COMPENSATION FOR SALES OF THE CONTRACTS. Agent shall pay commissions on behalf of Distributor pursuant to Section 11 of the Underwriting Agreement between Agent and Distributor and will maintain the books and records reflecting such payments in accordance with the requirements of the Securities Exchange Act of 1934, as amended (the "1934 Act"), on behalf of Distributor. Distributor shall not be liable for any losses resulting from commissions paid on premiums which are not received and retained by Agent.
Appears in 9 contracts
Samples: Paying Agent Agreement (Equitrust Life Variable Account Ii), Paying Agent Agreement (Equitrust Life Variable Account), Paying Agent Agreement (Equitrust Life Variable Account Ii)
