exv4w9



 





Exhibit 4.9




REVOLVING DEMAND NOTE




	 	 	 
	$10,000,000.00

	 	September 20, 2004






ON DEMAND, FOR VALUE RECEIVED, the undersigned, EquiTrust Life Insurance
Company, an Iowa corporation (“Borrower”), hereby unconditionally promises to
pay to the order of Farm Bureau Mutual Insurance Company (“Lender”) in lawful
money of the United States of America and in immediately available funds, the
principal sum of Ten Million and No/100 Dollars ($10,000,000.00), or if less,
the aggregate unpaid principal amount of all advances made by Lender to
Borrower hereunder. The outstanding principal balance of this Revolving Demand
Note, plus interest as calculated herein, shall be payable in full on demand
therefore. In no event, however, shall there be an outstanding balance for a
period in excess of thirty (30) days.



Borrower further promises to pay interest on the outstanding unpaid principal
amount hereof, until paid, at a rate equal to the one month London Interbank
Offered Rate (LIBOR) published by the Wall Street Journal (the “Base Rate”);
provided, however, that following the occurrence of a default, Borrower shall
pay to Lender interest on the unpaid principal amount at the greater of the per
annum rate of fifteen percent (15%) or the Base Rate plus six percent (6%) (the
“Default Rate”). Interest shall be calculated on the basis of a 360-day year
for the actual number of day elapsed. The Base Rate shall be adjusted
simultaneously with any publication of changes in the LIBOR rate. In no
contingency or event whatsoever shall interest charged hereunder, however such
interest may be characterized or computed, exceed the highest rate permissible
under any law which a court of competent jurisdiction shall, in a final
determination, deem applicable hereto. In the event that such a court
determines that Lender has received interest hereunder in excess of the highest
rate applicable hereto, Lender shall promptly refund such excess interest to
Borrower.



If payment hereunder becomes due and payable on a Saturday, Sunday or legal
holiday under the laws of the State of Iowa, the due date thereof shall be
extended to the next succeeding business day, and interest shall be payable
thereon during such extension at the rate specified above.



The principal and all accrued interest hereunder may be prepaid by Borrower, in
part or in full, at any date. Payments received by Lender from Borrower on
this Revolving Demand Note shall be applied in such manner and in such order as
Lender shall determine in its sole discretion.



Presentment, protest and notice of nonpayment and protest are hereby waived by
Borrower. This Revolving Demand Note shall be interpreted and the rights and
liabilities of the parties hereto determined in accordance with the laws of the
State of Iowa. Whenever possible each provision of this Revolving Demand Note
shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Revolving Demand Note shall be
prohibited by or invalid under applicable law, such




 









 







Exhibit 4.9



provision shall be ineffective to the extent of such prohibition or invalidity,
without invalidating the remainder of such provision or the remaining
provisions of this Revolving Demand Note. Whenever in this Revolving Demand
Note reference is made to Lender or Borrower, such reference shall be deemed to
include, as applicable, a reference to their respective successors and assigns.
The provisions of this Revolving Demand Note shall be binding upon Borrower
and its successors and assigns, and shall inure to the Benefit of Lender and
its successors and assigns.



IN WITNESS WHEREOF, the Borrower has caused this Note to be duly executed on
the date herein first above written.



	 	 	 	 	 
	 	EQUITRUST LIFE INSURANCE COMPANY

 	 
	 

	 

	 	By:  	/s/ James P. Brannen
 	 
	 	Title:  Vice President-Finance