Common use of Suspension of Redemption Right Clause in Contracts

Suspension of Redemption Right. Notwithstanding the provisions of Section 5.1, the Manager may, during any Period of Emergency, suspend the right of Unitholders to require the applicable Fund to redeem its Units (including Units of any particular series) and, as a result, the payment for Units of that Fund tendered for redemption. The Manager will immediately advise the Trustee of any such suspension. The suspension may, at the discretion of the Manager, apply to all requests for redemption of Units of that Fund received prior to the suspension but as to which payment has not been made in accordance with Sections 5.1 and 5.2, as well as to all requests received while the suspension is in effect. All Unitholders making such requests shall (unless the suspension lasts for less than 48 hours) be advised by the Manager of the suspension and that the redemption will be effected on the basis of the Series Net Asset Value Per Unit of that Fund determined on the first Valuation Day following the termination of the suspension All such Unitholders shall have and shall (unless the suspension lasts for less than 48 hours) be advised by the Manager that they have the right to withdraw their requests for redemption. The suspension shall terminate in any event on the first day on which the condition giving rise to the suspension has, in the determination of the Manager, ceased to exist, provided that no other condition under which a suspension is authorized then exists. To the extent that it is not inconsistent with official rules and regulations promulgated by any government body having jurisdiction over that Fund, any declaration or suspension made by the Manager shall be conclusive.

Suspension of Redemption Right. Notwithstanding the provisions of Section 5.1, the Manager may, during any Period of Emergency, suspend the right of Unitholders to require the applicable Fund to redeem its Units (including Units of any particular series) and, as a result, the payment for Units of that Fund tendered for redemption. The Manager will immediately advise the Trustee of any such suspension. The suspension may, at the discretion of the Manager, apply to all requests for redemption of Units of that Fund received prior to the suspension but as to which payment has not been made in accordance with Sections 5.1 and 5.2, as well as to all requests received while the suspension is in effect. All Unitholders making such requests shall (unless the suspension lasts for less than 48 hours) be advised by the Manager of the suspension and that the redemption will be effected on the basis of the Series Net Asset Value Per Unit of that Fund determined on the first Valuation Day following the termination of the suspension All such Unitholders shall have and shall (unless the suspension lasts for less than 48 hours) be advised by the Manager that they have the right to withdraw their requests for redemption. The suspension shall terminate in any event on the first day on which the condition giving rise to the suspension has, in the determination of the Manager, ceased to exist, provided that no other condition under which a suspension is authorized then exists. To the extent that it is not inconsistent with official rules and regulations promulgated by any government body having jurisdiction over that Fund, any declaration or suspension made by the Manager shall be conclusive. The Manager, acting in its sole discretion, may effect the compulsory redemption of all or some of the Units registered in the name of a Unitholder.