Common use of Redemption of Units Clause in Contracts

Redemption of Units. 16 (A) (i) Subject to clause 16 the Manager shall on receipt by it or by its duly authorized agent of a request in writing by a Holder (other than the Manager) to redeem from such Holder before such time as may be agreed between the Manager and the Trustee on a Dealing day, all or any part of the Units comprised in his holding at a price per Unit computed by dividing the Value of the Deposited Property as at the date of proposed redemption divided by the number of Units outstanding as at such date, after deducting therefrom the Exit Fee, if any, or appropriate allowances for Duties and Charges in relation to the realization of the Deposited Property and by adjusting the resulting quotient to the nearest cent. Provided that any Units so redeemed shall be cancelled by the Manager in terms of clause 15 and the notice of such cancellation shall be deemed to have been issued on the day on which such redemption takes place.