Common use of DIVIDEND DISBURSEMENT Clause in Contracts

DIVIDEND DISBURSEMENT. The Transfer Agent, when appointed as Dividend Disbursing Agent by resolution of the Corporation, will pay dividends for the shares of the Corporation for which it now or hereafter may be acting as Transfer Agent and Registrar, upon written notice by an officer of the Corporation advising the Transfer Agent of a declaration of a dividend, and the payment to the Transfer Agent of the necessary funds with which to pay the dividend, in currently available funds at least one business day before each dividend payable date. The Corporation agrees to deposit good and collected funds with the Transfer Agent, such that the collected balance available to the Transfer Agent is sufficient to cover the amount of the dividend to be paid. Neither party intends the Transfer Agent to make a loan to the Corporation. The Transfer Agent shall have no obligation to pay the dividend until the Corporation has provided sufficient collected and immediately available funds to the Transfer Agent. The Transfer Agent is authorized to draw and deliver from time to time new checks for the payment of dividends to take the place of checks theretofore drawn but not presented for payment, when such checks are represented by the payees to have been lost, mislaid or destroyed, and not to have been endorsed or negotiated, and the Transfer Agent stops payment of such original check with its financial institution. Unclaimed funds shall remain in designated disbursement accounts until such time as they are claimed by the shareholder or their representative, or until the Corporation, subject to applicable law and regulation, provides further direction as to their disposition.

DIVIDEND DISBURSEMENT. The Transfer Agent, when appointed as Dividend Disbursing Agent by resolution of the CorporationTrust, will pay dividends for the shares of the Corporation Trust for which it now or hereafter may be acting as Transfer Agent and Registrar, upon written notice by an officer of the Corporation Trust advising the Transfer Agent of a declaration of a dividend, and the payment to the Transfer Agent of the necessary funds with which to pay the dividend, in currently available funds at least one business day before each dividend payable date. The Corporation Trust agrees to deposit good and collected funds with the Transfer Agent, such that the collected balance available to the Transfer Agent is sufficient to cover the amount of the dividend to be paid. Neither party intends the Transfer Agent to make a loan to the CorporationTrust. The Transfer Agent shall have no obligation to pay the dividend until the Corporation Trust has provided sufficient collected and immediately available funds to the Transfer Agent. The Transfer Agent is authorized to draw and deliver from time to time new checks for the payment of dividends to take the place of checks theretofore drawn but not presented for payment, when such checks are represented by the payees to have been lost, mislaid or destroyed, and not to have been endorsed or negotiated, and the Transfer Agent stops payment of such original check with its financial institution. Unclaimed funds shall remain in designated disbursement accounts until such time as they are claimed by the shareholder or their representative, or until the CorporationTrust, subject to applicable law and regulation, provides further direction as to their disposition.