1
EXHIBIT 8-SST
FUND PARTICIPATION AGREEMENT
----------------------------
AGREEMENT, made on this 16th day of September, 1992, between ANCHOR
NATIONAL LIFE INSURANCE COMPANY ("Anchor"), a life insurance company organized
under the laws of the State of California, on behalf of itself and on behalf of
VARIABLE SEPARATE ACCOUNT (f/k/a "AMERICAN PATHWAY II - SEPARATE ACCOUNT OF
ANCHOR NATIONAL LIFE INSURANCE COMPANY," ("Variable Account"), a separate
account of Anchor existing pursuant to the laws of the State of California, and
SUNAMERICA SERIES TRUST ("Fund"), an open-end management investment company
established pursuant to the laws of the Commonwealth of Massachusetts under a
Declaration of Fund dated September 11, 1992, which is composed of multiple
investment series ("Portfolios").
WITNESSETH:
WHEREAS, Anchor, by resolution, has established the Variable Account on
its books of account for the purpose of funding certain variable annuity
contracts issued by it; and
WHEREAS, the Variable Account is divided into various portfolios
("Divisions") under which the income, gains and losses, whether or not realized,
from assets allocated to each such Division are, in accordance with the
applicable variable annuity contracts, credited to or charged against such
Division without regard to any income, gains or losses of other Divisions or
separate accounts of Anchor; and
WHEREAS, the Variable Account is registered with the Securities and
Exchange Commission as a unit investment trust under the Investment Company Act
of 1940 ("Act"); and
WHEREAS, the Fund, a registered, open-end, diversified management
investment company, is divided into various Portfolios, each Portfolio being
subject to separate investment objectives and restrictions which may not be
changed without a majority vote of the shareholders of each such Portfolio; and
WHEREAS, the Variable Account desires to purchase shares of the Fund in
connection with the issuance of certain variable annuity contracts to be
marketed under the name Polaris (collectively with other contracts and policies
that may be funded through the Fund, "Contracts"); and
WHEREAS, the Fund agrees to make shares of certain of its Portfolios
available to serve as underlying investment media for the corresponding
Divisions of the Variable Account; and
2
WHEREAS, SUNAMERICA SECURITIES, INC., and ROYAL ALLIANCE ASSOCIATES,
INC. (collectively, "Distributors"), which serve as the distributors for the
Contracts funded in the Variable Account pursuant to an agreement with Anchor on
behalf of itself and the Variable Account are each a broker-dealer registered as
such under the Securities Exchange Act of 1934 and a member of the National
Association of Securities Dealers, Inc.;
NOW, THEREFORE, in consideration of the foregoing and of mutual
covenants and conditions set forth herein and for other good and valuable
consideration, Anchor (on behalf of itself and the Variable Account) and the
Fund hereby agree as follows:
1. The Contracts funded by the Variable Account will provide for the
allocation of net amounts among certain Divisions of the Variable Account for
investment in the shares of the particular portfolio of the Fund underlying each
such Division. The selection of a particular Division is to be made (and such
selection may be changed) in accordance with the terms of the applicable
Contract.
2. No representation is made as to the number or amount of such
Contracts to be sold. Anchor, pursuant to its agreement with Distributors, will
make reasonable efforts to market those Contracts it determines from time to
time to offer for sale and, although it is not required to offer for sale new
Contracts, Anchor will accept payments and otherwise service existing Contracts
funded in the Variable Account.
3. Fund shares to be made available to the respective Divisions of the
Variable Account shall be sold by each of the respective Portfolios of the Fund
and purchased by Anchor for that Division at the net asset value next computed
after receipt of each order, as established in accordance with the provisions of
the then current prospectus of the Fund. Shares of a particular Portfolio of the
Fund shall be ordered in such quantities and at such times as determined by
Anchor to be necessary to meet the requirements of those Contracts having
amounts allocated to the Division for which the Fund Portfolio shares serve as
the underlying investment medium. Orders and payments for shares purchased will
be sent promptly to the Fund and will be made payable in the manner established
from time to time by the Fund for the receipt of such payments. The Fund
reserves the right to delay transfer of its shares until the payment check has
cleared. The Fund has the obligation to insure that its shares to be made
available to the appropriate Division(s) under the Contracts are registered at
all times under the Securities Act of 1933 ("1933 Act").
