Exhibit (h)(33)(b)
Amendment No. 1 to Services Agreement
Effective as of May 1, 2006
The PIMCO Services Agreement dated October 2, 2000 (the "Agreement"), by and
between Pacific Investment Management Company LLC ("PIMCO") and The United
States Life Insurance Company in the City of New York (the "Company"), is
hereby amended as follows pursuant to Section 4 of the Agreement:
1) Section 2 of the Agreement is deleted and replaced in its entirety with
the following:
Compensation. In consideration of the Services, PIMCO agrees to pay to the
Company a service fee at an annual rate equal to ___ (__) basis points (__%)
of the average daily value of the Shares (except with respect to Shares of
the CommodityRealReturn Strategy Portfolio) held in the Separate Accounts.
With respect to Shares of the CommodityRealReturn Strategy Portfolio held in
the Separate Accounts, in consideration of the Services, PIMCO agrees to pay
to the Company a service fee at an annual rate equal to ___ (__) basis
points (__%) of the average daily value of the Shares of such Portfolio held
in the Separate Accounts.
Such payments will be made monthly in arrears. For purposes of computing the
payment to the Company under this paragraph 2, the average daily value of
Shares held in the Separate Accounts over a monthly period shall be computed
by totaling such Separate Accounts' aggregate investment (Share net asset
value multiplied by total number of Shares held by such Separate Accounts)
on each business day during the calendar month, and dividing by the total
number of business days during such month. The payment to the Company under
this paragraph 2 shall be calculated by PIMCO at the end of each calendar
month and will be paid to the Company within 30 days thereafter. Payment
will be accompanied by a statement showing the calculation of the monthly
amounts payable by PIMCO and such other supporting data as may be reasonably
requested by the Company.
All other terms of the Agreement shall remain in full force and effect.
1
IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to
the Agreement to be executed in its name and on its behalf by its duly
authorized representative as of the date above.
Pacific Investment Management Company
LLC
By:
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Name:
Title:
The United States Life Insurance
Company in the City of New York
By:
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Name:
Title:
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