Common use of Consolidation, Subdivision and Redesignation Clause in Contracts

Consolidation, Subdivision and Redesignation. Units of any series of Units of a Fund may be consolidated or subdivided by the Manager upon the Manager giving at least 21 days’ prior written notice of its determination to do so to the Trustee and to each Unitholder holding Units of that series of that Fund. Notwithstanding the foregoing, after Units of a series (the “New Units”) are issued pursuant to Article 16, the Manager may, by giving written notice to the Trustee (without the requirement to provide 21 days’ prior written notice), consolidate outstanding Units of the series so as to reduce the number of Units of the series to the number that would be outstanding if the New Units had not been issued. The consolidation is effective at the later of the time specified in the notice and the date of issuance of the New Units. Units of any series may at any time, without notice to Unitholders but upon two days’ prior written notice to the Trustee, be redesignated by the Manager as Units of a different series of the same Fund based on the applicable series Net Asset Value per Unit for the two series of Units on the date of the redesignation, provided that no such redesignation shall be made which in the opinion of the Manager adversely affects the pecuniary value of the interest of the holder of such Units.