4. The Fund will redeem the shares of the various Portfolios when
requested by Anchor on behalf of the corresponding Division of the Variable
Account at the net asset value next computed after receipt of each request for
redemption, as established in accordance with the provisions of the then current
prospectus of
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3
the Fund. The Fund will make payment in the manner established from time to time
by the Fund for the receipt of such redemption requests, but in no event shall
payment be delayed for a greater period than is permitted by the Act.
5. Transfer of the Fund's shares will be by book entry only. No stock
certificates will be issued to the Variable Account. Shares ordered from a
particular Portfolio to the Fund will be recorded in an appropriate title for
the corresponding Division of the Variable Account.
6. The Fund shall furnish notice promptly to Anchor of any dividend or
distribution payable on its shares which are subject to this Agreement. All of
such dividends and distributions as are payable on each of the Portfolio shares
in the title for the corresponding Division of the Variable Account shall be
automatically reinvested in additional shares of that Portfolio of the Fund. The
Fund shall notify Anchor of the number of shares so issued.
7. All expenses incident to the performance of the Fund under this
Agreement shall be paid by the Fund. The Fund shall ensure that all of its
shares which are subject to this Agreement are registered and authorized for
issue in accordance with applicable federal and state laws prior to their
purchase by the Variable Account. Anchor shall bear none of the expenses for the
cost of registration of the Fund's shares, preparation of the Fund's
prospectuses, proxy materials and reports, the distribution of such items to
shareholders,, the preparation of all statements and notices required by any
federal or state law or any taxes on the issue or transfer of the Fund's shares
subject to this Agreement.
8. Anchor, either directly or through Distributors, shall make no
representations concerning the Fund's shares which are subject to this Agreement
other than those contained in the then current prospectus of the Fund and in
printed information subsequently issued by the Fund as supplemental to such
prospects.
9. Anchor and the Fund acknowledge that in the future, the Fund's
shares may become available for investment by separate accounts of other
insurance companies, which may or may not be affiliated persons (as that term is
defined in the Act) of Anchor (collectively with Anchor, "Participating
Insurers"). In such event, (a) the Fund shall undertake that its Board of
Trustees ("Board") will monitor the Fund for the existence of material
irreconcilable conflicts that may arise between the Contract owners of
Participating Insurers, for the purpose of identifying and remedying any such
conflict and (b) paragraphs 10, 11 and 12 shall apply. In discharging its
responsibilities under paragraphs 10, 11 and 12 hereinafter, Anchor will
cooperate and coordinate, to the extent necessary, with the Board and with other
Participating
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4
Insurers. The Fund agrees that it will require, as a condition to participation,
that all Participating Insurers shall have obligations and responsibilities
regarding conflicts of interest corresponding to those that are agreed to herein
by Anchor pursuant to such paragraphs 10, 11 and 12 and pursuant to this
paragraph 9.
10. Anchor shall provide pass-through voting privileges to all variable
Contract owners so long as the U. S. Securities and Exchange Commission
continues to interpret the Act to require passthrough voting privileges for
variable Contract owners. Anchor shall be responsible for assuring that the
Variable Account calculates voting privilege in a manner consistent with
separate accounts of other Participating Insurers, as determined by the Board.
Anchor will vote shares for which it has not received voting instructions in the
same proportion as it votes shares for which it has received instructions.
11. Anchor will report to the Board any potential or existing conflicts
of which it is or becomes aware between any of its Contract owners or between
any of its Contract owners and Contract owners of other Participating Insurers.
