Document:

PARTICIPATION AGREEMENT

                                      AMONG

                     GOLDEN AMERICAN LIFE INSURANCE COMPANY,

                         PIMCO VARIABLE INSURANCE TRUST,

                                       AND

                          PIMCO FUNDS DISTRIBUTORS LLC

     THIS AGREEMENT, dated as of the 1st day of May, 1998 by and among Golden
American Life Insurance Company, (the "Company"), a Delaware life insurance
company, on its own behalf and on behalf of each segregated asset account of the
Company set forth on Schedule A hereto as may be amended from time to time (each
account hereinafter referred to as the "Account"), PIMCO Variable Insurance
Trust (the "Fund"), a Delaware business trust, and PIMCO Funds Distributors LLC
(the "Underwriter"), a Delaware limited liability company.

     WHEREAS, the Fund engages in business as an open-end management investment
company and is available to act as the investment vehicle for separate accounts
established for variable life insurance and variable annuity contracts (the
"Variable Insurance Products") to be offered by insurance companies which have
entered into participation agreements with the Fund and Underwriter
("Participating Insurance Companies");

     WHEREAS, the shares of beneficial interest of the Fund are divided into
several series of shares, each designated a "Portfolio" and representing the
interest in a particular managed portfolio of securities and other assets;

     WHEREAS, the Fund has obtained an order from the Securities and Exchange
Commission (the "SEC") granting Participating Insurance Companies and variable
annuity and variable life insurance separate accounts exemptions from the
provisions of sections 9(a), 13(a), 15(a), and 15(b) of the Investment Company
Act of 1940, as amended, (the "1940 Act") and Rules 6e-2(b)(15) and
6e-3(T)(b)(15) thereunder, if and to the extent necessary to permit shares of
the Fund to be sold to and held by variable annuity and variable life insurance
separate accounts of both affiliated and unaffiliated life insurance companies
(the "Mixed and Shared Funding Exemptive Order");

     WHEREAS, the Fund is registered as an open-end management investment
company under the 1940 Act and shares of the Portfolios are registered under the
Securities Act of 1933, as amended (the "1933 Act");

     WHEREAS, Pacific Investment Management Company (the "Adviser"), which
serves as investment adviser to the Fund, is duly registered as an investment
adviser under the federal Investment Advisers Act of 1940, as amended;

     WHEREAS, the Company has issued or will issue certain variable life
insurance and/or variable annuity contracts supported wholly or partially by the
Account (the "Contracts"), and said Contracts are listed in Schedule A hereto,
as it may be amended from time to time by mutual written agreement;

<PAGE>

     WHEREAS, the Account is duly established and maintained as a segregated
asset account, duly established by the Company, on the date shown for such
Account on Schedule A hereto, to set aside and invest assets attributable to the
aforesaid Contracts;

     WHEREAS, the Underwriter, which serves as distributor to the Fund, is
registered as a broker dealer with the SEC under the Securities Exchange Act of
1934, as amended (the "1934 Act"), and is a member in good standing of the
National Association of Securities Dealers, Inc. (the "NASD"); and

     WHEREAS, to the extent permitted by applicable insurance laws and
regulations, the Company intends to purchase shares in the Portfolios listed in
Schedule A hereto, as it may be amended from time to time by mutual written
agreement (the "Designated Portfolios") on behalf of the Account to fund the
aforesaid Contracts, and the Underwriter is authorized to sell such shares to
the Account at net asset value;

     NOW, THEREFORE, in consideration of their mutual promises, the Company, the
Fund and the Underwriter agree as follows:

ARTICLE I.  SALE OF FUND SHARES

          1.1. The Fund has granted to the Underwriter exclusive authority to
distribute the Fund's shares, and has agreed to instruct, and has so instructed,
the Underwriter to make available to the Company for purchase on behalf of the
Account Fund shares of those Designated Portfolios selected by the Underwriter.
Pursuant to such authority and instructions, and subject to Article X hereof,
the Underwriter agrees to make available to the Company for purchase on behalf
of the Account, shares of those Designated Portfolios listed on Schedule A to
this Agreement, such purchases to be effected at net asset value in accordance
with Section 1.3 of this Agreement. Notwithstanding the foregoing, (i) Fund
series (other than those listed on Schedule A) in existence now or that may be
established in the future will be made available to the Company only as the
Underwriter may so provide, and (ii) the Board of Trustees of the Fund (the
"Board") may suspend or terminate the offering of Fund shares of any Designated
Portfolio or class thereof, if such action is required by law or by regulatory
authorities having jurisdiction or if, in the sole discretion of the Board
acting in good faith and in light of its fiduciary duties under federal and any
applicable state laws, suspension or termination is necessary in the best
interests of the shareholders of such Designated Portfolio.

          1.2. The Fund shall redeem, at the Company's request, any full or
fractional Designated Portfolio shares held by the Company on behalf of the
Account, such redemptions to be effected at net asset value in accordance with
Section 1.3 of this Agreement. Notwithstanding the foregoing, (i) the Company
shall not redeem Fund shares attributable to Contract owners except in the
circumstances permitted in Section 10.3 of this Agreement, and (ii) the Fund may
delay redemption of Fund shares of any Designated Portfolio to the extent
permitted by the 1940 Act, and any rules, regulations or orders thereunder.

          1.3. PURCHASE AND REDEMPTION PROCEDURES

          (a) The Fund hereby appoints the Company as an agent of the Fund for
     the limited purpose of receiving purchase and redemption requests on behalf
     of the Account (but not with respect to any Fund shares that may be held in
     the general account of the Company) for shares of those Designated
     Portfolios made available hereunder, based on allocations of amounts to the
     Account or subaccounts thereof under the Contracts and other transactions
     relating to the Contracts or the Account. Receipt of any such request (or
     relevant transactional information therefor) on any day the New York Stock
     Exchange is open for trading and on which the Fund

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     calculates it net asset value pursuant to the rules of the SEC (a "Business
     Day") by the Company as such limited agent of the Fund prior to the time
     that the Fund ordinarily calculates its net asset value as described from
     time to time in the Fund Prospectus (which as of the date of execution of
     this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the
     Fund on that same Business Day, provided that the Fund receives notice of
     such request by 9:30 a.m. Eastern Time on the next following Business Day.

          (b) The Company shall pay for shares of each Designated Portfolio on
     the same day that it notifies the Fund of a purchase request for such
     shares. Payment for Designated Portfolio shares shall be made in federal
     funds transmitted to the Fund by wire to be received by the Fund by 4:00
     p.m. Eastern Time on the day the Fund is notified of the purchase request
     for Designated Portfolio shares (unless the Fund determines and so advises
     the Company that sufficient proceeds are available from redemption of
     shares of other Designated Portfolios effected pursuant to redemption
     requests tendered by the Company on behalf of the Account). If federal
     funds are not received on time, such funds will be invested, and Designated
     Portfolio shares purchased thereby will be issued, as soon as practicable
     and the Company shall promptly, upon the Fund's request, reimburse the Fund
     for any charges, costs, fees, interest or other expenses incurred by the
     Fund in connection with any advances to, or borrowing or overdrafts by, the
     Fund, or any similar expenses incurred by the Fund, as a result of
     portfolio transactions effected by the Fund based upon such purchase
     request. Upon receipt of federal funds so wired, such funds shall cease to
     be the responsibility of the Company and shall become the responsibility of
     the Fund.

          (c) Payment for Designated Portfolio shares redeemed by the Account or
     the Company shall be made in federal funds transmitted by wire to the
     Company or any other designated person on the next Business Day after the
     Fund is properly notified of the redemption order of such shares (unless
     redemption proceeds are to be applied to the purchase of shares of other
     Designated Portfolio in accordance with Section 1.3(b) of this Agreement),
     except that the Fund reserves the right to redeem Designated Portfolio
     shares in assets other than cash and to delay payment of redemption
     proceeds to the extent permitted under Section 22(e) of the 1940 Act and
     any Rules thereunder, and in accordance with the procedures and policies of
     the Fund as described in the then current prospectus. The Fund shall not
     bear any responsibility whatsoever for the proper disbursement or crediting
     of redemption proceeds by the Company, the Company alone shall be
     responsible for such action.

          (d) Any purchase or redemption request for Designated Portfolio shares
     held or to be held in the Company's general account shall be effected at
     the net asset value per share next determined after the Fund's receipt of
     such request, provided that, in the case of a purchase request, payment for
     Fund shares so requested is received by the Fund in federal funds prior to
     close of business for determination of such value, as defined from time to
     time in the Fund Prospectus.

          1.4. The Fund shall use its best efforts to make the net asset value
per share for each Designated Portfolio available to the Company by 6:30 p.m.
Eastern Time each Business Day, and in any event, as soon as reasonably
practicable after the net asset value per share for such Designated Portfolio is
calculated, and shall calculate such net asset value in accordance with the
Fund's Prospectus. Neither the Fund, any Designated Portfolio, the Underwriter,
nor any of their affiliates shall be liable for any information provided to the
Company pursuant to this Agreement which information is based on incorrect
information supplied by the Company or any other Participating Insurance Company
to the Fund or the Underwriter.

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<PAGE>

          1.5. The Fund shall furnish notice (by wire or telephone followed by
written confirmation) to the Company as soon as reasonably practicable of any
income dividends or capital gain distributions payable on any Designated
Portfolio shares. The Company, on its behalf and on behalf of the Account,
hereby elects to receive all such dividends and distributions as are payable on
any Designated Portfolio shares in the form of additional shares of that
Designated Portfolio. The Company reserves the right, on its behalf and on
behalf of the Account, to revoke this election and to receive all such dividends
and capital gain distributions in cash. The Fund shall notify the Company
promptly of the number of Designated Portfolio shares so issued as payment of
such dividends and distributions.

          1.6. Issuance and transfer of Fund shares shall be by book entry only.
Stock certificates will not be issued to the Company or the Account. Purchase
and redemption orders for Fund shares shall be recorded in an appropriate ledger
for the Account or the appropriate subaccount of the Account.

          1.7. (a) The parties hereto acknowledge that the arrangement
contemplated by this Agreement is not exclusive; the Fund's shares may be sold
to other insurance companies (subject to Section 1.8 hereof) and the cash value
of the Contracts may be invested in other investment companies, provided,
however, that until this Agreement is terminated pursuant to Article X, the
Company shall promote the Designated Portfolios on the same basis as other
funding vehicles available under the Contracts. Funding vehicles other than
those listed on Schedule A to this Agreement may be available for the investment
of the cash value of the Contracts, provided, however, (i) any such vehicle or
series thereof, has investment objectives or policies that are substantially
different from the investment objectives and policies of the Designated
Portfolios available hereunder; (ii) the Company gives the Fund and the
Underwriter 45 days written notice of its intention to make such other
investment vehicle available as a funding vehicle for the Contracts; and (iii)
unless such other investment company was available as a Funding vehicle for the
Contracts prior to the date of this Agreement and the Company has so informed
the Fund and the Underwriter prior to their signing this Agreement, the Fund or
Underwriter consents in writing to the use of such other vehicle, such consent
not to be unreasonably withheld.

               (b) The Company shall not, without prior notice to the
Underwriter (unless otherwise required by applicable law), take any action to
operate the Account as a management investment company under the 1940 Act.

               (c) The Company shall not, without prior notice to the
Underwriter (unless otherwise required by applicable law), induce Contract
owners to change or modify the Fund or change the Fund's distributor or
investment adviser.

               (d) The Company shall not, without prior notice to the Fund,
induce Contract owners to vote on any matter submitted for consideration by the
shareholders of the Fund in a manner other than as recommended by the Board of
Trustees of the Fund.

          1.8. The Underwriter and the Fund shall sell Fund shares only to
Participating Insurance Companies and their separate accounts and to persons or
plans ("Qualified Persons") that communicate to the Underwriter and the Fund
that they qualify to purchase shares of the Fund under Section 817(h) of the
Internal Revenue Code of 1986, as amended (the "Code") and the regulations
thereunder without impairing the ability of the Account to consider the
portfolio investments of the Fund as constituting investments of the Account for
the purpose of satisfying the diversification requirements of Section 817(h).
The Underwriter and the Fund shall not sell Fund shares to any insurance company
or separate account unless an agreement complying with Article VI of this
Agreement is in effect to govern such sales, to the extent required. The Company
hereby represents and warrants that it and the Account are Qualified Persons.
The Fund reserves the right to cease offering shares of any Designated Portfolio
in the discretion of the Fund.

                                      -4-
<PAGE>

ARTICLE II.  REPRESENTATIONS AND WARRANTIES

          2.1. The Company represents and warrants that the Contracts (a) are,
or prior to issuance will be, registered under the 1933 Act, or (b) are not
registered because they are properly exempt from registration under the 1933 Act
or will be offered exclusively in transactions that are properly exempt from
registration under the 1933 Act. The Company further represents and warrants
that the Contracts will be issued and sold in compliance in all material
respects with all applicable federal securities and state securities and
insurance laws and that the sale of the Contracts shall comply in all material
respects with state insurance suitability requirements. The Company further
represents and warrants that it is an insurance company duly organized and in
good standing under applicable law, that it has legally and validly established
the Account prior to any issuance or sale thereof as a segregated asset account
under [insert state] insurance laws, and that it (a) has registered or, prior to
any issuance or sale of the Contracts, will register the Account as a unit
investment trust in accordance with the provisions of the 1940 Act to serve as a
segregated investment account for the Contracts, or alternatively (b) has not
registered the Account in proper reliance upon an exclusion from registration
under the 1940 Act. The Company shall register and qualify the Contracts or
interests therein as securities in accordance with the laws of the various
states only if and to the extent deemed advisable by the Company.

