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$20,000,000.00
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September 29,
2008
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FOR VALUE
RECEIVED, the undersigned, FBL Financial Group, Inc., 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
Twenty Million and No/100 Dollars ($20,000,000.00), or, if less,
the aggregate unpaid principal amount of all advances made by
Lender to Borrower hereunder. The outstanding principal balance of
this Demand Note shall be payable in full on or before December 29,
2008.
Borrower
further promises to pay interest on the outstanding unpaid
principal amount hereof, until paid, at a rate equal to the three
month London Interbank Offered Rate (LIBOR) published by the Wall
Street Journal plus 200 basis points (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 payable monthly in arrears on the
1st day of each calendar month, beginning with October 1,
2008, and shall be calculated on the basis of a 360-day year for
the actual number of days elapsed. The Base Rate shall be adjusted
on the 29th day of March, June, September and December, each
year,
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