Common use of Sale Procedures Clause in Contracts

Sale Procedures. §4.1 Equitable Financial represents and warrants that all Products and units of interest therein, if any, which must be registered under the 1933 Act have been so registered, that all Separate Accounts with respect to those Products hereto are registered under the 1940 Act, that the Products which are insurance products are qualified to be sold under the insurance laws and that the Products which are securities are qualified to be sold under the applicable securities laws of all states and other jurisdictions in which the Products are authorized for sale. Equitable Financial further represents and warrants that it is a life insurance company duly organized under the laws of the State of New York and in good standing and authorized to conduct business under the laws of each state in which the Products are offered and sold. §4.2 The Sales Agreements will obligate Third Party Broker Dealers, Third Party General Agents and Sales Representatives to use only the appropriate prospectuses, the then currently effective statements of additional information (“SAIs”) and other authorized materials in soliciting the sale of the Products. §4.3 The Sales Agreements shall provide that all applications for the Products shall be made on application forms supplied by Equitable Financial or in a form otherwise satisfactory to Equitable Financial, and shall be forwarded directly to Equitable Financial, together with any other required documentation and all premiums and other sums at the address indicated on such application or to such other address as Equitable Financial may, from time to time, designate in writing. Checks, money orders or electronic transmissions of funds in payment on any Product shall be drawn to the order of the appropriate Equitable Company. All applications for Products shall be subject to acceptance or rejection by Equitable Financial at its discretion. Any applications, other documents or payments received by the Distributor shall be immediately remitted by the Distributor to Equitable Financial. All matters relating to the review and acceptance of applications and the negotiation and issuance of the Products shall be solely within Equitable Financial’s control. §4.4 All money payable in connection with the Products, whether as purchase payments or otherwise, and whether paid by, or on behalf of any applicant or Product owner, is the property of Equitable Financial. If such money is not transmitted directly by a Third Party Broker Dealer or the Third Party General Agent to Equitable Financial in accordance with the administrative procedures of Equitable Financial and is received by the Distributor, it shall be transmitted promptly by the Distributor in accordance with the administrative procedures of Equitable Financial without any deduction or offset for any reason, including by example but not limitation, any deduction or offset for compensation claimed by the Distributor or payable to the Third Party Broker Dealers or Third Party General Agents, without the prior written consent of Equitable. No payments shall be accepted by the Distributor in connection with the Products. §4.5 Subject to §5 below, Equitable Financial shall provide to the Distributor copies of such prospectuses, summary prospectuses, statements of additional information, financial statements, sales materials and other documents in such numbers as the Distributor shall reasonably request to provide to Third Party Broker Dealers for use in connection with the solicitation of applications for the Products, Equitable Financial shall be responsible for the delivery of the prospectuses, summary prospectuses, statements of additional information, and financial statements after the sale of the Products. §4.6 Unless otherwise agreed in writing by Equitable Financial, neither the Distributor, the Third Party Broker Dealers, the Third Party General Agents nor the Sales Representatives shall have any interest in any premiums, surrender charges, deductions or other fees payable to Equitable Financial.