          2.2. The Fund represents and warrants that Fund shares sold pursuant
to this Agreement shall be registered under the 1933 Act, duly authorized for
issuance and sold in compliance with applicable state and federal securities
laws and that the Fund is and shall remain registered under the 1940 Act. The
Fund shall amend the registration statement for its shares under the 1933 Act
and the 1940 Act from time to time as required in order to effect the continuous
offering of its shares. The Fund shall register and qualify the shares for sale
in accordance with the laws of the various states only if and to the extent
deemed advisable by the Fund or the Underwriter.

          2.3. The Fund may make payments to finance distribution expenses
pursuant to Rule 12b-1 under the 1940 Act. Prior to financing distribution
expenses pursuant to Rule 12b-1, the Fund will have the Board, a majority of
whom are not interested persons of the Fund, formulate and approve a plan
pursuant to Rule 12b-1 under the 1940 Act to finance distribution expenses.

          2.4. The Fund makes no representations as to whether any aspect of its
operations, including, but not limited to, investment policies, fees and
expenses, complies with the insurance and other applicable laws of the various
states.

          2.5. The Fund represents that it is lawfully organized and validly
existing under the laws of the State of Delaware and that it does and will
comply in all material respects with the 1940 Act.

          2.6. The Underwriter represents and warrants that it is a member in
good standing of the NASD and is registered as a broker-dealer with the SEC. The
Underwriter further represents that it will sell and distribute the Fund shares
in accordance with any applicable state and federal securities laws.

          2.7. The Fund and the Underwriter represent and warrant that all of
their trustees/directors, officers, employees, investment advisers, and other
individuals or entities dealing with the money and/or securities of the Fund are
and shall continue to be at all times covered by a blanket fidelity bond or
similar coverage for the benefit of the Fund in an amount not less than the
minimum coverage as required currently by Rule 17g-1 of the 1940 Act or related
provisions as may be promulgated from time to time. The aforesaid bond shall
include coverage for larceny and embezzlement and shall be issued by a reputable
bonding company.

                                      -5-
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          2.8. The Company represents and warrants that all of its directors,
officers, employees, and other individuals/entities employed or controlled by
the Company dealing with the money and/or securities of the Account are covered
by a blanket fidelity bond or similar coverage for the benefit of the Account,
in an amount not less than $5 million. The aforesaid bond includes coverage for
larceny and embezzlement and is issued by a reputable bonding company. The
Company agrees to hold for the benefit of the Fund and to pay to the Fund any
amounts lost from larceny, embezzlement or other events covered by the aforesaid
bond to the extent such amounts properly belong to the Fund pursuant to the
terms of this Agreement. The Company agrees to make all reasonable efforts to
see that this bond or another bond containing these provisions is always in
effect, and agrees to notify the Fund and the Underwriter in the event that such
coverage no longer applies.

ARTICLE III.  PROSPECTUSES AND PROXY STATEMENTS; VOTING

          3.1. The Underwriter shall provide the Company with as many copies of
the Fund's current prospectus (describing only the Designated Portfolios listed
on Schedule A) or, to the extent permitted, the Fund's profiles as the Company
may reasonably request. The Company shall bear the expense of printing copies of
the current prospectus and profiles for the Contracts that will be distributed
to existing Contract owners, and the Company shall bear the expense of printing
copies of the Fund's prospectus and profiles that are used in connection with
offering the Contracts issued by the Company. If requested by the Company in
lieu thereof, the Fund shall provide such documentation (including a final copy
of the new prospectus on diskette at the Fund's expense) and other assistance as
is reasonably necessary in order for the Company once each year (or more
frequently if the prospectus for the Fund is amended) to have the prospectus for
the Contracts and the Fund's prospectus or profile printed together in one
document (such printing to be at the Company's expense).

          3.2. The Fund's prospectus shall state that the current Statement of
Additional Information ("SAI") for the Fund is available, and the Underwriter
(or the Fund), at its expense, shall provide a reasonable number of copies of
such SAI free of charge to the Company for itself and for any owner of a
Contract who requests such SAI.

          3.3. The Fund shall provide the Company with information regarding the
Fund's expenses, which information may include a table of fees and related
narrative disclosure. for use in any prospectus or other descriptive document
relating to a Contract. The Company agrees that it will use such information in
the form provided. The Company shall provide prior written notice of any
proposed modification of such information, which notice will describe in detail
the manner in which the Company proposes to modify the information, and agrees
that it may not modify such information in any way without the prior consent of
the Fund.

          3.4. The Fund, at its expense, shall provide the Company with copies
of its proxy material, reports to shareholders, and other communications to
shareholders in such quantity as the Company shall reasonably require for
distributing to Contract owners.

          3.5. The Company shall:

               (i)  solicit voting instructions from Contract owners;

               (ii) vote the Fund shares in accordance with instructions
               received from Contract owners; and

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               (iii) vote Fund shares for which no instructions have been
               received in the same proportion as Fund shares of such portfolio
               for which instructions have been received,

so long as and to the extent that the SEC continues to interpret the 1940 Act to
require pass-through voting privileges for variable contract owners or to the
extent otherwise required by law. The Company will vote Fund shares held in any
segregated asset account in the same proportion as Fund shares of such portfolio
for which voting instructions have been received from Contract owners, to the
extent permitted by law.

          3.6. Participating Insurance Companies shall be responsible for
assuring that each of their separate accounts participating in a Designated
Portfolio calculates voting privileges as required by the Shared Funding
Exemptive Order and consistent with any reasonable standards that the Fund may
adopt and provide in writing.

ARTICLE IV.  SALES MATERIAL AND INFORMATION

          4.1. The Company shall furnish, or shall cause to be furnished, to the
Fund or its designee, each piece of sales literature or other promotional
material that the Company develops and in which the Fund (or a Designated
Portfolio thereof) or the Adviser or the Underwriter is named. No such material
shall be used until approved by the Fund or its designee, and the Fund will use
its best efforts for it or its designee to review such sales literature or
promotional material within ten Business Days after receipt of such material.
The Fund or its designee reserves the right to reasonably object to the
continued use of any such sales literature or other promotional material in
which the Fund (or a Designated Portfolio thereof) or the Adviser or the
Underwriter is named, and no such material shall be used if the Fund or its
designee so object.

          4.2. The Company shall not give any information or make any
representations or statements on behalf of the Fund or concerning the Fund or
the Adviser or the Underwriter in connection with the sale of the Contracts
other than the information or representations contained in the registration
statement or prospectus or SAI for the Fund shares, as such registration
statement and prospectus or SAI may be amended or supplemented from time to
time, or in reports or proxy statements for the Fund, or in sales literature or
other promotional material approved by the Fund or its designee or by the
Underwriter, except with the permission of the Fund or the Underwriter or the
designee of either.

          4.3. The Fund and the Underwriter, or their designee, shall furnish,
or cause to be furnished, to the Company, each piece of sales literature or
other promotional material that it develops and in which the Company, and/or its
Account, is named. No such material shall be used until approved by the Company,
and the Company will use its best efforts to review such sales literature or
promotional material within ten Business Days after receipt of such material.
The Company reserves the right to reasonably object to the continued use of any
such sales literature or other promotional material in which the Company and/or
its Account is named, and no such material shall be used if the Company so
objects.

          4.4. The Fund and the Underwriter shall not give any information or
make any representations on behalf of the Company or concerning the Company, the
Account, or the Contracts other than the information or representations
contained in a registration statement, prospectus (which shall include an
offering memorandum, if any, if the Contracts issued by the Company or interests
therein are not registered under the 1933 Act), or SAI for the Contracts, as
such registration statement, prospectus, or SAI may be amended or supplemented
from time to time, or in published reports for the Account which are in the
public domain or approved by the Company for distribution to Contract owners,

                                      -7-
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or in sales literature or other promotional material approved by the Company or
its designee, except with the permission of the Company.

          4.5. The Fund will provide to the Company at least one complete copy
of all registration statements, prospectuses, SAIs, reports, proxy statements,
sales literature and other promotional materials, applications for exemptions,
requests for no-action letters, and all amendments to any of the above, that
relate to the Fund or its shares, promptly after the filing of such document(s)
with the SEC or other regulatory authorities.

          4.6. The Company will provide to the Fund at least one complete copy
of all registration statements, prospectuses (which shall include an offering
memorandum, if any, if the Contracts issued by the Company or interests therein
are not registered under the 1933 Act), SAIs, reports, solicitations for voting
instructions, sales literature and other promotional materials, applications for
exemptions, requests for no-action letters, and all amendments to any of the
above, that relate to the Contracts or the Account, promptly after the filing of
such document(s) with the SEC or other regulatory authorities. The Company shall
provide to the Fund and the Underwriter any complaints received from the
Contract owners pertaining to the Fund or the Designated Portfolio.

          4.7. The Fund will provide the Company with as much notice as is
reasonably practicable of any proxy solicitation for any Designated Portfolio,
and of any material change in the Fund's registration statement, particularly
any change resulting in a change to the registration statement or prospectus for
any Account. The Fund will work with the Company so as to enable the Company to
solicit proxies from Contract owners, or to make changes to its prospectus or
registration statement, in an orderly manner. The Fund will make reasonable
efforts to attempt to have changes affecting Contract prospectuses become
effective simultaneously with the annual updates for such prospectuses.

          4.8. For purposes of this Article IV, the phrase "sales literature and
other promotional materials" includes, but is not limited to, any of the
following that refer to the Fund or any affiliate of the Fund: advertisements
(such as material published, or designed for use in, a newspaper, magazine, or
other periodical, radio, television, telephone or tape recording, videotape
display, signs or billboards, motion pictures, or other public media), sales
literature (i.e., any written communication distributed or made generally
available to customers or the public, including brochures, circulars, reports,
market letters, form letters, seminar texts, reprints or excerpts of any other
advertisement, sales literature, or published article), educational or training
materials or other communications distributed or made generally available to
some or all agents or employees, and registration statements, prospectuses,
SAIs, shareholder reports, proxy materials, and any other communications
distributed or made generally available with regard to the Fund.

ARTICLE V.  FEES AND EXPENSES

          5.1. The Fund and the Underwriter shall pay no fee or other
compensation to the Company under this Agreement, except that if the Fund or any
Portfolio adopts and implements a plan pursuant to Rule 12b-1 to finance
distribution expenses, then the Fund or Underwriter may make payments to the
Company or to the underwriter for the Contracts if and in amounts agreed to by
the Underwriter in writing, and such payments will be made out of existing fees
otherwise payable to the Underwriter, past profits of the Underwriter, or other
resources available to the Underwriter. Currently, no such payments are
contemplated.

          5.2. All expenses incident to performance by the Fund under this
Agreement shall be paid by the Fund. The Fund shall see to it that all its
shares are registered and authorized for issuance in accordance with applicable
federal law and, if and to the extent deemed advisable by the Fund, in

                                      -8-
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accordance with applicable state laws prior to their sale. The Fund shall bear
the expenses for the cost of registration and qualification of the Fund's
shares, preparation and filing of the Fund's prospectus and registration
statement, proxy materials and reports, setting the prospectus in type, setting
in type and printing the proxy materials and reports to shareholders (including
the costs of printing a prospectus that constitutes an annual report), the
preparation of all statements and notices required by any federal or state law,
and all taxes on the issuance or transfer of the Fund's shares.

          5.3. The Company shall bear the expenses of distributing the Fund's
prospectus to owners of Contracts issued by the Company and of distributing the
Fund's proxy materials and reports to such Contract owners.

ARTICLE VI.  DIVERSIFICATION AND QUALIFICATION

          6.1. The Fund will invest its assets in such a manner as to ensure
that the Contracts will be treated as annuity or life insurance contracts,
whichever is appropriate, under the Code and the regulations issued thereunder
(or any successor provisions). Without limiting the scope of the foregoing, each
Designated Portfolio has complied and will continue to comply with Section
817(h) of the Code and Treasury Regulation 1.817-5, and any Treasury
interpretations thereof, relating to the diversification requirements for
variable annuity, endowment, or life insurance contracts, and any amendments or
other modifications or successor provisions to such Section or Regulations. In
the event of a breach of this Article VI by the Fund, it will take all
reasonable steps (a) to notify the Company of such breach and (b) to adequately
diversify the Fund so as to achieve compliance within the grace period afforded
by Regulation 1.817-5.

          6.2. The Fund represents that it is or will be qualified as a
Regulated Investment Company under Subchapter M of the Code, and that it will
make every effort to maintain such qualification (under Subchapter M or any
successor or similar provisions) and that it will notify the Company immediately
upon having a reasonable basis for believing that it has ceased to so qualify or
that it might not so qualify in the future.

          6.3. The Company represents that the Contracts are currently, and at
the time of issuance shall be, treated as life insurance or annuity insurance
contracts, under applicable provisions of the Code, and that it will make every
effort to maintain such treatment, and that it will notify the Fund and the
Underwriter immediately upon having a reasonable basis for believing the
Contracts have ceased to be so treated or that they might not be so treated in
the future. The Company agrees that any prospectus offering a contract that is a
"modified endowment contract" as that term is defined in Section 7702A of the
Code (or any successor or similar provision), shall identify such contract as a
modified endowment contract.

