Liquidation of Positions. The Advisor agrees to liquidate open positions in the amount that the Company informs the Advisor, in writing via facsimile or other equivalent means, that the Company considers necessary or advisable to liquidate in order to (i) effect any termination or reallocation pursuant to Sections 1 or 8, respectively, or (ii) fund its pro rata share of any redemption, distribution or Company expense. The Company shall not, however, have authority to instruct the Advisor as to which specific open positions to liquidate, except as provided in Section 1 hereof. The Company shall provide the Advisor with such reasonable prior notice of such liquidation as is practicable under the circumstances and will endeavor to provide at least three (3) days prior notice. In the event that losses incurred as a result of such liquidation by the Advisor exceed the amount of the Allocated Assets, any such losses or excess losses shall be the sole responsibility of the Company; the Advisor shall have no liability for any such losses or excess losses.
Appears in 9 contracts
Samples: Advisory Agreement (World Monitor Trust Ii Series E), Advisory Agreement (Kenmar Global Trust), Advisory Agreement (Futures Strategic Trust)
Liquidation of Positions. The Advisor agrees to liquidate open positions in the amount that the Company informs the Advisor, in writing via facsimile or other equivalent means, that the Company considers necessary or advisable to liquidate in order to (i) effect any termination or reallocation pursuant to Sections 1 or 8, respectively, or (ii) fund its pro rata share of any redemption, distribution or Company expense. The Company shall not, however, have authority to instruct the Advisor as to which specific open positions to liquidate, except as provided in Section 1 hereof. The Company shall provide the Advisor with such reasonable prior notice of such liquidation as is practicable under the circumstances and will endeavor to provide at least three (3) days prior notice. In the event that losses incurred as a result of such liquidation by the Advisor exceed the amount of the Allocated Assets, any such losses or excess losses shall be the sole responsibility of the Company; the Advisor shall have no liability for any such losses or excess losses.
Appears in 3 contracts
Samples: Advisory Agreement (World Monitor Trust Series A), Advisory Agreement (World Monitor Trust Ii Series F), Advisory Agreement (World Monitor Trust Ii Series D)
