AMENDMENT NO. 4 PARTICIPATION AGREEMENT
AMENDMENT NO. 4
The Participation Agreement (the “Agreement”), dated March 29, 2001, by and among AIM Variable
Insurance Funds (Invesco Variable Insurance Funds), a Delaware trust (“AVIF”); Invesco
Distributors, Inc., a Delaware corporation, PHL Variable Insurance Company, a Connecticut life
insurance company (“Phoenix”) and 1851 Securities Inc., is hereby amended as follows:
The following is added under: “Section 2 Processing Transactions” before Section 2.1(a):
“Notwithstanding the provisions of paragraph (b) of this Section 2.1, the
Parties agree to communicate, process and settle purchase and redemption
transactions for Shares (collectively, “Share transactions”) via the Fund/SERV and
Networking systems of the National Securities Clearing Corporation (hereinafter,
“NSCC”). Phoenix and AVIF (IVIF) each represents and warrants that it: (a) has
entered into an agreement with NSCC, (b) has met and will continue to meet all of
the requirements to participate in Fund/SERV and Networking, and (c) intends to
remain at all times in compliance with the then current rules and procedures of
NSCC, all to the extent necessary or appropriate to facilitate such communications,
processing, and settlement of Share transactions. AVIF (IVIF) agrees to provide
Phoenix with account positions and activity data relating to Share transactions via
Networking. Phoenix shall place trades for the previous Business Day with NSCC
using Defined Contribution Clearance & Settlement (hereinafter, “DCC&S”) indicators,
no later than 8:00 a.m. Central Time, and Phoenix shall pay for Shares by the
scheduled close of federal funds transmissions on the same Business Day on which it
places an order to purchase Shares in accordance with this section. Payment shall
be in federal funds transmitted by wire from the designated NSCC Settling Bank (on
behalf of Phoenix).
For purposes of this Agreement, “Fund/SERV” shall mean NSCC’s system for
automated, centralized processing of mutual fund purchase and redemption orders,
settlement, and account registration; “Networking” shall mean NSCC’s (Level
Three) system that allows mutual funds and life insurance companies to exchange
account level information electronically; “DCC&S” shall refer to an NSCC program
that facilitates the automated processing and reporting of defined contribution
transactions among asset managers, plan trustees, and plan administrators, including
third-party administrators; and “Settling Bank” shall mean the entity appointed by
AVIF (IVIF) to perform such settlement services on behalf of AVIF (IVIF), which
agrees to abide by NSCC’s then current rules and procedures insofar as they relate
to same day funds settlement. In all cases, processing and settlement of Share
transactions shall be done in a manner consistent with applicable law.
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In the event that any Party is prohibited from communicating, processing or
settling Share transactions via Fund/SERV or Networking, such Party shall notify the
other Parties by 9:00 a.m. Central Time. After all Parties have been notified, the
provisions of paragraphs (b) and (c) of this Section 2.1 shall apply.”
All other terms and provisions of the Agreement not amended herein shall remain in full force
and effect. Unless otherwise specified, all defined terms shall have the same meaning given to
them in the Agreement.
Effective date: March 13, 2013.
| AIM VARIABLE INSURANCE FUNDS | ||||
| (INVESCO VARIABLE INSURANCE FUNDS) | ||||
By: Name: |
/s/ Xxxx X. Xxxx
|
|||
Title:
|
Senior Vice President | |||
| INVESCO DISTRIBUTORS, INC. | ||||
By: Name: |
/s/ Xxxxx X. Xxxxxxxxx
|
|||
Title:
|
President | |||
| PHL VARIABLE INSURANCE COMPANY | ||||
By: Name: |
/s/ Xxxx X. Xxxxx
|
|||
Title:
|
Vice President | |||
| 1851 SECURITIES, INC. | ||||
By: Name: |
/s/ Xxxx X. Xxxxx
|
|||
Title:
|
President | |||
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