                                      -9-
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ARTICLE VII.  POTENTIAL CONFLICTS

The following provisions shall apply only upon issuance of the Mixed and Shared
Funding Order and the sale of shares of the Fund to variable life insurance
separate accounts, and then only to the extent required under the 1940 Act.

          7.1. The Board will monitor the Fund for the existence of any material
irreconcilable conflict between the interests of the Contract owners of all
separate accounts investing in the Fund. An irreconcilable material conflict may
arise for a variety of reasons, including: (a) an action by any state insurance
regulatory authority; (b) a change in applicable federal or state insurance,
tax, or securities laws or regulations, or a public ruling, private letter
ruling, no-action or interpretative letter, or any similar action by insurance,
tax, or securities regulatory authorities; (c) an administrative or judicial
decision in any relevant proceeding; (d) the manner in which the investments of
any Portfolio are being managed; (e) a difference in voting instructions given
by variable annuity contract and variable life insurance contract owners; or (f)
a decision by an insurer to disregard the voting instructions of contract
owners. The Board shall promptly inform the Company if it determines that an
irreconcilable material conflict exists and the implications thereof.

          7.2. The Company will report any potential or existing conflicts of
which it is aware to the Board. The Company will assist the Board in carrying
out its responsibilities under the Mixed and Shared Funding Exemptive Order, by
providing the Board with all information reasonably necessary for the Board to
consider any issues raised. This includes, but is not limited to, an obligation
by the Company to inform the Board whenever Contract owner voting instructions
are disregarded.

          7.3. If it is determined by a majority of the Board, or a majority of
its disinterested members, that a material irreconcilable conflict exists, the
Company and other Participating Insurance Companies shall, at their expense and
to the extent reasonably practicable (as determined by a majority of the
disinterested Board members), take whatever steps are necessary to remedy or
eliminate the irreconcilable material conflict, up to and including: (1)
withdrawing the assets allocable to some or all of the separate accounts from
the Fund or any Portfolio and reinvesting such assets in a different investment
medium, including (but not limited to) another Portfolio of the Fund, or
submitting the question whether such segregation should be implemented to a vote
of all affected contract owners and, as appropriate, segregating the assets of
any appropriate group (i.e., annuity contract owners, life insurance contract
owners, or variable contract owners of one or more Participating Insurance
Companies) that votes in favor of such segregation, or offering to the affected
contract owners the option of making such a change; and (2) establishing a new
registered management investment company or managed separate account.

          7.4. If a material irreconcilable conflict arises because of a
decision by the Company to disregard Contract owner voting instructions and that
decision represents a minority position or would preclude a majority vote, the
Company may be required, at the Fund's election, to withdraw the Account's
investment in the Fund and terminate this Agreement with respect to each
Account; provided, however, that such withdrawal and termination shall be
limited to the extent required by the foregoing material irreconcilable conflict
as determined by a majority of the disinterested members of the Board. Any such
withdrawal and termination must take place within six (6) months after the Fund
gives written notice that this provision is being implemented, and until the end
of that six month period the Fund shall continue to accept and implement orders
by the Company for the purchase (and redemption) of shares of the Fund.

          7.5. If a material irreconcilable conflict arises because a particular
state insurance regulator's decision applicable to the Company conflicts with
the majority of other state regulators, then the Company will withdraw the
affected Account's investment in the Fund and terminate this Agreement

                                      -10-
<PAGE>

with respect to such Account within six months after the Board informs the
Company in writing that it has determined that such decision has created an
irreconcilable material conflict; provided, however, that such withdrawal and
termination shall be limited to the extent required by the foregoing material
irreconcilable conflict as determined by a majority of the disinterested members
of the Board. Until the end of the foregoing six month period, the Fund shall
continue to accept and implement orders by the Company for the purchase (and
redemption) of shares of the Fund.

          7.6. For purposes of Section 7.3 through 7.6 of this Agreement, a
majority of the disinterested members of the Board shall determine whether any
proposed action adequately remedies any irreconcilable material conflict, but in
no event will the Fund be required to establish a new funding medium for the
Contracts. The Company shall not be required by Section 7.3 to establish a new
funding medium for the Contract if an offer to do so has been declined by vote
of a majority of Contract owners materially adversely affected by the
irreconcilable material conflict. In the event that the Board determines that
any proposed action does not adequately remedy any irreconcilable material
conflict, then the Company will withdraw the Account's investment in the Fund
and terminate this Agreement within six (6) months after the Board informs the
Company in writing of the foregoing determination; provided, however, that such
withdrawal and termination shall be limited to the extent required by any such
material irreconcilable conflict as determined by a majority of the
disinterested members of the Board.

          7.7. If and to the extent the Mixed and Shared Funding Exemption Order
or any amendment thereto contains terms and conditions different from Sections
3.4, 3.5, 3.6, 7.1, 7.2, 7.3, 7.4, and 7.5 of this Agreement, then the Fund
and/or the Participating Insurance Companies, as appropriate, shall take such
steps as may be necessary to comply with the Mixed and Shared Funding Exemptive
Order, and Sections 3.4, 3.5, 3.6, 7.1, 7.2, 7.3, 7.4 and 7.5 of this Agreement
shall continue in effect only to the extent that terms and conditions
substantially identical to such Sections are contained in the Mixed and Shared
Funding Exemptive Order or any amendment thereto. If and to the extent that Rule
6e-2 and Rule 6e-3(T) are amended, or Rule 6e-3 is adopted, to provide exemptive
relief from any provision of the 1940 Act or the rules promulgated thereunder
with respect to mixed or shared funding (as defined in the Mixed and Shared
Funding Exemptive Order) on terms and conditions materially different from those
contained in the Mixed and Shared Funding Exemptive Order, then (a) the Fund
and/or the Participating Insurance Companies, as appropriate, shall take such
steps as may be necessary to comply with Rules 6e-2 and 6e-3(T), as amended, and
Rule 6e-3, as adopted, to the extent such rules are applicable; and (b) Sections
3.5, 3.6, 7.1., 7.2, 7.3, 7.4, and 7.5 of this Agreement shall continue in
effect only to the extent that terms and conditions substantially identical to
such Sections are contained in such Rule(s) as so amended or adopted.

ARTICLE VIII.  INDEMNIFICATION

          8.1. INDEMNIFICATION BY THE COMPANY

               8.1(a). The Company agrees to indemnify and hold harmless the
Fund and the Underwriter and each of its trustees/directors and officers, and
each person, if any, who controls the Fund or Underwriter within the meaning of
Section 15 of the 1933 Act or who is under common control with the Underwriter
(collectively, the "Indemnified Parties" for purposes of this Section 8.1)
against any and all losses, claims, damages, liabilities (including amounts paid
in settlement with the written consent of the Company) or litigation (including
legal and other expenses), to which the Indemnified Parties may become subject
under any statute or regulation, at common law or otherwise, insofar as such
losses, claims, damages, liabilities or expenses (or actions in respect thereof)
or settlements:

                    (i) arise out of or are based upon any untrue statement or
                    alleged untrue statements of any material fact contained in
                    the registration statement, prospectus

                                      -11-
<PAGE>

                    (which shall include a written description of a Contract
                    that is not registered under the 1933 Act), or SAI for the
                    Contracts or contained in the Contracts or sales literature
                    for the Contracts (or any amendment or supplement to any of
                    the foregoing), or arise out of or are based upon the
                    omission or the alleged omission to state therein a material
                    fact required to be stated therein or necessary to make the
                    statements therein not misleading, provided that this
                    agreement to indemnify shall not apply as to any Indemnified
                    Party if such statement or omission or such alleged
                    statement or omission was made in reliance upon and in
                    conformity with information furnished to the Company by or
                    on behalf of the Fund for use in the registration statement,
                    prospectus or SAI for the Contracts or in the Contracts or
                    sales literature (or any amendment or supplement) or
                    otherwise for use in connection with the sale of the
                    Contracts or Fund shares; or

                    (ii) arise out of or as a result of statements or
                    representations (other than statements or representations
                    contained in the registration statement, prospectus, SAI, or
                    sales literature of the Fund not supplied by the Company or
                    persons under its control) or wrongful conduct of the
                    Company or its agents or persons under the Company's
                    authorization or control, with respect to the sale or
                    distribution of the Contracts or Fund Shares; or

                    (iii) arise out of any untrue statement or alleged untrue
                    statement of a material fact contained in a registration
                    statement, prospectus, SAI, or sales literature of the Fund
                    or any amendment thereof or supplement thereto or the
                    omission or alleged omission to state therein a material
                    fact required to be stated therein or necessary to make the
                    statements therein not misleading if such a statement or
                    omission was made in reliance upon information furnished to
                    the Fund by or on behalf of the Company; or

                    (iv) arise as a result of any material failure by the
                    Company to provide the services and furnish the materials
                    under the terms of this Agreement (including a failure,
                    whether unintentional or in good faith or otherwise, to
                    comply with the qualification requirements specified in
                    Article VI of this Agreement); or

                    (v) arise out of or result from any material breach of any
                    representation and/or warranty made by the Company in this
                    Agreement or arise out of or result from any other material
                    breach of this Agreement by the Company;

                    (vi) as limited by and in accordance with the provisions of
                    Sections 8.1(b) and 8.1(c) hereof.

                    8.1(b). The Company shall not be liable under this
indemnification provision with respect to any losses, claims, damages,
liabilities or litigation to which an Indemnified Party would otherwise be
subject by reason of such Indemnified Party's willful misfeasance, bad faith, or
gross negligence in the performance of such Indemnified Party's duties or by
reason of such Indemnified Party's reckless disregard of its obligations or
duties under this Agreement.

                    8.1(c). The Company shall not be liable under this
indemnification provision with respect to any claim made against an Indemnified
Party unless such Indemnified Party shall have notified the Company in writing
within a reasonable time after the summons or other first legal process giving
information of the nature of the claim shall have been served upon such
Indemnified Party (or after such Indemnified Party shall have received notice of
such service on any designated agent), but

                                      -12-
<PAGE>

failure to notify the Company of any such claim shall not relieve the Company
from any liability which it may have to the Indemnified Party against whom such
action is brought otherwise than on account of this indemnification provision.
In case any such action is brought against an Indemnified Party, the Company
shall be entitled to participate, at its own expense, in the defense of such
action. The Company also shall be entitled to assume the defense thereof, with
counsel satisfactory to the party named in the action. After notice from the
Company to such party of the Company's election to assume the defense thereof,
the Indemnified Party shall bear the fees and expenses of any additional counsel
retained by it, and the Company will not be liable to such party under this
Agreement for any legal or other expenses subsequently incurred by such party
independently in connection with the defense thereof other than reasonable costs
of investigation.

               8.1(d). The Indemnified Parties will promptly notify the Company
of the commencement of any litigation or proceedings against them in connection
with the issuance or sale of the Fund shares or the Contracts or the operation
of the Fund.

          8.2. INDEMNIFICATION BY THE UNDERWRITER

               8.2(a). The Underwriter agrees to indemnify and hold harmless the
Company and each of its directors and officers and each person, if any, who
controls the Company within the meaning of Section 15 of the 1933 Act
(collectively, the "Indemnified Parties" for purposes of this Section 8.2)
against any and all losses, claims, damages, liabilities (including amounts paid
in settlement with the written consent of the Underwriter) or litigation
(including legal and other expenses) to which the Indemnified Parties may become
subject under any statute or regulation, at common law or otherwise, insofar as
such losses, claims, damages, liabilities or expenses (or actions in respect
thereof) or settlements:

               (i) arise out of or are based upon any untrue statement or
               alleged untrue statement of any material fact contained in the
               registration statement or prospectus or SAI or sales literature
               of the Fund (or any amendment or supplement to any of the
               foregoing), or arise out of or are based upon the omission or the
               alleged omission to state therein a material fact required to be
               stated therein or necessary to make the statements therein not
               misleading, provided that this agreement to indemnify shall not
               apply as to any Indemnified Party if such statement or omission
               or such alleged statement or omission was made in reliance upon
               and in conformity with information furnished to the Underwriter
               or Fund by or on behalf of the Company for use in the
               registration statement, prospectus or SAI for the Fund or in
               sales literature (or any amendment or supplement) or otherwise
               for use in connection with the sale of the Contracts or Fund
               shares; or

               (ii) arise out of or as a result of statements or representations
               (other than statements or representations contained in the
               registration statement, prospectus, SAI or sales literature for
               the Contracts not supplied by the Underwriter or persons under
               its control) or wrongful conduct of the Fund or Underwriter or
               persons under their control, with respect to the sale or
               distribution of the Contracts or Fund shares; or

               (iii) arise out of any untrue statement or alleged untrue
               statement of a material fact contained in a registration
               statement, prospectus, SAI or sales literature covering the
               Contracts, or any amendment thereof or supplement thereto, or the
               omission or alleged omission to state therein a material fact

                                      -13-
<PAGE>

               required to be stated therein or necessary to make the statement
               or statements therein not misleading, if such statement or
               omission was made in reliance upon information furnished to the
               Company by or on behalf of the Fund or the Underwriter; or

               (iv) arise as a result of any failure by the Fund or the
               Underwriter to provide the services and furnish the materials
               under the terms of this Agreement (including a failure of the
               Fund, whether unintentional or in good faith or otherwise, to
               comply with the diversification and other qualification
               requirements specified in Article VI of this Agreement); or

               (v) arise out of or result from any material breach of any
               representation and/or warranty made by the Underwriter in this
               Agreement or arise out of or result from any other material
               breach of this Agreement by the Underwriter;

as limited by and in accordance with the provisions of Sections
8.2(b) and 8.2(c) hereof.

