Common use of Bankruptcy or Insolvency of a Unitholder Clause in Contracts

Bankruptcy or Insolvency of a Unitholder. None of the Funds, the Trustee or the Manager shall be affected by any notice of bankruptcy, insolvency or other event affecting a Unitholder but they may nonetheless upon becoming aware of any such event take such action as they may deem appropriate to ensure compliance with Applicable Laws and they shall not become liable to a Unitholder for so doing. Any person becoming entitled to any Units in consequence of the bankruptcy or insolvency of any Unitholder, or otherwise by operation of law, shall be recorded by the registrar as the holder of such Units upon production to the registrar of the proper evidence thereof. Until such production is made, the Unitholder of Record shall be deemed to be the holder of such Units for all purposes hereof and the Trustee and the Manager shall not be affected by any notice of such bankruptcy, insolvency or other event, and in particular shall not be affected by reason that the Series Net Asset Value per Unit of the Units for the purposes of redemption is calculated on the day when actual redemption occurs and not on the day when notice of bankruptcy, insolvency or other event is received by the Trustee and the Manager. Notwithstanding the foregoing, upon receipt from a Unitholder of notice that his Units have been pledged or otherwise encumbered, the Manager and the registrar may, but need not place such restrictions on transfer of the affected Units as may seem appropriate to the Manager in its discretion.