Common use of Servicing Fees Clause in Contracts

Servicing Fees. The provision of shareholder and administrative services to contract owners or to the Plans shall be the responsibility of ING Financial, ING Life, RLNY, ING Institutional, or the Nominee and shall not be the responsibility of Distributor. The Nominee, or ING Life or RLNY on behalf of its Separate Accounts, will be recognized as the sole shareholder of Fund shares purchased under this Agreement. It is further recognized that there will be a substantial savings in administrative expense and recordkeeping expenses by virtue of having one shareholder rather than multiple shareholders. In consideration of the administrative savings resulting from such arrangement, Distributor agrees to pay to ING Life, RLNY, and/or ING Institutional a servicing fee based on the annual rates described in Schedule C of the average net assets invested in the Funds through the Contracts or through ING Life’s, RLNY’s, and ING Institutional’s arrangements with Plans in each calendar quarter. Distributor will make such payments to ING Life, RLNY, or ING Institutional within thirty (30) days after the end of each calendar quarter. Each payment will be accompanied by a statement showing the calculation of the fee payable to ING Life, RLNY, or ING Institutional for the quarter and such other supporting data as may be reasonably requested by ING Life, RLNY, or ING Institutional. If required by a Plan or by applicable law, ING Life, RLNY, or ING Institutional shall have the right to allocate to a Plan or to Participant accounts in a Plan all or a portion of such servicing fees, or to use servicing fees it collects from Distributor to offset other fees payable by the Plan to ING Life, RLNY, or ING Institutional.

Appears in 1 contract

Samples: Selling and Services Agreement and Fund Participation Agreement (Variable Annuity Acct C of Ing Life Insurance & Annuity Co)

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Servicing Fees. The provision of shareholder and administrative services to contract owners or to the Plans shall be the responsibility of ING Financial, ING Life, RLNY, ING Institutional, Institutional or the Nominee and shall not be the responsibility of DistributorFund Agent. The Nominee, or ING Life or RLNY on behalf of its Separate Accounts, will be recognized as the sole shareholder of Fund shares purchased under this Agreement. It is further recognized that there will be a substantial savings in administrative expense and recordkeeping expenses by virtue of having one shareholder rather than multiple shareholders. In consideration of the administrative savings resulting from such arrangement, Distributor Fund Agent agrees to pay to ING LifeLife or ING Institutional, RLNYas appropriate, and/or ING Institutional a servicing fee fee, as specified in Exhibit III (attached), based on the annual rates described in Schedule C of the average net assets invested in the Funds through the Contracts or through ING Life’s, RLNY’s, and ’s or ING Institutional’s arrangements with Plans in each calendar quarter. Distributor The parties agree that all or a portion of such servicing fee may be derived from a Fund’s 12b-1 plan. Fund Agent will make such payments to ING Life, RLNY, Life or ING Institutional within thirty (3060) days after the end of each calendar quarter. Each payment will be accompanied by Upon reasonable request, Fund Agent shall provide a statement showing the calculation of the fee payable to ING Life, RLNY, Life or ING Institutional for the quarter and such other supporting data as may be reasonably requested by ING Life, RLNY, Life or ING Institutional. If required by a Plan or by applicable law, ING Life, RLNY, Life or ING Institutional shall have the right to allocate to a Plan or to Participant accounts in a Plan all or a portion of such servicing fees, or to use servicing fees it collects from Distributor Fund Agent to offset other fees payable by the Plan to ING Life, RLNY, Life or ING Institutional.

Appears in 1 contract

Samples: Selling and Services Agreement and Participation Agreement (Variable Annuity Account I of Ing Life Insurance & Annuity Co)

Servicing Fees. The provision of shareholder and administrative services to contract owners or to the Plans shall be the responsibility of ING Financial, ING Life, RLNY, ING Institutional, Institutional or the Nominee and shall not be the responsibility of Distributor. The Nominee, or ING Life or RLNY on behalf of its Separate Accounts, will be recognized as the sole shareholder of Fund shares purchased under this Agreement. It is further recognized that there will be a substantial savings in administrative expense and recordkeeping expenses by virtue of having one shareholder rather than multiple shareholders. In consideration of the administrative savings resulting from such arrangement, Distributor agrees to pay to ING LifeLife or ING Institutional, RLNYas appropriate, and/or ING Institutional a servicing fee fee, as specified in Schedule A (attached), based on the annual rates described in Schedule C of the average net assets invested in the Funds through the Contracts or through ING Life’s, RLNY’s, and ’s or ING Institutional’s arrangements with Plans in each calendar quarter. The parties agree that all or a portion of such servicing fee may be derived from a Fund’s 12b-1 plan, subject to the percentage limitations on “service fees” under the applicable rules of the Financial Industry Regulatory Authority. Distributor will make such payments to ING Life, RLNY, Life or ING Institutional within thirty (30) days after the end of each calendar quarter. Each payment will be accompanied by a statement showing the calculation of the fee payable to ING Life, RLNY, Life or ING Institutional for the quarter and such other supporting data as may be reasonably requested by ING Life, RLNY, Life or ING Institutional. If required by a Plan or by applicable law, ING Life, RLNY, Life or ING Institutional shall have the right to allocate to a Plan or to Participant accounts in a Plan all or a portion of such servicing fees, or to use servicing fees it collects from Distributor to offset other fees payable by the Plan to ING Life, RLNY, Life or ING Institutional.

