Common use of Amounts Payable Clause in Contracts

Amounts Payable. Where an amount becomes payable to a Unitholder of a Fund pursuant to Section 16.8, 16.9 or 16.11, or is allocated to a Unitholder of a Money Market Fund pursuant to Section 16.8, the amount is a liability of the Fund until it is paid or reinvested in Units of the Fund. An amount that becomes payable pursuant to Section 16.8 by a Fund other than a Money Market Fund, or pursuant to Section 16.9 by any Fund shall not be deducted in determining the Net Asset Value of the Fund or the Series Net Asset Value of a series of Units of the Fund, on the relevant Distribution Date. Where an amount becomes payable to a Unitholder of a Fund pursuant to this Article, the Unitholder is entitled from the time the amount becomes payable to enforce payment of the amount.