Common use of Redemption Restrictions Clause in Contracts

Redemption Restrictions. In the event that the Management Company determines that special circumstances have arisen, which include but are not limited to, (i) situations in which there is a default or delay of payments to a Sub-Fund by its underlying investments; or (ii) when remittance or transfer of monies upon the redemption of Units is not reasonably practicable; or (iii) raising funds would be unduly burdensome to a Sub-Fund, the Management Company may resolve to delay payment of redemption proceeds in full or in part. Additionally, in the event redemption orders for a large number of units are received in respect of a Redemption Day, the Management Company may decide to postpone the execution of all redemption orders so received until equivalent Sub-Fund's assets have been sold, without undue delay. In the event that proper notices for redemptions in respect of a particular Redemption Day exceed a certain percentage of the latest available Net Asset Value (adjusted for any unaccounted but occurred subscriptions and/or redemptions) (the “Liquidity Gate Trigger”), as defined in Annex A for each Sub-Fund, the Management Company may decide to limit the proportion of Units available for redemption for that period to that number which represents, at the sole discretion of the Management Company, a reasonable estimate of the available liquidity in a Sub-Fund for that Redemption Day. The redemption proceeds will be distributed pro rata and pari passu to all affected Unitholders seeking redemption on that Redemption Day. Redemption of Units in excess of each affected redeeming Unitholder's pro rata portion shall be automatically carried forward to the next Redemption Day. Redemptions carried forward shall be treated equally with all other Unitholders seeking timely redemption of their Units on that same Redemption Day, without regard to whether or not redemption requests were given with respect to previous Redemption Days and subject always to the threshold for each Redemption Day as described above. The Management Company may suspend redemptions in any Sub-Fund:

Redemption Restrictions. In the event that the Management Company determines that special circumstances have arisen, which include but are not limited to, (i) situations in which there is a default or delay of payments to a Sub-Fund by its underlying investments; or (ii) when remittance or transfer of monies upon the redemption of Units is not reasonably practicable; or (iii) raising funds would be unduly burdensome to a Sub-Fund, the Management Company determines that special circumstances may resolve to delay payment of redemption proceeds in full or in part. Additionally, in the event redemption orders for a large number of units are received in respect of a Redemption Day, the Management Company may decide to postpone the execution of all redemption orders so received until equivalent Sub-Fund's assets have been sold, without undue delay. In the event that proper notices for redemptions in respect of a particular Redemption Day exceed a certain percentage of the latest available Net Asset Value (adjusted for any unaccounted but occurred subscriptions and/or redemptions) (the “Liquidity Gate Trigger”), as defined in Annex A for each Sub-Fund, the Management Company may decide to limit the proportion of Units available for redemption for that period to that number which represents, at the sole discretion of the Management Company, a reasonable estimate of the available liquidity in a Sub-Fund for that Redemption Day. The redemption proceeds will be distributed pro rata and pari passu to all affected Unitholders seeking redemption on that Redemption Day. Redemption of Units in excess of each affected redeeming Unitholder's pro rata portion shall be automatically carried forward to the next Redemption Day. Redemptions carried forward shall be treated equally with all other Unitholders seeking timely redemption of their Units on that same Redemption Day, without regard to whether or not redemption requests were given with respect to previous Redemption Days and subject always to the threshold for each Redemption Day as described above. The Management Company may in its sole discretion, suspend redemptions in any Sub-Fund:

Redemption Restrictions. In the event that the Management Company determines that special circumstances have arisen, which include but are not limited to, (i) situations in which there is a default or delay of payments to a Sub-Fund by its underlying investments; or (ii) when remittance or transfer of monies upon the redemption of Units is not reasonably practicable; or (iii) raising funds would be unduly burdensome to a Sub-Fund, the Management Company may resolve to delay payment of redemption proceeds in full or in part. Additionally, in the event redemption orders for a large number of units are received in respect of a Redemption Day, the Management Company may decide to postpone the execution of all redemption orders so received until equivalent Sub-Fund's assets have been sold, without undue delay. In the event that proper notices for redemptions in respect of a particular Redemption Day exceed a certain percentage of the latest available Net Asset Value (adjusted for any unaccounted but occurred subscriptions and/or redemptions) (the “Liquidity Gate Trigger”), as defined in Annex A for each Sub-Sub- Fund, the Management Company may decide to limit the proportion of Units available for redemption for that period to that number which represents, at the sole discretion of the Management Company, a reasonable estimate of the available liquidity in a Sub-Fund for that Redemption Day. The redemption proceeds will be distributed pro rata and pari passu to all affected Unitholders seeking redemption on that Redemption Day. Redemption of Units in excess of each affected redeeming Unitholder's pro rata portion shall be automatically carried forward to the next Redemption Day. Redemptions carried forward shall be treated equally with all other Unitholders seeking timely redemption of their Units on that same Redemption Day, without regard to whether or not redemption requests were given with respect to previous Redemption Days and subject always to the threshold for each Redemption Day as described above. The Management Company may suspend redemptions in any Sub-Fund:

Redemption Restrictions. In the event that the Management Company determines that special circumstances have arisen, which include but are not limited to, (i) situations in which there is a default or delay of payments to a Sub-Fund by its underlying investments; or (ii) when remittance or transfer of monies upon the redemption of Units is not reasonably practicable; or (iii) raising funds would be unduly burdensome to a Sub-Fund, the Management Company determines that special circumstances may resolve to delay payment of redemption proceeds in full or in part. Additionally, in the event redemption orders for a large number of units are received in respect of a Redemption Day, the Management Company may decide to postpone the execution of all redemption orders so received until equivalent Sub-Fund's assets have been sold, without undue delay. In the event that proper notices for redemptions in respect of a particular Redemption Day exceed a certain percentage of the latest available Net Asset Value (adjusted for any unaccounted but occurred subscriptions and/or redemptions) (the “Liquidity Gate Trigger”), as defined in Annex A for each Sub-Sub- Fund, the Management Company may decide to limit the proportion of Units available for redemption for that period to that number which represents, at the sole discretion of the Management Company, a reasonable estimate of the available liquidity in a Sub-Fund for that Redemption Day. The redemption proceeds will be distributed pro rata and pari passu to all affected Unitholders seeking redemption on that Redemption Day. Redemption of Units in excess of each affected redeeming Unitholder's pro rata portion shall be automatically carried forward to the next Redemption Day. Redemptions carried forward shall be treated equally with all other Unitholders seeking timely redemption of their Units on that same Redemption Day, without regard to whether or not redemption requests were given with respect to previous Redemption Days and subject always to the threshold for each Redemption Day as described above. The Management Company may in its sole discretion, suspend redemptions in any Sub-Fund: