Common use of Redemption and Repurchases Clause in Contracts

Redemption and Repurchases. Section 2. Any holder of Shares of the Trust may, by presentation of a request in proper form, together with his certificates, if any, for such Shares, in proper form for transfer to the Trust or duly authorized agent of the Trust, request redemption of his shares for the net asset value thereof (less any discount from net asset value charged on redemption thereof as provided for hereunder, if such discount from net asset value is then authorized) determined and computed in accordance with the provisions of this Section 2 and the provisions of Section 6 of this Article VI. Upon receipt by the Trust or its duly authorized agent, as the case may be, of such a request for redemption of Shares in proper form, such Shares shall be redeemed at the net asset value per share of the particular series or class next determined after such request is received or determined as of such other time fixed by the Trustees as may be permitted or required by the 1940 Act; provided that, the Trustees may authorize that a discount from net asset value be charged on the redemption, subject to such terms and conditions as they may determine and as are permitted by the 1940 Act, which discount from net asset value may not exceed two percent (2%) of the net asset value of such shares redeemed. The criteria for determining what constitutes a request for redemption in proper form and the time of receipt of such request shall be fixed by the Trustees. The obligation of the Trust to redeem its shares of each series or any class thereof as set forth above in this Section 2 shall be subject to the condition that such obligation may be suspended by the Trust by or under authority of the Trustees during any period or periods when and to the extent permissible under the 1940 Act. If there is such a suspension, any Shareholder may withdraw any request for redemption which has been received by the Trust during any such period and the applicable net asset value with respect to which would but for such suspension be calculated as of a time during such period. Upon such withdrawal, the Trust shall return to the Shareholder the certificates therefor, if any. The Trust may also purchase, repurchase or redeem Shares in accordance with such other methods, upon such other terms, and subject to such other conditions as the Trustees may from time to time authorize, at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. Shares of any series or class redeemed or repurchased by the Trust hereunder shall be cancelled upon such redemption or repurchase without further action by the Trust or the Trustees, and the number of issued and outstanding Shares of such series or class shall thereupon be reduced by such amount.

Redemption and Repurchases. Section 21. Any holder of The Trust shall purchase such Shares of as are offered by any Shareholder for redemption, upon the Trust may, by presentation of any certificate for the Shares to be purchased, a proper instrument of transfer and a request in proper form, together with his certificates, if any, for such Shares, in proper form for transfer directed to the Trust or duly authorized agent of the Trust, request redemption of his shares for the net asset value thereof (less any discount from net asset value charged on redemption thereof as provided for hereunder, if such discount from net asset value is then authorized) determined and computed in accordance with the provisions of this Section 2 and the provisions of Section 6 of this Article VI. Upon receipt a person designated by the Trust or its duly authorized agent, as the case may be, of such a request for redemption of Shares in proper form, such Shares shall be redeemed at the net asset value per share of the particular series or class next determined after such request is received or determined as of such other time fixed by the Trustees as may be permitted or required by the 1940 Act; provided that, the Trustees may authorize that a discount from net asset value be charged on the redemption, subject to such terms and conditions as they may determine and as are permitted by the 1940 Act, which discount from net asset value may not exceed two percent (2%) of the net asset value of such shares redeemed. The criteria for determining what constitutes a request for redemption in proper form and the time of receipt of such request shall be fixed by the Trustees. The obligation of the Trust to redeem its shares of each series purchase such Shares, or any class thereof as set forth above in this Section 2 shall be subject to the condition that such obligation may be suspended by the Trust by or under authority of the Trustees during any period or periods when and to the extent permissible under the 1940 Act. If there is such a suspension, any Shareholder may withdraw any request for redemption which has been received by the Trust during any such period and the applicable net asset value with respect to which would but for such suspension be calculated as of a time during such period. Upon such withdrawal, the Trust shall return to the Shareholder the certificates therefor, if any. The Trust may also purchase, repurchase or redeem Shares in accordance with such other methods, upon such other terms, and subject to such other conditions procedures for redemption as the Trustees may from time to time authorize; and the Trust will pay therefor the net asset value thereof, as next determined in accordance with the Bylaws, less any redemption charge fixed by the Trustees. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the date on which the request is made. The obligation set forth in this Section 1 is subject to the provision that in the event that at any time the New York Stock Exchange is closed for other than customary weekends or holidays, or, if permitted by rules of the Securities and Exchange Commission, during periods when trading on the Exchange is restricted or during any emergency which makes it impractical for the Trust to dispose of its investments or to determine fairly the value of its net assets, or during any other period permitted by order of the Securities and Exchange Commission for the protection of investors, such obligation may be -12- suspended or postponed by the Trustees. The Trust may also purchase or repurchase Shares at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. Shares Payment for any redemption, purchase or repurchase may be made in cash or, except to the extent prohibited by the laws of any series jurisdiction in which Shares are registered for sale, in other property, or class redeemed or repurchased any combination thereof. The composition of any such payment shall be determined by the Trust hereunder shall be cancelled upon such redemption or repurchase without further action by the Trust or the Trusteesin its sole discretion, and the number Trust shall have no obligation to effect a pro rata division of issued and outstanding Shares cash or other property in making any such payment. In no event shall the Trust be liable for any delay of any other person in transferring securities or other property selected for delivery as all or part of any such series or class shall thereupon be reduced by such amountpayment.

