AGREEMENT GOVERNING INITIAL CONTRIBUTION
TO
EQUI-SELECT SERIES TRUST
BY
EQUITABLE LIFE INSURANCE COMPANY OF IOWA
THIS AGREEMENT is made by and between Equi-Select Series Trust ('Trust")
a Massachusetts Business Trust, and Equitable Life Insurance Company of Iowa
("Insurance Company") on behalf of Equitable Life Insurance Company of Iowa
Separate Account A (the "Separate Account"), a separate account of Insurance
Company.
WHEREAS, Insurance Company has established the Separate Account and
proposes to contribute to it the sum of $100,000; and
WHEREAS, the Insurance Company on behalf of the Separate Account proposes
to contribute $100,000 ("Contribution") to the Trust in the manner hereinafter
described; and
WHEREAS, The Parties hereto intend that the Contribution satisfy the
requirement that the Trust have a net worth of at least $100,000 prior to
making a public offering of securities of the Trust; and
WHEREAS, it is necessary and desirable that the terms under which said
Contribution is made and the respective rights of the Insurance Company and
the Trust with respect thereto be determined;
NOW, THEREFORE, it is hereby agreed between Insurance Company on behalf
of the Separate Account and the Trust as follows:
Insurance Company will provide for the contribution to the Trust by the
Separate Account the sum of $100,000. Insurance Company hereby represents and
agrees that such Contribution is for investment purposes and not for the
purpose of redeeming or disposing of any interest in the Trust resulting from
such Contribution. Contribution is intended to satisfy the requirement that
the Trust have a net worth of at least S 100,000 prior to making public
offering of the securities of the Trust.
II
In consideration for such Contribution and without deduction of any sales
or other charges, the Trust shall credit Insurance Company with shares, of
which Insurance Company, on behalf of the Separate Account, shall be the
owner. Such shares shall share pro rata in the investment performance of each
Portfolio of Trust as selected by Insurance Company and shall be subject to
the same valuation procedures and the same periodic charges as are other
shares of such Portfolios.
III
Insurance Company hereby acknowledges that by the making of such
Contribution by Separate Account, neither Insurance Company nor Separate
Account is and shall not be regarded as a creditor of the Trust and that the
relationship of debtor-creditor between the Trust and the Separate Account
does not exist with respect to the amount so contributed. Insurance Company
agrees that the Separate Account's interest in the Trust as a result of such
Contribution shall be neither senior to nor subordinate to the interests of
owners of variable annuity contracts issued with respect to the Separate
Account and that, in the event of liquidation of the Trust or the Separate
Account, however occurring, the Separate Account shall have no preferential
rights of any kind over such contract owner's but hall share ratably with
them.
IV
All commitments of the Insurance Company hereunder shall be forever
binding upon its successor or successors.
V
Insurance Company shall not withdraw the Contribution prior to five years
from the date hereof unless its annuity program is terminated and no more
variable annuity contracts are outstanding.
VI
The Trust hereby accepts such Contribution subject to the Terms of the
Agreement.
Executed this 15th day of September, 1994.
EQUITABLE LIFE INSURANCE COMPANY OF IOWA
BY: /s/ XXXX X. XXXXXXX
--------------------------
Xxxx X. Xxxxxxx, President
EQUI-SELECT SERIES TRUST
BY: /s/ XXXX X. XXXXXXXX
--------------------------
Xxxx X Xxxxxxxx, President