Common use of Annual Payments Clause in Contracts

Annual Payments. The Investor has the right to request that the Manager and Custodian realise the proceeds from a cancellation, sale or transfer of Shares in the Investor’s Portfolio for a certain value each calendar year on the following terms: (a) the Investor shall be entitled to make an Annual Payment Request by either submitting to the Manager a Payment Request Form for an Annual Payment no later than 31 December in any calendar year, or by making an Annual Payment Request in the Investor’s Application Form; (b) the amount payable as an Annual Payment shall be subject in all respects to the discretion of the Manager, having regard to the amount of cash available in the applicable Portfolio Companies and/or potential transferees of the applicable Shares and the terms of Clause 4.10; (c) subject to Clause 4.10, the Manager shall use its reasonable endeavours to facilitate payment of the Annual Payment, it being acknowledged that the amount payable will be calculated with reference to the Published Reference Value of the applicable Shares being cancelled, sold or transferred as a whole and therefore the amount paid may be slightly higher or lower than the requested amount; (d) Subject to Clause 4.10, the Manager shall use its reasonable endeavors to facilitate the payment of the Annual Payment in February of the year following the year in which the Annual Payment Request is received (or as reasonably practicable thereafter) and in February of each year thereafter; (e) any Annual Payment Request shall be deemed to remain effective until withdrawn by the Investor in writing addressed to the Custodian and Manager or superseded by a subsequent Annual Payment Request for a different amount. In any period where the Investor serves more than one Annual Payment Request, the latest valid Annual Payment Request received by the Manager shall govern and be acted upon by the Manager.

Annual Payments. The Investor has the right to request that the Manager and Custodian realise the proceeds from a cancellation, sale or transfer of Shares in the Investor’s Portfolio for a certain value each calendar year on the following terms: (a) the Investor shall be entitled to make an Annual Payment Request by either submitting to the Manager a Payment Request Form for an Annual Payment no later than 31 December in any calendar year, or by making an Annual Payment Request in the Investor’s Application Form; (b) the amount payable as an Annual Payment shall be subject in all respects to the discretion of the Manager, having regard to the amount of cash available in the applicable Portfolio Companies and/or potential transferees of the applicable Shares and the terms of Clause 4.104.11; (c) subject to Clause 4.10, the Manager shall use its reasonable endeavours to to: (a) facilitate payment of the Annual Payment, it being acknowledged that the amount payable will be calculated with reference to the Published Reference Value of the applicable Shares being cancelled, sold or transferred as a whole and therefore the amount paid may be slightly higher or lower than the requested amount; (d) Subject to Clause 4.10, the Manager shall use its reasonable endeavors to and facilitate the payment of the Annual Payment in February of the year following the year in which the Annual Payment Request is received (or as reasonably practicable thereafter) and in February of each year thereafter; (e) any Annual Payment Request shall be deemed to remain effective until withdrawn by the Investor in writing addressed to the Custodian and Manager or superseded by a subsequent Annual Payment Request for a different amount. In any period where the Investor serves more than one Annual Payment Request, the latest valid Annual Payment Request received by the Manager shall govern and be acted upon by the Manager.

Annual Payments. The Investor has the right to request that the Manager and Custodian realise the proceeds from a cancellation, sale or transfer of Shares in the Investor’s Portfolio for a certain value each calendar year on the following terms: (a) the Investor shall be entitled to make an Annual Payment Request by either submitting to the Manager a Payment Request Form for an Annual Payment no later than 31 December in any calendar year, or by making an Annual Payment Request in the Investor’s Application Form; (b) the amount payable as an Annual Payment shall be subject in all respects to the discretion of the Manager, having regard to the amount of cash available in the applicable Portfolio Companies and/or potential transferees of the applicable Shares and the terms of Clause 4.10; (c) subject to Clause 4.10, the Manager shall use its reasonable endeavours to to: (a) facilitate payment of the Annual Payment, it being acknowledged that the amount payable will be calculated with reference to the Published Reference Value of the applicable Shares being cancelled, sold or transferred as a whole and therefore the amount paid may be slightly higher or lower than the requested amount; (d) Subject to Clause 4.10, the Manager shall use its reasonable endeavors to and facilitate the payment of the Annual Payment in February of the year following the year in which the Annual Payment Request is received (or as reasonably practicable thereafter) and in February of each year thereafter; (e) any Annual Payment Request shall be deemed to remain effective until withdrawn by the Investor in writing addressed to the Custodian and Manager or superseded by a subsequent Annual Payment Request for a different amount. In any period where the Investor serves more than one Annual Payment Request, the latest valid Annual Payment Request received by the Manager shall govern and be acted upon by the Manager.