               8.2(b). The Underwriter shall not be liable under this
indemnification provision with respect to any losses, claims, damages,
liabilities or litigation to which an Indemnified Party would otherwise be
subject by reason of such Indemnified Party's willful misfeasance, bad faith, or
gross negligence in the performance or such Indemnified Party's duties or by
reason of such Indemnified Party's reckless disregard of obligations and duties
under this Agreement or to the Company or the Account, whichever is applicable.

               8.2(c). The Underwriter shall not be liable under this
indemnification provision with respect to any claim made against an Indemnified
Party unless such Indemnified Party shall have notified the Underwriter in
writing within a reasonable time after the summons or other first legal process
giving information of the nature of the claim shall have been served upon such
Indemnified Party (or after such Indemnified Party shall have received notice of
such service on any designated agent), but failure to notify the Underwriter of
any such claim shall not relieve the Underwriter from any liability which it may
have to the Indemnified Party against whom such action is brought otherwise than
on account of this indemnification provision. In case any such action is brought
against the Indemnified Party, the Underwriter will be entitled to participate,
at its own expense, in the defense thereof. The Underwriter also shall be
entitled to assume the defense thereof, with counsel satisfactory to the party
named in the action. After notice from the Underwriter to such party of the
Underwriter's election to assume the defense thereof, the Indemnified Party
shall bear the fees and expenses of any additional counsel retained by it, and
the Underwriter will not be liable to such party under this Agreement for any
legal or other expenses subsequently incurred by such party independently in
connection with the defense thereof other than reasonable costs of
investigation.

               The Company agrees promptly to notify the Underwriter of the
commencement of any litigation or proceedings against it or any of its officers
or directors in connection with the issuance or sale of the Contracts or the
operation of the Account.

                                     -14-
<PAGE>

          8.3. INDEMNIFICATION BY THE FUND

               8.3(a). The Fund agrees to indemnify and hold harmless the
Company and each of its directors and officers and each person, if any, who
controls the Company within the meaning of Section 15 of the 1933 Act
(collectively, the "Indemnified Parties" for purposes of this Section 8.3)
against any and all losses, claims, expenses, damages, liabilities (including
amounts paid in settlement with the written consent of the Fund) or litigation
(including legal and other expenses) to which the Indemnified Parties may be
required to pay or may become subject under any statute or regulation, at common
law or otherwise, insofar as such losses, claims, expenses, damages, liabilities
or expenses (or actions in respect thereof) or settlements, are related to the
operations of the Fund and:

               (i) arise as a result of any failure by the Fund to provide the
               services and furnish the materials under the terms of this
               Agreement (including a failure, whether unintentional or in good
               faith or otherwise, to comply with the diversification and other
               qualification requirements specified in Article VI of this
               Agreement); or

               (ii) arise out of or result from any material breach of any
               representation and/or warranty made by the Fund in this Agreement
               or arise out of or result from any other material breach of this
               Agreement by the Fund;

as limited by and in accordance with the provisions of Sections
8.3(b) and 8.3(c) hereof.

               8.3(b). The Fund shall not be liable under this indemnification
provision with respect to any losses, claims, damages, liabilities or litigation
to which an Indemnified Party would otherwise be subject by reason of such
Indemnified Party's willful misfeasance, bad faith, or gross negligence in the
performance of such Indemnified Party's duties or by reason of such Indemnified
Party's reckless disregard of obligations and duties under this Agreement or to
the Company, the Fund, the Underwriter or the Account, whichever is applicable.

               8.3(c). The Fund shall not be liable under this indemnification
provision with respect to any claim made against an Indemnified Party unless
such Indemnified Party shall have notified the Fund in writing within a
reasonable time after the summons or other first legal process giving
information of the nature of the claim shall have been served upon such
Indemnified Party (or after such Indemnified Party shall have received notice of
such service on any designated agent), but failure to notify the Fund of any
such claim shall not relieve the Fund from any liability which it may have to
the Indemnified Party against whom such action is brought otherwise than on
account of this indemnification provision. In case any such action is brought
against the Indemnified Parties, the Fund will be entitled to participate, at
its own expense, in the defense thereof. The Fund also shall be entitled to
assume the defense thereof, with counsel satisfactory to the party named in the
action. After notice from the Fund to such party of the Fund's election to
assume the defense thereof, the Indemnified Party shall bear the fees and
expenses of any additional counsel retained by it, and the Fund will not be
liable to such party under this Agreement for any legal or other expenses
subsequently incurred by such party independently in connection with the defense
thereof other than reasonable costs of investigation.

               8.3(d). The Company and the Underwriter agree promptly to notify
the Fund of the commencement of any litigation or proceeding against it or any
of its respective officers or directors in connection with the Agreement, the
issuance or sale of the Contracts, the operation of the Account, or the sale or
acquisition of shares of the Fund.

                                      -15-
<PAGE>

ARTICLE IX.  APPLICABLE LAW

          9.1. This Agreement shall be construed and the provisions hereof
interpreted under and in accordance with the laws of the State of California.

          9.2. This Agreement shall be subject to the provisions of the 1933,
1934 and 1940 Acts, and the rules and regulations and rulings thereunder,
including such exemptions from those statutes, rules and regulations as the SEC
may grant (including, but not limited to, any Mixed and Shared Funding Exemptive
Order) and the terms hereof shall be interpreted and construed in accordance
therewith. If, in the future, the Mixed and Shared Funding Exemptive Order
should no longer be necessary under applicable law, then Article VII shall no
longer apply.

ARTICLE X. TERMINATION

          10.1.     This Agreement shall continue in full force and effect
until the first to occur of:

          (a)  termination by any party, for any reason with respect to some or
               all Designated Portfolios, by three (3) months advance written
               notice delivered to the other parties; or

          (b)  termination by the Company by written notice to the Fund and the
               Underwriter based upon the Company's determination that shares of
               the Fund are not reasonably available to meet the requirements of
               the Contracts; or

          (c)  termination by the Company by written notice to the Fund and the
               Underwriter in the event any of the Designated Portfolio's shares
               are not registered, issued or sold in accordance with applicable
               state and/or federal law or such law precludes the use of such
               shares as the underlying investment media of the Contracts issued
               or to be issued by the Company; or

          (d)  termination by the Fund or Underwriter in the event that formal
               administrative proceedings are instituted against the Company by
               the NASD, the SEC, the Insurance Commissioner or like official of
               any state or any other regulatory body regarding the Company's
               duties under this Agreement or related to the sale of the
               Contracts, the operation of any Account, or the purchase of the
               Fund's shares; provided, however, that the Fund or Underwriter
               determines in its sole judgment exercised in good faith, that any
               such administrative proceedings will have a material adverse
               effect upon the ability of the Company to perform its obligations
               under this Agreement; or

          (e)  termination by the Company in the event that formal
               administrative proceedings are instituted against the Fund or
               Underwriter by the NASD, the SEC, or any state securities or
               insurance department or any other regulatory body; provided,
               however, that the Company determines in its sole judgment
               exercised in good faith, that any such administrative proceedings
               will have a material adverse effect upon the ability of the Fund
               or Underwriter to perform its obligations under this Agreement;
               or

          (f)  termination by the Company by written notice to the Fund and the
               Underwriter with respect to any Designated Portfolio in the event
               that such Portfolio ceases to qualify as a Regulated Investment
               Company under Subchapter M or fails to comply with the Section
               817(h) diversification requirements specified in Article

                                      -16-
<PAGE>

               VI hereof, or if the Company reasonably believes that such
               Portfolio may fail to so qualify or comply; or

          (g)  termination by the Fund or Underwriter by written notice to the
               Company in the event that the Contracts fail to meet the
               qualifications specified in Article VI hereof; or

          (h)  termination by either the Fund or the Underwriter by written
               notice to the Company, if either one or both of the Fund or the
               Underwriter respectively, shall determine, in their sole judgment
               exercised in good faith, that the Company has suffered a material
               adverse change in its business, operations, financial condition,
               or prospects since the date of this Agreement or is the subject
               of material adverse publicity; or

          (i)  termination by the Company by written notice to the Fund and the
               Underwriter, if the Company shall determine, in its sole judgment
               exercised in good faith, that the Fund, Adviser, or the
               Underwriter has suffered a material adverse change in its
               business, operations, financial condition or prospects since the
               date of this Agreement or is the subject of material adverse
               publicity; or

          (j)  termination by the Fund or the Underwriter by written notice to
               the Company, if the Company gives the Fund and the Underwriter
               the written notice specified in Section 1.7(a)(ii) hereof and at
               the time such notice was given there was no notice of termination
               outstanding under any other provision of this Agreement;
               provided, however, any termination under this Section 10.1(j)
               shall be effective forty-five days after the notice specified in
               Section 1.7(a)(ii) was given; or

          (k)  termination by the Company upon any substitution of the shares of
               another investment company or series thereof for shares of a
               Designated Portfolio of the Fund in accordance with the terms of
               the Contracts, provided that the Company has given at least 45
               days prior written notice to the Fund and Underwriter of the date
               of substitution; or

          (l)  termination by any party in the event that the Fund's Board of
               Trustees determines that a material irreconcilable conflict
               exists as provided in Article VII.

          10.2. Notwithstanding any termination of this Agreement, the Fund and
the Underwriter shall, at the option of the Company, continue to make available
additional shares of the Fund pursuant to the terms and conditions of this
Agreement, for all Contracts in effect on the effective date of termination of
this Agreement (hereinafter referred to as "Existing Contracts"), unless the
Underwriter requests that the Company seek an order pursuant to Section 26(b) of
the 1940 Act to permit the substitution of other securities for the shares of
the Designated Portfolios. The Underwriter agrees to split the cost of seeking
such an order, and the Company agrees that it shall reasonably cooperate with
the Underwriter and seek such an order upon request. Specifically, the owners of
the Existing Contracts may be permitted to reallocate investments in the Fund,
redeem investments in the Fund and/or invest in the Fund upon the making of
additional purchase payments under the Existing Contracts (subject to any such
election by the Underwriter). The parties agree that this Section 10.2 shall not
apply to any terminations under Article VII and the effect of such Article VII
terminations shall be governed by Article VII of this Agreement. The parties
further agree that this Section 10.2 shall not apply to any terminations under
Section 10.1(g) of this Agreement.

                                      -17-
<PAGE>

          10.3. The Company shall not redeem Fund shares attributable to the
Contracts (as opposed to Fund shares attributable to the Company's assets held
in the Account) except (i) as necessary to implement Contract owner initiated or
approved transactions, (ii) as required by state and/or federal laws or
regulations or judicial or other legal precedent of general application
(hereinafter referred to as a "Legally Required Redemption"), (iii) upon 45 days
prior written notice to the Fund and Underwriter, as permitted by an order of
the SEC pursuant to Section 26(b) of the 1940 Act, but only if a substitution of
other securities for the shares of the Designated Portfolios is consistent with
the terms of the Contracts, or (iv) as permitted under the terms of the
Contract. Upon request, the Company will promptly furnish to the Fund and the
Underwriter reasonable assurance that any redemption pursuant to clause (ii)
above is a Legally Required Redemption. Furthermore, except in cases where
permitted under the terms of the Contacts, the Company shall not prevent
Contract owners from allocating payments to a Portfolio that was otherwise
available under the Contracts without first giving the Fund or the Underwriter
45 days notice of its intention to do so.

          10.4.     Notwithstanding any termination of this Agreement, each
party's obligation under Article VIII to indemnify the other
parties shall survive.

ARTICLE XI.  NOTICES

               Any notice shall be sufficiently given when sent by registered or
certified mail to the other party at the address of such party set forth below
or at such other address as such party may from time to time specify in writing
to the other party.

     If to the Fund:     PIMCO  Variable Insurance Trust
                         840 Newport Center Drive, Suite 360
                         Newport Beach, CA 92660

     If to the Company:  Golden American Life Insurance Company
                         c/o Myles Tashman
                         Executive Vice President and General Counsel
                         1001 Jefferson Street, Suite 400
                         Wilmington, DE 19801

     If to Underwriter:  PIMCO Funds Distributors LLC
                         2187 Atlantic Street
                         Stamford, CT 06902

ARTICLE XII.  MISCELLANEOUS

          12.1. All persons dealing with the Fund must look solely to the
property of the Fund, and in the case of a series company, the respective
Designated Portfolios listed on Schedule A hereto as though each such Designated
Portfolio had separately contracted with the Company and the Underwriter for the
enforcement of any claims against the Fund. The parties agree that neither the
Board, officers, agents or shareholders of the Fund assume any personal
liability or responsibility for obligations entered into by or on behalf of the
Fund.

