EXHIBIT 10.70
FEDERAL
HOME LOAN BANK
Des Moines
OPEN LINE OF CREDIT APPLICATION AND TERMS AGREEMENT
APPLICATION
AmerUs Life Insurance Company ("Member") hereby applies to the Federal Home Loan
Bank of Des Moines ("Bank") for an Open Line of Credit commitment beginning on
the date of approval and ending one year from the date of approval, ("Ending
Date") in the amount of $25,000,000.
TERMS
1. Members, through its authorized representative may request funds by
telephone advice up to the approved Open Line of Credit limit. Funds will
be available upon advice.
2. The interest rate on advances funded under the Open Line of Credit will be
set and charged daily on the outstanding advance amount. The interest
amount will be deducted daily by the Bank from the member's demand account.
3. Advances funded under the Open Line of Credit will be available after the
approval date and will mature on the Ending Date.
4. Member represents and warrants that the Open Line of Credit amount
requested does not exceed 15% of assets.
5. The Bank shall have no obligation to make any advance under the Open Line
of Credit unless the Bank is satisfied as to Member's continued
creditworthiness and compliance with the terms of the Agreement for
Advances, Pledge and Security Agreement ("AAPSA"). If adverse facts
develop which make the member ineligible for Bank advances, the member must
provide the Bank with immediate written notification of its ineligibility
and the Bank may cancel this commitment.
6. The fee for this Open Line of Credit commitment equals .05% times the
amount of the commitment. This fee will be charged to the member's demand
account on the date this application is approved by the Bank.
7. This Application and Terms Agreement, if approved by the Bank, will
constitute the Agreement between Member and Bank as to the Open Line of
Credit and will be wholly incorporated into and become a part of the AAPSA.
By signing this agreement, member hereby accepts the terms hereof.
AmerUs Life Insurance Company Date: March 3, 1997
Member
By: /s/ Xxxxxxx X. Xxxxxxx By: /s/ Xxxxxx X. Xxxxxxxx
Typed Name of Signer: Typed Name of Signer:
Xxxxxxx X. Xxxxxxx Xxxxxx X. Xxxxxxxx
Title: Senior Vice President Title: Executive Vice President and
and Controller/Treasurer Chief Investment Officer
FOR FHLB USE
Date Approved: FEDERAL HOME LOAN BANK OF DES MOINES
Expiration Date: By:
Amount Approved: By:
Commitment Number:
Commitment Fee:
