Common use of Unclaimed Payments Clause in Contracts

Unclaimed Payments. ‌ If, six (6) months after a Fund Termination Date, the Manager is unable to locate any Unitholder as shown on the Register, the amount that would be distributed to such Unitholder shall be deposited by the Manager with the Custodian or with any Canadian chartered bank in the name of the Unitholder and the Trustee and the Manager shall thereupon be released from any and all further liability with respect to the monies and thereafter the Unitholder shall have no rights as against the Trustee or the Manager to the monies or an accounting therefor other than the right to demand payment from the account of the Custodian or such Canadian chartered bank, as applicable.