Anchor will be responsible for assisting the Board in carrying out its
responsibilities to identify material conflicts by providing the Board with all
information available to it that is reasonably necessary for the Board to
consider any issues raised, including information as to a decision by Anchor to
disregard voting instructions of its Contract owners.
12. The Board's determination of the existence of an irreconcilable
material conflict and its implications shall be made known promptly by it to
Anchor and other Participating Insurers. An irreconcilable material conflict may
arise for a variety of reasons, including: (a) an action by any state insurance
regulatory authority; (b) a change in applicable federal or state insurance tax,
or securities laws or regulations, or a public ruling, private letter ruling, or
any similar action by insurance, tax, or securities regulatory authorities; (c)
an administrative or judicial decision in any relevant proceeding; (d) the
manner in which the investments of any Portfolio are being managed; (e) a
difference in voting instructions given by variable annuity Contract owners and
variable life insurance Contract owners or by Contract owners of different
Participating Insurers; or (f) a decision by a Participating Insurer to
disregard the voting instructions of variable Contract owners.
13. If it is determined by a majority of the Board or a majority of its
disinterested Trustees that a material irreconcilable conflict exists that
affects the interests of Anchor Contract owners, Anchor shall, in cooperation
with other Participating Insurers whose Contract owners' interests are also
affected by the conflict, take whatever steps are necessary to remedy or
eliminate the irreconcilable material conflict, which
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5
steps could include: (a) withdrawing the assets allocable to the Variable
Account from the Fund or any portfolio and reinvesting such assets in a
different investment medium, including another Portfolio of the Fund, or
submitting the question of whether such segregation should be implemented to a
vote of all affected Contract owners and, as appropriate, segregating the assets
of any particular group (e.g., annuity Contract owners or life insurance
Contract owners) that votes in favor of such segregation, or offering to the
affected Contract owners of the option of making such a change; and (b)
establishing a new registered management investment company or managed separate
account. Anchor shall take such steps at its expense if the conflict affects
solely the interests of the owners of Anchor Contracts, but shall bear only its
equitable portion of any such expense if the conflict also affects the interest
of the Contract owners of one or more Participating Insurers other than Anchor,
provided: that this sentence shall not be construed to require the Fund to bear
any portion of such expense. If a material irreconcilable conflict arises
because of Anchor's decision to disregard Contract owner voting instructions and
that decision represents a minority position or would preclude a majority vote,
Anchor may be required, at Fund's election, to withdraw the Variable Account's
investment in the Fund, and no charge or penalty will be imposed against the
Variable Account as a result of such a withdrawal. Anchor agrees to take such
remedial action as may be required under this paragraph 13 with a view only to
the interests of its Contract owners. For purposes of this paragraph 13, a
majority of the disinterested members of the Board shall determine whether or
not any proposed action adequately remedies any irreconcilable conflict, but in
no event will Fund be required to establish a new funding medium for any
variable Contracts. Anchor shall not be required by this paragraph 13 to
establish a new funding medium for any variable Contract if an offer to do so
has been declined by vote of a majority of affected Contract owners.
14. This Agreement shall terminate:
(a) at the option of Anchor or the Fund upon 60
days' advance written notice to all other
parties to this Agreement; or
(b) at the option of Anchor if any of the Fund's
shares are not reasonably available to meet
the requirements of the Contracts funded in
the Variable Account as determined by
Anchor. Prompt notice of election to
terminate shall be furnished by Anchor; or
(c) at the option of Anchor upon institution of
formal proceedings against the Fund by the
Securities and Exchange Commission; or
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6
(d) upon the vote of Contract owners having an
interest in a particular Division of the
variable Account to substitute the shares of
another investment company for the
corresponding Fund Portfolio shares in
accordance with the terms of the Contracts
for which those Fund shares had been
selected to serve as the underlying
investment medium. Anchor will give 30
days' prior written notice to the Fund of
the date of any proposed action to replace
the Fund's shares; or
(e) in the event the Fund's shares are not
registered, issued or sold in accordance
with applicable state and/or federal law or
such law precludes the use of such shares as
the underlying investment medium of the
Contracts funded in the Variable Account.
