Common use of Dissolution of the Trust Clause in Contracts

Dissolution of the Trust. (a) If the Trust has not been caused to have a perpetual existence pursuant to Section 5 of this Article IX and notwithstanding any other provision of this Declaration or the By-Laws, unless dissolved earlier in accordance with subsection (b) of this Section 4, the Term of the Trust shall expire on the twelfth (12th) anniversary of the effective date of the Trust’s registration statement on Form N-2 (the “Dissolution Date”); provided, that if the Board of Trustees (the “Board”) believes that, under then-current market conditions, it is in the best interests of the Fund to do so, the Fund may extend the Dissolution Date: (i) once for up to one year, and (ii) once for up to an additional six months, in each case upon the affirmative vote of a majority of the Board and without a Shareholder approval (the “Extended Dissolution Date”).

Appears in 4 contracts

Samples: Agreement and Declaration (Calamos Long/Short Equity & Dynamic Income Trust), Agreement and Declaration of Trust (Calamos Long/Short Equity & Dynamic Income Trust), Agreement and Declaration of Trust (Calamos Long/Short Equity & Dynamic Income Term Trust)

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