Exhibit 4.8
REVOLVING DEMAND NOTE
ON DEMAND, FOR VALUE RECEIVED,
the undersigned, Farm Bureau 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 contingen
