Check Redemptions Clause Samples
The Check Redemptions clause outlines the procedures and conditions under which checks can be redeemed or cashed by the payee. Typically, this clause specifies the requirements for presenting a check for redemption, such as identification or time limits, and may address scenarios like lost or stale-dated checks. Its core function is to ensure a clear and secure process for redeeming checks, thereby reducing the risk of fraud and disputes over payment.
Check Redemptions. Notwithstanding the above provisions regarding the redemption of any Shares, whenever any Shares are redeemed pursuant to any check redemption privilege which may from time to time be offered by the Fund, the Custodian, unless otherwise instructed by Instructions, shall, upon presentment of such check, charge the amount thereof against the cash held in the Account of the Series of the Shares being redeemed, provided, that if the Fund or its agent timely advises the Custodian that such check is not to be honored, the Custodian shall return such check unpaid.
Check Redemptions. 13 SECTION 7 -- PAYMENT OF DIVIDENDS AND DISTRIBUTIONS ..................... 13 7.1 Determination to Pay ............................................. 13 7.2 Payment .......................................................... 13 SECTION 8 -- TAXES, REPORTS AND RECORDS ................................. 13