Common use of Compulsory Redemption Clause in Contracts

Compulsory Redemption. The Management Company has the right to redeem compulsorily all or any of the Units held by any Unitholder at any time (even where the redemption of Units of any Sub-Fund or Class has been suspended) subject to such liquidity constraints as may be applicable at that time under, but not limited to, the following circumstances: a. if it is in the best interest or for the protection of the Unitholders, the UCITS and/or a Sub-Fund; b. if a Unitholder or its beneficiary does not fulfil the eligibility criteria for a particular Class; c. if a Unitholder is in breach of any law or requirement of any country or governmental authority or by virtue of which such person is not qualified to hold such Units; d. if a Unitholder is, or has acquired such Units on behalf of or for the benefit of a U.S. person, (except in transactions exempt from the registration requirements of the Securities Act and applicable state securities laws); e. if a Unitholder is in circumstances which in the opinion of the Management Company might result in regulatory, pecuniary, legal, taxation or material administrative disadvantage for the UCITS, a Sub-Fund or its Unitholders as a whole; f. if a Unitholder is suspected of utilizing “market timing”, “late trading” or any other market techniques that may be detrimental to the position of other Unitholders in a Sub-Fund; or g. to give effect to any conversion, transfer, restructuring, split, merger, termination or roll-up policy.

Compulsory Redemption. The Management Company has the right to redeem compulsorily all or any of the Units held by any Unitholder at any time (even where the redemption of Units of any Sub-Fund or Class has been suspended) subject to such liquidity constraints as may be applicable at that time under, but not limited to, the following circumstances: a. if it is in the best interest or for the protection of the Unitholders, the UCITS and/or a Sub-Fund; b. if a Unitholder or its beneficiary does not fulfil the eligibility criteria for a particular Class; c. if a Unitholder is in breach of any law or requirement of any country or governmental authority or by virtue of which such person is not qualified to hold such Units; d. if a Unitholder is, or has acquired such Units on behalf of or for the benefit of a U.S. person, (except in transactions exempt from the registration requirements of the Securities Act and applicable state securities laws); e. if a Unitholder is in circumstances which in the opinion of the Management Company might result in regulatory, pecuniary, legal, taxation or material administrative disadvantage for the UCITS, a Sub-Sub- Fund or its Unitholders as a whole; f. if a Unitholder is suspected of utilizing “market timing”, “late trading” or any other market techniques that may be detrimental to the position of other Unitholders in a Sub-Fund; or g. to give effect to any conversion, transfer, restructuring, split, merger, termination or roll-up policy.