Common use of Redemption Proceeds Clause in Contracts

Redemption Proceeds. (1) Payment for redeemed Units or other interest in the Partnership shall be made in cash, within 30 Business Days following the applicable date of redemption. Payment of redemption proceeds shall be made by mailing or delivering a cheque or by wire or electronic transfer as the General Partner may determine, to a Limited Partner at the address noted in the Register. Any payment, unless not honoured, shall discharge the Partnership and the General Partner from all liability to a Limited Partner in respect of the amount thereof and in respect of the Units or other interest in the Partnership redeemed. In no event shall the Partnership or the General Partner be liable to a Limited Partner for interest or income on the proceeds of any redemption pending the payment thereof. (2) If a redeeming Limited Partner owns Units of more than one Series, Units will be redeemed on a “first in, first out” basis. Accordingly, Units of the earliest Series owned by the Limited Partner will be redeemed first, at the redemption price for Units of such Series, until such Limited Partner no longer owns Units of such Series. (3) At the option of the General Partner, payment of all or part of any redemption proceeds may be made in a pro rata portion of the Partnership’s securities portfolio.