PAYING AGENT AGREEMENT
AGREEMENT made as of the 26th day of April, 2001, by and between,
Equitrust Marketing Services, LLC, a Delaware limited liability company
("Distributor"); and Farm Bureau Life Insurance Company. ("Agent"), a licensed
insurance company.
WITNESSETH
WHEREAS, Career Agents of Agent, who are also registered
representatives of Distributor ("Representative"), receive commissions for the
sale of Farm Bureau Life Insurance Company variable insurance products (the
"Contracts") to the public through Distributor; and
WHEREAS, Agency Managers of Agent, who are also registered reps of
Distributor, receive overwrite commissions for the sale of Farm Bureau Life
Insurance Company variable insurance products (the "Contracts") to the public
through Distributor; and
WHEREAS, Agent intends to perform certain administrative functions,
including the payment of commissions on behalf of Distributor.
NOW, THEREFORE, in consideration of their mutual promises, Distributor
and Agent hereby agree as follows:
1. PAYMENT OF COMPENSATION AND EXPENSES
a. 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.
b. NO RIGHTS TO COMPENSATION. Agent shall have no right to
compensation for the performance of any activities under this
Agreement. No Representative nor any Agency Manager shall have
any interest in this Agreement or right to any compensation to
be paid to or on behalf of Distributor hereunder.
2. PERFORMANCE OF SERVICES
a. PURELY MINISTERIAL SERVICE. Agent represents that the making of
payments by Agent to the Representatives and Agency Manager on
behalf of Distributor shall be performed as a purely ministerial
service. Agent represents that any additional activities it
performs on behalf of Distributor under this Agreement shall be
limited to the ministerial acts of calculating commissions,
making and keeping records, and reporting functions.
b. BOOKS AND RECORDS. Payments by Agent to the Representatives and
Agency Managers shall be properly reflected on the books and
records of Distributor. Distributor shall retain responsibility
for the same recordkeeping requirements which would be
applicable to it if the payments were made directly by
Distributor.
c. ACCESS TO RECORDS. Agent represents that any books or records it
maintains on behalf of Distributor pursuant to this Agreement
belong solely to Distributor and, at the request of Distributor,
shall be made available to Distributor for its use or for
inspection by any state, federal, or other regulator.
d. SUPERVISION AND COMPLIANCE. As the principal underwriter for the
Contracts, Distributor shall retain full responsibility for and
shall continue to perform the supervision, compliance, and
similar functions it currently undertakes.
e. SECURITIES ACTIVITIES. Distributor has and assumes full
responsibility for the securities activities of all persons
engaged directly and indirectly in its securities operations,
each such person being an "associated person" with Distributor,
as defined in Section 3(a)(18) of the 1934 Act and, therefore, a
person for whom the Distributor has full responsibility as
contemplated by Section 15(b)(4)(E) of the 1934 Act.
f. ADDITIONAL REQUIREMENTS. In all dealings with or on behalf of
the Distributor, with respect to the subject matter of this
Agreement, Agent agrees to comply with all applicable provisions
of Securities Release No. 8389 under the 1934 Act and the terms
and conditions of the SENTRY INSURANCE A MUTUAL COMPANY No
Action Letter dated September 6, 1987, as though it is a person
associated with Distributor and for purposes of the Agreement
hereby agrees to be so associated with Distributor.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed by their authorized officers designated below as of the date specified
above.
DISTRIBUTOR
By: /s/ Xxxxxx X. Xxxxxx
-------------------------------------------------------
Xxxxxx X. Xxxxxx,
Vice President - Investment Administration
AGENT
By: /s/ Xxxxxxx X. Xxxx
-------------------------------------------------------
Xxxxxxx X. Xxxx,
Chief Executive Officer and Management Director
PAYING AGENT AGREEMENT
AGREEMENT made as of the 26th day of April, 2001, by and between,
Equitrust Marketing Services, LLC, a Delaware limited liability company
("Distributor"); and Farm Bureau Mutual Insurance Company. ("Agent"), a licensed
insurance company.
WITNESSETH
WHEREAS, Agency Managers of Agent, who are also registered reps of
Distributor, receive overwrite commissions for the sale of Farm Bureau Life
Insurance Company variable insurance products (the "Contracts") to the public
through Distributor; and
WHEREAS, Agent intends to perform certain administrative functions for
Farm Bureau Life Insurance Company ("Farm Bureau Life"), including the payment
of commissions on behalf of Distributor.
NOW, THEREFORE, in consideration of their mutual promises, Distributor
and Agent hereby agree as follows:
1. PAYMENT OF COMPENSATION AND EXPENSES
a. COMPENSATION FOR SALES OF THE CONTRACTS. Agent shall pay
commissions on behalf of Distributor pursuant to Section 11 of
the Underwriting Agreement between Farm Bureau Life 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
non-payment of commissions if Agent has not received payment
from Farm Bureau Life.
b. NO RIGHTS TO COMPENSATION. Agent shall have no right to
compensation for the performance of any activities under this
Agreement. No Agency Manager shall have any interest in this
Agreement or right to any compensation to be paid to or on
behalf of Distributor hereunder.
2. PERFORMANCE OF SERVICES
a. PURELY MINISTERIAL SERVICE. Agent represents that the making of
payments by Agent to the Agency Manager on behalf of Distributor
shall be performed as a purely ministerial service. Agent
represents that any additional activities it performs on behalf
of Distributor under this Agreement shall be limited to the
ministerial acts of calculating commissions, making and keeping
records, and reporting functions.
b. BOOKS AND RECORDS. Payments by Agent to the Agency Managers
shall be properly reflected on the books and records of
Distributor. Distributor shall retain responsibility for the
same recordkeeping requirements which would be applicable to it
if the payments were made directly by Distributor.
c. ACCESS TO RECORDS. Agent represents that any books or records it
maintains on behalf of Distributor pursuant to this Agreement
belong solely to Distributor and, at the request of Distributor,
shall be made available to Distributor for its use or for
inspection by any state, federal, or other regulator.
d. SUPERVISION AND COMPLIANCE. As the principal underwriter for the
Contracts, Distributor shall retain full responsibility for and
shall continue to perform the supervision, compliance, and
similar functions it currently undertakes.
e. SECURITIES ACTIVITIES. Distributor has and assumes full
responsibility for the securities activities of all persons
engaged directly and indirectly in its securities operations,
each such person being an "associated person" with Distributor,
as defined in Section 3(a)(18) of the 1934 Act and, therefore, a
person for whom the Distributor has full responsibility as
contemplated by Section 15(b)(4)(E) of the 1934 Act.
f. ADDITIONAL REQUIREMENTS. In all dealings with or on behalf of
the Distributor, with respect to the subject matter of this
Agreement, Agent agrees to comply with all applicable provisions
of Securities Release No. 8389 under the 1934 Act and the terms
and conditions of the SENTRY INSURANCE A MUTUAL COMPANY No
Action Letter dated September 6, 1987, as though it is a person
associated with Distributor and for purposes of the Agreement
hereby agrees to be so associated with Distributor.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed by their authorized officers designated below as of the date specified
above.
DISTRIBUTOR
By: /s/ Xxxxxx X. Xxxxxx
---------------------------------------------
Xxxxxx X. Xxxxxx,
Vice President - Investment Administration
AGENT
By: /s/ Xxxxxxx X. Xxxx
---------------------------------------------
Xxxxxxx X. Xxxx,
Chief Executive Officer
