Common use of Payment of Interest on Subscription Receipts Clause in Contracts

Payment of Interest on Subscription Receipts. Subject to the foregoing provisions in this Section 6.02, interest payable on each fully registered Subscription Receipt will be paid on each Interest Payment Date to the Subscription Receiptholder thereof at the close of business on the Record Date for such Interest Payment Date. As such interest becomes due, the Company, either directly or through the Subscription Receipt Agent or any agent of the Subscription Receipt Agent, shall send or forward by electronic transfer of funds or by cheque dated the Interest Payment Date, payment of such interest (less any withholding Tax required to be withheld therefrom) to the order of the registered holder of such Subscription Receipt appearing on the registers maintained by the Subscription Receipt Agent at the close of business on the Record Date for the applicable Interest Payment Date and addressed to the holder at the holder’s last address appearing on the register (or in the case of joint holders, to such address of one of the joint holders), unless such holder otherwise directs. If payment is made by cheque, such cheque shall be forwarded at least three Business Days prior to each date on which interest becomes due and, if payment is made by other means (such as electronic transfer of funds, provided the Subscription Receipt Agent must receive the funds the day prior to being able to wire funds to holders), such payment shall be made in a manner whereby the holder receives credit for such payment on the date such interest on such Subscription Receipt becomes due. The mailing of such cheque or the making of such payment by other means shall, to the extent of the sum represented thereby, plus the amount of any withholding Tax withheld as aforesaid, satisfy and discharge all liability of the Company for interest on such Subscription Receipt, unless in the case of payment by cheque, such cheque is not paid at par on presentation. In the event of non-receipt of any cheque for or other payment of interest by the Person to whom it is so sent as aforesaid, the Company will issue to such Person a replacement cheque or other payment for a like amount upon being furnished with such evidence of non-receipt as it shall reasonably require and upon being indemnified to its satisfaction. Notwithstanding the foregoing, if the Company is prevented by circumstances beyond its control (including, without limitation, any interruption in mail service) from making payment of any interest due on each Subscription Receipt in the manner provided above, the Company may make payment of such interest or make such interest available for payment in any other manner acceptable to the Subscription Receipt Agent with the same effect as though payment had been made in the manner provided above. If payment is made through the Subscription Receipt Agent, the Company shall deliver sufficient funds to the Subscription Receipt Agent by electronic transfer or certified cheque or make such other arrangements for the provision of funds as may be agreeable between the Subscription Receipt Agent and the Company in order to effect such interest payment hereunder.