Cancellation of participatory interest Sample Clauses

Cancellation of participatory interest. Only the manager may effect a reduction of a portfolio by means of a cancellation of a participatory interest or by requiring the trustee to cancel a participatory interest, subject to confirmation by the manager that the appropriate participatory interest has been struck from the register of investors. The manager must retain records, which may be inspected by the trustee at all reasonable times during business hours, of the number of participatory interests so cancelled and the amount paid to the manager in respect thereof, which amount must be calculated in terms of clause 56. Before effecting a reduction, the manager must ensure that a portfolio includes (or will include upon completion of the sale of assets which may have to be sold as a result of the cancellation of a participatory interest) sufficient cash (or sufficient assets, if there is an in specie repurchase) to pay the relevant amount or deliver the relevant assets to the manager upon such reduction.