Exhibit (8)(k)
AGREEMENT
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Agreement made as of the ___ day of _______, 1999 by and between (i)
Dreyfus Corporation("Dreyfus"), a New York corporation; and (ii) The United
States Life Insurance Company in the City New York ("Client"), a New York
corporation.
W I T N E S S E T H:
WHEREAS, the Investment Company identified on Schedule One hereto ("Schedule
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One," as the same may be amended from time to time), is registered as an open-
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end management Investment Company under the Investment Company Act of 1940, as
amended (the "Act") (the "Investment Company" - the portfolios of the Investment
Company identified in Schedule One are referred to herein individually as a
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"Fund" and collectively as the "Funds"); and
WHEREAS, each of the Funds is available as the investment vehicle for certain
separate accounts of USL, established for variable life insurance policies
and/or variable annuity contracts offered by USL (individually or collectively,
the "Separate Account"); and
WHEREAS, USL has entered into a participation agreement dated ____________, 1999
among USL, the Investment Company and Dreyfus (the "Participation Agreement," as
the same may be amended from time to time); and
WHEREAS, Dreyfus provide, among other things, investment advisory and/or
administrative services to the Investment Company; and
WHEREAS, Dreyfus desire USL to provide the administrative services specified in
the attached Exhibit A ("Administrative Services"), in connection with the
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ownership of interests of the Separate Account, which holds shares of the Funds,
and USL is willing and able to provide such Administrative Services on the terms
and conditions hereinafter set forth;
NOW, THEREFORE, in consideration of the premises and mutual covenants
hereinafter contained, each party hereto severally agrees as follows:
1. USL agrees to perform the Administrative Services specified in Exhibit A
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hereto for the benefit of variable annuity and variable life insurance
contracts that participate in the Separate Account.
2. USL may, with the consent of Dreyfus, contract with or establish
relationships with other parties for the provision of the Administrative
Services or other activities of USL required by this Agreement, provided that
USL shall be fully responsible for the acts and omissions of such other
parties.
3. USL hereby agrees to notify Dreyfus promptly if for any reason it is unable
to perform fully and promptly any of its obligations under this Agreement.
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4. USL hereby represents and covenants that it does not, and will not, own or
hold or control with power to vote any shares of the Funds which are
registered in the name of USL or the name of its nominee and which are
maintained under USL variable annuity or variable life insurance accounts.
5. The provisions of the Agreement shall in no way limit the authority of
Dreyfus or the Investment Company to take such action as any of such parties
may deem appropriate or advisable in connection with all matters relating to
the operations of any of the Funds and/or sale of shares of the Funds.
6. In consideration of the Administrative Services provided by USL with respect
to the variable life insurance and variable annuity contracts identified on
Schedule Two attached hereto, Dreyfus agrees to pay USL with respect to the
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Funds (as indicated on Schedule One), a monthly fee at an annual rate which
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shall equal .of the net asset value of the shares of each such Fund held in
the Separate Account. The foregoing fee will be paid by Dreyfus to USL on a
calendar quarter basis; payment of such fee will be made by Dreyfus to USL
within thirty (30) days following the end of each calendar quarter. The
determination of applicable assets shall be made by averaging the assets of
the applicable portfolios of the Fund maintained in the Master Account for
the Shareholders as of the last Business Day (as defined in the Participation
Agreement) of each month falling within the applicable calendar quarter.
Notwithstanding anything in this Agreement or the Participation Agreement
appearing to the contrary, the payments by Dreyfus to USL relate solely to the
performance by USL of the Administrative Services described herein only, and
do not constitute payment in any manner for services provided by USL to USL
policy or contract owners, or to any separate account organized by USL, or for
any investment advisory services, or for costs associated with the
distribution of any variable annuity or variable life insurance contracts.
7. USL shall indemnify and hold harmless the Investment Company, the Funds, and
Dreyfus and each of their respective officers, Directors, employees and
agents from and against any and all losses, claims, damages, expenses, or
liabilities that any one or more of them may incur including, without
limitation, reasonable attorneys' fees, expenses and costs arising out of or
related to the performance or non-performance by USL of the Administrative
Services under this Agreement.
