Subscription Applications. Following receipt of an Offer Notice, any Shareholder may make an irrevocable Subscription Application before the Offer Expiry Date. Each Subscription Application must state the following:
Subscription Applications. Shares of the Funds may only be purchased by written application using this Subscription Agreement and Proxy. All Subscription Agreements and Proxies should be directed to the respective Fund at the address shown on this Subscription Agreement and Proxy. The Funds reserve the right to reject subscriptions in whole or in part for any reason or without stating a reason, in which event subscription payments will be refunded at the applicant’s risk without interest. Subscriptions will be deemed to be for the largest number of Shares (including partial Shares) that may be purchased for the payment amount set forth in the subscriber’s Subscription Agreement and Proxy. Shares will be issued in respect of accepted applications on the basis of the Net Asset Value per Share on the Offering Date. Confirmations will be sent to subscribers showing the details of each transaction. The Funds will not consider any Shares to have been allotted until such confirmation has been issued. If a Subscription Agreement and Proxy is received later than as required herein for a particular Offering Date, such Subscription Agreement and Proxy may be deemed to be an application to subscribe for Shares as of the next Offering Date, unless otherwise determined by the Directors in their sole discretion. No interest will be paid with respect to subscription payments received prior to the relevant Offering Date. Applications sent by facsimile or email and accepted by a Fund will be deemed provisional and may be subject to cancellation unless the investor has completed and returned an executed, original Subscription Agreement and Proxy to that Fund by courier delivery service within one month of the relevant Offering Date. In order to restrict the ownership of Shares by persons whose background or reputation is unknown, the Directors have determined that Shares will only be registered in the name of a Qualified Institution unless special arrangement is made with a particular Fund. A “Qualified Institution” is a financial institution or other financial intermediary that is itself, or is part of a group that is, located within, and subject to the anti-money laundering regulations of, a country recognized as having sufficient anti-money laundering regulations (a “Recognized Country”), such as certain Member States of the European Union that are subject to the EC Money Laundering Directive or certain member countries of the Financial Action Task Force. For a full list of Recognized Countries, pl...
