Common use of Subscriber Account Clause in Contracts

Subscriber Account. PFSL will maintain, in accordance with the Applicable Government Grant Legislation, an account for, and in the name of, the Subscriber or Subscribers in which will be recorded: (a) all the amounts paid into and out of the Plan by and to the Subscriber or Subscribers pursuant to sections 6, 10, and 12 hereof, the Beneficiary on whose behalf these payments were made and the date of receipt by PFSL of the contributions made to the Plan and whether such payments attracted payment or repayment of Government Grant monies; (b) all the Government Grant monies paid into and out of the Plan pursuant to sections 6, 11 and 12 hereof, as well as the portion of Educational Assistance Payments paid to or on behalf of the Beneficiary pursuant to section 9 hereof that is attributable to Government Grant monies paid into the Plan; (c) all the transfers made into and out of the Plan pursuant to section 12 hereof; (d) all the investments and investment transactions made pursuant to sections 7 and 13 hereof; (e) all the investment income, gains and losses earned or incurred by the Plan and all payments of such income and gains made to each Subscriber pursuant to subsection 9(d) hereof; (f) all the amounts paid to or on behalf of the Beneficiary as an Educational Assistance Payment pursuant to subsection 9(a) hereof and the date of such payments; (g) all the amounts paid to Designated Educational Institutions, to other trusts, or any other amounts paid to each Subscriber or at the Subscriber’s direction pursuant to subsections 9(b) to (d) hereof and the date of such payments; (h) all fees, disbursements and other applicable charges payable pursuant to section 18 hereof; and (i) such other information as PFSL or B2B may decide, or be required to keep by the Applicable RESP Legislation and the agreements between B2B and PFSL, respectively, and the Minister, from time to time. PFSL will forward to the Subscriber at least annually statements of the Plan showing all of the above information for the period from the date of the last statement to the date of the current statement. The valuation of the Plan Property provided on the statement will conclusively establish the market value of the Plan as of the statement’s date, provided that the Subscriber does not raise a valid concern about PFSL’s valuation or the statement PFSL sends the Subscriber within 180 days of receiving the statement. In addition, this and any other information related to the Plan will be provided to, and be open to inspection or audits by, the Minister of National Revenue and the Minister from time to time, as required by the Applicable Tax Legislation, the Applicable Government Grant Legislation or any other applicable legislation or agreement between PFSL and B2B, respectively, and the Minister.

Subscriber Account. PFSL will maintain, in accordance with the Applicable Government Grant Legislation, an account for, and in the name of, the Subscriber or Subscribers in which will be recorded: (a) all the amounts paid into and out of the Plan by and to the Subscriber or Subscribers pursuant to sections 6, 10, 10 and 12 hereof, the Beneficiary on whose behalf these payments were made and and, the date of receipt by PFSL of the contributions made to the Plan and whether such payments attracted payment or repayment of Government Grant monies; (b) all the Government Grant monies paid into and out of the Plan pursuant to sections 6, 11 and 12 hereof, as well as the portion of Educational Assistance Payments paid to or on behalf of the Beneficiary pursuant to section 9 hereof that is attributable to Government Grant monies paid into the Plan; (c) all the transfers made into and out of the Plan pursuant to section 12 hereof; (d) all the investments and investment transactions made pursuant to sections 7 and 13 hereof; (e) all the investment income, gains and losses earned or incurred by the Plan and all payments of such income and gains made to each Subscriber pursuant to subsection 9(d) hereof; (f) all the amounts paid to or on behalf of the Beneficiary as an Educational Assistance Payment pursuant to subsection 9(a) hereof and the date of such payments; (g) all the amounts paid to Designated Educational Institutions, to other trusts, or any other amounts paid to each Subscriber or at the Subscriber’s direction pursuant to subsections 9(b) to (d) hereof and the date of such payments; (h) all fees, disbursements and other applicable charges payable pursuant to section 18 hereof; and (i) such other information as PFSL or B2B may decide, or be required to keep by the Applicable RESP Legislation and the agreements between B2B and PFSL, respectively, and the Minister, from time to time. PFSL will forward to the Subscriber at least annually statements of the Plan showing all of the above information for the period from the date of the last statement to the date of the current statement. The valuation of the Plan Property provided on the statement will conclusively establish the market value of the Plan as of the statement’s date, provided that the Subscriber does not raise a valid concern about PFSL’s valuation or the statement PFSL sends the Subscriber within 180 days of receiving the statement. In addition, this and any other information related to the Plan will be provided to, and be open to inspection or audits by, the Minister of National Revenue and the Minister from time to time, as required by the Applicable Tax Legislation, the Applicable Government Grant Legislation or any other applicable legislation or agreement between PFSL and B2B, respectively, and the Minister.