Common use of Compensation Conditions Clause in Contracts

Compensation Conditions. Except as provided below, Compensation shall be paid only on premiums paid to and retained by MassMutual on either applications that were submitted by Producers under this Agreement, or Products for which Producers have been designated the servicing agents by a Product purchaser and MassMutual unless such Compensation has been vested with another firm, in which case Compensation shall be paid only on new premium deposits after such vesting period expires. Producers’ rights to such Compensation shall terminate if a Product owner requests in writing that someone other than Producers service his/her Product, or upon the termination of this Agreement. MassMutual may provide that Compensation shall be paid to Producers after this Agreement has been terminated by specifying a vesting provision in the Schedule A for a particular Product. No Compensation shall be due and payable for any surrendered, lapsed or canceled Products that are subsequently reinstated or rewritten through efforts of persons not affiliated with Producers. Producers shall comply with all applicable regulatory requirements related to the disclosure of contingent or non-standard compensation.