Distributions of Net Income. The Trustees shall each year, or more frequently if they so determine in their sole discretion, distribute to the Shareholders of each Series, in Shares of that Series, cash or otherwise, an amount approximately equal to the net income attributable to the assets belonging to such Series and may from time to time distribute to the Shareholders of each Series, in Shares of that Series, cash or otherwise, such additional amounts, but only from the assets belonging to such Series, as they may authorize. Except as otherwise permitted by paragraph (c) of Section 6 of Article III in the case of Multi-Class Series, all dividends and distributions on Shares of a particular Series shall be distributed pro rata to the holders of that Series in proportion to the number of Shares of that Series held by such holders and recorded on the books of the Trust at the date and time of record established for the payment of such dividend or distributions. The manner of determining net income, income, asset values, capital gains, expenses, liabilities and reserves of any Series or class may from time to time be altered as necessary or desirable in the judgment of the Trustees to conform such manner of determination to any other method prescribed or permitted by applicable law. Net income shall be determined by the Trustees or by such person as they may authorize at the times and in the manner provided in the By-Laws. Determinations of net income of any Series or class and determinations of income, asset value, capital gains, expenses and liabilities made by the Trustees, or by such person as they may authorize, in good faith, shall be binding on all parties concerned. The foregoing sentence shall not be construed to protect any Trustee, officer or agent of the Trust against any liability to the Trust or its security holders to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office. If, for any reason, the net income of any Series or class determined at any time is a negative amount, the pro rata share of such negative amount allocable to each Shareholder of such Series or class shall constitute a liability of such Shareholder to that Series or class which shall be paid out of such Shareholder's account at such times and in such manner as the Trustees may from time to time determine (x) out of the accrued dividend account of such Shareholder, (y) by reducing ...
Distributions of Net Income. The Trustees shall each year, or more frequently if they so determine in their sole discretion, distribute to the Shareholders of each Series or Class, in shares of that Series or Class, cash or otherwise, an amount approximately equal to the net income attributable to the assets belonging to such Series (or the assets allocable to such Class) and may from time to time distribute to the Shareholders of each Series or Class, in shares of that Series, cash or otherwise, such additional amounts, but only from the assets belonging to such Series (or allocable to that Class), as they may authorize; provided, however, that with respect to GMO World Opportunity Overlay Fund and any other Series for which it is determined, prior to the time that any Shares of such Series are outstanding, that the Series will elect to be treated as a partnership for tax purposes, the Trustees shall determine in their sole discretion the timing and amount of any distributions to Shareholders of such Series. All dividends and distributions on Shares of a particular Series or Class shall be distributed pro rata to the holders of that Series or Class in proportion to the number of Shares of that Series or Class held by such holders and recorded on the books of the Trust at the date and time of record established for that payment or such dividend or distributions. The manner of determining net income, income, asset values, capital gains, expenses, liabilities and reserves of any Series or Class may from time to time be altered as necessary or desirable in the judgment of the Trustees to conform such manner of determination to any other method prescribed or permitted by applicable law. Net income shall be determined by the Trustees or by such person as they may authorize at the times and in the manner provided in the By-Laws. Determinations of net income of any Series or Class and determination of income, asset value, capital gains, expenses, and liabilities made by the Trustees, or by such person as they may authorize, in good faith, shall be binding on all parties concerned. The foregoing sentence shall not be construed to protect any Trustee, officer or agent of the Trust against any liability to the Trust or its security holders to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office. If, for any reason, the net income of any Series or Class determined at any time is...
Distributions of Net Income. (a) Subject to Section 6.1(b) below, the Company shall distribute Net Income received with respect to the assets to the relevant Class A Members, subject to any Reserves or Company expenses as reasonably determined by the Managing Member. The Company shall make all such distributions of Net Income to the Class A Members and Class B Members in the following order of priority, and among them in accordance with their respective Class Percentages:
Distributions of Net Income. The Trustees shall each year, or more frequently if they so determine in their sole discretion, distribute to the Shareholders of each Series, in shares of that Series, cash or otherwise, an amount approximately equal to the Net Income attributable to the assets belonging to such Series, and may from time to time distribute to the shareholders of each Series, in shares of that Series, cash or otherwise, such additional amounts, but only from the assets belonging to such Series, as they may authorize. Except as otherwise permitted by paragraph (c) of Section 6 of Article III in the case of a Multi-Class Series, all dividends and distributions on Shares of a particular Series shall be distributed pro rata to the holders of that Series in proportion to the number of Shares of that Series held by such holders and recorded on the books of the Trust at the date and time of record established for that payment of such dividend or distributions. So long as any Series or class thereof shall use the amortized cost method of determining its net asset value, the term "Net Income" as used with respect to that particular Series or class shall mean (i) all interest income (including both original issue and market discount accrued ratably to the date of maturity) accrued on portfolio investments belonging to the Series or attributable to the class, plus or minus (ii) realized gains and losses on portfolio investments belonging to such Series or attributable to such class and less (iii) all actual and accrued expenses and liabilities (including amortized premium determined in accordance with accounting principles generally accepted at the time) belonging to such Series or attributable to such class. At any other time the term "Net Income" shall, subject to the last paragraph of this section, mean: (i) such interest income plus or minus (ii) realized or unrealized gains and losses on portfolio investments belonging to the Series or attributable to such class determined by valuing the portfolio investments belonging to the Series or attributable to such class in a manner consistent with the requirements of the 1940 Act and any applicable provisions of the By-Laws, and less (iii) all actual and accrued expenses and liabilities belonging to such Series or attributable to such class. Such Net Income shall be determined by the Trustees or by such person as they may authorize at the times and in the manner provided in the By-Laws, and all of the Net Income of each Series or class,...