          12.2. Subject to the requirements of legal process and regulatory
authority, each party hereto shall treat as confidential the names and addresses
of the owners of the Contracts and all information reasonably identified as
confidential in writing by any other party hereto and, except as permitted by
this Agreement, shall not disclose, disseminate or utilize such names and
addresses and

                                      -18-
<PAGE>

other confidential information without the express written consent of the
affected party until such time as such information has come into the public
domain.

          12.3. The captions in this Agreement are included for convenience of
reference only and in no way define or delineate any of the provisions hereof or
otherwise affect their construction or effect.

          12.4.     This Agreement may be executed simultaneously in two or
more counterparts, each of which taken together shall constitute
one and the same instrument.

          12.5. If any provision of this Agreement shall be held or made invalid
by a court decision, statute, rule or otherwise, the remainder of the Agreement
shall not be affected thereby.

          12.6. Each party hereto shall cooperate with each other party and all
appropriate governmental authorities (including without limitation the SEC, the
NASD, and state insurance regulators) and shall permit such authorities
reasonable access to its books and records in connection with any investigation
or inquiry relating to this Agreement or the transactions contemplated hereby.
Notwithstanding the generality of the foregoing, each party hereto further
agrees to furnish the [insert state] Insurance Commissioner with any information
or reports in connection with services provided under this Agreement which such
Commissioner may request in order to ascertain whether the variable annuity
operations of the Company are being conducted in a manner consistent with the
[insert state] variable annuity laws and regulations and any other applicable
law or regulations.

          12.7. The rights, remedies and obligations contained in this Agreement
are cumulative and are in addition to any and all rights, remedies, and
obligations, at law or in equity, which the parties hereto are entitled to under
state and federal laws.

          12.8.     This Agreement or any of the rights and obligations
hereunder may not be assigned by any party without the prior
written consent of all parties hereto.

          12.9.     The Company shall furnish, or shall cause to be
furnished, to the Fund or its designee copies of the following
reports:

          (a)  the Company's annual statement (prepared under statutory
               accounting principles) and annual report (prepared under
               generally accepted accounting principles) filed with any state or
               federal regulatory body or otherwise made available to the
               public, as soon as practicable and in any event within 90 days
               after the end of each fiscal year; and

          (b)  any registration statement (without exhibits) and financial
               reports of the Company filed with the Securities and Exchange
               Commission or any state insurance regulatory, as soon as
               practicable after the filing thereof.

                                      -19-
<PAGE>

     IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to
be executed in its name and on its behalf by its duly authorized representative
and its seal to be hereunder affixed hereto as of the date specified below.

GOLDEN AMERICAN LIFE INSURANCE COMPANY

                              By its authorized officer

                              By:/s/ Barnett Chernow
                                 ---------------------------
                                 Barnett Chernow

                              Title: President
                                    ------------------------

                              Date: May 1, 1998
                                    ------------------------

PIMCO VARIABLE INSURANCE TRUST

                              By its authorized officer

                              By:/s/ Brent R. Harris
                                 ---------------------------

                              Title: Chairman
                                    ------------------------

                              Date: May 1, 1998
                                    ------------------------

PIMCO FUNDS DISTRIBUTORS LLC

                              By its authorized officer

                              By:/s/ Newton Schott
                                 ---------------------------

                              Title: Executive Vice President
                                    ------------------------

                              Date: May 1, 1998
                                    ------------------------

                                      -20-
<PAGE>

                                   SCHEDULE A

PIMCO High Yield Bond Portfolio

PIMCO StocksPLUS Growth and Income Portfolio

Dated May 1, 1998.

                                     -21-PARTICIPATION AGREEMENT

                                      Among

                              PUTNAM VARIABLE TRUST

                         PUTNAM RETAIL MANAGEMENT, L.P.

                                       and

                     GOLDEN AMERICAN LIFE INSURANCE COMPANY

     THIS  AGREEMENT,  made and  entered  into as of this  day of , 2001,  among
Golden American Life Insurance  Company (the "Company"),  a corporation,  on its
own behalf and on behalf of each  separate  account of the  Company set forth on
Schedule A hereto,  as such Schedule may be amended from time to time (each such
account  hereinafter  referred to as the "Account"),  PUTNAM VARIABLE TRUST (the
"Trust"),  a Massachusetts  business trust, and PUTNAM RETAIL MANAGEMENT,  L.P..
(the "Underwriter"), a Massachusetts corporation.

     WHEREAS, the Trust is an open-end diversified management investment company
and is  available  to  act  as the  investment  vehicle  for  separate  accounts
established for variable life insurance  policies and variable annuity contracts
(collectively,  the  "Variable  Insurance  Products") to be offered by insurance
companies  which have entered into  Participation  Agreements with the Trust and
the Underwriter (the "Participating Insurance Companies"); and

     WHEREAS,  the  beneficial  interest  in the Trust is divided  into  several
series of shares,  each designated a "Fund" and  representing  the interest in a
particular managed portfolio of securities and other assets; and

     WHEREAS,  the Trust has obtained an order from the  Securities and Exchange
Commission,  dated December 29, 1993 (File No. 812-8612),  granting the variable
annuity and variable life insurance separate accounts participating in the Trust
exemptions from the provisions of sections 9(a),  13(a),  15(a) and 15(b) of the
Investment  Company  Act of  1940,  as  amended  (the  "1940  Act"),  and  Rules
6e-2(b)(15) and  6e-3(T)(b)(15)  thereunder,  to the extent  necessary to permit
shares of the Trust to be sold to and held by variable annuity and variable life
insurance  separate  accounts  of the  Participating  Insurance  Companies  (the
"Shared Funding Exemptive Order"); and

     WHEREAS,  the Trust is  registered  as an  open-end  management  investment
company  under the 1940 Act and the sale of its shares is  registered  under the
Securities Act of 1933, as amended (the " 1933 Act"); and

     WHEREAS,  the Company has registered or will register certain variable life
and/or variable  annuity  contracts under the 1933 Act and any applicable  state
securities and insurance law; and

     WHEREAS,  each  Account  is a duly  organized,  validly  existing  separate
account,  established by resolution of the Board of Directors of the Company, on
the date shown for such  Account on  Schedule A hereto,  to set aside and invest
assets   attributable  to  one  or  more  variable   insurance   contracts  (the
"Contracts"); and

     WHEREAS,  the Company has registered or will register the Account as a unit
investment trust under the 1940 Act; and

     WHEREAS,  the  Underwriter  is  registered  as a  broker  dealer  with  the
Securities and Exchange Commission under the Securities Exchange Act of 1934, as
amended  (the " 1934 Act"),  and is a member in good  standing  of the  National
Association of Securities Dealers, Inc. (the "NASD"); and

     WHEREAS,  to  the  extent  permitted  by  applicable   insurance  laws  and
regulations,   the  Company   intends  to  purchase   shares  in  certain  Funds
("Authorized  Funds"),  shown on Schedule B hereto, on behalf of each Account to
fund certain of the  Contracts  and the  Underwriter  is authorized to sell such
shares to unit investment trusts such as each Account at net asset value;

     NOW, THEREFORE,  in consideration of the promises herein, the Company,  the
Trust and the Underwriter agree as follows:

                         ARTICLE 1. Sale of Trust Shares

     1.1 The Underwriter agrees, subject to the Trust's rights under Section 1.2
and otherwise  under this  Agreement,  to sell to the Company those Trust shares
representing interests in Authorized Funds which each Account orders,  executing
such orders on a daily basis at the net asset value next computed  after receipt
by the  Trust or its  designee  of the order for the  shares of the  Trust.  For
purposes of this  Section 1. 1, the Company  shall be the  designee of the Trust
for receipt of such orders from each Account and receipt by such designee  shall
constitute receipt by the Trust; provided that the Trust receives notice of such
order by 9:30 a.m.  Eastern time on the next following  Business Day.  "Business
Day" shall mean any day on which the New York Stock Exchange is open for trading
and on which the Trust  calculates  its net asset value pursuant to the rules of
the Securities and Exchange  Commission.  The initial  Authorized  Funds are set
forth in Schedule B, as such schedule is amended from time to time.

     1.2 The Trust agrees to make its shares available indefinitely for purchase
at the  applicable  net asset value per share by the Company and its Accounts on
those days on which the Trust  calculates  its net asset value pursuant to rules
of the  Securities  and Exchange  Commission  and the Trust shall use reasonable
efforts  to  calculate  such net  asset  value on each day on which the New York
Stock Exchange is open for trading.  Notwithstanding the foregoing, the Trustees
of the Trust  (the  "Trustees")  may  refuse  to sell  shares of any Fund to the
Company or any other  person,  or suspend or terminate the offering of shares of
any Fund if such action is required by law or by regulatory  authorities  having
jurisdiction  over the Trust or if the  Trustees  determine,  in the exercise of
their fiduciary  responsibilities,  that to do so would be in the best interests
of shareholders.

     1.3 The Trust and the Underwriter agree that shares of the Trust will
  be sold only to Participating Insurance Companies and their separate accounts.
  No shares of any Fund will be sold to the general public.

     1.4 The Trust shall redeem its shares in  accordance  with the terms of its
then current prospectus.  For purposes of this Section 1.4, the Company shall be
the  designee  of the Trust for  receipt of requests  for  redemption  from each
Account  and receipt by such  designee  shall  constitute  receipt by the Trust;
provided that the Trust  receives  notice of such request for redemption by 9:30
a.m., Eastern time, on the next following Business Day.

     1.5 The Company shall  purchase and redeem the shares of  Authorized  Funds
offered  by the then  current  prospectus  of the Trust in  accordance  with the
provisions of such prospectus.

     1.6 The Company  shall pay for Trust shares on the next  Business Day after
an order to purchase  Trust shares is made in accordance  with the provisions of
Section 1.1 hereof. Payment shall be in federal funds transmitted by wire.

     1.7 Issuance and transfer of the Trust's shares will be by book entry only.
Share  certificates  will not be issued to the  Company or any  Account.  Shares
ordered  from the Trust will be  recorded  as  instructed  by the Company to the
Underwriter  in an  appropriate  title  for  each  Account  or  the  appropriate
sub-account of each Account.

     1.8 The  Underwriter  shall  furnish  prompt  notice (by wire or telephone,
followed  by written  confirmation)  to the  Company of the  declaration  of any
income,  dividends or capital gain distributions  payable on the Trust's shares.
The Company hereby elects to receive all such income  dividends and capital gain
distributions  as are  payable on the Fund shares in  additional  shares of that
Fund. The Company  reserves the right to revoke this election and to receive all
such income  dividends and capital gain  distributions  in cash. The Underwriter
shall  notify  the  Company of the number of shares so issued as payment of such
dividends and distributions.

     1.9 The Underwriter  shall make the net asset value per share for each Fund
available to the Company on a daily basis as soon as reasonably  practical after
the Trust calculates its net asset value per share and each of the Trust and the
Underwriter  shall use its best  efforts to make such net asset  value per share
available by 7:00 p.m. Eastern time.

                   ARTICLE II. Representations and Warranties

     2.1 The Company represents and warrants that

     (a) at all times during the term of this  Agreement  the  Contracts  are or
will be registered  under the 1933 Act; the Contracts will be issued and sold in
compliance in all material respects with all applicable laws and the sale of the
Contracts shall comply in all material respects with state insurance suitability
requirements.  The  Company  further  represents  and  warrants  that  it  is an
insurance  company duly organized and in good standing under  applicable law and
that it has legally and validly  established  each Account prior to any issuance
or sale thereof as a separate  account under  applicable  law and has registered
or, prior to any issuance or sale of the  Contracts,  will register each Account
as a unit investment  trust in accordance with the provisions of the 1940 Act to
serve as a segregated investment account for the Contracts; and

     (b) the  Contracts  are  currently  treated as  endowment,  annuity or life
insurance contracts, under applicable provisions of the Internal Revenue Code of
1986,  as amended (the  "Code"),  and that it will make every effort to maintain
such treatment and that it will notify the Trust and the Underwriter immediately
upon having a reasonable  basis for believing  that the Contracts have ceased to
be so treated or that they might not be so treated in the future.

     2.2 The Trust  and,  as to the  matters  in  Section  2.2(b),  the  Advisor
represent and warrant that

     (a) at all  times  during  the term of this  Agreement  Trust  shares  sold
pursuant  to this  Agreement  shall  be  registered  under  the 1933  Act,  duly
authorized for issuance and sold by the Trust to the Company in compliance  with
all applicable laws, subject to the terms of Section 2.4 below, and the Trust is
and  shall  remain  registered  under the 1940 Act.  The Trust  shall  amend the
Registration  Statement  for its shares under the 1933 Act and the 1940 Act from
time to time as  required  in order to effect  the  continuous  offering  of its
shares.  The Trust shall  register and qualify the shares for sale in accordance
with the laws of the various  states only if and to the extent deemed  advisable
by the Trust or the  Underwriter  in connection  with their sale by the Trust to
the Company and only as required by Section 2.4;

     (b) the Trust is  currently  qualified  as a Regulated  Investment  Company
under  Subchapter  M of the Code,  and that the Trust and Advisor will use their
best efforts to maintain such qualification (under Subchapter M or any successor
provision)  and that they will  notify the  Company  immediately  upon  having a
reasonable  basis for believing  that the Trust has ceased to so qualify or that
it might not so qualify in the future; and

     (c) the Trust is lawfully  organized and validly existing under the laws of
the  Commonwealth  of  Massachusetts  and that it does and  will  comply  in all
material respects with the 1940 Act.