8. This Agreement may be terminated without penalty at any time by USL or by
Dreyfus as to one or more of the Funds, upon one hundred and eighty days
(180) written notice to the other party. Notwithstanding the foregoing, the
provisions of paragraphs 7 and 9 of this Agreement, shall continue in full
force and effect after termination of this Agreement.
9. After the date of any termination of this Agreement in accordance with
paragraph 8 of this Agreement, no fee will be due with respect to any shares
of the Funds first placed in the Separate Account after the date of such
termination. However, notwithstanding any such termination, Dreyfus will
remain obligated to pay USL the fee specified in paragraph 6 of this
Agreement, with respect to the net asset value of shares of the Funds
maintained in the Separate Account as
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of the date of such termination, for so long as such amounts are held in the
Separate Account and USL continues to provide the Administrative Services
with respect to such amounts in conformity with this Agreement. This
Agreement, or any provision hereof, shall survive termination to the extent
necessary for each party to perform its obligations with respect to amounts
for which a fee continues to be due subsequent to such termination.
10. USL understands and agrees that the obligations of Dreyfus under this
Agreement are not binding upon the Investment Company, upon any of its Board
members or upon any shareholder of any of the Funds.
11. It is understood and agreed that in performing the services under this
Agreement USL, acting in its capacity described herein, shall at no time be
acting as an agent for Dreyfus or the Investment Company. USL agrees, and
agrees to cause its agents, not to make any representations concerning the
Investment Company or the Funds except those contained in the Investment
Company's then-current prospectus; in current sales literature furnished by
the Investment Company or Dreyfus to USL; in the then current prospectus
for a variable annuity contract or variable life insurance policy issued by
USL or then current sales literature with respect to such variable annuity
contract or variable life insurance policy, approved by Dreyfus.
12. This Agreement, including the provisions set forth herein in paragraph 6,
may only be amended pursuant to a written instrument signed by the party to
be charged. This Agreement may not be assigned by a party hereto, by
operation of law or otherwise, without the prior written consent of the
other party.
13. This Agreement shall be governed by the laws of the State of New York,
without giving effect to the principles of conflicts of law of such
jurisdiction.
14. This Agreement, including Exhibit A and Schedules One and Two, constitutes
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the entire agreement between the parties with respect to the matters dealt
with herein and supersedes any previous agreements and documents with
respect to such matters. The parties agree that Schedule One may be
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replaced from time to time with a new Schedule One to accurately reflect any
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changes in the Investment Company or Funds available as investment vehicles
under the Participation Agreement.
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IN WITNESS HEREOF, the parties hereto have executed and delivered this Agreement
as of the date first above written.
UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK
By:_______________________________
Authorized Signatory
_______________________________
Print or Type Name
THE DREYFUS CORPORATION
By:_______________________________
Authorized Signatory
_______________________________
Print or Type Name
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SCHEDULE ONE
DREYFUS VARIABLE INVESTMENT FUND:
. Small Cap Portfolio
. Quality Bond Portfolio
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SCHEDULE TWO
ACCOUNTS AND POLICIES
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The United States Life Insurance
Company In the City of New York
Separate Account: USL VL-R Contract Form No.
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Established: August 8, 1997 97600N
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EXHIBIT A
Pursuant to the Agreement by and among the parties hereto, USL shall perform the
following Administrative Services:
1. Assist the Investment Company in communicating with variable life insurance
policy owners and variable annuity contract owners and provide them with
information regarding the Funds, including (a) information on investment
objectives, policies and procedures, (b) information on Fund performance and
(c) answers to questions regarding Fund investments.
2. Create and utilize computer programs and other information systems that
assist the Investment Company in communicating Fund information to variable
life insurance policy owners and variable annuity contract owners.
3. Assist the Investment Company in educating USL's home office and field
personnel on the management and operation of the Funds.
4. Transmit to variable life insurance policy owners and variable annuity
contract owners proxy materials and reports and other information received
by USL from the Investment Company and required to be sent to policy and
contract owners under the federal securities laws and, upon request of the
Investment Company and transmit communications deemed by the Investment
Company, through its Board of Directors, to be necessary and proper for
receipt by all policy and contract owners participating in the Separate
Account.
5 Provide to the Investment Company such periodic reports as shall reasonably
be necessary to enable Investment Company and Dreyfus to comply with
applicable securities and insurance laws.
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