Distributions of Net Income. (a) Distributions to Beneficiaries of net income will be made in accordance with the Agreed Proportions until the Collective Final Allocation Date.
Distributions of Net Income. The Trustees may each year, or more frequently if they so determine, distribute to the Shareholders of each Series out of the assets of such Series such amounts as the Trustees may determine. Any such distribution to the Shareholders of a particular Series shall be made to said Shareholders pro rata in proportion to the number of Shares of such Series held by each of them, except to the extent otherwise required or permitted by the preferences and special or relative rights and privileges of any classes of Shares of a Series, and any distribution to the Shareholders of a particular class of Shares shall be made to such Shareholders pro rata in proportion to the number of Shares of such class held by each of them. Such distributions shall be made in cash, Shares or other property, or a combination thereof, as determined by the Trustees. Any such distribution paid in Shares will be paid at the net asset value thereof as determined in accordance with the Bylaws. The manner of determining net income, income, asset values, capital gains, expenses, liabilities and reserves of any Series or class of Shares may from time to time be altered as necessary or desirable in the judgment of the Trustees to conform such manner of determination to any other method prescribed or permitted by applicable law. Net income shall be determined by the Trustees or by such person as they may authorize at the times and in the manner as the Trustees may direct. Determinations of net income of any Series or class of Shares and determinations of income, asset value, capital gains, expenses and liabilities made by the Trustees, or by such person as they may authorize, in good faith, shall be binding on all parties concerned.
Distributions of Net Income. The Trustees shall pay all of the net income of the Marital Trust at least annually to the Surviving Spouse during his or her lifetime. The Surviving Spouse shall be entitled to this net income commencing as of the Deceased Spouse's death.
Distributions of Net Income. Unless the Managing Shareholder shall determine in good faith that the reasonably needs to retain the same to meet its obligations or to maintain a sound financial condition in light of the 's reasonable financial needs, the net income of the in excess of shall be distributed by the , proportionate to the percentage of shares owned by each Shareholder. .
Distributions of Net Income. The Trustees shall distribute to the current beneficiary of each trust the net income of the trust established for him or her in convenient installments, but at least annually, during his or her lifetime or until termination of his or her trust. However, until the current beneficiary attains age 21, the income of his or her trust may be distributed in the amounts and at the times that the Trustees, in their discretion, determine as reasonably necessary for the beneficiary's health, education, maintenance, and support in his or her accustomed manner of living. Similarly, if the current beneficiary is declared incompetent, or becomes physically or mentally disabled or incapacitated, the Trustees shall have the discretion not to make income distributions to him or her. The income not distributed shall be accumulated and added to principal, subject always to the Trustees' discretionary power to restore the items to income and then to distribute them as income.
Distributions of Net Income. The Trustees shall each year, or more frequently if they so determine in their sole discretion, distribute to the Shareholders of each Series or Class, in Shares of that Series or Class, cash or otherwise, an amount approximately equal to the net income attributable to the assets belonging to such Series or Class and may from time to time distribute to the Shareholders of each Series or Class, in shares of that Series or Class, cash or otherwise, such additional amounts, but only from the assets belonging to such Series (or allocable to such Class), as they may authorize. All dividends and distributions on Shares of a particular Series or Class shall be distributed pro rata to the holders of that Series or Class in proportion to the number of Shares of that Series or Class held by such holders and recorded on the books of the Trust at the date and time of record established for that payment of such dividend or distributions. The manner of determining net income, income, asset values, capital gains, expenses, liabilities and reserves of any Series or Class may from time to time be altered as necessary or desirable in the judgment of the Trustees to conform such manner of determination to any other method prescribed or permitted by applicable law. Net income shall be determined by the Trustees or by such person as they may authorize at the times and in the manner provided in the
