Common use of Distributions During Year Clause in Contracts

Distributions During Year. For each Fund except the Money Market Funds, such amount as is determined by the Manager in its absolute discretion shall, on each Distribution Date in a taxation year (other than the last Distribution Date), become payable as a distribution of the Fund’s net income or net realized capital gains for the year to Unitholders of Record for the distribution in respect of their Units of a particular series of the Fund. The Manager may estimate the Fund’s net income or net realized capital gains for this purpose. An amount that becomes payable to Unitholders of a particular series of Units of a Fund pursuant to this Section shall be allocated among the Unitholders pro rata based on the number of Units of that series held by each Unitholder. For each Money Market Fund, the Manager shall determine the amount of the Fund’s net income for a calendar year that accrues each day in the year (excluding net income that becomes payable to Unitholders pursuant to Section 16.11 (Management Fee Distribution)), and the portion of the net income accruing each day that is allocable to each series of Units of the Fund. The amount so determined for a day in respect of a particular series of Units of the Fund shall be allocated among the Unitholders of the Fund at the beginning of that day pro rata based on the number of Units of that series held by each Unitholder at that time. The net income allocated to a Unitholder of a Money Market Fund in a calendar month shall be payable to the Unitholder on the last Valuation Day of the month unless payable earlier pursuant to Section 16.10. For each Money Market Fund, the Manager shall have the absolute discretion to make distributions out of the net realized capital gains or capital of the Fund at any time during the year in such amounts as the Manager determines.

Distributions During Year. For each Fund except the Money Market Funds, such amount as is determined by the Manager in its absolute discretion shall, on each Distribution Date in a taxation calendar year (other than the last Distribution Date), become payable as a distribution of the Fund’s net income or net realized capital gains for the year to Unitholders of Record for the distribution in respect of their Units of a particular series of the Fund. The Manager may estimate the Fund’s net income or net realized capital gains for this purpose. An amount that becomes payable to Unitholders of a particular series of Units of a Fund pursuant to this Section shall be allocated among the Unitholders pro rata based on the number of Units of that series held by each Unitholder. For each Money Market Fund, the Manager shall determine the amount of the Fund’s net income for a calendar year that accrues each day in the year (excluding net income that becomes payable to Unitholders pursuant to Section 16.11 (Management Fee Distribution)), and the portion of the net income accruing each day that is allocable to each series of Units of the Fund. The amount so determined for a day in respect of a particular series of Units of the Fund shall be allocated among the Unitholders of the Fund at the beginning of that day pro rata based on the number of Units of that series held by each Unitholder at that time. The net income allocated to a Unitholder of a Money Market Fund in a calendar month shall be payable to the Unitholder on the last Valuation Day of the month unless payable earlier pursuant to Section 16.10. For each Money Market Fund, the Manager shall have the absolute discretion to make distributions out of the net realized capital gains or capital of the Fund at any time during the year in such amounts as the Manager determines.