Life & Annuity Division
P.O. Box 5420
[GREAT AMERICAN ICON] Cincinnati, Ohio 45201-5420
GREAT AMERICAN xxx.xxxxx.xxx
FINANCIAL RESOURCES
------------------- Shipping Address:
000 Xxxxxx Xxxxxx, XX
Xxxxxxxxxx, Xxxx 00000
February 28, 2001
Xx. Xxx Xxxxx
Vice President/Manager Institutional Sales
INVESCO Funds Group, Inc.
0000 Xxxx Xxxxx Xxxxxx
Xxxxxx, Xxxxxxxx 00000
RE: INVESCO Variable Investment Funds, Inc. - Participation Agreement
Dear Xxx,
This purpose of this letter is to confirm certain financial arrangements,
effective as of February 1, 2001, between INVESCO Funds Group, Inc. ("INVESCO"),
the distributor for the INVESCO Variable Investment Funds, Inc. (the "Company"),
and Great American Life Insurance Company of New York ("GALIC of NY") in
connection with GALIC of NY's investment in the Company through seven of its
funds, INVESCO VIF Equity Income Fund, INVESCO VIF-Total Return Fund, INVESCO
VIF-Dynamics Fund, INVESCO VIF-Health Sciences Fund, INVESCO VIF-Financial
Services Fund, INVESCO-VIF Small Company Growth Fund, and INVESCO VIF-High Yield
Fund (individually, a "Fund", collectively, the "Funds"). This supercedes the
letter dated August 16, 1999, from GALIC of NY to INVESCO, which described the
previous financial arrangements between INVESCO and GALIC of NY.
Administrative services to owners of variable annuity contracts offered by GALIC
of NY which are allocated into subaccounts invested in the Company shall be the
responsibility of GALIC of NY. GALIC of NY, on behalf of its separate accounts,
will be the sole shareholder of record of Company shares. The Company and
INVESCO recognize that they will derive a substantial savings in administrative
expense by virtue of having a sole shareholder rather than multiple
shareholders.
In consideration of the administrative savings resulting from having a sole
shareholder rather than multiple shareholders, INVESCO or its affiliates will
pay an administrative service fee to GALIC of NY equal, on an annual basis, to
0.25 per annum of the average aggregate net assets of the Funds attributable to
variable annuity contracts offered by XXXXX of NY (collectively, "Eligible
Contracts").
Such fee will be paid on a monthly basis in arrears. In no event will such fee
be paid by the Company, its shareholders, or by the contract holders, and in no
event will INVESCO have any responsibility under the Participation Agreement
dated the 16th of August, 1999 or this letter to pay any amounts to any third
party with respect to investments in the Funds by XXXXX of NY or the Eligible
Contracts. Such payments, if any, shall be the responsibility of GALIC of NY.
INVESCO's payments to GALIC of NY are for administrative services only and do
not constitute payment in any manner for investment advisory services.
Our subsidiaries include: Great American Life Insurance Company(R)
Annuity Investors Life Insurance Company(R)
Loyal American Life Insurance Company(SM)
United Teacher Associates Insurance Company
Great American Life Assurance Company(R)
of Puerto Rico
These financial arrangements shall continue so long as GALIC of NY holds shares
of the Company in its subaccounts and GALIC of NY therefore continues to provide
administrative services as set forth above. Please confirm your understanding of
this arrangement by having a copy of this letter signed where indicated below by
an appropriate officer of INVESCO, and then returning the duplicate copy to me.
Very truly yours,
GREAT AMERICAN LIFE INSURANCE COMPANY OF NEW YORK
By: /s/ Xxx Xxxxxxxxxx
------------------
Xxx Xxxxxxxxxx
Vice President
INVESCO Funds Group, Inc.
By: /s/ Xxxxxx X. Xxxxxx
---------------------
Name: Xxxxxx X. Xxxxxx
Title: Senior Vice President and Treasurer
Life & Annuity Division
P.O. Box 5420
[GREAT AMERICAN ICON] Cincinnati, Ohio 45201-5420
GREAT AMERICAN xxx.xxxxx.xxx
FINANCIAL RESOURCES
------------------- Shipping Address:
000 Xxxxxx Xxxxxx, XX
Xxxxxxxxxx, Xxxx 00000
SCHEDULE A
ACCOUNTS
(As amended effective May 1, 2001)
Name of Separate Account and
Date Established by Board of Directors Name of Trust and Series
-------------------------------------- ------------------------
GAILIC of New York Variable Account 1 INVESCO Variable Investment Funds, Inc.
May 7, 1999 Equity Income Fund
High Yield Fund
Dynamics Fund
Health Sciences Fund
Financial Services Fund
Small Cap Growth Fund
ACCEPTED:
INVESCO Variable Investment Funds, Inc. INVESCO Funds Group, Inc.
By: /s/ Xxxxxx X. Xxxxxx By: /s/ Xxxxxx X. Xxxxxx
-------------------- --------------------
Name: Xxxxxx X. Xxxxxx Name: Xxxxxx X. Xxxxxx
Title:Treasurer Title:Senior Vice President
Date: March 19, 2001 and Treasurer
Date: March 19, 2001
Our subsidiaries include: Great American Life Insurance Company(R)
Annuity Investors Life Insurance Company(R)
Loyal American Life Insurance Company(SM)
United Teacher Associates Insurance Company
Great American Life Assurance Company(R)
of Puerto Rico
