Common use of Distribution Dates Clause in Contracts

Distribution Dates. For each Fund, except a Fund that is a “money market fund” within the meaning of NI 81-102 (whether or not such Fund is offered pursuant to a simplified prospectus), or a fund that distributes income on a basis that is similar to a “money market fund” each of which is referred to in this Article 16 as a “Money Market Fund”) the Distribution Dates are: (a) if the Manager has determined to make monthly distributions, the second-last Valuation Day of each calendar month, other than the last month of each year; (b) if the Manager has determined to make quarterly distributions, the second-last Valuation Day of each calendar quarter, other than the last quarter of each year; (c) if taxation years of the Fund end on December 31, the last Valuation Day of the last quarter of each year; (d) if taxation years of the Fund end on December 15, each Distribution Date determined in accordance with Section 16.15(b); and (e) if the taxation year is deemed under the Tax Act to end on a day other than December 15 or December 31, the Valuation Day on or immediately preceding the date of the deemed taxation year end, except that the Distribution Date for a distribution by a Fund pursuant to Section 16.11 (Management Fee Distribution) is the date on which the Fund receives a reimbursement in respect of a fee it has paid to the Manager. The Manager shall notify the Trustee, in accordance with Section 18 of this Master Trust Agreement, upon the Manager becoming aware of the occurrence of a Fund taxation year end which results from the deemed taxation year end rules under the Tax Act (a “Deemed Taxation Year End”). For greater certainty, the Trustee shall have no responsibility to monitor the occurrence of any Deemed Taxation Year End, determine whether a Deemed Taxation Year End has occurred for a Fund, or alert the Manager that a Deemed Taxation Year End has occurred. Notwithstanding any other term of this Master Trust Agreement, the Trustee shall not be responsible or liable whatsoever, in its capacity as Trustee, to the Manager or a Fund for any losses, damages, costs, claims, penalties or expenses relating to the failure by the Manager to notify the Trustee of a Deemed Taxation Year End and any resulting adjustments that are required to be made to a Fund, including without limitation, adjustments made to its register or its Net Asset Value. For the Money Market Funds, the Distribution Dates are the last Valuation Day of each calendar month, except that the Distribution Date for a distribution by a Money Market Fund of capital gains or capital pursuant to Section 16.8 is the date on which the Manager determines that such distributions shall occur and the Distribution Date for a distribution by a Money Market Fund pursuant to Section 16.11 (Management Fee Distribution) is the date on which the Fund receives a reimbursement in respect of a fee it has paid to the Manager. The method for determining the portion of a Money Market Fund’s net income for a year that is allocable to each series of Units shall also be used for determining the allocation of daily accruing income under Section 16.8.