ADMINISTRATIVE SERVICES AGREEMENT
This agreement made the 1st day of December, 2003, by and between
EQUITRUST SERIES FUND, INC., a Maryland corporation (the "Fund"), and EQUITRUST
MARKETING SERVICES, LLC , a Delaware limited liability company ("EquiTrust");
WITNESSETH:
In consideration of the mutual covenants hereinafter contained, it is
hereby agreed by and between the parties hereto as follows:
1. The Fund hereby appoints EquiTrust to provide information and
administrative services for the benefit of the Fund and the holders of its Class
B Shares only. In this regard, EquiTrust may appoint various broker-dealer firms
and other financial services firms ("Firms") to provide related services and
facilities for their clients who are the holders of Class B Shares of the Fund
("Clients"). The Firms shall provide such office space and equipment, telephone
facilities and personnel as is necessary or beneficial for providing information
and services to the holders of Class B Shares of the Fund. Such services and
assistance may include, but are not limited to, establishing and maintaining
shareholder accounts and records, processing purchase and redemption
transactions, answering routine Client inquiries regarding the Fund and its
special features, assistance to Clients in changing dividend and investment
options, account designations and addresses, and such other services as the Fund
or EquiTrust may reasonably request. EquiTrust may also provide some of the
above services for the Fund directly.
EquiTrust accepts such appointment and agrees during such period to
render such services and to assume the obligations herein set forth for the
compensation herein provided. EquiTrust shall for all purposes herein provided
be deemed to be an independent contractor and, unless otherwise expressly
provided or authorized, shall have no authority to act for or represent the Fund
in any way or otherwise be deemed an agent of the Fund. EquiTrust, by separate
agreement with the Fund, may also serve the Fund in other capacities. In
carrying out its duties and responsibilities hereunder, EquiTrust may appoint
various Firms to provide administrative and other services described herein
directly to or for the benefit of holders of Class B Shares of the Fund who may
be clients of such Firms. Such Firms shall at all times be deemed to be
independent contractors retained by EquiTrust and not by the Fund. EquiTrust and
not the Fund will be responsible for the payment of compensation to such Firms
for such services.
2. For the services and facilities described in Section 1, the Fund
will pay to EquiTrust at the end of each calendar month an administrative
service fee computed at an annual rate of 0.25 of 1% of the average daily net
assets of the Class B Shares. For the month and year in which this Agreement
becomes effective or terminates, there shall be an appropriate proration on the
basis of the number of days that the Agreement is in effect during such month
and year, respectively. The services of EquiTrust to the Fund under this
Agreement are not to be deemed
exclusive, and EquiTrust shall be free to render similar services or other
services to others.
The net asset value for each Class B Share of the Fund shall be
calculated in accordance with the provisions of the Fund's current prospectus.
On each day when net asset value is not calculated, the net asset value of a
Class B Share of the Fund shall be deemed to be the net asset value of such a
share as of the close of business on the last day on which such calculation was
made for the purpose of the foregoing computations.
3. The Fund shall assume and pay all charges and expenses of its
operations not specifically assumed or otherwise to be provided by EquiTrust
under this Agreement.
4. This Agreement may be terminated at any time without the payment of
any penalty by the Fund or by EquiTrust on sixty (60) days written notice to the
other party. Termination of this Agreement shall not affect the right of
EquiTrust to receive payments on any unpaid balance of the compensation
described in Section 2 hereof earned prior to such termination. All material
amendments to this Agreement must be approved by vote of the Board of Directors
of the Fund.
5. If any provision of this Agreement shall be held or made invalid by
a court decision, statute, rule or otherwise, the remainder shall not be thereby
affected.
6. Any notice under this Agreement shall be in writing addressed and
delivered or mailed, postage prepaid, to the other party at such address as such
other party may designate for the receipt of such notice.
7. This Agreement shall be construed in accordance with applicable
federal law and the laws of the State of Iowa.
IN WITNESS WHEREOF, the Fund and EquiTrust have caused this Agreement
to be executed as of the day and year first written above.
ATTEST: EQUITRUST SERIES FUND, INC.
/s/ XXXXXXX X. XXXX By: /s/ XXXXXX X. XXXXXX
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Xxxxxxx X. Xxxx Xxxxxx X. Xxxxxx
Vice President Chief Executive Officer
ATTEST: EQUITRUST MARKETING SERVICES, LLC
/s/ XXXXXX XXXXXX By: /s/ XXXXXX X. XXXXXX
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Xxxxxx Xxxxxx Xxxxxx X. Xxxxxx
Secretary Vice President - Investment
Administration
