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Intercompany Loan Agreement

This is an actual contract by Allstate Life Insurance.

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Sectors: Financial Services
Governing Law: Illinois, View Illinois State Laws
Effective Date: February 01, 1996
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THIS AGREEMENT, is made and entered into as of the 1st day of
February, 1996, by and between THE ALLSTATE CORPORATION, a Delaware
corporation (hereinafter called "ALLCORP"), and each of its direct and
indirect wholly-owned subsidiaries (individually, "Subsidiary" and
collectively, "Subsidiaries"),


WHEREAS, ALLCORP, from time to time during the period commencing on February 1, 1996, may obtain financing by various means including, but not limited to, issuing commercial paper notes in private placement transactions, drawing on bank credit lines and entering into repurchase agreements;

WHEREAS, the Subsidiaries, from time to time during said period, may have need of additional short-term funding for general corporate purposes;

WHEREAS, ALLCORP, in order to provide such short-term funding, may advance some or all of the proceeds of such financings to one or more of the Subsidiaries; and

WHEREAS, the parties hereto desire to enter into this Agreement for the purpose of setting forth their respective undertakings concerning such advances.

NOW, THEREFORE, in consideration of the premises, the parties hereto agree as follows:

1. ALLCORP agrees, from time to time during the period commencing on February 1, 1996, upon the written request of Subsidiary, and subject to the terms hereof, to advance funds to Subsidiary to the extent that ALLCORP, in its sole judgment, shall have funds available for that purpose. This undertaking by ALLCORP shall be limited to an aggregate amount to all Subsidiaries not in excess of $1 billion outstanding at any one time.

2. Each advance shall bear interest on the outstanding principal amount thereof, for each day from the date such advance is made until paid. Interest on outstanding advances shall be due when the advance is paid.

3. Subsidiary shall pay to ALLCORP, in consideration for each such advance, interest on the aggregate unpaid principal amount of such advance at a rate equal to the rate paid by ALLCORP on the transaction used by ALLCORP to obtain financing to provide such funding to Subsidiary. Subsidiary shall repay to ALLCORP, upon demand of ALLCORP and in any event on the maturity date, the


aggregate principal amount of all such advances together with accrued interest to the date of repayment. Subsidiary shall also have the right to prepay all or any part of any advances at any time without penalty but with interest accrued to the date of prepayment.

4. The obligation of any Subsidiary to repay each advance shall be evidenced by a single promissory note of such Subsidiary substantially in the form of Exhibit A attached hereto. The date, amount, interest rate and duration of each advance made by ALLCORP to any Subsidiary, and each payment made on account of such Subsidiary shall be recorded by ALLCORP on the schedule attached to such note or any continuation thereof.

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