Common use of Election, Term of Office and Qualifications Clause in Contracts

Election, Term of Office and Qualifications. The officers of the Trust (except those appointed pursuant to Section 4.13 hereof) shall be chosen by the Board of Trustees at its first meeting or such subsequent meetings as shall be held prior to its first annual meeting and thereafter annually. If any officers are not chosen at any annual meeting, such officers may be chosen at any subsequent regular or special meeting of the Board. Except as provided in Sections 4.03, 4.04 and 4.05 hereof, each officer chosen by the Board of Trustees shall hold office until the next annual meeting of the Board of Trustees and until his successor shall have been chosen and qualified or until his earlier death. Any person may hold one or more offices of the Trust except the offices of President and Vice-President, but no officer shall execute, acknowledge, or verify an instrument in more than one capacity, if such instrument is required by law, by the Declaration of Trust, or by these By-Laws to be executed, acknowledged or verified by two or more officers. The Chairman of the Board, if any, shall be chosen from among the Trustees of the Trust and may hold such office only so long as he continues to be a Trustee. No other officer need be a Trustee.

Election, Term of Office and Qualifications. The officers of the Trust Company (except those appointed pursuant to Section 4.13 hereof) shall be chosen by the Board of Trustees Managers at its first meeting or such subsequent meetings as shall be held prior to its first annual meeting and thereafter annually. If any officers are not chosen at any annual meeting, such officers may be chosen at any subsequent regular or special meeting of the Board. Except as provided in Sections 4.03, 4.04 and 4.05 hereof, each officer chosen by the Board of Trustees Managers shall hold office until the next annual meeting of the Board of Trustees Managers and until his successor shall have been chosen and qualified or until his earlier death. Any person may hold one or more offices of the Trust Company except the offices of President and Vice-President, but no officer shall execute, acknowledge, or verify an instrument in more than one capacity, if such instrument is required by law, by the Declaration of TrustOperating Agreement, or by these By-Laws to be executed, acknowledged or verified by two or more officers. The Chairman of the Board, if any, shall be chosen from among the Trustees Managers of the Trust Company and may hold such office only so long as he continues to be a TrusteeManager. No other officer need be a TrusteeManager.

Election, Term of Office and Qualifications. The officers of the Trust (except those appointed pursuant to Section 4.13 hereof) shall be chosen by the Board theBoard of Trustees at its first meeting or such subsequent meetings as shall be held prior to its first annual meeting and thereafter annually. If any officers are not chosen at any annual meeting, such officers may be chosen at any subsequent regular or special meeting of the Board. Except as provided in Sections 4.03, 4.04 and 4.05 hereof, each officer chosen by the Board of Trustees shall hold office until the next annual meeting of the Board of Trustees and until his successor shall have been chosen and qualified or until his earlier death. Any person may hold one or more offices of the Trust except the offices of President and Vice-President, but no officer shall execute, acknowledge, or verify an instrument in more than one capacity, if such instrument is required by law, by the Declaration of Trust, or by these By-Laws to be executed, acknowledged or verified by two or more officers. The Chairman of the Board, if any, shall be chosen from among the Trustees of the Trust and may hold such office only so long as he continues to be a Trustee. No other officer need be a Trustee.