Common use of Payment of Redemption Proceeds Clause in Contracts

Payment of Redemption Proceeds. IMSC shall, upon receipt of the monies paid to it by the Custodian for the redemption of Shares, pay to the Shareholder, or his authorized agent or legal representative, such monies are received from the Custodian, all in accordance with the redemption procedures described in the Fund's Prospectus. The Fund shall indemnify IMSC for any payment of redemption proceeds or refusal to make such payment if the payment or refusal to pay is in accordance with said written procedures. IMSC shall not process or effect any redemption pursuant to a plan of distribution or redemption or in accordance with any other Shareholder request upon the receipt by IMSC of notification of the suspension of the determination of the Fund's net asset value.

Payment of Redemption Proceeds. IMSC shall, upon receipt of the monies moneys paid to it by the Custodian for the redemption of Shares, pay to the Shareholder, or his authorized agent or legal representative, such monies moneys are received from the Custodian, all in accordance with the redemption procedures described in the FundTrust's Prospectus. The Fund Trust shall indemnify IMSC for any payment of redemption proceeds or refusal to make such payment if the payment or refusal to pay is in accordance with said written procedures. IMSC shall not process or effect any redemption redemptions pursuant to a plan of distribution or redemption or in accordance with any other Shareholder shareholder request upon the receipt by IMSC of notification of the suspension of the determination of the FundTrust's net asset value.