Common use of CHANGE IN REPRESENTATIVE'S STATUS Clause in Contracts

CHANGE IN REPRESENTATIVE'S STATUS. Broker-Dealer agrees that in the event a Representative ceases to be an associated person of Broker-Dealer or ceases to be validly licensed or registered, Broker- Dealer shall not receive any compensation based on any Variable Contract, its values or on premiums or purchase payments thereafter received by ReliaStar Bankers Security Life Insurance Company and/or WSSI from such former Representative's customers. Provided, however, if within 60 days after such Representative ceases to be a representative of Broker-Dealer, Broker-Dealer designates another registered representative of Broker-Dealer to service the former Representative's business, the compensation not paid shall be payable to Broker-Dealer. If an assigned Representative's replacement is not designated within such 60 day period, Broker-Dealer may not thereafter designate a replacement Representative for such Variable contracts and shall not be entitled to such compensation.

CHANGE IN REPRESENTATIVE'S STATUS. Broker-/Dealer agrees that in the event a Representative ceases to be an associated person of Broker-/Dealer or ceases to be validly licensed or registered, Broker- Broker/Dealer shall not receive any compensation based on any Variable Contract, its values values, or on premiums premium or purchase payments thereafter received by ReliaStar Bankers Security Northern Life Insurance Company and/or WSSI from such former Representative's customers. Provided, however, if within 60 days after such Representative ceases to be a representative of Broker-/Dealer, Broker-/Dealer designates another registered representative of Broker-/Dealer to service the former Representative's business, the compensation not paid shall be payable to Broker-/Dealer. If an assigned Representative's replacement is not designated within such 60 day period, Broker-/Dealer may not thereafter designate a replacement Representative for such Variable variable contracts and shall not be entitled to such compensation.