESS WHEREOF, the Company, the Trust and the Distributor have caused
this Amendment to Fund Participation Agreement to be executed this __th day of
January, 2011.
JEFFERSON NATIONAL LIFE INSURANCE COMPANY
By:___________________________
Title:__________________________
NATIONWIDE VARIABLE INSURANCE TRUST NATIONWIDE FUND DISTRIBUTORS LLC
By:___________________________ By:___________________________
Title:__________________________ Title:__________________________
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