In-Kind Redemption Clause Samples

In-Kind Redemption. If the Fund desires to redeem all of its Shares in the Portfolio, unless otherwise agreed to by the parties hereto, the Adviser and BDI, as applicable, will direct the Portfolio to effect such redemption "in kind" in accordance with the in-kind redemption procedures adopted by the Master Trust's Board of Trustees.

In-Kind Redemption. In the event the Company desires to withdraw or redeem all of the Fund's Interests in the Portfolio, unless otherwise agreed to by the parties, the Portfolio will effect such redemption "in kind" and in such a manner that the securities delivered to the Fund's custodian for the account of the Fund will mirror, as closely as practicable, the composition of the Portfolio immediately prior to such redemption. No other withdrawal or redemption of any Interest in the Portfolio will be satisfied by means of an "in kind" redemption except in compliance with Rule 18f-1 under the 1940 Act, PROVIDED, HOWEVER, that for purposes of determining compliance with Rule 18f-1, each shareholder of the Fund redeeming shares of the Fund on a particular day will be treated as a direct holder of an Interest in the Portfolio being redeemed that day.

In-Kind Redemption. In the event the Company desires to withdraw or redeem all or a portion of the Fund's Investment in the Portfolio, unless otherwise agreed to by the parties, the Portfolio will effect such redemption (a) in cash, (b) "in kind" (as described below) or (c) in some combination of the foregoing determined solely in the discretion of Bankers. Further, if the Interest Rate Trigger as described in the prospectus for the Portfolio is active, a redemption fee (currently 3% of the proceeds of such redemption) will be applied. In connection with a partial or complete redemption "in kind," the Portfolio will distribute to the Company securities and Wrapper Agreements as described in the prospectus for the BT PreservationPlus Income Fund. The Portfolio will assign to the Company one or more Wrapper Agreements issued by the Wrapper providers covering the securities distributed in kind. The terms and conditions of the Wrapper Agreements distributed to the Company will be substantially similar to the terms and conditions of the Wrapper Agreements held by the Portfolio. In order to obtain the benefits provided thereunder, the Company's management of the securities must be consistent with the Wrapper Agreement requirements and the Company must complete the assignment by executing the Wrapper Agreements. No other withdrawal or redemption of any Interest in the Portfolio will be satisfied by means of an "in kind" redemption except in compliance with Rule 18f-1 under the 1940 Act, provided, however, that for purposes of determining compliance with Rule 18f-1, each shareholder of the Fund redeeming shares of the Fund on a particular day will be treated as a direct holder of an Interest in the Portfolio being redeemed that day.

In-Kind Redemption. In the event the Fund desires to withdraw or redeem all of the Fund's Interests in the Portfolio, unless otherwise agreed to by the parties, the Portfolio will effect such redemption "in kind." No other withdrawal or redemption of any Interest in the Portfolio will be satisfied by means of an "in kind" redemption except in compliance with Rule 18f-1 under the 1940 Act; provided, however, that for purposes of determining compliance with Rule 18f-1, each shareholder of the Fund redeeming shares of the Fund on a particular day will be treated as a direct holder of an Interest in the Portfolio being redeemed that day.

In-Kind Redemption. In the event a Fund desires to withdraw or redeem all of its Interest in the Portfolio, unless otherwise agreed to by the parties, the Portfolio will effect such redemption “in kind” and in such a manner that the securities delivered to the Fund’s custodian for the account of the Fund will mirror, as closely as practicable, the composition of the Portfolio immediately prior to such redemption so long as such redemption is made in accordance with the 1940 Act as interpreted by the SEC and its staff. No other withdrawal or redemption of any Interest in the Portfolio will be satisfied by means of an “in kind” redemption except in compliance with Rule 18f-1 under the 1940 Act; provided, however, that for purposes of determining compliance with Rule 18f-1, each shareholder of the Fund redeeming shares of the Fund on a particular day will be treated as a direct holder of an Interest in the Portfolio being redeemed that day.

