Common use of Redemption and Payment of Units Clause in Contracts

Redemption and Payment of Units. Upon receiving a withdrawal request by or on behalf of a Participant for the redemption of Trust units or the sale of securities held through the Fixed Term Automated Investment Program, the Administrator shall enter the transaction into the IPAS Software for recordation and for the proper redemption of Trust units or sales of Fixed Term Securities by the Advisor. The Advisor shall advise the Administrator of the amount to be withdrawn from the appropriate account held by the Custodian for the Units to be redeemed or the amount to be withdrawn for investments redeemed or sold pursuant to the Fixed Term Automated Investment Program. A withdrawal request made by a Participant in the form of a telephonic or electronic authorization shall be deemed to constitute the presentation of a withdrawal request. Upon processing a withdrawal request, the Administrator shall, upon first giving notice to the Custodian, make payment of the requested amount to the applicable Participant by facilitating the movement of money to the Participant's account at its local financial institution out of the moneys held in the applicable Trust portfolio account or Fixed Term Securities account; provided however, that if the amount being withdrawn by a Participant exceeds the amount in the Participant's account, payment shall not be made in whole or in part. The Administrator shall forward a transaction confirmation evidencing each withdrawal and a monthly account summary evidencing all withdrawals within a month for each Participant account.