Common use of Characteristics of the units Clause in Contracts

Characteristics of the units. The Fund Manager may issue an unlimited number of units in the Fund, all of same class. Each unit represents an equal common interest in the Fund. Units may be redeemed only from the Fund Manager and are not transferable. All units are held in uncertified form. The Fund Manager maintains a record of all unit holders. Following every transaction, the investor will receive a confirmation containing full details of the transaction. If and when the Fund is liquidated, all its units shall be entitled to a proportionate share in the net assets available for distribution to unit holders. Each investor owns an undivided interest in the assets of the Fund, based on the net asset value of the units held by him.