ADMINISTRATIVE SERVICES AGREEMENT
This agreement, as amended and restated this 1st day of December, 2002, by
and between EQUITRUST SERIES FUND, INC., a Maryland corporation (the "Fund"),
and EQUITRUST INVESTMENT MANAGEMENT SERVICES, INC., a Delaware corporation
("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
Traditional 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
Traditional 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 Traditional
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 Traditional 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
Traditional 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 Traditional 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
Traditional 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.
Equitrust Series Fund, Inc. EquiTrust Investment Management Services, Inc.
ATTEST: EQUITRUST SERIES FUND, INC.
By: /s/Xxxxxx X. Xxxxxx By: /s/ Xxxxxxx X. Xxxx
---------------------------- ---------------------------
Xxxxxx X. Xxxxxx Xxxxxxx X. Xxxx
Vice President -- Investment Administration Chief Executive Officer
ATTEST: EQUITRUST INVESTMENT MANAGEMENT
SERVICES, INC.
By: /s/Xxxxxx Xxxxxx By: /s/ Xxxxxx X. Xxxxxx
---------------------------- ---------------------------
Xxxxxx Xxxxxx Xxxxxx X. Xxxxxx
Assistant Secretary President