Annual Payments. 7.1 Notwithstanding anything to the contrary in this Agreement, the Annual Income shall be deemed to be due and payable in its entirety to the Beneficiary as at December 31 of each Fiscal Year and attributed as income to the Beneficiary pursuant to the application of subsection 75(2) of the Income Tax Act. 7.2 The Investor has Trustee is authorized and directed to make the right to request that the Manager and Custodian realise the proceeds from a cancellation, sale or transfer of Shares Annual Payment in the Investor’s Portfolio for a certain value each calendar year on accordance with the following termsprocedures: (a) the Investor Trustee shall be entitled to make an deposit the Annual Payment Request by either submitting to for the Manager a Payment Request Form for an Annual Payment no later than 31 December in any calendar year, or by making an Annual Payment Request in initial Fiscal Year into the Investor’s Application Form;Revenue Account within seven (7) days of the Compensation Date; and (b) on April 1 or as soon as practicable for every Fiscal Year thereafter, the amount payable as an Trustee shall deposit the Annual Payment shall be subject in all respects to into the discretion of the Manager, having regard to Revenue Account less the amount of cash available all Authorized Loan Payments made by the Trustee in the applicable Portfolio Companies and/or potential transferees of the applicable Shares and the terms of Clause 4.10;preceding Fiscal Year. (c) subject to Clause 4.10, the Manager shall use its reasonable endeavours to facilitate payment of the Annual Payment, it being acknowledged that the amount payable will be calculated with reference to the Published Reference Value of the applicable Shares being cancelled, sold or transferred 7.3 As soon as a whole and therefore the amount paid may be slightly higher or lower than the requested amount; (d) Subject to Clause 4.10, the Manager shall use its reasonable endeavors to facilitate the payment practicable following transfer of the Annual Payment to the Revenue Account, the Trustee shall issue a Promissory Note to the Beneficiary for the amount of any Secondary Income that has not been distributed in February that Fiscal Year. Where a balance remains owing under a Promissory Note from any previous Fiscal Year, the Trustee shall issue a Promissory Note to replace the earlier Promissory Note for the total outstanding amount owing, if any, as of that date. Each Promissory Note will be payable on demand and will bear no interest and shall be issued as evidence of absolute payment by the Trustee of any Secondary Income for a Fiscal Year of the year following Trust to the year Beneficiary. 7.4 For greater certainty, any amount distributed by the Trustee to the Revenue Account in which accordance with this Article is no longer Trust Property for the Annual Payment Request is received (or as reasonably practicable thereafter) purposes of this Agreement and in February of each year thereafter; (e) any Annual Payment Request the Trustee shall be deemed to remain effective until withdrawn by the Investor discharged in writing addressed respect of any such distribution and shall have no obligations with respect to the Custodian and Manager funds held in or superseded by a subsequent Annual Payment Request for a different amount. In any period where expended from the Investor serves more than one Annual Payment Request, the latest valid Annual Payment Request received by the Manager shall govern and be acted upon by the ManagerRevenue Account.

Annual Payments. The Investor has the right to request that the Manager and Custodian realise the proceeds from a cancellation, sale or transfer of Shares in the Investor’s Portfolio for a certain value each calendar year on the following terms: (a) the Investor shall be entitled to make an Annual Payment Request by either submitting to the Manager a Payment Request Form for an Annual Payment no later than 31 December in any calendar year, or by making an Annual Payment Request in the Investor’s Application Form; (b) the amount payable as an Annual Payment shall be subject in all respects to the discretion of the Manager, having regard to the amount of cash available in the applicable Portfolio Companies and/or potential transferees of the applicable Shares and the terms of Clause 4.104.12; (c) subject to Clause 4.104.11, the Manager shall use its reasonable endeavours to to: (a) facilitate payment of the Annual Payment, it being acknowledged that the amount payable will be calculated with reference to the Published Reference Value of the applicable Shares being cancelled, sold or transferred as a whole and therefore the amount paid may be slightly higher or lower than the requested amount; (d) Subject to Clause 4.10, the Manager shall use its reasonable endeavors to and facilitate the payment of the Annual Payment in February of the year following the year in which the Annual Payment Request is received (or as reasonably practicable thereafter) and in February of each year thereafter; (e) any Annual Payment Request shall be deemed to remain effective until withdrawn by the Investor in writing addressed to the Custodian and Manager or superseded by a subsequent Annual Payment Request for a different amount. In any period where the Investor serves more than one Annual Payment Request, the latest valid Annual Payment Request received by the Manager shall govern and be acted upon by the Manager.