AMENDMENT TO PARTICIPATION AGREEMENT
DATED AS OF SEPTEMBER 3, 1993
(as amended and supplemented from time to time)
BETWEEN
XXXXXXX VARIABLE LIFE INVESTMENT FUND
AND
CHARTER NATIONAL LIFE INSURANCE COMPANY
The parties hereto agree that the Participation Agreement is amended as
described below. Except as amended, the Agreement shall remain in effect in
accordance with its terms.
The following provision is added as the fourth sub-paragraph of Paragraph 4 of
the Participation Agreement:
"The Fund shall furnish, on or before the ex-dividend date, notice as soon
as reasonably practicable to the Company of any income dividends or capital
gains distributions payable on a Portfolio's shares. The Company hereby elects
to receive all such dividends and distributions as are payable on the
Portfolio's shares in additional shares of that Portfolio. The Company reserves
the right to revoke this election and thereafter to receive all such dividends
and distributions in cash. The Fund shall notify the Company of the number of
shares so issued as payment of such dividends and distributions."
The following provision is added as the last sentence of the third subparagraph
of Paragraph 4 of the Participation Agreement:
Any material error in the calculation or reporting of net asset value per
share, dividend or capital gains information shall be reported promptly upon
discovery to the Company. An error in the calculation of net asset value by the
Fund shall be corrected in accordance with the procedures for correcting net
asset value errors as are adopted by the Fund's Board of Trustees and in effect
at the time of error.
IN WITNESS WHEREOF, each of the parties has caused this Amendment to be executed
in its name and on its behalf by its duly authorized representative as of
December 1, 2000.
COMPANY Charter national Life Insurance Company
By:/s/ Xxxxxxx Xxxxxxx
-----------------------
Xxxxxxx Xxxxxxx
Title: VP, Secretary and General Counsel
FUND Xxxxxxx Variable Life Investment Fund
By: /s/ Xxxxx X. Xxxxxxxx
-------------------------
Xxxxx X. Xxxxxxxx
Title: President
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