Appears in 1 contract

Samples: Variable Annuity Acct C of Ing Life Insurance & Annuity Co

Servicing Fees. The provision of shareholder and administrative services to contract owners or to the Plans shall be the responsibility of ING Financial, ING Life, RLNY, ING Institutional, Institutional or the Nominee and shall not be the responsibility of Distributor. The Nominee, or ING Life or RLNY on behalf of its Separate Accounts, will be recognized as the sole shareholder of Fund shares purchased under this Agreement. It is further recognized that there will be a substantial savings in administrative expense and recordkeeping expenses by virtue of having one shareholder rather than multiple shareholders. In consideration of the administrative savings resulting from such arrangement, Distributor agrees to pay to ING LifeLife or ING Institutional, RLNYas appropriate, and/or ING Institutional a servicing fee fee, as specified in Schedule A (attached), based on the annual rates described in Schedule C of the average net assets invested in the Funds through the Contracts or through ING Life’s, RLNY’s, and ’s or ING Institutional’s arrangements with Plans in each calendar quarter. The parties agree that all or a portion of such servicing fee may be derived from a Fund’s 12b-1 plan. Upon receipt of an invoice from ING, Distributor will make such payments to ING Life, RLNY, Life or ING Institutional within thirty (30) days after the end of each calendar quarter. Each payment will be accompanied by a statement showing the calculation of the fee payable to ING Life, RLNY, Life or ING Institutional for the quarter and such other supporting data as may be reasonably requested by ING Life, RLNY, Life or ING Institutional. If required by a Plan or by applicable law, ING Life, RLNY, Life or ING Institutional shall have the right to allocate to a Plan or to Participant accounts in a Plan all or a portion of such servicing fees, or to use servicing fees it collects from Distributor to offset other fees payable by the Plan to ING Life, RLNY, Life or ING Institutional. In addition, as set forth on Schedule A, affiliates of the Distributor and/or Funds may also compensate ING for services that ING performs under this Agreement.

Appears in 1 contract

Samples: Selling and Services Agreement (Variable Annuity Acct C of Ing Life Insurance & Annuity Co)

Servicing Fees. The provision of shareholder and administrative services to contract owners or to the Plans shall be the responsibility of ING Financial, ING Life, RLNY, ING Institutional, Institutional or the Nominee and shall not be the responsibility of Distributor. The Nominee, or ING Life or RLNY on behalf of its Separate Accounts, will be recognized as the sole shareholder of Fund shares purchased under this Agreement. It is further recognized that there will be a substantial savings in administrative expense and recordkeeping expenses by virtue of having one shareholder rather than multiple shareholders. In consideration of the administrative savings resulting from such arrangement, Distributor agrees to pay to ING LifeLife or ING Institutional, RLNYas appropriate, and/or ING Institutional a servicing fee fee, as specified in Schedule A (attached), based on the annual rates described in Schedule C of the average net assets invested in the Funds through the Contracts or through ING Life’s, RLNY’s, and ’s or ING Institutional’s arrangements with Plans in each calendar quarter. The parties agree that all or a portion of such servicing fee may be derived from a Fund’s 12b-1 plan. Distributor will make such payments to ING Life, RLNY, Life or ING Institutional within thirty (30) days after the end of each calendar quarter. Each payment will be accompanied by a statement showing the calculation of the fee payable to ING Life, RLNY, Life or ING Institutional for the quarter and such other supporting data as may be reasonably requested by ING Life, RLNY, Life or ING Institutional. If required by a Plan or by applicable law, ING Life, RLNY, Life or ING Institutional shall have the right to allocate to a Plan or to Participant accounts in a Plan all or a portion of such servicing fees, or to use servicing fees it collects from Distributor to offset other fees payable by the Plan to ING Life, RLNY, Life or ING Institutional.

Appears in 1 contract

Samples: Selling and Services Agreement (VARIABLE ANNUITY ACCT C OF VOYA RETIREMENT INSURANCE & ANNUITY Co)

Servicing Fees. The provision of shareholder and administrative services to contract owners or to the Plans shall be the responsibility of ING Financial, ING Life, RLNY, ING Institutional, or the Nominee and shall not be the responsibility of Distributor. The Nominee, or ING Life or RLNY on behalf of its Separate Accounts, will be recognized as the sole shareholder of Fund shares purchased under this Agreement. Agreement It is further recognized that there will be a substantial savings in administrative expense and recordkeeping expenses by virtue of having one shareholder rather than multiple shareholders. In consideration Inconsideration of the administrative savings resulting from such arrangement, Distributor agrees to pay to ING Life, RLNY, and/or ING Institutional a servicing fee based on the annual rates described in Schedule C of the average net assets invested in the Funds through the Contracts or through ING Life’s's, RLNY’s' s, and ING Institutional’s ' s arrangements with Plans in each calendar quarter. Distributor will make such payments to ING Life, RLNY, or ING Institutional within thirty (30) days after the end of each calendar quarter. Each payment will be accompanied by a statement showing the calculation of the fee payable to ING Life, RLNY, or ING Institutional for the quarter and such other supporting data as may be reasonably requested by ING Life, RLNY, or ING Institutional. If required by a Plan or by applicable law, ING Life, RLNY, or ING Institutional shall have the right to allocate to a Plan or to Participant accounts in i n a Plan all or a portion of such servicing fees, or to use servicing fees it collects from Distributor to offset other fees payable by the Plan to ING Life, RLNY, or ING Institutional.

Appears in 1 contract

Samples: Selling and Services Agreement (VARIABLE ANNUITY ACCT C OF VOYA RETIREMENT INSURANCE & ANNUITY Co)

Servicing Fees. The provision of shareholder and administrative services to contract owners or to the Plans shall be the responsibility of ING Financial, ING Life, RLNY, ING Institutional, Institutional or the Nominee and shall not be the responsibility of Distributor. The Nominee, or ING Life or RLNY on behalf of its Separate Accounts, will be recognized as the sole shareholder of Fund shares purchased under this Agreement. It is further recognized that there will be a substantial savings in administrative expense and recordkeeping expenses by virtue of having one shareholder rather than multiple shareholders. In consideration of the administrative savings resulting from such arrangement, Distributor agrees to pay to ING LifeLife or ING Institutional, RLNYas appropriate, and/or ING Institutional a servicing fee based on the annual rates described rate, as specified in Schedule C Attachment A (attached), of the average net assets invested in the Funds through the Contracts or through ING Life’s, RLNY’s, and ’s or ING Institutional’s arrangements with Plans in each calendar quarter. The parties agree that all or a portion of such servicing fee may be derived from a Fund’s 12b-1 plan. Distributor will make such payments to ING Life, RLNY, Life or ING Institutional within thirty (30) days after the end of each calendar quarter. Each payment will be accompanied by a statement showing the calculation of the fee payable to ING Life, RLNY, Life or ING Institutional for the quarter and such other supporting data as may be reasonably requested by ING Life, RLNY, Life or ING Institutional. If required by a Plan or by applicable law, ING Life, RLNY, Life or ING Institutional shall have the right to allocate to a Plan or to Participant accounts in a Plan all or a portion of such servicing fees, or to use servicing fees it collects from Distributor to offset other fees payable by the Plan to ING Life, RLNY, Life or ING Institutional.

Appears in 1 contract

Samples: Variable Annuity Acct C of Ing Life Insurance & Annuity Co

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Servicing Fees. The provision of shareholder and administrative services to contract owners or to the Plans shall be the responsibility of ING Financial, ING Life, RLNY, ING Institutional, Institutional or the Nominee and shall not be the responsibility of Distributor. The Nominee, or ING Life or RLNY on behalf of its Separate Accounts, will be recognized as the sole shareholder of Fund shares purchased under this Agreement. It is further recognized that there will may be a substantial savings in administrative expense and recordkeeping expenses by virtue of having one shareholder rather than multiple shareholders. In consideration of the administrative savings resulting from such arrangement, Distributor agrees to pay to ING LifeLife or ING Institutional, RLNYas appropriate, and/or ING Institutional a servicing fee fee, as specified in Schedule A (attached), based on the annual rates described in Schedule C of the average net assets invested in the Funds through the Contracts or through ING Life’s, RLNY’s, and ’s or ING Institutional’s arrangements with Plans in each calendar quarter. The parties agree that all or a portion of such servicing fee may be derived from a Fund’s 12b-1 plan. Distributor will make such payments to ING Life, RLNY, Life or ING Institutional within thirty (30) days after the end of each calendar quarter. Each payment will be accompanied by a statement showing the calculation of the fee payable to ING Life, RLNY, Life or ING Institutional for the quarter and such other supporting data as may be reasonably requested by ING Life, RLNY, Life or ING Institutional. If required by a Plan or by applicable law, ING Life, RLNY, Life or ING Institutional shall have the right to allocate to a Plan or to Participant accounts in a Plan all or a portion of such servicing fees, or to use servicing fees it collects from Distributor to offset other fees payable by the Plan to ING Life, RLNY, Life or ING Institutional.

