Common use of Payment Arrangement Clause in Contracts

Payment Arrangement. In accordance with the terms of the Letter of Instruction dated the same date as this Agreement and attached hereto as Exhibit A, as it may be amended from time to time hereafter, from EquiTrust Marketing to ETLIC, ETLIC will forward commissions payable to designated associated persons of EquiTrust Marketing as paying agent on behalf of EquiTrust Marketing and will maintain the books and records reflecting such payments in accordance with the requirements of the 1934 Act on behalf of EquiTrust Marketing. ETLIC acknowledges and agrees that its services in this regard are purely ministerial and clerical in nature and shall not interfere with the control and supervision exercised by EquiTrust Marketing over its associated persons with regard to the Policies and Contracts. ETLIC further acknowledges and agrees that EquiTrust Marketing shall not be liable to any party for commissions payable hereunder. ETLIC may delegate its responsibility to pay compensation or commissions pursuant to this Section 11 to any other insurer affiliated with ETLIC, in its discretion, provided such insurer agrees to comply with the provisions hereof applicable to the payment of such compensation or commissions. ETLIC shall have no right to compensation for the performance of any activities pursuant to this Section 11. Associated persons of EquiTrust Marketing shall have no interest in this Agreement or right to any compensation to be paid by or on behalf of EquiTrust Marketing hereunder prior to their receipt thereof.

Payment Arrangement. In accordance with the terms of the Letter Letters of Instruction dated the same date as this Agreement and attached hereto as Exhibit AExhibits A and B, as it they may be amended from time to time hereafter, from EquiTrust Marketing to ETLICFarm Bureau, ETLIC Farm Bureau will forward commissions payable to designated associated persons of EquiTrust Marketing as paying agent on behalf of EquiTrust Marketing and will maintain the books and records reflecting such payments in accordance with the requirements of the 1934 Act on behalf of EquiTrust Marketing. ETLIC Farm Bureau acknowledges and agrees that its services in this regard are purely ministerial and clerical in nature and shall not interfere with the control and supervision exercised by EquiTrust Marketing over its associated persons with regard to the Policies and Contracts. ETLIC Farm Bureau further acknowledges and agrees that EquiTrust Marketing shall not be liable to any party for commissions payable hereunder. ETLIC Farm Bureau may delegate its responsibility to pay compensation or commissions pursuant to this Section 11 to any other insurer affiliated with ETLICFarm Bureau, in its discretion, provided such insurer agrees to comply with the provisions hereof applicable to the payment of such compensation or commissions. ETLIC Farm Bureau shall have no right to compensation for the performance of any activities pursuant to this Section 11. Associated persons of EquiTrust Marketing shall have no interest in this Agreement or right to any compensation to be paid by or on behalf of EquiTrust Marketing hereunder prior to their receipt thereof.