Common use of Death of a Unitholder Clause in Contracts

Death of a Unitholder. Notwithstanding Section 5.1, in the event of the death of a Unitholder, the Units of such deceased Unitholder shall, upon the Manager being advised in writing of the death of such Unitholder, not be dealt with until directions to redeem or transfer, which directions must be satisfactory in form to the Manager and which are in accordance with instructions received from time to time as to payment of any applicable taxes (or a release therefrom), are received from the executor, administrator, survivor, successor or personal representative, as the case may be, of such Unitholder, whereupon such Units will be processed through the Manager. Notwithstanding the foregoing, until such directions are received, the Unitholders of Record shall be deemed to be the holder of such Units for all purposes hereof and the Manager and the Trustee shall incur no liability to any person of any nature whatsoever by reason only that such Units shall not be redeemed until such directions are so received, and in particular, by reason that the Series Net Asset Value per Unit of the Units for purposes of redemption is calculated on the day when actual redemption occurs and not on the day when notice of death was received by the Manager. The death of a Unitholder during the continuance of the applicable Fund or Funds shall not terminate this Master Trust Agreement nor give any such deceased Unitholder’s legal representatives a right to an accounting or to take any action in the courts of otherwise against other Unitholders or the Trustee or the Manager, or the securities, monies or other property of the applicable Fund or Funds, but shall simply entitle the legal representatives of any such deceased Unitholder to succeed to all rights of the deceased Unitholder under this Master Trust Agreement.