     2.3 The  Underwriter  represents  and warrants  that it is a member in good
standing of the NASD and is  registered  as a  broker-dealer  with the SEC.  The
Underwriter further represents that it will sell and distribute the Trust shares
in accordance with all applicable  securities  laws applicable to it,  including
without limitation the 1933 Act, the 1934 Act, and the 1940 Act.

     2.4 Notwithstanding any other provision of this Agreement,  the Trust shall
be responsible for the registration and  qualification of the Trust's shares and
of the Trust itself under the laws of any  jurisdiction  only in connection with
the sales of shares directly to the Company through the  Underwriter.  The Trust
shall not be responsible,  and the Company shall take full  responsibility,  for
determining any jurisdiction in which any qualification or registration of Trust
shares or the Trust by the Trust may be required in connection  with the sale of
the  Contracts  or the  indirect  interest of any  Contract in any shares of the
Trust and  advising  the  Trust  thereof  at such time and in such  manner as is
necessary to permit the Trust to comply.

     2.5 The  Trust  make no  representation  as to  whether  any  aspect of its
operations  (including,  but not limited to, fees and  expenses  and  investment
policies) complies with the insurance laws or regulations of the various states.

<PAGE>

              ARTICLE II. Prospectuses and Proxy Statements; Voting

     3.1 The Trust shall provide such  documentation  (including a  camera-ready
copy of its prospectus) and other assistance as is reasonably necessary in order
for the Company once each year (or more  frequently  if the  prospectus  for the
Trust is  amended)  to have the  prospectus  for the  Contracts  and the Trust's
prospectus printed together in one or more documents (such printing to be at the
Company's expense).

     3.2 The Trust's  Prospectus  shall state that the  Statement of  Additional
Information  for the Trust is available from the Underwriter or its designee (or
in the Trust's  discretion,  the  Prospectus  shall state that such Statement is
available from the Trust),  and the Underwriter (or the Trust),  at its expense,
shall print and provide such  Statement free of charge to the Company and to any
owner of a Contract or prospective owner who requests such Statement.

     3.3 The Trust, at its expense, shall provide the Company with copies of its
reports to shareholders, proxy material and other communications to shareholders
in such quantity as the Company shall reasonably require for distribution to the
Contract owners, such distribution to be at the expense of the Company.

     3.4 The  Company  shall vote all Trust  shares as  required  by law and the
Shared Funding  Exemptive  Order.  The Company  reserves the right to vote Trust
shares held in any separate account in its own right, to the extent permitted by
law and the Shared Funding Exemptive Order. The Company shall be responsible for
assuring  that  each  of  its  separate  accounts  participating  in  the  Trust
calculates voting privileges in a manner consistent with all legal  requirements
and the Shared Funding Exemptive Order.

     3.5 The Trust will comply with all  applicable  provisions  of the 1940 Act
requiring  voting by  shareholders,  and in  particular  the Trust  will  either
provide  for  annual  meetings  or  comply  with  Section  16(c) of the 1940 Act
(although the Trust is not one of the trusts  described in Section 16(c) of that
Act) as well as with Sections 16(a) and, if and when applicable, 16(b). Further,
the Trust will act in accordance  with the Securities and Exchange  Commission's
interpretation  of the  requirements  of Section  16(a) with respect to periodic
elections of trustees and with whatever rules the Commission may promulgate with
respect thereto.

                   ARTICLE IV. Sales Material and Information

     4.1 Without limiting the scope or effect of Section 4.2 hereof, the Company
shall furnish, or shall cause to be furnished,  to the Underwriter each piece of
sales literature or other promotional  material (as defined  hereafter) in which
the Trust,  its investment  adviser or the Underwriter is named at least 15 days
prior to its use. No such material shall be used if the  Underwriter  objects to
such use within five Business Days after receipt of such material.

     4.2 The Company shall not give any information or make any  representations
or statements on behalf of the Trust or concerning the Trust in connection  with
the  sale  of the  Contracts  other  than  the  information  or  representations
contained in the registration  statement or prospectus for the Trust shares,  as
such  registration  statement and prospectus may be amended or supplemented from
time to time, or in annual or  semi-annual  reports or proxy  statements for the
Trust,  or in sales  literature or other  promotional  material  approved by the
Trust or its designee or by the Underwriter,  except with the written permission
of the Trust or the  Underwriter  or the designee of either or as is required by
law.

     4.3 The  Underwriter or its designee  shall  furnish,  or shall cause to be
furnished,  to the Company or its  designee,  each piece of sales  literature or
other  promotional  material  prepared by the  Underwriter  in which the Company
and/or its  separate  account(s)  is named at least 15 days prior to its use. No
such material  shall be used if the Company or its designee  objects to such use
within five Business Days after receipt of such material.

     4.4 Neither the Trust nor the  Underwriter  shall give any  information  or
make any  representations  on behalf of the Company or  concerning  the Company,
each Account,  or the Contracts  other than the  information or  representations
contained in a registration  statement or prospectus for the Contracts,  as such
registration  statement and prospectus may be amended or supplemented  from time
to time, or in published reports for each Account which are in the public domain
or  approved by the Company for  distribution  to Contract  owners,  or in sales
literature  or  other  promotional  material  approved  by  the  Company  or its
designee, except with the written permission of the Company or as is required by
law.

     4.5 For purposes of this Article IV, the phrase "sales literature or other
promotional material" includes, but is not limited to, advertisements (such as
material published, or designed for use in, a newspaper, magazine, or other
periodical, radio, television, telephone or tape recording, videotape display,
signs or billboards, motion pictures, or other public media), sales literature
(i.e. any written communication distributed or made generally available to
customers or the public, including brochures, circulars, research reports,
market letters, form letters, seminar texts, reprints or excerpts of any other
advertisement, sales literature, or published article), educational or training
materials or other communications distributed or made generally available to
some or all registered representatives.

                          ARTICLE V. Fees and Expenses

     5.1 Except as provided in Article VI, the Trust and  Underwriter  shall pay
no fee or other compensation to the Company under this agreement.

     5.2 All expenses  incident to performance by the Trust under this Agreement
shall be paid by the Trust.  The Trust shall bear the  expenses  for the cost of
registration and qualification of the Trust's shares,  preparation and filing of
the Trust's prospectus and registration statement,  proxy materials and reports,
setting the  prospectus  and  shareholder  reports in type,  setting in type and
printing the proxy materials,  and the preparation of all statements and notices
required  by any  federal  or  state  law,  in each  case as may  reasonably  be
necessary for the performance by it of its obligations under this Agreement.

     5.3 The Company  shall bear the expenses of (a)  printing and  distributing
the  Trust's  prospectus  in  connection  with  sales of the  Contracts  and (b)
distributing  the reports to Trust's  Shareholders  and (c) of distributing  the
Trust's proxy materials to owners of the Contracts.

                            Article VI. Service Fees

     6.1 So long as the Company  complies with its  obligations  in this Article
VI, the underwriter  shall pay such Company a service fee (the "Service Fee") on
shares of the Funds  held in the  Accounts  at the  annual  rates  specified  in
Schedule B (excluding  any accounts for the Company's  own corporate  retirement
plans), subject to Section 6.2 hereof.

     6.2 The Company  understands  and agrees that all Service Fee  payments are
subject to the limitations contained in each Fund's Distribution Plan, which may
be varied or  discontinued  at any time and  hereby  waives the right to receive
such  service fee  payments  with  respect to the Fund if the Fund ceases to pay
12b-1 fees to the Underwriter.

     6.3 (a) The Company's failure to provide the services  described in Section
6.4 or  otherwise  comply  with  the  terms of this  Agreement  will  render  it
ineligible to receive Service Fees; and

                  (b) The Underwriter may, without the consent of the Company,
amend this Article VI to change the terms of the Service Fee payments with prior
written notice to the Company so long as such change applies generally to all
parties receiving Service Fees with respect to the Trust.

     6.4 The Company will provide the following  services to the Contract Owners
purchasing Fund shares:

     (i)  Maintaining  regular  contact with  Contract  owners and  assisting in
answering inquiries concerning the Funds;

     (ii)   Assisting  in  printing  and   distributing   shareholder   reports,
prospectuses and other sale and service literature provided by the Underwriter;

     (iii) Assisting the Underwriter and its affiliates in the establishment and
maintenance of shareholder accounts and records;

     (iv) Assisting Contract owners in effecting administrative changes, such as
exchanging shares in or out of the Funds;

     (v)   Assisting  in   processing   purchasing   purchase   and   redemption
transactions; and

     (vi) Providing any other  information or services as the Contract owners or
the Underwriter may reasonably request.

     The Company will support the  Underwriter's  marketing  efforts by granting
reasonable  requests for visits to the Company's offices by  representatives  of
the Underwriter.

     6.5 The Company's compliance with the service requirement set forth in this
Agreement will be evaluated from time to time by monitoring redemption levels of
Fund shares held in any  Account  and by such other  methods as the  Underwriter
deems appropriate.

     6.6 The  provisions  of this Article VI shall remain in effect for not more
than one year from the date hereof and thereafter for successive  annual periods
only so long as such  continuance is specifically  approved at least annually by
the Trustees in conformity with Rule 12b-1.  This Agreement shall  automatically
terminate  in the event of its  assignment  (as  defined  by the 1940  Act).  In
addition,  this Article VI may be terminated at any time, without the payment of
any penalty,  with respect to any Fund or the Trust as a whole by any party upon
written notice delivered or mailed by registered mail,  postage prepaid,  to the
other  party,  or , as provided in Rule 12b-1 under the 1940 Act by the Trustees
or by the vote of the holders of the outstanding voting securities of any Fund.

     6.7 The  Underwriter  shall provide the Trustees of each of the Funds,  and
such Trustees shall review at least  quarterly,  a written report of the amounts
paid to the  Company  under  this  Article  VI and the  purposes  for which such
expenditures were made.

                          ARTICLE VII. Diversification

     7.1 The Trust and the Advisor shall each use its best efforts to cause each
each Authorized Fund to  maintaindiversified  pool of investments that would, if
such  Fund  were  a  segregated  asset  account,   satisfy  the  diversification
provisions of Treas. Reg. ss.1.817-5(b)(1) or (2).

                        ARTICLE VIII. Potential Conflicts

     8.1 The Trustees will monitor the Trust for the existence of any material
irreconcilable conflict between the interests of the contract owners of all
separate accounts investing in the Trust. A material irreconcilable conflict may
arise for a variety of reasons, including: (a) an action by any state insurance
regulatory authority; (b) a change in applicable federal or state insurance,
tax, or securities law or regulations, or a public ruling, private letter
ruling, no-action or interpretative letter, or any similar action by insurance,
tax, or securities regulatory authorities; (c) an administrative or judicial
decision in any relevant proceeding; (d) the manner in which the investments of
any Fund are being managed; (e) a difference in voting instructions given by
variable annuity contract and variable life insurance contract owners; or (f) a
decision by an insurer to disregard the voting instructions of contract owners.
The Trust shall promptly inform the Company if the Trustees determine that a
material irreconcilable conflict exists and the implications thereof.

     8.2 The Company will report any potential or existing conflicts of which it
is aware to the  Trustees.  The Company will assist the Trustees in carrying out
their  responsibilities  under the Shared Funding  Exemptive Order, by providing
the  Trustees  with all  information  reasonably  necessary  for the Trustees to
consider any issues raised. This includes,  but is not limited to, an obligation
by  the  Company  to  inform  the  Trustees   whenever   Contract  owner  voting
instructions are disregarded.

     8.3 If it is determined by a majority of the Trustees, or a majority of the
disinterested  Trustees,  that a material  irreconcilable  conflict exists,  the
Company shall to the extent reasonably  practicable (as determined by a majority
of the disinterested Trustees),  take, at the Company's expense,  whatever steps
are necessary to remedy or eliminate the material irreconcilable conflict, up to
and  including:  (1)  withdrawing  the  assets  allocable  to some or all of the
separate  accounts from the Trust or any Fund and  reinvesting  such assets in a
different investment medium,  including (but not limited to) another Fund of the
Trust, or submitting the question whether such segregation should be implemented
to a vote of all affected  contract owners and, as appropriate,  segregating the
assets of any appropriate group (i.e.,  annuity contract owners,  life insurance
contract  owners,  or  variable  contract  owners  of one or more  Participating
Insurance Companies) that votes in favor of such segregation, or offering to the
affected  contract  owners  the  option  of  making  such  a  change;   and  (2)
establishing a new registered  management investment company or managed separate
account.

     8.4 If a material  irreconcilable  conflict arises because of a decision by
the Company to disregard  Contract owner voting  instructions  and that decision
represents a minority  position or would  preclude a majority  vote, the Company
may be required,  at the Trust's  election,  to withdraw the affected  Account's
investment in one or more  portfolios of the Trust and terminate  this Agreement
with  respect to such  Account;  provided,  however,  that such  withdrawal  and
termination  shall be limited to the extent  required by the foregoing  material
irreconcilable  conflict  as  determined  by a  majority  of  the  disinterested
Trustees.  No charge or penalty shall be imposed as a result of such withdrawal.
Any such withdrawal and termination  must take place within six (6) months after
the Trust gives written  notice that this  provision is being  implemented,  and
until the end of that six month period the  Underwriter  and Trust shall, to the
extent  permitted  by law and any  exemptive  relief  previously  granted to the
Trust,  continue to accept and implement  orders by the Company for the purchase
(or redemption) of shares of the Trust.