Appears in 1 contract

Samples: Selling and Services Agreement (Variable Annuity Acct C of Ing Life Insurance & Annuity Co)

Servicing Fees. The provision of shareholder and administrative services to contract owners or to the Plans shall be the responsibility of ING Financial, ING Life, RLNY, ING Institutional, Institutional or the Nominee and shall not be the responsibility of Distributor. The Nominee, or ING Life or RLNY on behalf of its Separate Accounts, will be recognized as the sole shareholder of Fund shares purchased under this Agreement. It is further recognized that there will be a substantial savings in administrative expense and recordkeeping expenses by virtue of having one shareholder rather than multiple shareholders. In consideration of the administrative savings resulting from such arrangement, Distributor APLP agrees to pay to ING LifeLife or ING Institutional, RLNYas appropriate, and/or ING Institutional a servicing fee based on the annual rates described fee, as specified in Schedule C of (attached), based on the average net assets invested in the Funds through the Contracts or through ING Life’s, RLNY’s, and ’s or ING Institutional’s arrangements with Plans in each calendar quarter. Distributor The parties agree that all or a portion of such servicing fee may be derived from a Fund’s 12b-1 plan. APLP will make such payments to ING Life, RLNY, Life or ING Institutional within thirty (30) days after the end of each calendar quarter. Each payment will be accompanied by a statement showing the calculation of the fee payable to ING Life, RLNY, Life or ING Institutional for the quarter and such other supporting data as may be reasonably requested by ING Life, RLNY, Life or ING Institutional. Upon request, ING will provide APLP with a statement showing the number Plan Participants. Each quarterly fee will be independent of every other quarterly period fee. ING understands that a portion of the fees will be reimbursed by APLP by the Funds in accordance with the Funds’ practice in effect from time to time. If required by a Plan or by applicable law, ING Life, RLNY, Life or ING Institutional shall have the right to allocate to a Plan or to Participant accounts in a Plan all or a portion of such servicing fees, or to use servicing fees it collects from Distributor to offset other fees payable by the Plan to ING Life, RLNY, Life or ING Institutional.

Appears in 1 contract

Samples: Participation Agreement (Variable Annuity Account I of Ing Life Insurance & Annuity Co)

Servicing Fees. The provision of shareholder and administrative services to contract owners or to the Plans shall be the responsibility of ING Financial, ING Life, RLNY, ING Institutional, Institutional or the Nominee and shall not be the responsibility of Distributor. The Nominee, or ING Life or RLNY on behalf of its Separate Accounts, will be recognized as the sole shareholder of Fund shares purchased under this Agreement. It is further recognized that there will be a substantial savings in administrative expense and recordkeeping expenses by virtue of having one shareholder rather than multiple shareholders. In consideration of the administrative savings resulting from such arrangement, Distributor agrees to pay to ING LifeLife or ING Institutional, RLNYas appropriate, and/or ING Institutional a servicing fee based on the annual rates described fee, as specified in Schedule C of (attached), based on the average net assets invested in the Funds through the Contracts or through ING Life’s, RLNY’s, and ’s or ING Institutional’s arrangements with Plans in each calendar quarter. The parties agree that all or a portion of such servicing fee may be derived from a Fund’s 12b-1 plan. Distributor will make such payments to ING Life, RLNY, Life or ING Institutional within thirty (30) days after the end of each calendar quarter. Each payment will be accompanied by a statement showing the calculation of the fee payable to ING Life, RLNY, Life or ING Institutional for the quarter and such other supporting data as may be reasonably requested by ING Life, RLNY, Life or ING Institutional. If required by a Plan or by applicable law, ING Life, RLNY, Life or ING Institutional shall have the right to allocate to a Plan or to Participant accounts in a Plan all or a portion of such servicing fees, or to use servicing fees it collects from Distributor to offset other fees payable by the Plan to ING Life, RLNY, Life or ING Institutional.

Appears in 1 contract

Samples: Agreement and Participation Agreement (Variable Annuity Acct C of Ing Life Insurance & Annuity Co)

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