Common use of Methods of Payment of Distributions Clause in Contracts

Methods of Payment of Distributions. ‌ (a) Each Unitholder of a Fund shall, subject to Sections 7.3 and 7.7 hereof, receive such Unitholder's Proportionate Share of any distribution of a Fund made in respect of the applicable classes and/or series of Units, other than a Special Distribution contemplated by Section 6.6, by the reinvestment thereof in additional Units of the applicable classes and/or series of Units of a Fund at the Net Asset Value per Unit of the class or series, as applicable, computed for the Valuation Date on which such distribution is made or, if permitted by the Manager, distributed in cash. Payment of amounts owing to Unitholders may be made by wire transfer to an account designated in writing by each Unitholder. If no account has been so designated, the Manager shall be entitled to send a cheque for the required amount by ordinary post addressed to the last address appearing on the Register. In the case of joint registered Unitholders, wire transfers or cheques shall, unless the joint registered Unitholders otherwise direct, be made payable to the order of, or to the account of, all of the said joint registered Unitholders and if more than one address or account appears on the books of a Fund in respect of such joint unitholding, the wire transfer or cheque shall be sent or mailed to the first account or address so appearing. The wire transfer or mailing of cheques as aforesaid shall satisfy and discharge all liability of a Fund, the Trustee and the Manager for the payment represented thereby unless, in the case of a cheque, the cheque is not paid at par on presentation to the payor at Montreal, Quebec, or at any other place where it is by its terms payable. In the event of non-receipt of any cheque by the person to whom it was mailed, the Manager, on proof of the non-receipt and upon satisfactory indemnity being given to it and to a Fund, shall issue to the person a replacement cheque for a like amount. No sales charge shall be payable with respect to Units issued upon the automatic reinvestment of distributions. (b) Immediately following such payment and/or reinvestment of distributions, the number of Units of the relevant classes or series of Units outstanding shall, notwithstanding Section 3.3, be automatically consolidated so that the Series Net Asset Value per Unit after the distribution and/or reinvestment shall be the same as it was immediately before the amount was considered to have been declared as due and payable by a Fund (before any redesignation of Units from one class or series to another, and subject to withholding tax that may be applicable to a non-resident).

Methods of Payment of Distributions. ‌ (a) Each Unitholder of a Fund shall, subject to Sections 7.3 and 7.7 hereof, receive such Unitholder's Proportionate Share The General Partner shall pay the aggregate amount of any distribution of a Fund made in respect of cash distributions directly to Limited Partners or to the applicable classes Registrar, if applicable, and/or series of Unitssuch other Persons as the General Partner shall determine for such purpose. (b) Subject to Section (d) and Section 6.9, other than a Special Distribution contemplated by distributions to Limited Partners pursuant to Section 6.3 and Section 6.6, unless the General Partner elects to pay such distributions in Units, shall be paid in cash by electronic funds transfer, as directed by the reinvestment thereof in additional Units Limited Partner (with any fee for such funds transfer to be borne by the Partnership), or by cheque drawn to the order of the applicable classes and/or series of Units of a Fund at the Net Asset Value per Unit of the class or series, as applicable, computed for the Valuation Date on which such distribution is made or, if permitted by the Manager, distributed in cash. Payment of amounts owing to Unitholders may be made by wire transfer to an account designated in writing by each Unitholder. If no account has been so designated, the Manager shall be entitled to send a cheque for the required amount Limited Partners and mailed by ordinary post addressed mail, postage prepaid, to the such Limited Partner at his or her last address appearing on the RegisterRegister on the applicable distribution record date. In the case of joint registered Unitholdersholders, wire transfers or cheques the cheque shall, unless the such joint registered Unitholders holders otherwise direct, be made payable to the order ofof all such joint holders and shall be mailed, or to the account of, all of the said joint registered Unitholders and if more than one address or account appears on the books of a Fund Register in respect of such joint unitholdingholding, the wire transfer or cheque shall be sent or mailed to the first account or address so appearing. The wire transfer or mailing appearing on the Register in respect of cheques such joint holding, and the cheque as aforesaid shall satisfy and discharge all liability of a Fund, the Trustee and the Manager for the payment distribution to the extent of the sum represented thereby unlessthereby, in the case of a cheque, the unless such cheque is shall not be paid at par on presentation to the payor Partnership’s bankers at MontrealToronto, QuebecOntario, or at any other place where it is by its terms payable. In the event of the non-receipt of any cheque for any distribution by the person Person to whom it was mailedis sent, the Manager, General Partner or the Registrar on proof direction of the non-receipt General Partner, as applicable, and upon satisfactory indemnity being given to it and to a Fundthe Partnership, shall issue or cause to the person be issued a replacement cheque for a like amount. No sales charge shall be payable with respect amount to Units issued upon the automatic reinvestment of distributionssuch Person. (bc) Immediately following such payment and/or reinvestment The amounts of distributions, any distributions payable to Limited Partners (including any tax required by law to be deducted therefrom) shall not be included in the number of Units assets of the relevant classes or series Partnership for the purpose of Units outstanding shall, notwithstanding Section 3.3, be automatically consolidated so that determining the Series Net Asset Value per Unit of a class at any Valuation Time after the distribution and/or reinvestment record date. Notwithstanding the foregoing, the General Partner may apply any amounts payable hereunder to a Limited Partner towards the amount of any fees or charges owing by the Limited Partner. (d) All distributions shall be calculated and paid in Canadian currency or such other currency as the same as it was immediately before the amount was considered to have been declared as due and payable by a Fund (before any redesignation of Units from one class or series to another, and subject to withholding tax that General Partner may be applicable to a non-resident)determine.