PREI definition
Examples of PREI in a sentence
No amendment of this Agreement as to an Account shall be effective until approved by vote of the holders of a majority of the outstanding voting securities and by vote of a majority of the directors of the Fund who are not interested persons of the Manager, PREI, Principal Life Insurance Company or the Fund cast in person at a meeting called for the purpose of voting on such approval.
In accordance with and subject to the Management Agreement, the Manager hereby appoints PREI to perform portfolio selection services described in Section 2 below for investment and reinvestment of the securities and other assets of certain series of the Fund described in Schedule A hereto (the "Accounts"), subject to the control and direction of the Fund's Board of Directors, as well as to assume other obligations as specified in Section 2 below, for the period and on the terms hereinafter set forth.
This Agreement may, on sixty days written notice, be terminated at any time without the payment of any penalty, by the Board of Directors of the Fund, by vote of a majority of the outstanding voting securities of the Account, PREI or by the Manager.
PREI accepts such appointment and agrees to furnish the services hereinafter set forth for the compensation herein provided.
As full compensation for all services rendered and obligations assumed by PREI hereunder with respect to the Accounts, the Manager shall pay PREI within 10 days after the end of each calendar month, or as otherwise agreed, an amount representing PREI's actual cost of providing such services and assuming such obligations.
It shall continue in effect thereafter from year to year provided that the continuance is specifically approved at least annually either by the Board of Directors of the Fund or by a vote of a majority of the outstanding voting securities of the Account and in either event by vote of a majority of the directors of the Fund who are not interested persons of the Manager, Principal Life Insurance Company, PREI or the Fund cast in person at a meeting called for the purpose of voting on such approval.
PREI shall for all purposes herein be deemed to be an independent contractor and shall, except as expressly provided or authorized, have no authority to act for or represent the Fund or the Manager in any way or otherwise be deemed an agent of the Fund or the Manager.
The Manager will pay PREI, as full compensation for all services provided under this Agreement, a fee, computed and paid monthly, at an annual rate as shown below of the Account's net assets as of the first day of each month allocated to PREI's management.
Until further notice to the other party, it is agreed that the address of PREI and of the Manager for this purpose shall be The Principal Financial Group, Des Moines, Iowa 5039▇-▇▇▇▇.
In addition, the Investment Advisor and PREI may arrange to have certain services the Investment Advisor is obligated to provide performed by Prudential or any of its Affiliates.