Termination of the custodian agreement. In the case of the termination of the custodian agreement, the net Fund assets of the UCITS must be transferred with the consent of the FMA to another custodian or be liquidated to obtain separate satisfaction for the benefit of the investors of the UCITS.
Termination of the custodian agreement. The first paragraph of Section 16.1 of the Custodian Agreement is hereby amended and restated in its entirety to read as follows:
16.1 The term of this Agreement shall commence upon the Renewal Effective Date and continue in full force and effect for an initial period of five (5) years through and including December 31, 2027 (the “Initial Term”), subject to the Fund’s option to terminate the Agreement after three (3) years on one hundred eighty (180) days’ prior notice. After the expiration of the Initial Term, the term of this Agreement shall automatically renew for successive one-year terms (each a "Renewal Term") unless notice of non-renewal is delivered by the non-renewing party to the other party no later than one hundred eighty (180) days prior to the expiration of the Initial Term or any Renewal Term, as the case may be.”
Termination of the custodian agreement. In the event of the termination of the custodian agreement, the net fund assets of the UCITS must be transferred with the approval of the FMA to another custodian or dissolved by means of separate satisfaction for the benefit of the investors of the UCITS.
IV. Unit classes and formation of sub-funds Art. 23 Unit classes and formation of sub-funds The Management Company may resolve to form several unit classes for the UCITS. Unit classes may be established that differ from the existing unit classes in terms of the utilisation of profits, the issue premium, the reference currency and the utilisation of currency hedging transactions, the management remuneration, the minimum investment sum or a combination of these characteristics. The rights of the investors who have acquired units in existing unit classes shall however remain unaffected. The unit classes that are created in conjunction with the UCITS, as well as the fees and remuneration associated with the units of the UCITS, are specified in Appendix A "Overview of the Fund". Classes P and I may be subscribed only by existing investors in Class P or I and by clients of the FERI Group. Corre- sponding proof is required in both cases. In justified individual cases, the Management Company may deviate from the above provision at its discretion, without the investor being able to derive a legal claim from this. Class X is closed for new subscriptions until otherwise decided or at the complete discretion of the Management Com- pany (“soft-closing”). The UCITS is not an umbrella structure and sub-funds consequently do not exist. The management Company may re- solve at any time to convert the UCITS into an umbrella structure and consequently to establish sub-funds at any time. In this event the Prospectus must be amended accordingly.
V. General investment principles and investment restrictions Art. 24 Investment policy The specific investment policies of the UCITS are set out in Appendix A "Overview of the Fund". The following general investment principles and investment restrictions are applicable to the UCITS, insofar as no devia- tions or supplements for the UCITS are contained in Appendix A "Overview of the Fund".
