COVENANTS OF THE SURVIVING FUND AND THE REORGANIZING FUND. 5.1 OPERATION IN ORDINARY COURSE. The Surviving Fund and the Reorganizing Fund will each operate its respective business in the ordinary course between the date of this Agreement and the Closing Date, it being understood that such ordinary course of business will include customary dividends and shareholder purchases and redemptions and purchases and sales of portfolio securities in the ordinary course of business.
COVENANTS OF THE SURVIVING FUND AND THE REORGANIZING FUND. 5.1 OPERATION IN ORDINARY COURSE. The Surviving Fund and the Reorganizing Fund will each operate its respective business in the ordinary course between the date of this Agreement and the Closing Date, it being understood that such ordinary course of business will include customary dividends and shareholder purchases and redemptions. Notwithstanding the foregoing sentence, the Reorganizing Fund reserves the right to make distributions to the Reorganizing Fund Shareholders on or before the Closing Date as contemplated in paragraph 5.8 below or, to the extent that the Reorganizing Fund’s shadow market net asset value is equal to or above, or does not decrease below, $1.000 per share immediately prior to the Closing after giving effect to any distribution, for purposes of fulfilling the conditions precedent to the obligations of Reorganizing Fund pursuant to Article VI. The shadow market net asset value of the Reorganizing Fund shall be determined for purposes of the foregoing sentence using available market quotations (or an appropriate substitute that reflects current market conditions) in accordance with Rule 2a-7(c)(8)(ii)(A)(1) under the 1940 Act and the valuation procedures of the Surviving Fund referred to in Sections 2.1 and 2.2 above.
COVENANTS OF THE SURVIVING FUND AND THE REORGANIZING FUND. 5.1 OPERATION IN ORDINARY COURSE. The Reorganizing Fund will operate its business in the ordinary course between the date of this Agreement and the Closing Date, it being understood that such ordinary course of business will include portfolio turnover, changes to the portfolio necessary to transition the portfolio to the Surviving Fund, customary dividends, other dividends and distributions to shareholders contemplated herein and shareholder purchases and redemptions. The Surviving Fund’s operations shall be 303223874 v9 114399-0014/144298195.2 limited to such actions that are customary to the organization of a new series prior to its commencement of operations and in accordance with paragraph 4.2(e).
COVENANTS OF THE SURVIVING FUND AND THE REORGANIZING FUND
