AGREEMENT GOVERNING INITIAL CONTRIBUTION
TO
EQUI-SELECT SERIES TRUST
BY
EQUITABLE LIFE INSURANCE COMPANY OF IOWA
THIS AGREEMENT is made by and between Equi-Select Series Trust ("Trust"), a
Massachusetts Business Trust, and Equitable Life Insurance Company of Iowa
("Insurance Company") on behalf of Equitable Life Insurance Company of Iowa
Separate Account A (the "Separate Account"), a separate account of Insurance
Company.
WHEREAS, Insurance Company has established two additional Sub-Accounts of the
Separate Account and proposes to contribute to the Sub-Accounts the sum of
$20,000; and
WHEREAS, Insurance Company on behalf of the Separate Account proposes to
contribute $20,000 ("Contribution") to the Trust in the manner hereinafter
described; and
WHEREAS, it is necessary and desirable that the terms under which said
Contribution is made and the respective rights of the Insurance Company and
the Trust with respect thereto be determined;
NOW, THEREFORE, it is hereby agreed between Insurance Company on behalf of the
Separate Account and the Trust as follows:
I
Insurance Company will provide for the contribution to the Trust by the
Separate Account the sum of $20,000. Insurance Company hereby represents and
agrees that such Contribution is for investment purposes and not for the
purpose of redeeming or disposing of any interest in the Trust resulting from
such Contribution.
II
In consideration for such Contribution and without deduction of any sales or
other charges, the Trust shall credit Insurance Company with shares, of which
Insurance Company, on behalf of the Separate Account, shall be the owner.
Such shares shall share pro rata in the investment performance of each of the
two additional Portfolios of Trust as selected by Insurance Company and shall
be subject to the same valuation procedures and the same periodic charges as
are other shares of such other Portfolios of Trust.
III
Insurance Company hereby acknowledges that by the making of such Contribution
by Separate Account, neither Insurance Company nor Separate Account is and
shall not be regarded as a creditor of the Trust and that the relationship of
debtor-creditor between the Trust and the Separate Account does not exist with
respect to the amount so contributed. Insurance Company agrees that the
Separate Account's interest in the Trust as a result of such Contribution
shall be neither senior to nor subordinate to the interests of owners of
variable annuity contracts issued with respect to the Separate Account and
that, in the event of liquidation of the Trust or the Separate Account,
however occurring, the Separate Account shall have no preferential rights of
any kind over such contract owners but shall share ratably with them.
IV
All commitments of the Insurance Company hereunder shall be forever binding
upon its successor or successors.
V
Insurance Company shall not withdraw the Contribution prior to five years from
the date hereof unless its annuity program is terminated and no more variable
annuity contracts are outstanding.
VI
The Trust hereby accepts such Contribution subject to the Terms of the
Agreement.
Executed this 20th day of March, 1996.
EQUITABLE LIFE INSURANCE COMPANY OF IOWA
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇
__________________________________________
▇▇▇▇ ▇. ▇▇▇▇▇▇▇, Chairman, President and
Chief Executive Officer
EQUI-SELECT SERIES TRUST
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
_________________________________________
▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, President