Prompt notice shall be given by each party
to all other parties in the event that the
conditions stated in subsections (b), (c) or
(d) of this paragraph 14 should occur.
15. Notwithstanding any other provisions of this Agreement, the
obligations of the Fund hereunder are not personally binding upon any of the
trustees, shareholders, officers, employees or agents of the Fund; resort in
satisfaction of such obligations shall be had only to the assets and property of
the Fund and not to the private property of any of such Fund's trustees,
shareholders, officers, employees or agents.
16. This Agreement shall be construed in accordance with the laws of
the State of California.
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7
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first above written.
ANCHOR NATIONAL LIFE INSURANCE COMPANY
/s/ XXXXXX X. XXXXXXXX
By: ----------------------------------------
Xxxxxx X. Xxxxxxxx
President and Chief Executive Officer
VARIABLE SEPARATE ACCOUNT
(f/k/a AMERICAN PATHWAY II - SEPARATE
ACCOUNT OF ANCHOR NATIONAL LIFE INSURANCE
COMPANY)
BY: ANCHOR NATIONAL LIFE INSURANCE COMPANY
/s/ Xxxxxx X. Xxxxxxxx
By: ---------------------------------
Xxxxxx X. Xxxxxxxx
SUNAMERICA SERIES TRUST
/s/ Xxxxxx X. Xxxxxxxx
By:-----------------------------------------
Xxxxxx X. Xxxxxxxx
Acknowledged and Agreed:
ROYAL ALLIANCE ASSOCIATES, INC.
/s/ Xxxxx X. Xxxxxx
By: ------------------------------- Dated: September 16, 1992
SUNAMERICA SECURITIES, INC.
/s/ Xxxxx X. Xxxxxx
By: ------------------------------- Dated: September 16, 1992
8
EXHIBIT 8-AST
FUND PARTICIPATION AGREEMENT
----------------------------
AGREEMENT, made on this 1st day of August, 1992, between ANCHOR
NATIONAL LIFE INSURANCE COMPANY ("Anchor"), a life insurance company organized
under the laws of the State of California, on behalf of itself and on behalf of
VARIABLE SEPARATE ACCOUNT (f/k/a "AMERICAN PATHWAY II - SEPARATE ACCOUNT OF
ANCHOR NATIONAL LIFE INSURANCE COMPANY," ("Variable Account"), a separate
account of Anchor existing pursuant to the laws of the State of California, and
ANCHOR SERIES TRUST ("Fund"), an open-end management investment company
established pursuant to the laws of the Commonwealth of Massachusetts under a
Declaration of Trust dated August 26, 1983 and amended as of September 1, 1988,
and January 19, 1990, and which is composed of multiple investment series
("Portfolios").