In-Kind Redemption. (a) In the event the Trust desires to withdraw or redeem all or part of the Fund's Interests in the Portfolio, unless otherwise agreed, the Portfolio Trust may in its discretion effect such redemption in whole or part in kind provided that to the extent any such redemption is to be effected in kind: (a) it shall be in compliance with the Portfolio Trust's election under Rule 18f-1 of the 1940 Act unless such election has been revoked by order of the SEC or otherwise made ineffective by a published position of specific or general application of the SEC or the SEC staff; and (b) it shall be effected in such a manner that the securities delivered to the Fund's custodian for the account of the Fund shall mirror, as closely as practicable, the composition of the Portfolio immediately prior to such redemption. (b) It is agreed that in the event of a redemption in-kind which represents either a complete or partial withdrawal of the Fund's Interest in the Portfolio, the Portfolio Trust need not deliver to the Trust's custodian any portfolio securities the distribution of which to the Trust would result in the recognition of taxable gain to any other investor in the Portfolio which had contributed such security to the Portfolio.

In-Kind Redemption. In the event a Fund desires to withdraw or redeem all of its Interests in the Portfolio, unless otherwise agreed to by the parties, the Portfolio will effect such redemption "in kind" and in such a manner that the securities delivered to the Fund's custodian for the account of the Fund will mirror, as closely as practicable, the composition of the Portfolio immediately prior to such redemption. No other withdrawal or redemption of any Interest in the Portfolio will be satisfied by means of an "in kind" redemption except in compliance with Rule 18f-1 under the 1940 Act, provided, however, that for purposes of determining compliance with Rule 18f-1, each shareholder of the Fund redeeming shares of the Fund on a particular day will be treated as a direct holder of an Interest in the Portfolio being redeemed that day.

In-Kind Redemption. (a) In the event the Trust desires to withdraw or redeem all of the Fund's Interests in the Portfolio, unless otherwise agreed to by the parties, the Portfolio will effect such redemption "in kind" and in such a manner that the securities delivered to the Fund's custodian for the account of the Fund will mirror, as closely as practicable, the composition of the Portfolio immediately prior to such redemption. (b) In the event the Trust desires to withdraw or redeem less than all of the Fund's Interests in the Portfolio, unless otherwise agreed, the Portfolio Trust may in its discretion effect such redemption in whole or part in kind provided that to the extent any such redemption is to be effected in kind: (a) it shall be in compliance with the Portfolio Trust's election under Rule 18f-1 of the 1940 Act unless such election has been revoked by order of the SEC or otherwise made ineffective by a published position of specific or general application of the SEC or the SEC staff; and (b) it shall be effected in such a manner that the securities delivered to the Fund's custodian for the account of the Fund shall mirror, as closely as practicable, the composition of the Portfolio immediately prior to such redemption. (c) It is agreed that in the event of a redemption in-kind which represents either a complete or partial withdrawal of the Fund's Interest in the Portfolio, the Portfolio Trust need not deliver to the Trust's custodian any portfolio securities the distribution of which to the Trust would result in the recognition of taxable gain to any other investor in the Portfolio which had contributed such security to the Portfolio.

In-Kind Redemption. In the event the Company desires to withdraw or redeem all or a portion of the Fund's Investment in the Portfolio, unless otherwise agreed to by the parties, the Portfolio will effect such redemption "in kind" and in such a manner that the securities delivered to the Fund's custodian for the account of the Fund will mirror, as closely as practicable, the composition of the Portfolio immediately prior to such redemption. In connection with a partial or complete "in kind," the Portfolio will distribute to the Company securities as described in the prospectus for the BTFund. No other withdrawal or redemption of any Interest in the Portfolio will be satisfied by means of an "in kind" redemption except in compliance with Rule 18f-1 under the 1940 Act, provided, however, that for purposes of determining compliance with Rule 18f-1, each shareholder of the Fund redeeming shares of the Fund on a particular day will be treated as a direct holder of an Interest in the Portfolio being redeemed that day.