Common use of Dividend Disbursing Agent Clause in Contracts

Dividend Disbursing Agent. 3.1 The Company hereby appoints National Issuer as its Dividend Disbursing Agent to disburse to the holders of Shares of the Company dividends that may from time to time be declared by the board of directors of the Company and National Issuer hereby accepts such appointment upon the terms herein contained. 3.2 National Issuer shall disburse such dividends upon receiving a certified copy of a resolution of the board of directors of the Company declaring such dividends and, at least one business day before each payable date, funds in an amount sufficient for the payment of such dividends. The Company shall deliver sufficient funds to National Issuer by electronic transfer or certified cheque or make such other arrangements for the provision of funds as may be agreeable between the parties. Notwithstanding the aforementioned, all payments in excess of $25 million in Canadian dollars (or such other amount as determined from time to time by the Canadian Payments Association) must be made by electronic transfer.

Dividend Disbursing Agent. 3.1 The Company hereby appoints National Issuer as its dividend disbursing agent (“Dividend Disbursing Agent Agent”) to disburse distribute to the holders of Shares of the Company any dividends that may from time to time be legally declared by the board of directors of the Company and National Issuer hereby accepts such appointment upon the terms herein contained. 3.2 National Issuer shall only disburse such dividends upon receiving a certified copy of a resolution of the board of directors of the Company declaring such dividends and, at least one business day before each payable date, funds and/or securities in an amount sufficient for the payment of such dividends. The Company shall deliver sufficient funds to National Issuer by electronic transfer or certified cheque or make such other arrangements for the provision of funds as may be agreeable between agreed upon by the parties. Notwithstanding the aforementionedforegoing, all payments in excess of $25 million in Canadian dollars (or such other amount as determined from time to time by the Canadian Payments Association) must be made by electronic transfer.