FACILITIES AGREEMENT
This AGREEMENT is made among the companies set forth on the signature page.
Security Benefit Mutual Holding Company and all of its affiliates listed on the
signature page (hereafter collectively referred to as the "GROUP OF COMPANIES")
agree that from time to time certain members of the GROUP OF COMPANIES may
furnish personnel, services, office space and equipment (hereafter referred to
as "Facilities") to other members of the GROUP OF COMPANIES and that members
providing such facilities should be fairly compensated by the member to whom
such facilities are provided. In consideration of the mutual promises from and
to each party, it is agreed by and between the parties as follows:
1. METHOD OF ALLOCATION. Each member will pay all costs and expenses of
personnel, including fringe benefits, and all other overhead expenses
relating to the operation of its general business and its properties. In
the event that one member shall furnish Facilities to another, the member
receiving such Facilities shall be charged by the member providing such
Facilities as follows:
(a) OFFICE SPACE. Any office space occupied by personnel of a member not
directly employed by the member owning the office space shall
reimburse the member owning the space on the basis of reasonable rent
for the total square footage occupied by such personnel;
(b) PERSONNEL AND SERVICES. The charges for services rendered to one
member by another shall be based on actual time expended, at rates
calculated to recover direct and indirect costs, and other operating
costs incidental to departmental services provided; and
(c) EQUIPMENT. The rental charge for equipment furnished to one member by
another shall be based on the cost of the equipment, cost of
operation, overhead, and depreciation.
2. ALTERNATIVE METHOD OF ALLOCATION. Due to the complexity of the METHOD OF
ALLOCATION outlined above, certain members may be charged a fixed monthly
fee for facilities provided by another member rather than following the
steps outlined at 1 above. This alternative method will be allowed
providing that the fee is mutually agreed to by the parties.
3. DIRECT EXPENSES. Each member agrees to reimburse any other member for any
other direct charges incurred by such member on its behalf.
4. MANNER OF SETTLEMENT. A detailed allocation of costs and charges incurred
by each member and Facilities rendered by each member to any other member
will be
prepared and invoices for the amount due to any member or from any member
will be prepared and forwarded on a monthly basis. Each member agrees to
settle its accounts with any other member by the end of the month following
the month in which an invoice was submitted.
5. NEW MEMBERS. A corporation which subsequently becomes a member of the GROUP
OF COMPANIES, upon agreements between such corporation and Security Benefit
Corporation, shall become a party to this AGREEMENT as a member of the
GROUP OF COMPANIES.
6. DEPARTING MEMBERS. A corporation whose membership in the GROUP OF COMPANIES
ceases or is terminated for any reason whatsoever shall not have any
further remedies, rights, or obligations under this AGREEMENT but shall
remain liable under this AGREEMENT for payments due from it to other
members of the GROUP OF COMPANIES through the date it ceases to be a
member.
7. INDEPENDENT CONTRACTOR. For purposes of this AGREEMENT, each member shall
be deemed to be an independent contractor and shall not be deemed to be an
agent of any other member, and the personnel of each member, if any, shall
not be deemed to be employees to any other member.
8. TERM AND AMENDMENTS. The AGREEMENT shall remain in effect until modified by
mutual consent of all parties or until terminated by mutual consent of the
participating parties.
9. LAWS OF KANSAS. This AGREEMENT shall be governed by the laws of the State
of Kansas.
10. PRIOR AGREEMENT. This AGREEMENT supersedes the Facilities Agreement dated
December 1, 2007.
TERMINATION. This AGREEMENT shall be terminated (1) in its entirety by the
written agreement of the parties or (2) as to a member upon 30 days' written
notice to the other parties or upon a member ceasing to be a part of the GROUP
OF COMPANIES.
IN WITNESS WHEREOF, the parties hereto have caused this AGREEMENT to be executed
as of this 1st day of July, 2008 by their duly authorized officers.
SECURITY BENEFIT MUTUAL HOLDING COMPANY SECURITY INVESTORS, LLC
By: ____________________________
Name: Xxxxxx X. Xxxxx By: ____________________________
Title: Vice President Name: Xxxxxx X. Xxxxx
Title: Treasurer
SECURITY BENEFIT CORPORATION SECURITY DISTRIBUTORS, INC.
By: ____________________________ By: ____________________________
Name: Xxxxxx X. Xxxxx Name: Xxxxxx X. Xxxxx
Title: Vice President Title: Treasurer
SECURITY BENEFIT LIFE INSURANCE COMPANY SECURITY FINANCIAL RESOURCES, INC.
By: ____________________________ By: ____________________________
Name: Xxxxxx X. Xxxxx Name: Xxxxxx X. Xxxxx
Title: Vice President Title: Treasurer
SECURITY BENEFIT ACADEMY, INC. BRECEK & YOUNG ADVISORS, INC.
By: ____________________________ By: ____________________________
Name: Xxxxx Xxxxxxxx Name: Xxxxxxx Xxxxxxxx
Title: Secretary Title: Treasurer
se(2), inc. SECURITY GLOBAL, INVESTORS, LLC
By: ____________________________ By: ____________________________
Name: Xxxxxx X. Xxxxx Name: Xxxxxx X. Xxxxx
Title: Treasurer Title: Treasurer
RYDEX HOLDINGS, LLC RYDEX FUND SERVICES, INC.
By: ____________________________ By: ____________________________
Name: Xxxxxx X. Xxxxx Name: Xxxx X. Xxxxxxxxxxx
Title: Treasurer Title: CEO
RYDEX DISTRIBUTORS, INC. PADCO ADVISORS, INC.
By: ____________________________ By: ____________________________
Name: Xxxx X. Xxxxxxxxxxx Name: Xxxx X. Xxxxxxxxxxx
Title: CEO Title: CEO
PADCO ADVISORS II, INC. RYDEX ADVISORY SERVICES, LLC
By: ____________________________ By: ____________________________
Name: Xxxx X. Xxxxxxxxxxx Name: Xxxx X. Xxxxxxxxxxx
Title: CEO Title: CEO
RYDEX SPECIALIZED PRODUCTS, LLC ADVISOR RESEARCH CENTER, INC.
By: ____________________________ By: ____________________________
Name: Xxxx X. Xxxxxxxxxxx Name: Xxxx X. Xxxxxxxxxxx
Title: Manager & Treasurer Title: CEO
