Common use of Determination of Amounts Clause in Contracts

Determination of Amounts. The Manager shall determine the amount of each Fund’s net income and net realized capital gains for each taxation year. In so doing, the Manager may modify the method specified in Section 16.3 or 16.4, where the modification is, in the Manager’s opinion, necessary or desirable so as to obtain more favourable results under the Tax Act for a Fund or its Unitholders. For greater certainty, such modifications may involve the deduction of expenses in computing net realized capital gains rather than their deduction in computing net income, or the deduction of non-capital losses for prior taxation years in computing net realized capital gains. A decision by the Manager to modify the method for determining a Fund’s net income or net realized capital gains for a taxation year shall be effective only if made before the end of the taxation year (or, where the taxation year ends on December 15, before the end of the calendar year that includes the end of the taxation year). Amounts referred to in Sections 16.3 and 16.4 that are defined in the Tax Act are to be determined in accordance with the Tax Act.