Product Distributor definition
Examples of Product Distributor in a sentence
In furtherance of its duties under this Agreement, Product Distributor may enter into agreements with the Selling Broker-Dealers pursuant to which the Selling Broker-Dealers sell the Contracts and Policies and promote the indirect sale of Shares by promoting the Funds as investment options under the Contracts and Policies.
In performing services under this Agreement, Product Distributor is acting as agent for the Insurers.
Product Distributor shall provide to GEID upon request written certification of the continued effectiveness of each representation and warranty made by it in Section 4 of this Agreement.
Product Distributor will not be obligated to indemnify any entity or person pursuant to this Section 6(a) against any liability to which GEID, the Company, the Funds and their affiliates, and their officers and directors, or any controlling person would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in performance of, or reckless disregard of, the obligations and duties set forth in this Agreement.
Notwithstanding the foregoing, Product Distributor understands and acknowledges that the Company may, without prior notice, suspend or eliminate the payment of compensation to GEID, including payments under the Distribution and Service Plan, by amending or supplementing its prospectuses for the Shares.
Product Distributor agrees that in providing Sales Services under this Agreement, the Selling Broker-Dealer is solely responsible for all recommendations made to owners or prospective owners of Contracts or Policies regarding the Funds and the Shares, including all suitability determinations made in connection with such recommendations.
Product Distributor is not an agent of GEID or the Company and shall have no authority to act for or represent GEID or the Company.
In such an event, GEID shall have no obligation to pay any further compensation to Product Distributor for Sales Services or Investor Services provided by Product Distributor or Selling Broker-Dealers unless and until the Company pays GEID for such services.
Product Distributor represents and warrants that it will use the compensation paid to it by GEID under this Agreement for Sales Services or a combination of Sales Services and Investor Services and will not use such compensation to finance activities primarily intended to result in the sale of Contracts or Policies.
Product Distributor will maintain all registrations, qualifications and memberships required by the terms of this Agreement in full force and effect throughout the term of this Agreement.