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.
Product Distributor represents and warrants that its execution and delivery of this Agreement and its performance of the services contemplated herein have been duly authorized by all necessary corporate action, and all other authorization and approvals (if any) required for lawful execution and delivery of this Agreement, and each of their performance hereunder, have been obtained.
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.
Product Distributor represents and warrants that it will comply with all applicable laws, rules, and regulations, including, without limitation, the 1940 Act, 1933 Act and 1934 Act, and all rules and regulations adopted thereunder, as well as all rules of FINRA.
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.
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.
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 also represents and warrants that it will record on its books and records compensation paid under this Agreement in a manner consistent with all applicable laws, rules, and regulations.
Without limiting the generality of the foregoing, Product Distributor represents and warrants that it is the distributor and principal underwriter of the Contracts and Policies and is registered as a broker-dealer under the 1934 Act and is a member in good standing of FINRA.
This Agreement may be amended only by the mutual written agreement of GEID and Product Distributor.