WITNESSETH:
WHEREAS, Anchor, by resolution, has established the Variable Account on
its books of account for the purpose of funding certain variable annuity
contracts issued by it; and
WHEREAS, the Variable Account is divided into various portfolios
("Divisions") under which the income, gains and losses, whether or not realized,
from assets allocated to each such Division are, in accordance with the
applicable variable annuity contracts, credited to or charged against such
Division without regard to any income, gains or losses of other Divisions or
separate accounts of Anchor; and
WHEREAS, the Variable Account is registered with the Securities and
Exchange Commission as a unit investment trust under the Investment Company Act
of 1940 ("Act"); and
WHEREAS, the Fund,, a registered, open-end, diversified management
investment company, is divided into various Portfolios, each Portfolio being
subject to separate investment objectives and restrictions which may not be
changed without a majority vote of the shareholders of each such Portfolio; and
WHEREAS, the Variable Account desires to purchase shares of the Fund in
connection with the issuance of certain variable annuity contracts to be
marketed under the name Polaris (collectively with other contracts and policies
that may be funded through the Fund, "Contracts"); and
WHEREAS, the Fund agrees to make shares of certain of its Portfolios
available to serve as underlying investment media for the corresponding
Divisions of the Variable Account; and
9
WHEREAS, SUNAMERICA SECURITIES, INC., and ROYAL ALLIANCE ASSOCIATES,
INC. (collectively, "Distributors"), which serve as the distributors for the
Contracts funded in the Variable Account pursuant to an agreement with Anchor on
behalf of itself and the Variable Account are each a broker-dealer registered as
such under the Securities Exchange Act of 1934 and a member of the National
Association of Securities Dealers, Inc.; and
WHEREAS, the Fund's shares are available for investment by separate
accounts of other insurance companies, which may or may not be affiliated
persons (as that term is defined in the Act) of Anchor; and
WHEREAS, the Fund has undertaken that its Board of Trustees ("Board")
will monitor the Fund for the existence of material irreconcilable conflicts
that may arise between the Contract owners of separate accounts of insurance
companies that invest in the Fund, for the purpose of identifying and remedying
any such conflict;
NOW, THEREFORE, in consideration of the foregoing and of mutual
covenants and conditions set f xxxx herein and for other good and valuable
consideration, Anchor (on behalf of itself and the Variable Account) and the
Fund hereby agree as follows:
1. The Contracts funded by the Variable Account will provide for the
allocation of net amounts among certain Divisions of the Variable Account for
investment in the shares of the particular portfolio of the Fund underlying each
such Division. The selection of a particular Division is to be made (and such
selection may be changed) in accordance with the terms of the applicable
Contract.
2. No representation is made as to the number or amount of such
Contracts to be sold. Anchor, pursuant to its agreement with Distributors, will
make reasonable efforts to market those Contracts it determines from time to
time to offer for sale and, although it is not required to offer for sale new
Contracts, Anchor will accept payments and otherwise service existing Contracts
funded in the Variable Account.
3. Fund shares to be made available to the respective Divisions of the
Variable Account shall be sold by each of the respective Portfolios of the Fund
and purchased by Anchor for that Division at the net asset value next computed
after receipt of each order, as established in accordance with the provisions of
the then current prospectus of the Fund. Shares of a particular Portfolio of the
Fund shall be ordered in such quantities and at such times as determined by
Anchor to be necessary to meet the requirements of those Contracts having
amounts allocated to the Division for which the Fund Portfolio shares serve as
the underlying investment medium. Orders and payments for shares purchased will
be sent promptly to the Fund and will be made payable in the manner
- 2 -
10
established from time to time by the Fund for the receipt of such payments. The
Fund reserves the right to delay transfer of its shares until the payment check
has cleared. The Fund has the obligation to insure that its shares to be made
available to the appropriate Division(s) under the Contracts are registered at
all times under the Securities Act of 1933 ("1933 Act").
4. The Fund will redeem the shares of the various Portfolios when
requested by Anchor on behalf of the corresponding Division of the Variable
Account at the net asset value next computed after receipt of each request for
redemption, as established in accordance with the provisions of the then current
prospectus of the Fund. The Fund will make payment in the manner established
from time to time by the Fund for the receipt of such redemption requests, but
in no event shall payment be delayed for a greater period than is permitted by
the Act.
5. Transfer of the Fund's shares will be by book entry only. No stock
certificates will be issued to the Variable Account. Shares ordered from a
particular Portfolio to the Fund will be recorded in an appropriate title for
the corresponding Division of the Variable Account.
6. The Fund shall furnish notice promptly to Anchor of any dividend or
distribution payable on its shares which are subject to this Agreement. All of
such dividends and distributions as are payable on each of the Portfolio shares
in the title for the corresponding Division of the Variable Account shall be
automatically reinvested in additional shares of that Portfolio of the Fund. The
Fund shall notify Anchor of the number of shares so issued.
