AMENDMENT TO WHOLESALING AGREEMENT
This amendment to the Wholesaling Agreement between Allmerica Financial Life
Insurance and Annuity Company (formerly known as SMA Life Assurance Company),
First Allmerica Financial Life Insurance Company (formerly known as State Mutual
Life Assurance Company of America), Allmerica Investments, Inc., (formerly known
as SMA Equities, Inc.) and Pioneer Funds Distributor, Inc., dated March 1,
1995, (the "Wholesaling Agreement") is made effective this 18th day of July,
1997.
In consideration of the mutual benefits and obligations set forth herein,
the parties hereby amend the Wholesaling Agreement as follows:
1. The following paragraph is added to the end of section 9a on page 13:
If a Contract owner surrenders, pursuant to the "free look" provision, an
XXX or a Contract issued in a state which provides for a full refund
during the free look period, Pioneer Funds Distributor, Inc. (The
"Distributor") will reimburse First Allmerica Financial Life Insurance
Company (The "Company") one half (1/2) of the value of any loss incurred
by the Company as a result of the surrender. This reimbursement obligation
applies only to Contracts issued on or after July 18, 1997, and to
situations where the selling broker-Dealer has not agreed pursuant to the
Sales Agreement to pay for the loss. The Distributor agrees to pay for
such losses once a month on such basis as is mutually agreeable to the
parties. In those situations where a Contract is issued with an
endorsement providing a return of gross payments to the Contract owner
when the "free look" privilege is exercised (as opposed to the return of
the greater of gross payments or accumulated value), the Company will pay
to the Distributor one half (1/2) of the value of any gain received by the
Company as a result of the surrender. Any gains and losses described in
this paragraph will be aggregated at the end of each commission cycle and
the net amount will be paid on such basis as is mutually agreeable to the
parties.
IN WITNESS WHEREOF, the parties hereby agree as of the day and year referenced
above.
Allmerica Financial Life Insurance and
Annuity Company
Date: 12/1/97 By: /s/ Xxxxxxx X. Xxxxxx
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Name: XXXXXXX X. XXXXXX
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Title: PRESIDENT
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First Allmerica Financial Life Insurance
Company
Date: 12/1/97 By: /s/ Xxxxxxx X. Xxxxxx
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Name: XXXXXXX X. XXXXXX
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Title: VICE PRESIDENT
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Allmerica Investments Inc.
Date: 12/1/97 By: /s/ Xxxxxxx Xxxxxx
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Name: XXXXXXX XXXXXX
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Title: PRESIDENT
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Pioneer Funds Distributor, Inc.
(on its own behalf and on behalf of the
Distributor Agency Affiliates)
Date: 11/20/97 By: /s/ Xxxxxx X. Xxxxxx
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Name: XXXXXX X. XXXXXX
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Title: President
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