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1) You shall devote your full time and be exclusively
contracted with IMA, and you are to be appointed only
with the CO represented by IMA.
2) The amount of the advance will be determined
by IMA and may be modified, at the option of
IMA, at any time.
3) You understand that IMA/CO shall have the
right to reject applications for insurance
without specifying cause. IMA has the right
to determine the applications on which an
advance commission will be paid.
* * * * * * *
INDEBTEDNESS
1) Any and all cash advanced to you by IMA
shall, in the absence of any agreement in
writing to the contrary, be loans payable
upon demand. As security for any such loans,
IMA shall have a first lien upon any
compensation payable to you under this or any
other contract between you and IMA, and IMA
may, at any time, deduct from any commissions
or other amounts payable to you any debt or
debts owed by you to IMA or its affiliates.
You will also be held responsible for
indebtedness incurred by anyone on whom you
receive override commissions.
2) After termination of this contract, you agree
to grant IMA a first lien security interest
in and on all amounts payable to you by any
other company or organization to secure
payment of any indebtedness you have
outstanding to IMA at the time of your
termination. You agree that such security
interest shall attach upon IMA giving the
company or organization written notice of the
lien and the amount of the lien.
* * * * * * *
LIMITATIONS AND RESTRICTIONS
* * * * * * *
8) If the CO ceases to pay, or does not provide,
funds for any reason to IMA or the affiliates, for
the commissions or advances due IMA or affiliates
from premiums of insurance written by you or from
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Last modified: May 25, 2011