POTENTIAL MATERIAL CONFLICTS. 7.1 . The Trust agrees that its relevant Board, constituted with a majority of disinterested trustees, will monitor each Portfolio of the Trust for the existence of any material irreconcilable conflict between the interests of the variable annuity contract owners and the variable life insurance policy owners of the Company and/or affiliated companies ("contract owners") investing in the Trust. The relevant Board shall have the sole authority to determine if a material irreconcilable conflict exists, and such determination shall be binding on the Company only if approved in the form of a resolution by a majority of the relevant Board, or a majority of the disinterested trustees of the relevant Board. The relevant Board will give prompt notice of any such determination to the Company.
Appears in 1 contract
Sources: Participation Agreement (Merrill Lynch Life Variable Life Separate Account Ii)
POTENTIAL MATERIAL CONFLICTS. 7.1 . The Trust agrees that its relevant the Board, constituted with a majority of disinterested trustees, will monitor each Portfolio of the Trust for the existence of any material irreconcilable conflict between the interests of the variable annuity contract owners and the variable life insurance policy owners of the Company and/or affiliated companies ("contract owners") investing in the Trust. The relevant Board shall have the sole authority to determine if a material irreconcilable conflict exists, and such determination shall be binding on the Company only if approved in the form of a resolution by a majority of the relevant Board, or a majority of the disinterested trustees of the relevant Board. The relevant Board will give prompt notice of any such determination to the Company.
Appears in 1 contract
Sources: Participation Agreement (First Variable Annuity Fund E)
POTENTIAL MATERIAL CONFLICTS. 7.1 . The Each Trust agrees that its relevant Board, constituted with a majority of disinterested trustees, will monitor each Portfolio of the such Trust for the existence of any material irreconcilable conflict between the interests of the variable annuity contract owners and the variable life insurance policy owners of the Company and/or affiliated companies ("contract owners") investing in the such Trust. The relevant Board shall have the sole authority to determine if a material irreconcilable conflict exists, and such determination shall be binding on the Company only if approved in the form of a resolution by a majority of the relevant Board, or a majority of the disinterested trustees of the relevant Board. The relevant Board will give prompt notice of any such determination to the Company.
Appears in 1 contract
Sources: Fund Participation and Service Agreement (Horace Mann Life Insurance Co Separate Account)
POTENTIAL MATERIAL CONFLICTS. 7.1 . The 7.I. Each Trust agrees that its relevant Board, constituted with a majority of disinterested trustees, will monitor each Portfolio of the such Trust for the existence of any material irreconcilable conflict between the interests of the variable annuity contract owners and the variable life insurance policy owners of the Company and/or affiliated companies ("contract owners") investing in the such Trust. The relevant Board shall have the sole authority to determine if a material irreconcilable conflict exists, and such determination shall be binding on the Company only if approved in the form of a resolution by a majority of the relevant Board, or a majority of the disinterested trustees of the relevant Board. The relevant Board will give prompt notice of any such determination to the Company.
Appears in 1 contract
Sources: Participation Agreement (Prudential Annuities Life Assurance Corp Variable Account B)