EXHIBIT (8)(c)(i)
AMENDMENT
101
The May 27, 1987 agreement between ▇▇▇▇▇▇▇▇▇▇▇ Variable Account Funds (the
"Fund"), ▇▇▇▇▇▇▇▇▇▇▇ Management Corporation (OMC), and The Life Insurance
Company of Virginia (LOV), as amended on September 1, 1987, is hereby amended as
follows effective January 1, 1988.
The September 1, 1987 amendment is hereby deleted in its entirety.
The fifth paragraph of the agreement is deleted in its entirety and replaced by
the following:
WHEREAS, LOV desires to utilize shares of the Fund as one of the funding
media of Life of Virginia Separate Account II, Life of Virginia Separate
Account III, Life of Virginia Separate Account 4, and other separate
accounts that may be established by LOV to support variable life
insurance and variable annuity policies (the "policies") to be issued by
LOV, hereinafter individually and/or collectively referred to as the
"Account" or the "Accounts",
The seventh paragraph of the agreement is deleted in its entirety and
replaced by the following:
WHEREAS, LOV represents and warrants that the aforementioned separate
accounts have registered or will register as unit investment trusts under
the Investment Company Act of 1940;
Paragraph (a) of Section 13.2 is deleted in its entirety and replaced by
the following:
(a) withdrawing the assets allocable to any or all of the Accounts
from the Fund (or any series of the Fund) and reinvesting such
assets in a different investment medium, including another series
of the Fund, or submitting the question whether such segregation
should be implemented to a vote of all affected policyowners and,
as appropriate, segregating the assets of any group voting in favor of
segregation, or offering to affected policyowners the option of
making such a change; and
Section 13.3 So long as, and to the extent that the Securities and
Exchange Commission interprets the Investment Company Act of 1940 to require
pass-through voting privileges for variable policyowners, LOV will provide
pass-through voting privileges to owners of policies whose cash values are
invested, through the Accounts, in shares of the Fund. LOV shall be
responsible for assuring that the Accounts calculate voting privileges in a
manner consistent with all other separate accounts investing in the Fund. With
respect to each Account, LOV will vote shares of the Fund held by the
Account and for which no timely voting instructions from policyowners are
received as well as shares it owns that are held by that Account, in the
same proportion as those shares for which voting instructions are received.
IN WITNESS WHEREOF, LOV, the Fund and OMC have caused this amendment to be duly
executed as of the date indicated above.
102
▇▇▇▇▇▇▇▇▇▇▇ Variable Account Funds
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇
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▇▇▇▇▇▇ ▇. ▇▇▇▇▇, Vice President
▇▇▇▇▇▇▇▇▇▇▇ Management Corporation
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇
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▇▇▇▇▇▇ ▇. ▇▇▇▇▇, Executive Vice
President
The Life Insurance Company of Virginia
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, Senior Vice
President
103
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