     8.5 If a material  irreconcilable  conflict  arises because of a particular
state  insurance  regulator's  decision  applicable  to the Company to disregard
Contract  owner  voting  instructions  and that  decision  represents a minority
position that would preclude a majority vote,  then the Company may be required,
at the Trust's direction,  to withdraw the affected Account's  investment in one
or more Authorized Funds of the Trust;  provided,  however, that such withdrawal
and  termination  shall be  limited  to the  extent  required  by the  foregoing
material   irreconcilable   conflict  as   determined   by  a  majority  of  the
disinterested  Trustees.  Any such  withdrawal and  termination  must take place
within six (6) months after the Trust gives written  notice that this  provision
is being implemented,  unless a shorter period is required by law, and until the
end of the  foregoing  six month period (or such  shorter  period if required by
law), the Underwriter  and Trust shall,  to the extent  permitted by law and any
exemptive  relief  previously  granted  to the  Trust,  continue  to accept  and
implement  orders by the Company for the purchase (and  redemption) of shares of
the Trust. No charge or penalty will be imposed as a result of such withdrawal.

     8.6 For purposes of Sections 8.3 through 8.6 of this Agreement,  a majority
of the  disinterested  Trustees  shall  determine  whether any  proposed  action
adequately remedies any material irreconcilable conflict.  Neither the Trust nor
the  Underwriter  shall be  required to  establish a new funding  medium for the
Contracts,  nor shall the Company be required to do so, if an offer to do so has
been  declined  by vote of a majority of Contract  owners  materially  adversely
affected by the material irreconcilable conflict. In the event that the Trustees
determine  that any  proposed  action does not  adequately  remedy any  material
irreconcilable conflict, then the Company will withdraw the Account's investment
in one or more Authorized Funds of the Trust and terminate this Agreement within
six  (6)  months  (or  such  shorter  period  as may be  required  by law or any
exemptive relief previously  granted to the Trust) after the Trustees inform the
Company in writing of the foregoing determination;  provided, however, that such
withdrawal and  termination  shall be limited to the extent required by any such
material   irreconcilable   conflict  as   determined   by  a  majority  of  the
disinterested Trustees. No charge or penalty will be imposed as a result of such
withdrawal.

     8.7  The  responsibility  to  take  remedial  action  in the  event  of the
Trustees'  determination of a material  irreconcilable  conflict and to bear the
cost of such remedial  action shall be the  obligation  of the Company,  and the
obligation  of the  Company  set forth in this  Article VII shall be carried out
with a view only to the interests of Contract owners.

     8.8 If and to the extent that Rule 6e-2 and Rule  6e-3(T) are  amended,  or
Rule 6e-3 is adopted, to provide exemptive relief from any provision of the 1940
Act or the rules promulgated  thereunder with respect to mixed or shared funding
(as  defined  in the Shared  Funding  Exemptive  Order) on terms and  conditions
materially different from those contained in the Shared Funding Exemptive Order,
then (a) the Trust and/or the Participating Insurance Companies, as appropriate,
shall take such steps as may be necessary to comply with Rules 6e-2 and 6e-3(T),
as amended,  and Rule 6e-3, as adopted, to the extent such rules are applicable;
and (b) Sections 3.4, 3.5,  8.1, 8.2, 8.3, 8.4 and 8.5 of this  Agreement  shall
continue in effect only to the extent  that terms and  conditions  substantially
identical  to such  Sections  are  contained  in such  Rule(s)  as so amended or
adopted.  8.9 The Company has reviewed the Shared  Funding  Exemption  Order and
hereby  assumes  all  obligations   referred  to  therein  which  are  required,
including,  without limitation,  the obligation to provide reports,  material or
data as the Trustees may request as conditions  to such Order,  to be assumed or
undertaken by the Company.

                           ARTICLE IX. Indemnification

     9.1. Indemnification by the Company

     9.1 (a). The Company  shall  indemnify  and hold  harmless  the Trust,  the
Underwriter and each of the Trustees,  directors of the  Underwriter,  officers,
employees or agents of the Trust or the Underwriter and each person, if any, who
controls  the Trust or the  Underwriter  within the meaning of Section 15 of the
1933 Act (collectively,  the "Indemnified  Parties" for purposes of this Section
9.1) against any and all losses, claims, damages, liabilities (including amounts
paid in settlement with the written consent of the Company which consent may not
be unreasonably  withheld) or litigation  (including  reasonable legal and other
expenses),  to which  the  Indemnified  Parties  may  become  subject  under any
statute, regulation, at common law or otherwise, insofar as such losses, claims,
damages,  liabilities or expenses (or actions in respect thereof) or settlements
are related to the sale or acquisition of the Trust's shares or the Contracts or
the performance by the parties of their obligations hereunder and:

     (i) arise out of or are based upon any untrue  statements or alleged untrue
     statements  of any material  fact  contained in a  Registration  Statement,
     Prospectus  or Statement of  Additional  Information  for the  Contracts or
     contained in the  Contracts or sales  literature  for the Contracts (or any
     amendment or  supplement to any of the  foregoing),  or arise out of or are
     based upon the omission or the alleged omission to state therein a material
     fact  required to be stated  therein or  necessary  to make the  statements
     therein not misleading, provided that this agreement to indemnify shall not
     apply as to any  Indemnified  Party if such  statement  or omission or such
     alleged  statement or omission was made in reliance  upon and in conformity
     with information  furnished to the Company by or on behalf of the Trust for
     use in the  Registration  Statement,  Prospectus or Statement of Additional
     Information  for the Contracts or in the Contracts or sales  literature (or
     any amendment or  supplement)  or otherwise for use in connection  with the
     sale of the Contracts or Trust shares; or

     (ii) arise out of or as a result of written  statements or  representations
     (other  than  statements  or  representations   contained  in  the  Trust's
     Registration  Statement or  Prospectus,  or in sales  literature  for Trust
     shares not  supplied  by the  Company,  or persons  under its  control)  or
     wrongful conduct of the Company or persons under its control,  with respect
     to the sale or distribution of the Contracts or Trust shares; or

     (iii) arise out of any untrue  statement or alleged  untrue  statement of a
     material fact contained in a Registration Statement,  Prospectus,  or sales
     literature of the Trust or any amendment  thereof or supplement  thereto or
     the omission or alleged  omission to state therein a material fact required
     to be stated  therein  or  necessary  to make the  statements  therein  not
     misleading  if such a  statement  or  omission  was made in  reliance  upon
     information  furnished to the Trust or the  Underwriter  by or on behalf of
     the Company; or

     (iv) arise out of or result  from any breach of any  representation  and/or
     warranty  made by the Company in this  Agreement  or arise out of or result
     from any other breach of this  Agreement by the Company,  as limited by and
     in accordance with the provisions of Sections 9.1(b) and 9.1(c) hereof.

     9.1  (b)  The  Company  shall  not be  liable  under  this  indemnification
provision with respect to any losses, claims, damages, liabilities or litigation
incurred or assessed  against an Indemnified  Party to the extent such may arise
from  such  Indemnified  Party's  willful  misfeasance,   bad  faith,  or  gross
negligence in the performance of such Indemnified Party's duties or by reason of
such Indemnified  Party's reckless disregard of obligations or duties under this
Agreement or to the Trust, whichever is applicable.

     9.1  (c)  The  Company  shall  not be  liable  under  this  indemnification
provision  with  respect to any claim made against an  Indemnified  Party unless
such  Indemnified  Party shall have  notified  the  Company in writing  within a
reasonable   time  after  the  summons  or  other  first  legal  process  giving
information  of the  nature  of the  claim  shall  have  been  served  upon such
Indemnified Party (or after such Indemnified Party shall have received notice of
such service on any  designated  agent),  on the basis of which the  Indemnified
Party should  reasonably  know of the  availability  of  indemnity  hereunder in
respect of such claim but  failure to notify the Company of any such claim shall
not relieve the Company from any liability  which it may have to the Indemnified
Party  against  whom such  action is brought  otherwise  than on account of this
indemnification  provision.  In case any such  action  is  brought  against  the
Indemnified  Parties,  the Company shall be entitled to participate,  at its own
expense,  in the defense of such  action.  The Company also shall be entitled to
assume the defense thereof,  with counsel  satisfactory to the Indemnified Party
named in the action.  After notice from the Company to such Indemnified Party of
the Company's election to assume the defense thereof the Indemnified Party shall
bear the fees and  expenses of any  additional  counsel  retained by it, and the
Company will not be liable to such  Indemnified  Party under this  Agreement for
any legal or other  expenses  subsequently  incurred by such  Indemnified  Party
independently in connection with the defense thereof other than reasonable costs
of investigation.

     9.1  (d)  The  Underwriter   shall  promptly  notify  the  Company  of  the
commencement  of  any  litigation  or  proceedings  against  the  Trust  or  the
Underwriter  in connection  with the issuance or sale of the Trust Shares or the
Contracts or the operation of the Trust.

     9. 1 (e) The  provisions of this Section 9.1 shall survive any  termination
of this Agreement.

     9.2 Indemnification by the Underwriter

     9.2 (a) The  Underwriter  shall indemnify and hold harmless the Company and
each person,  if any, who controls the Company  within the meaning of Section 15
of the 1933 Act and any  director,  officer,  employee or agent of the foregoing
(collectively,  the  "Indemnified  Parties"  for  purposes of this  Section 9.2)
against any and all losses, claims, damages, liabilities (including amounts paid
in settlement with the written consent of the Underwriter  which consent may not
be unreasonably  withheld) or litigation  (including  reasonable legal and other
expenses) to which the Indemnified Parties may become subject under any statute,
at common law or otherwise, insofar as such losses, claims, damages, liabilities
or expenses (or actions in respect  thereof) or  settlements  are related to the
sale or acquisition of the Trust's shares or the Contracts or the performance by
the parties of their obligations hereunder and:

     (i) arise out of or are based upon any untrue  statement or alleged  untrue
     statement of any material  fact  contained in the sales  literature  of the
     Trust prepared by or approved by the Trust or Underwriter (or any amendment
     or supplement to any of the  foregoing),  or arise out of or are based upon
     the  omission or the  alleged  omission  to state  therein a material  fact
     required to be stated therein or necessary to make the  statements  therein
     not  misleading,  provided that this agreement to indemnify shall not apply
     as to any  Indemnified  Party if such statement or omission or such alleged
     statement  or omission  was made in reliance  upon and in  conformity  with
     information  furnished to the  Underwriter  or Trust by or on behalf of the
     Company for use in sales  literature  (or any amendment or  supplement)  or
     otherwise  for use in  connection  with the sale of the  Contracts or Trust
     shares; or

     (ii) arise out of or as a result of written  statements or  representations
     (other than  statements or  representations  contained in the  Registration
     Statement,   Prospectus,  Statement  of  Additional  Information  or  sales
     literature  for the  Contracts not supplied by the  Underwriter  or persons
     under its control) of the  Underwriter  or persons under its control,  with
     respect to the sale or distribution of the Contracts or Trust shares; or

     (iii) arise out of any untrue  statement or alleged  untrue  statement of a
     material fact contained in a Registration Statement,  Prospectus, Statement
     of Additional  Information or sales literature  covering the Contracts,  or
     any  amendment  thereof or supplement  thereto,  or the omission or alleged
     omission to state therein a material fact required to be stated  therein or
     necessary to make the statement or statements  therein not  misleading,  if
     such statement or omission was made in reliance upon information  furnished
     to the Company by or on behalf of the Underwriter; or

     (iv) arise out of or result  from any breach of any  representation  and/or
     warranty  made by the  Underwriter  in this  Agreement  or arise  out of or
     result  from any other  breach of this  Agreement  by the  Underwriter;  as
     limited by and in accordance  with the  provisions  of Sections  9.2(b) and
     9.2(c) hereof.

     9.2 (b) The  Underwriter  shall not be liable  under  this  indemnification
provision with respect to any losses, claims, damages, liabilities or litigation
incurred or assessed  against an  Indemnified  Party as such may arise from such
Indemnified Party's willful  misfeasance,  bad faith, or gross negligence in the
performance of such Indemnified  Party's duties or by reason of such Indemnified
Party's reckless  disregard of obligations and duties under this Agreement or to
each Company or the Account, whichever is applicable.

     9.2 (c) The  Underwriter  shall not be liable  under  this  indemnification
provision  with  respect to any claim made against an  Indemnified  Party unless
such  Indemnified  Party shall have notified the Underwriter in writing within a
reasonable   time  after  the  summons  or  other  first  legal  process  giving
information  of the  nature  of the  claim  shall  have  been  served  upon such
Indemnified Party (or after such Indemnified Party shall have received notice of
such  service  on any  designated  agent) on the basis of which the  Indemnified
Party should  reasonably  know of the  availability  of  indemnity  hereunder in
respect of such claim,  but failure to notify the  Underwriter of any such claim
shall not relieve the  Underwriter  from any liability  which it may have to the
Indemnified  Party against whom such action is brought otherwise than on account
of this  indemnification  provision.  In case any such action is brought against
the Indemnified Parties, the Underwriter will be entitled to participate, at its
own expense,  in the defense thereof.  The Underwriter also shall be entitled to
assume the defense thereof,  with counsel  satisfactory to the Indemnified Party
named in the action. After notice from the Underwriter to such Indemnified Party
of the  Underwriter's  election to assume the defense  thereof,  the Indemnified
Party shall bear the fees and expenses of any additional counsel retained by it,
and the  Underwriter  will not be liable to such  Indemnified  Party  under this
Agreement  for  any  legal  or  other  expenses  subsequently  incurred  by such
Indemnified  Party  independently  in connection  with the defense thereof other
than reasonable costs of investigation.

