Common use of Receipts and Payments Clause in Contracts

Receipts and Payments. ‌ The receipt by a Unitholder in whose name a Unit of a Fund is registered shall be a valid and binding discharge to the Fund, the Trustee and the Manager for any payment in respect of such Unit and if two or more persons are registered as joint holders, any one of them may give an effectual receipt on behalf of all of them. 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 the 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 the 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 the Fund, shall issue to the person a replacement cheque for a like amount.