Common use of PFPC Responsibilities Clause in Contracts

PFPC Responsibilities. PFPC shall for each Phoenix Preferred Client Account: (i) receive and post initial account information provided by Phoenix; (ii) update balances; (iii) compute daily income factors from the weekly rate of return provided by Phoenix, apply the daily factor to each Customer’s current balance, accumulate earnings until month-end, and pay or reinvest earnings monthly; (iv) provide to each Customer a monthly Phoenix Preferred Client Account statement providing account balance and listing Transactions of such Customer, interest credited and any fees related to a Transaction; (v) maintain records of each Customer’s Phoenix Preferred Client Account, showing the following information: name, address, and Tax I.D. number; balance; historical information regarding the account, including Transactions, earnings paid and dates, and maintenance; any stop or restraining order against the account; and any other information deemed necessary or appropriate by PFPC in order to provide the services in this Agreement; (vi) respond to Phoenix’s requests for Phoenix Preferred Client Account information, Check status, stop payments, Check copies and duplicate statements; (vii) receive and post any additional qualified proceeds and payments, as specified by Phoenix from time to time; (viii) upon receipt of written instructions from Authorized Personnel, initiate disbursements on behalf of a Customer from the Customer’s Phoenix Preferred Client Account; (ix) upon a Customer’s death, act in accordance with instructions from Phoenix; (x) provide monthly reports to Phoenix listing Phoenix Preferred Client Accounts which were below the minimum account size requirement in effect at that actions to time and follow Phoenix’s subsequent instructions as to actions to take with respect to such accounts; (xi) provide daily to Phoenix a tape or other computer file reflecting daily activity for all Customer Phoenix Preferred Client Accounts, in an agreed upon format; and (xii) perform any required accountholder federal, state, or local tax reporting relating to the income on each Phoenix Preferred Client Account.