7. All expenses incident to the performance of the Fund under this
Agreement shall be paid by the Fund. The Fund shall ensure that all of its
shares which are subject to this Agreement are registered and authorized for
issue in accordance with applicable federal and state laws prior to their
purchase by the Variable Account. Anchor shall bear none of the expenses for the
cost of registration of the Fund's shares, preparation of the Fund's
prospectuses, proxy materials and reports, the distribution of such items to
shareholders, the preparation of all statements and notices required by any
federal or state law or any taxes on the issue or transfer of the Fund's shares
subject to this Agreement.
8. Anchor, either directly or through Distributors, shall make no
representations concerning the Fund's shares which are subject to this Agreement
other than those contained in the then current prospectus of the Fund and in
printed information subsequently issued by the Fund as supplemental to such
prospects.
- 3 -
11
9. Anchor shall provide pass-through voting privileges to all variable
Contract owners so long as the U. S. Securities and Exchange Commission
continues to interpret the Act to require passthrough voting privileges for
variable Contract owners. Anchor shall be responsible for assuring that the
Variable Account calculates voting privilege in a manner consistent with
separate accounts of other insurance companies that are invested in the Fund,
which other insurance companies may or may not be affiliated with Anchor
(collectively with Anchor, "Participating Insurers"), as determined by the
Board. Anchor will vote shares for which it has not received voting instructions
in the same proportion as it votes shares for which it has received
instructions.
10. Anchor will report to the Board any potential or existing conflicts
of which it is or becomes aware between any of its Contract owners, or between
any of its Contract owners and Contract owners of other Participating Insurers.
Anchor will be responsible for assisting the Board in carrying out its
responsibilities to identify material conflicts by providing the Board with all
information available to it that is reasonably necessary for the Board to
consider any issues raised, including information as to a decision by Anchor to
disregard voting instructions of its Contract owners.
11. The Board's determination of the existence of an irreconcilable
material conflict and its implications shall be made known promptly by it to
Anchor and other Participating Insurers. An irreconcilable material conflict may
arise for a variety of reasons, including: (a) an action by any state insurance
regulatory authority; (b) a change in applicable federal or state insurance tax,
or securities laws or regulations, or a public ruling, private letter ruling, or
any similar action by insurance, tax, or securities regulatory authorities; (c)
an administrative or judicial decision in any relevant proceeding; (d) the
manner in which the investments of any Portfolio are being managed; (e) a
difference in voting instructions given by variable annuity Contract owners and
variable life insurance Contract owners or by Contract owners of different
Participating Insurers; or (f) a decision by a Participating Insurer to
disregard the voting instructions of variable Contract owners.
12. If it is determined by a majority of the Board or a majority of its
disinterested Trustees that a material irreconcilable to conflict exists that
affects the interests of Anchor Contract owners, Anchor shall, in cooperation
with other Participating Insurers whose Contract owners' interests are also
affected by the conflict, take whatever steps are necessary to remedy or
eliminate the irreconcilable material conflict, which steps could include: (a)
withdrawing the assets allocable to the Variable Account from the Fund or any
portfolio and reinvesting such assets in a different investment medium,
including another Portfolio of the Fund, or submitting the question of whether
such
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12
segregation should be implemented to a vote of all affected Contract owners and,
as appropriate, segregating the assets of any particular group (e.g., annuity
Contract owners or life insurance Contract owners) that votes in favor of such
segregation, or offering to the affected Contract owners of the option of making
such a change; and (b) establishing a new registered management investment
company or managed separate account. Anchor shall take such steps at its expense
if the conflict affects solely the interests of the owners of Anchor Contracts,
but shall bear only its equitable portion of any such expense if the conflict
also affects the interest of the Contract owners of one or more Participating
Insurers other than Anchor, provided: that this sentence shall not be construed
to require the Fund to bear any portion of such expense. If a material
irreconcilable conflict arises because of Anchor's decision to disregard
Contract owner voting instructions and that decision represents a minority
position or would preclude a majority vote, Anchor may be required, at Fund's
election, to withdraw the Variable Account's investment in the Fund, and no
charge or penalty will be imposed against the Variable Account as a result of
such a withdrawal. Anchor agrees to take such remedial action as may be required
under this paragraph 12 with a view only to the interests of its Contract
owners. For purposes of this paragraph 12, a majority of the disinterested
members of the Board shall determine whether or not any proposed action
adequately remedies any irreconcilable conflict, but in no event will Fund be
required to establish a new funding medium for any variable Contracts. Anchor
shall not be required by this paragraph 12 to establish a new funding medium for
any variable Contract if an offer to do so has been declined by vote of a
majority of affected Contract owners.
