AMENDMENT NO. 1 TO PARTICIPATION AGREEMENT AMONG PIONEER VARIABLE CONTRACTS TRUST, ML LIFE INSURANCE COMPANY OF NEW YORK, PIONEER INVESTMENT MANAGEMENT, INC. AND PIONEER FUNDS DISTRIBUTOR, INC.
EXHIBIT (8)(m)(1)
AMENDMENT NO. 1 TO PARTICIPATION AGREEMENT (PIONEER)
AMENDMENT NO. 1 TO PARTICIPATION AGREEMENT AMONG PIONEER VARIABLE
CONTRACTS TRUST, ML LIFE INSURANCE COMPANY OF NEW YORK, PIONEER
INVESTMENT MANAGEMENT, INC. AND PIONEER FUNDS DISTRIBUTOR, INC.
THIS AMENDMENT, dated as of the April 14, 2006, by and among Pioneer Variable Contracts Trust, a Delaware business trust (the “Trust”), ML Life Insurance Company of New York, a New York life insurance company (the “Company”) on its own behalf and on behalf of each of the segregated asset accounts of the Company set forth in Schedule A hereto, as may be amended from time to time (the “Accounts”), Pioneer Investment Management, Inc., a Delaware corporation (“PIM”) and Pioneer Funds Distributor, Inc. (“PFD”), a corporation organized under the laws of The Commonwealth of Massachusetts. PIM and PFD are members of the UniCredito Italiano banking group, register of banking groups.
WITNESSETH:
WHEREAS, the Trust, the Company, PIM and PFD heretofore entered into a Participation Agreement dated March 1, 2005, (the “Agreement”), with regard to separate accounts established for variable life insurance and/or variable annuity contracts offered by the Company; and
WHEREAS, the Trust, the Company, PIM and PFD desire to amend Schedule(s) A and B to the Agreement in accordance with the terms of the Agreement.
NOW, THEREFORE, in consideration of the above premises, the Trust, the Company, PIM and PFD hereby agree:
| 1. | Amendment. (a) Schedule A to this Agreement is amended in its entirety and is replaced by the Schedule A attached hereto. |
(b) Section 2. Administrative Service Fees set forth in Schedule B to this Agreement is hereby amended in its entirety and replaced by the following:
| 2. | Administrative Service Fees |
For the administrative services set forth above, PIM or any of its affiliates shall pay a servicing fee based on the annual rate of 0.20% of the average aggregate net daily assets invested in the Class I Shares of the Portfolios and 0.20% of the average aggregate net daily assets invested in the Class II Shares of the Portfolios, with the exception of Pioneer High Yield VCT Class II and Pioneer Small Cap Value VCT Class II for which PIM or any of its affiliates shall pay a servicing fee based on the annual rate of 0.15% of the average aggregate net daily assets invested in the Class II shares of the Portfolios, through the Accounts at the end of each calendar quarter. Such payments will be made to the Company within thirty (30) days after the end of each calendar quarter. Such fees shall be paid quarterly in arrears. Each payment will be accompanied by a statement showing the calculation of the fee payable to the Company for the quarter and such other supporting data as may be reasonably requested by the Company. The Company will
calculate the asset balance on each day on which the fee is to be paid pursuant to this Agreement with respect to each Portfolio for the purpose of reconciling its calculation of average aggregate net daily assets with PIM’s calculation. Annually (as of December 31) or upon reasonable request of PIM, Company will provide PIM a statement showing the number of subaccounts in each Class of Shares of each Portfolio as of the most recent calendar quarter end.
| 2. | Effectiveness. The amended Schedule(s) A and B of the Agreement shall be effective as the date hereof. |
| 3. | Continuation. Except as set forth above, the Agreement shall remain in full force and effective in accordance with its terms. |
| 4. | Counterparts. This Amendment may be executed in one or more counterparts, each of which shall be deemed to be an original. |
(Signatures located on following page)
IN WITNESS WHEREOF, the Trust, the Company, PIM and PFD have caused the Amendment to be executed by their duly authorized officers effective as of the day and year first above written.
| ML LIFE INSURANCE COMPANY OF NEW YORK | ||
| By its authorized officer, | ||
| By: | /s/ Xxxxxx Xxxxxxxxx | |
| Xxxxxx Xxxxxxxxx, VP & Sr. Counsel | ||
| Date: | 4/17/06 | |
| PIONEER VARIABLE CONTRACTS TRUST, on behalfof the Portfolios | ||
| By its authorized officer and not individually, | ||
| By: | /s/ Xxxxxxxxxxx X. Xxxxxx | |
| Xxxxxxxxxxx X. Xxxxxx | ||
| Date: | 4/13/06 | |
| PIONEER INVESTMENT MANAGEMENT, INC. | ||
| By its authorized officer, | ||
| By: | /s/ Xxxxxxx X. Xxxxxx, Xx. | |
| Xxxxxxx X. Xxxxxx, Xx. | ||
| Date: | 4/13/06 | |
| PIONEER FUNDS DISTRIBUTOR, INC. | ||
| By its authorized officer, | ||
| By: | /s/ Xxxxxx Xxxxxxxx | |
| Xxxxxx Xxxxxxxx | ||
| Date: | 4/12/06 | |
SCHEDULE A
ACCOUNTS, CONTRACTS AND PORTFOLIOS
SUBJECT TO THE PARTICIPATION AGREEMENT
| Name of Separate Account and Date Established by Board of Directors |
Contracts Funded by Separate Account |
Portfolios and Class of Shares Available to Contracts | ||
| ML of New York Variable Annuity Separate Account A |
ML-NY-VA-010 Xxxxxxx Xxxxx Investors Choice Flexible Premium Variable Annuity |
As of March 1st, 2005:
Pioneer High Yield VCT Portfolio (Class II)
Pioneer Fund VCT Portfolio (Class II)
Pioneer Small Cap Value VCT Portfolio (Class II)
As of May 1, 2006:
Pioneer Emerging Markets VCT Portfolio (Class II) |
