OPEN LINE OF CREDIT APPLICATION AND TERMS AGREEMENT
APPLICATION
ALLIED 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. Member, through its authorized representative may request filnds 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 aier 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 comrnitment. This fee will be charged to the member's demand account
on the date this application is approved by the Bank.
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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.
ALLIED Life Insurance Company Date March 5,1997
Member
By:/s/ Xxxxxxx X. Xxxxxxx By:/s/ Xxx X. Xxxxxxxx
Xxxxxxx X. Xxxxxxx Xxx X. Xxxxxxxx
Typed Name of Signer Typed Name of Signer
Vice President & Treasurer Investment Accounting Supervisor
Title Title
FOR FELB USE
Date Approved: 03-13-97 FEDERAL HOME LOAN BANK OF DES MOINES
Expiration Date 03-13-98 By: /s/ Xxxxx X. Xxxxxxxx
Amount Approved: $25,000,000 By:/s/ Xxxxx X. Xxxxxxx
Commitment Number 970313A
Cornmitment Fee $12, 500
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CERTIFICATION
I, Xxxxx X. Xxxxxx, Assistant Secretary of ALLIED Life Insurance Company, 000
Xxxxx Xxxxxx, Xxx Xxxxxx, Xxxx certify the attached to be at true and correct
copy of the resolution currently in effect adopted by the Executive Committee of
the Board of Directors on May 1, 1996.
/s/ Xxxxx Xxxxxx
Assistant Secretary
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ALLIED LIFE INSURANCE COMPANY
FEDERAL HOME LOAN BANK
Open Lines of Credit
RESOLVED, that any of the following persons:
Xxxxxx X. Xxxxx, President
Xxxxxxx X. Xxxxxxx, Vice President & Treasurer
Xxxx X. Xxxxx, Vice President - Administration
Xxxxxxx X. Xxxxxxxx, Investment Accounting Supervisor
Xxxxxxx Xxxxx
Xxxxx X. Xxxxxxxxx
are hereby authorized to borrow up to $25,000,000 from the account at the
Federal Home Loan Bank of Des Moines on behalf of the Corporation.
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