Redemption and Repurchases. Section 21. Any holder of The Trust shall purchase such Shares of as are offered by any Shareholder for redemption, upon the Trust may, by presentation of any certificate for the Shares to be purchased, a proper instrument of transfer and a request in proper form, together with his certificates, if any, for such Shares, in proper form for transfer directed to the Trust or duly authorized agent of the Trust, request redemption of his shares for the net asset value thereof (less any discount from net asset value charged on redemption thereof as provided for hereunder, if such discount from net asset value is then authorized) determined and computed in accordance with the provisions of this Section 2 and the provisions of Section 6 of this Article VI. Upon receipt a person designated by the Trust or its duly authorized agent, as the case may be, of such a request for redemption of Shares in proper form, such Shares shall be redeemed at the net asset value per share of the particular series or class next determined after such request is received or determined as of such other time fixed by the Trustees as may be permitted or required by the 1940 Act; provided that, the Trustees may authorize that a discount from net asset value be charged on the redemption, subject to such terms and conditions as they may determine and as are permitted by the 1940 Act, which discount from net asset value may not exceed two percent (2%) of the net asset value of such shares redeemed. The criteria for determining what constitutes a request for redemption in proper form and the time of receipt of such request shall be fixed by the Trustees. The obligation of the Trust to redeem its shares of each series purchase such Shares, or any class thereof as set forth above in this Section 2 shall be subject to the condition that such obligation may be suspended by the Trust by or under authority of the Trustees during any period or periods when and to the extent permissible under the 1940 Act. If there is such a suspension, any Shareholder may withdraw any request for redemption which has been received by the Trust during any such period and the applicable net asset value with respect to which would but for such suspension be calculated as of a time during such period. Upon such withdrawal, the Trust shall return to the Shareholder the certificates therefor, if any. The Trust may also purchase, repurchase or redeem Shares in accordance with such other methods, upon such other terms, and subject to such other conditions procedures for redemption as the Trustees may from time to time authorize; and the Trust will pay therefor the net asset value thereof, as next determined in accordance with the Bylaws, less any redemption charge fixed by the Trustees. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the date on which the request is made. The obligation set forth in this Section 1 is subject to the provision that in the event that at any time the New York Stock Exchange is closed for other than customary weekends or holidays, or, if permitted by rules of the Securities and Exchange Commission, during periods when trading on the Exchange is restricted or during any emergency which makes it impractical for the Trust to dispose of its investments or to determine fairly the value of its net assets, or during any other period permitted by order of the Securities and Exchange Commission for the protection of investors, such obligation may be suspended or postponed by the Trustees. The Trust may also purchase or repurchase Shares at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. Shares Payment for any redemption, purchase or repurchase may be made in cash or, except to the extent prohibited by the laws of any series jurisdiction in which Shares are registered for sale, in other property, or class redeemed or repurchased any combination thereof. The composition of any such payment shall be determined by the Trust hereunder shall be cancelled upon such redemption or repurchase without further action by the Trust or the Trusteesin its sole discretion, and the number Trust shall have no obligation to effect a pro rata division of issued and outstanding Shares cash or other property in making any such payment. In no event shall the Trust be liable for any delay of any other person in transferring securities or other property selected for delivery as all or part of any such series or class shall thereupon be reduced by such amountpayment.