Common use of Termination of the Master Fund Clause in Contracts

Termination of the Master Fund. In circumstances where the Master Fund is liquidated, the Sub-Fund shall also be liquidated unless the FMA approves: (i) the investments of at least 85% of the Sub-Fund’s net asset value in the units of another master UCITS, or (ii) the amendment of the constitutional documents in order to enable the Sub-Fund to convert into a UCITS which is not a feeder UCITS. In circumstances where the Master Fund merges with another UCITS or is divided into two or more UCITS, the Sub-Fund shall be liquidated unless the FMA grants prior approval to the Sub-Fund to: (i) continue to be a feeder UCITS of the Master Fund or another UCITS resulting from the merger or division of the Master Fund; (ii) invest at least 85% of the Sub-Fund’s net asset value in the units of another master UCITS not resulting from the merger or division of the Master Fund; or (iii) amend the constitutional documents in order to enable the Sub- Fund to convert into a UCITS which is not a feeder UCITS.

Termination of the Master Fund. In circumstances where the Master Fund is liquidated, the Sub-Fund shall also be liquidated unless the FMA approves: (i) the investments of at least 85% of the Sub-Fund’s net asset value in the units of another master UCITS, or (ii) the amendment of the constitutional documents in order to enable the Sub-Fund to convert into a UCITS which is not a feeder UCITS. In circumstances where the Master Fund merges with another UCITS or is divided into two or more UCITS, the Sub-Fund shall be liquidated unless the FMA grants prior approval to the Sub-Fund to: (i) continue to be a feeder UCITS of the Master Fund or another UCITS resulting from the merger or division of the Master Fund; (ii) invest at least 85% of the Sub-Fund’s net asset value in the units of another master UCITS not resulting from the merger or division of the Master Fund; or (iii) amend the constitutional documents in order to enable the Sub- Sub-Fund to convert into a UCITS which is not a feeder UCITS.

Termination of the Master Fund. In circumstances where the Master Fund is liquidated, the Sub-Fund shall also be liquidated unless the FMA approves: (i) the investments of at least 85% of the Sub-Fund’s net asset value in the units of another master UCITS, or (ii) the amendment of the constitutional documents in order to enable the Sub-Sub- Fund to convert into a UCITS which is not a feeder UCITS. In circumstances where the Master Fund merges with another UCITS or is divided into two or more UCITS, the Sub-Fund shall be liquidated unless the FMA grants prior approval to the Sub-Fund to: (i) continue to be a feeder UCITS of the Master Fund or another UCITS resulting from the merger or division of the Master Fund; (ii) invest at least 85% of the Sub-Fund’s net asset value in the units of another master UCITS not resulting from the merger or division of the Master Fund; or (iii) amend the constitutional documents in order to enable the Sub- Sub-Fund to convert into a UCITS which is not a feeder UCITS.