     9.2 (d) The Company shall promptly  notify the  Underwriter of the Trust of
the  commencement  of any  litigation  or  proceedings  against it or any of its
officers or directors,  in connection with the issuance or sale of the Contracts
or the operation of each Account.

     9.2 (e) The provisions of this Section 9.2 shall survive any termination of
this Agreement.

     9.3 Indemnification by the Trust and Advisor

     9.3 (a) The Trust shall  indemnify and hold harmless the Company,  and each
person, if any, who controls the Company within the meaning of Section 15 of the
1933  Act  and  any  director,  officer,  employee  or  agent  of the  foregoing
(collectively,  the  "Indemnified  Parties"  for  purposes of this  Section 9.3)
against any and all losses, claims, damages, liabilities (including amounts paid
in  settlement  with the written  consent of the Trust which  consent may not be
unreasonably  withheld)  or  litigation  (including  reasonable  legal and other
expenses) to which the Indemnified Parties may become subject under any statute,
at common law or otherwise, insofar as such losses, claims, damages, liabilities
or expenses (or actions in respect  thereof) or  settlements  are related to the
operations of the Trust and:

     (i) arise out of or are based upon any untrue  statement or alleged  untrue
     statement  of any material  fact  contained  in a  Registration  Statement,
     Prospectus  and  Statement of Additional  Information  of the Trust (or any
     amendment or  supplement to any of the  foregoing),  or arise out of or are
     based upon the omission or the alleged omission to state therein a material
     fact  required to be stated  therein or  necessary  to make the  statements
     therein not misleading, provided that this agreement to indemnify shall not
     apply as to any  Indemnified  Party if such  statement  or omission or such
     alleged  statement or omission was made in reliance  upon and in conformity
     with  information  furnished to the Underwriter or Trust by or on behalf of
     the Company for use in the Registration Statement, Prospectus, or Statement
     of Additional Information for the Trust (or any amendment or supplement) or
     otherwise  for use in  connection  with the sale of the  Contracts or Trust
     shares; or

     (ii) arise out of or result from any material breach of any  representation
     and/or  warranty  made by the  Trust in this  Agreement  or arise out of or
     result from any other material  breach of this  Agreement by the Trust,  as
     limited by and in accordance  with the  provisions  of Sections  9.3(b) and
     9.3(c) hereof.

     9.3 (b) The Trust shall not be liable under the  indemnification  provision
with respect to any losses, claims, damages,  liabilities or litigation incurred
or assessed against an Indemnified Party as such may arise from such Indemnified
Party's willful misfeasance, bad faith, or gross negligence or by reason of such
Indemnified  Party's  reckless  disregard of  obligations  and duties under this
Agreement or to the Company,  the Advisor,  the Trust,  the  Underwriter or each
Account, whichever is applicable.

     9.3 (c) The Trust shall not be liable under this indemnification  provision
with  respect  to any claim made  against  any  Indemnified  Party  unless  such
Indemnified  Party shall have notified the Trust in writing  within a reasonable
time after the summons or other first legal process  giving  information  of the
nature of the claim shall have been served upon such Indemnified Party (or after
such  Indemnified  Party  shall  have  received  notice of such  service  on any
designated  agent) on the basis of which the Indemnified Party should reasonably
know of the  availability of indemnity  hereunder in respect of such claim,  but
failure to notify the Trust of any such claim  shall not  relieve the Trust from
any  liability  which it may have to the  Indemnified  Party  against  whom such
action is brought otherwise than on account of this  indemnification  provision.
In case any such action is brought  against the Indemnified  Parties,  the Trust
will be entitled to participate, at its own expense, in the defense thereof. The
Trust also  shall be  entitled  to assume  the  defense  thereof,  with  counsel
reasonably  satisfactory  to the  Indemnified  Party named in the action.  After
notice  from the Trust to such  Indemnified  Party of the  Trust's  election  to
assume  the  defense  thereof,  the  Indemnified  Party  shall bear the fees and
expenses  of any  additional  counsel  retained by it, and the Trust will not be
liable to such  Indemnified  Party under this  Agreement  for any legal or other
expenses  subsequently  incurred  by such  Indemnified  Party  independently  in
connection   with  the  defense   thereof   other  than   reasonable   costs  of
investigation.

     9.3 (d) The Company agrees promptly to notify the Trust of the commencement
of  any  litigation  or  proceedings  against  it or any  of  its  officers  or,
directors,  in  connection  with this  Agreement,  the  issuance  or sale of the
Contracts or the sale or acquisition of shares of the Trust.

     9.3 (e) The provisions of this Section 9.3 shall survive any termination of
this Agreement.

                            ARTICLE X. Applicable Law

     10.1  This  Agreement   shall  be  construed  and  the  provisions   hereof
interpreted  under  and in  accordance  with  the  laws of the  Commonwealth  of
Massachusetts.

     10.2 This Agreement  shall be subject to the  provisions of the 1933,  1934
and 1940 acts, and the rules and regulations and rulings  thereunder,  including
such exemptions from those statutes, rules and regulations as the Securities and
Exchange Commission may grant (including, but not limited to, the Shared Funding
Exemptive  Order) and the terms hereof  shall be  interpreted  and  construed in
accordance therewith.

                             ARTICLE XI. Termination

     11.1.This Agreement shall terminate:

     (a) at the option of any party upon 90 days advance  written  notice to the
other parties; or

     (b) at the option of the Trust or the  Underwriter in the event that formal
administrative  proceedings are instituted  against the Company by the NASD, the
Securities and Exchange  Commission,  any State  Insurance  Commissioner  or any
other  regulatory  body  regarding the Company's  duties under this Agreement or
related to the sales of the  Contracts,  with  respect to the  operation  of any
Account, or the purchase of the Trust shares, provided,  however, that the Trust
or the Underwriter determines in its sole judgment exercised in good faith, that
any such administrative proceedings will have a material adverse effect upon the
ability of the Company to perform its obligations under this Agreement; or

     (c) at the option of the  Company in the event that  formal  administrative
proceedings  are instituted  against the Trust,  or Underwriter by the NASD, the
Securities  and  Exchange  Commission,  or any  state  securities  or  insurance
department or any other  regulatory body in respect of the sale of shares of the
Trust to the Company, provided, however, that the Company determines in its sole
judgment exercised in good faith, that any such administrative  proceedings will
have a material  adverse  effect upon the ability of the Trust or Underwriter to
perform its obligations under this Agreement; or

     (d) with respect to any Account, upon requisite vote of the Contract owners
having an interest in such Account (or any  subaccount) to substitute the shares
of another  investment company for the corresponding Fund shares of the Trust in
accordance  with the terms of the Contracts for which those Fund shares had been
selected to serve as the underlying  investment  media. The Company will give 30
days'  prior  written  notice to the Trust of the date of any  proposed  vote to
replace the Trust's shares; or

     (e) with  respect to any  Authorized  Fund,  upon 30 days  advance  written
notice from the  Underwriter to the Company,  upon a decision by the Underwriter
to cease offering shares of the Fund for sale.

     11.2.  It is  understood  and agreed that the right of any party  hereto to
terminate this  Agreement  pursuant to Section 11.1 (a) may be exercised for any
reason or for no reason.

     11.3 No termination of this Agreement  shall be effective  unless and until
the party  terminating  this  Agreement  gives prior written notice to all other
parties to this  Agreement  of its intent to  terminate,  which notice shall set
forth the basis for such  termination.  Such prior written notice shall be given
in advance of the effective date of termination as required by this Article XI.

     11.4 Notwithstanding any termination of this Agreement,  subject to Section
1.2 of this Agreement, the Trust and the Underwriter shall, at the option of the
Company,  continue to make available  additional shares of the Trust pursuant to
the terms and conditions of this  Agreement,  for all Contracts in effect on the
effective  date of termination  of this  Agreement  (hereinafter  referred to as
"Existing Contracts").  Specifically, without limitation, subject to Section 1.2
of this  Agreement,  the owners of the Existing  Contracts shall be permitted to
reallocate  investments  in the Trust,  redeem  investments  in the Trust and/or
invest in the Trust upon the making of additional  purchase  payments  under the
Existing Contracts.  The parties agree that this Section 11.4 shall not apply to
any  termination  under  Article  VIII  and  the  effect  of such  Article  VIII
termination shall be governed by Article VIII of this Agreement.

     11.5  The  Company  shall  not  redeem  Trust  shares  attributable  to the
Contracts (as opposed to Trust shares  attributable to the Company's assets held
in either Account) except (i) as necessary to implement Contract owner initiated
transactions, or (ii) as required by state and/or federal laws or regulations or
judicial or other legal precedent of general application  (hereinafter  referred
to as a "Legally required Redemption").  Upon request, the Company will promptly
furnish to the Trust and the  Underwriter an opinion of counsel for the Company,
reasonably satisfactory to the Trust, to the effect that any redemption pursuant
to clause (ii) above is a Legally Required  Redemption.  Furthermore,  except in
cases where permitted  under the terms of the Contracts,  subject to Section 1.2
of this Agreement, the Company shall not prevent Contract owners from allocating
payments to an Authorized Fund that was otherwise  available under the Contracts
without  first  giving  the  Trust  or the  Underwriter  90 days  notice  of its
intention to do so.

                              ARTICLE XII. Notices

     Any notice shall be sufficiently given when sent by registered or certified
mail to the other  party at the address of such party set forth below or at such
other  address  as such  party may from time to time  specify  in writing to the
other party.

If to the Trust:

         One Post Office Square
         Boston, MA 02109
         Attention: John R. Verani

If to the Underwriter:

         One Post Office Square
         Boston, MA 02109
         Attention: General Counsel

If to the Company:

         1475 Dunwoody Drive
         West Chester, PA 19380
         Attention: Myles R. Tashman

                           ARTICLE XIII. Miscellaneous

     13.1 A copy of the  Agreement and  Declaration  of Trust of the Trust is on
file with the  Secretary  of State of the  Commonwealth  of  Massachusetts,  and
notice is  hereby  given  that  this  instrument  is  executed  on behalf of the
Trustees of the Trust as Trustees and not  individually and that the obligations
of or arising out of this instrument,  including without limitation Article VII,
are not  binding  upon any of the  Trustees  or  shareholders  individually  but
binding only upon the assets and property of the Trust.

     13.2 The  captions  in this  Agreement  are  included  for  convenience  of
reference only and in no way define or delineate any of the provisions hereof or
otherwise affect their construction or effect.

     13.3  This  Agreement  may  be  executed  simultaneously  in  two  or  more
counterparts,  each of which taken  together  shall  constitute one and the same
instrument.

     13.4 If any provision of this Agreement  shall be held or made invalid by a
court decision, statute, rule or otherwise, the remainder of the Agreement shall
not be affected thereby.

     13.5 Each  party  hereto  shall  cooperate  with each  other  party and all
appropriate   governmental   authorities   (including   without  limitation  the
Securities and Exchange Commission, the NASD and state insurance regulators) and
shall  pertmit such  authorities  reasonable  access to its books and records in
connection with any  investigation  or inquiry relating to this Agreement or the
transactions contemplated hereby.

     13.6 The rights,  remedies and obligations  contained in this Agreement are
cumulative and are in addition to any and all rights,  remedies and obligations,
at law or in equity,  which the parties  hereto are  entitled to under state and
federal laws.

     13.7 Notwithstanding any other provision of this Agreement, the obligations
of the Trust and the  Underwriter are several and,  without  limiting in any way
the generality of the foregoing, neither such party shall have any liability for
any action or failure to act by the other  party,  or any person  acting on such
other party's behalf.

     IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to
be executed in its name and on its behalf by its duly authorized  representative
and its seal to be hereunder affixed hereto as of the date specified below.

                                       GOLDEN AMERICAN LIFE INSURANCE COMPANY

                                        /s/ Myles Tashman
                                       ______________________________________
                                       Name:  Myles Tashman
                                       Title: Executive Vice President

                                       PUTNAM VARIABLE TRUST
                                       By its authorized officer,

                                        /s/ John R. Verani
                                       ______________________________________
                                       Name:  John R. Verani
                                       Title: Vice President

                                       PUTNAM RETAIL MANAGEMENT, L.C..
                                       By its authorized officer,

                                        /s/ Eric S. Levy
                                       ______________________________________
                                       Name:  Eric S. Levy
                                       Title: Senior Vice President

                                   SCHEDULE A

                                Separate Account

                       Golden American Separate Account B

                                   SCHEDULE B

                                Authorized Funds

      Putnam VT Growth and Income Fund  (Class IB)
      Putnam VT International Growth and Income Fund (Class IB)

       Putnam VT Voyager Fund II Portfolio (Class IB)

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