SEVENTH AMENDMENT TO MASTER FUND PARTICIPATION AGREEMENT
Ex. 99.28(h)(11)(viii)
SEVENTH AMENDMENT TO MASTER FUND PARTICIPATION AGREEMENT
This Seventh Amendment, effective as of September 1, 2023, amends the Master Fund Participation Agreement (the “Agreement”) dated the 1st
day of May, 2010, among XXXXXXX NATIONAL LIFE INSURANCE COMPANY ("Insurance Company"), on behalf of itself and certain of its separate accounts; JNL SERIES TRUST (“Trust”), an open-end investment company organized under the laws of the Commonwealth
of Massachusetts; AMERICAN FUNDS INSURANCE SERIES (“Series”), an open-end management investment company organized under the laws of the Commonwealth of Massachusetts; and CAPITAL RESEARCH AND MANAGEMENT COMPANY (“CRMC”), a corporation organized under
the laws of the State of Delaware. All capitalized terms used herein and not otherwise defined shall have the meaning ascribed such terms in the Agreement.
WHEREAS, the Agreement pertains
to the relationship of the parties hereto with respect to multi-manager variable annuity contracts and/or variable life policies; and
WHEREAS, the parties desire to
amend timing of the payment of redemptions in section 6(a)(iii) of the Agreement.
NOW, THEREFORE, in consideration
of the foregoing and of mutual covenants and conditions set forth herein and for other good and valuable consideration, the Insurance Company, the Trust, the Series, and CRMC, hereby agree as follows:
Section 6(a)(iii) in the Agreement is deleted and restated in its entirety as follows:
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iii)
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Redemptions. Aggregate orders for redemption of shares of the Master Funds will be paid in cash and wired from the Master Funds' custodial
account to an account designated by the Trust. Pursuant to paragraph 6(a)(ii)of the Agreement, (i) for orders received by the Transfer Agent by the 8:00 a.m. Eastern Time deadline, Transfer Agent will initiate payment by wire to the Trust
or its designee of proceeds of such redemptions one Business Day following the Trade Date (T+1), and (ii) for orders received after the 8:00 a.m. Eastern Time deadline, the Transfer Agent will initiate payment by wire to the Trust or its
designee of proceeds of such redemptions two Business Days following the Trade Date (T+2).
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Except as expressly supplemented, amended or consented to hereby, all of the representations and conditions of the Agreement will remain unamended and will
continue to be in full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed
and delivered this Amendment as of effective as of the date first above written.
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(on behalf of itself and each Account)
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By: /s/ Xxxxxx Xxxxxx
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Its: General Counsel
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The Trust
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By: /s/ Xxxxx X. Xxxxxxx
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Its: Assistant Secretary
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American Funds Insurance Series
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By: /s/ Xxxx Xxxxxx
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Its: Treasurer & Principal Financial Officer
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Capital Research and Management Company
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By: /s/ Xxxxxxx Xxxxxxx
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Its: Authorized Signatory
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