Common use of Distribution 12b-1 Fee Clause in Contracts

Distribution 12b-1 Fee. Subject to the qualifications below, as compensation for the Distribution Services rendered herein, Distributor will pay Company a quarterly 12b-1 distribution fee at the rate set forth in each applicable Fund’s Prospectus and related Rule 12b-1 plan established pursuant to Rule 12b-1 under the 1940 Act (“Rule 12b-1 Plan”) (the “Distribution 12b-1 Fee”). The parties acknowledge that any Distribution 12b-1 Fee compensation paid to it will only derive from applicable amounts paid to the Distributor from the applicable Fund. The parties also acknowledge and agree that the Distributor shall not be responsible for the payment of any such fee unless and until the Distributor has received such fee from the applicable Fund, and the Company agrees to waive payment of such fee unless and until the Distributor has received payment from the applicable Fund. The parties acknowledge that Class S shares of the Designated Portfolios do not currently have a Rule 12b-1 Plan pursuant to which Distribution 12b-1 Fees are paid.

Appears in 4 contracts

Samples: Participation Agreement (Separate Account Va B), Participation Agreement (Separate Account Va Bny), Participation Agreement (Separate Account Va Bny)

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Distribution 12b-1 Fee. Subject to the qualifications below, as compensation for the Distribution Services rendered herein, Distributor will pay Company a quarterly 12b-1 distribution fee at the rate set forth in each applicable Fund’s Prospectus and related Rule 12b-1 plan established pursuant to Rule 12b-1 under the 1940 Act (“Rule 12b-1 Plan”) (the “Distribution 12b-1 Fee”). To the extent that Company receives a Distribution 12b-1 Fee, it will pass the entire amount to the company distributing shares of the separate accounts that invest in the Voya funds. The parties acknowledge that any Distribution 12b-1 Fee compensation paid to it will only derive from applicable amounts paid to the Distributor from the applicable Fund. The parties also acknowledge and agree that the Distributor shall not be responsible for the payment of any such fee unless and until the Distributor has received such fee from the applicable Fund, and the Company agrees to waive payment of such fee unless and until the Distributor has received payment from the applicable Fund. The parties acknowledge that Class S shares of the Designated Portfolios do not currently have a Rule 12b-1 Plan pursuant to which Distribution 12b-1 Fees are paid.

Appears in 1 contract

Samples: Participation Agreement (Corporate Sponsored Vul Separate Account I)

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