Common use of Confirmation of Sale Clause in Contracts

Confirmation of Sale. The Manager upon receipt of a subscription shall accept or reject such subscription within one Business Day (or, for Funds that are not subject to National Instrument 81-102 Mutual Funds (“NI 81-102”), such other time as the Manager may determine) of such receipt; upon such acceptance or rejection and following the valuation made on the then next Valuation Day, the Manager will, in the case of rejection, forthwith return the subscription and the cheque accompanying the subscription without interest thereon; and, in the case of acceptance, the Manager will forthwith forward a notice to the subscriber indicating the number of Units of the Fund and fractions thereof, if any, purchased by such subscriber.

Confirmation of Sale. The Manager upon receipt of a subscription shall accept or reject such subscription within one Business Day (or, for Funds that are not subject to National Instrument 81-102 Mutual Investment Funds (“NI 81-102”), such other time as the Manager may determine) of such receipt; upon such acceptance or rejection and following the valuation made on the then next Valuation Day, the Manager will, in the case of rejection, forthwith return the subscription and the cheque accompanying the subscription without interest thereon; and, in the case of acceptance, the Manager will forthwith forward a notice to the subscriber indicating the number of Units of the Fund and fractions thereof, if any, purchased by such subscriber.