Common use of Procedure for Application Clause in Contracts

Procedure for Application. Subscriptions for Cell Shares should be made on the Application Documents which should be received and accepted by the Administrator by 16h00 Mauritius time in order to receive value for that dealing day. If the Application documents are received on a day which is not a Business Day, the Subscription Notice Day shall be the next Business Day. Settlement may be made by bank transfers into the Company’s inflow account. Cleared subscription monies of an applicant must be deposited and reflect in the inflow account on the dealing day for processing and allocation of units for that day. If the Subscription Notice Day is not a Business Day, cleared monies must be received on the next Business Day. If either the Application Documents are received after 16h00 on the Dealing Day or cleared subscription monies of an applicant are received after on the day after the Dealing Day, the investment shall be deferred to the next Dealing Day at the Subscription Price applicable on that Dealing Day. Applications for subscriptions shall be irrevocable. Applicants shall not therefore be entitled to withdraw subscription requests once accepted by Fund Administrator. Depending on the rules of each Fund, applicants may be informed in writing by the Fund Administrator once their applications have been accepted and their subscription monies received in the relevant subscription monies bank account held by the Company. Application monies that are received prior to the issue of the Cell Shares will not bear any interest for the benefit of the investor. The Company reserves the right to reject any application, in which event subscription monies received by the General Administrator will be returned to the applicant without interest. Especially, the Company may reject an application for Cell Shares if that will cause a Fund to exceed any limit for subscription of Cell Shares fixed by the Board from time to time. A sales commission may be payable by the investors to any Broker or Investment Advisor that introduces investors to the Company.