13. In discharging its responsibilities under paragraphs 9, 10 and 12
hereinabove, Anchor will cooperate and coordinate, to the extent necessary, with
the Board and with other participating Insurers. The Fund agrees that it will
require, as a condition to participation, that all Participating Insurers shall
have obligations and responsibilities regarding conflicts of interest
corresponding to those that are agreed to herein by Anchor pursuant to such
paragraphs 9, 10 and 12 and pursuant to this paragraph 13.
14. This Agreement shall terminate:
(a) at the option of Anchor or the Fund upon 60 days'
advance written notice to all other parties to this
Agreement; or
(b) at the option of Anchor if any of the Fund's shares
are not reasonably available to meet the requirements
of the Contracts funded in the Variable Account as
determined by Anchor. Prompt notice of election to
terminate shall be furnished by Anchor; or
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13
(c) at the option of Anchor upon institution of formal
proceedings against the Fund by the Securities and
Exchange Commission; or
(d) upon the vote of Contract owners having an interest
in a particular Division of the Variable Account to
substitute the shares of another investment company
for the corresponding Fund Portfolio shares in
accordance with the terms of the Contracts for which
those Fund shares had been selected to serve as the
underlying investment medium. Anchor will give 30
days' prior written notice to the Fund of the date of
any proposed action to replace the Fund's shares; or
(e) in the event the Fund's shares are not registered,
issued or sold in accordance with applicable state
and/or federal law or such law precludes the use of
such shares as the underlying investment medium of
the Contracts funded in the Variable Account. Prompt
notice shall be given by each party to all other
parties in the event that the conditions stated in
subsections (b), (c) or (d) of this paragraph 14
should occur.
15. Notwithstanding any other provisions of this Agreement, the
obligations of the Fund hereunder are not personally binding upon any of the
trustees, shareholders, officers, employees or agents of the Fund; resort in
satisfaction of such obligations shall be had only to the assets and property of
the Fund and not to the private property of any of such Fund's trustees,
shareholders, officers, employees or agents.
16. This Agreement shall be construed in accordance with the laws of
the State of California.
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14
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first above written.
ANCHOR NATIONAL LIFE INSURANCE COMPANY
/s/ XXXXXX X. XXXXXXXX
By: ----------------------------------------
Xxxxxx X. Xxxxxxxx
President and Chief Executive Officer
VARIABLE SEPARATE ACCOUNT
(f/k/a AMERICAN PATHWAY II - SEPARATE
ACCOUNT OF ANCHOR NATIONAL LIFE INSURANCE
COMPANY)
BY: ANCHOR NATIONAL LIFE INSURANCE COMPANY
/s/ Xxxxxx X. Xxxxxxxx
By: ---------------------------------
Xxxxxx X. Xxxxxxxx
ANCHOR SERIES TRUST
/s/ Xxxxxx X. Xxxxxxxx
By:-----------------------------------------
Xxxxxx X. Xxxxxxxx
Acknowledged and Agreed:
ROYAL ALLIANCE ASSOCIATES, INC.
/s/ Xxxxx X. Xxxxxx
By: ------------------------------- Dated: September 15, 1992
SUNAMERICA SECURITIES, INC.
/s/ Xxxxx X. Xxxxxx
By: ------------------------------- Dated: September 15, 1992
