Common use of Distributions of Net Income Clause in Contracts

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 that 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. 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 Bylaws. Determinations of net income of any Series or Class and determination of income, asset values, 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 or her office. If, for any reason, the net income of any Series or Class determined at any time is a negative amount, in the discretion of the Trustees the pro rata share of such negative amount allocable to each Shareholder of such Series or Class may 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 the number of Shares of that Series or Class in the account of such Shareholder, or (z) otherwise.

Distributions of Net Income. The Trustees may shall each year, or more frequently if they so determinedetermine in their sole discretion, distribute to the Shareholders of each series out 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 of belonging to such series Series (or the assets allocable to such amounts as the Trustees Class) and may determine. Any such distribution 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. All dividends and distributions on Shares of a particular Series or Class shall be made to said Shareholders distributed pro rata to the holders of that Series or Class in proportion to the number of Shares of such that 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 that 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 such holders and recorded on the books of them. Such distributions shall be made in cash, Shares, the Trust at the date and time of record established for that payment or other property, such dividend or a combination thereof as determined by the Trusteesdistributions. 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 BylawsBy-Laws. Determinations of net income of any Series or Class and determination of income, asset valuesvalue, 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 thee 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 or her office. If, for any reason, the net income of any Series or Class determined at any time is a negative amount, in the discretion of the Trustees the pro rata share of such negative amount allocable to each Shareholder of such Series or Class may shall constitute a liability of such Shareholder to that Series or Class which shall be paid out of such Shareholder’s '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 the number of Shares of that Series or Class in the account of such Shareholder, or (z) otherwise.

Distributions of Net Income. The Trustees may shall each year, or more frequently if they so determinedetermine in their sole discretion, distribute to the Shareholders of each series out 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 of belonging to such series Series (or the assets allocable to such amounts as the Trustees Class) and may determine. Any such distribution 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 made to said Shareholders distributed pro rata to the holders of that Series or Class in proportion to the number of Shares of such that 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 that 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 such holders and recorded on the books of them. Such distributions shall be made in cash, Shares, the Trust at the date and time of record established for that payment or other property, such dividend or a combination thereof as determined by the Trusteesdistributions. 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 BylawsBy-Laws. Determinations of net income of any Series or Class and determination of income, asset valuesvalue, 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 or her office. If, for any reason, the net income of any Series or Class determined at any time is a negative amount, in the discretion of the Trustees the pro rata share of such negative amount allocable to each Shareholder of such Series or Class may shall constitute a liability of such Shareholder to that Series or Class which shall be paid out of such Shareholder’s '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 the number of Shares of that Series or Class in the account of such Shareholder, or (z) otherwise.

Distributions of Net Income. The Trustees may each year, or more frequently if they so determinedetermine in their sole discretion, distribute to the Shareholders of each series out Series or Class, in shares of that Series or Class, cash or otherwise, some or all of the net income attributable to the assets of belonging to such series such amounts as the Trustees Series or Class, and may determine. Any such distribution from time to time distribute to the Shareholders of each Series or Class, in shares of that Series or Class, cash or otherwise, after providing for actual and accrued expenses and liabilities of such Series or Class, such additional amounts as they may authorize, but only from the assets belonging to such Series (or allocable to such Class). All dividends and distributions on Shares of a particular Series or Class shall be made to said Shareholders distributed pro rata to the holders of that Series or Class in proportion to the number of Shares of such that 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 that 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 such holders and recorded on the books of them. Such distributions shall be made in cash, Shares, the Trust at the date and time of record established for that payment of such dividends or other property, or a combination thereof as determined by the Trusteesdistributions. 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 determined by the BylawsTrustees from time to time. Determinations of net income of any Series or Class and determination determinations of income, asset values, 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 or her office. If, for any reason, the net income of any Series or Class determined at any time is a negative amount, in the discretion of the Trustees the pro rata share of such negative amount allocable to each Shareholder of such Series or Class may constitute a liability of such Shareholder to that Series or Class which shall be paid out of such Shareholder’s '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 the number of Shares of that Series or Class in the account of such Shareholder, or (z) otherwise.

Distributions of Net Income. The Trustees may shall each year, or more frequently if they so determinedetermine in their sole discretion, distribute to the Shareholders of each series out 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 of belonging to such series Series (or the assets allocable to such amounts as the Trustees Class) and may determine. Any such distribution 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 such Class), as they may authorize. All dividends and distributions on Shares of a particular Series or Class shall be made to said Shareholders distributed pro rata to the holders of that Series or Class in proportion to the number of Shares of such that 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 that 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 such holders and recorded on the books of them. Such distributions shall be made in cash, Shares, or other property, or a combination thereof as determined by the TrusteesTrust at the date and time of record established for that payment of such dividend of 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 judgement 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 BylawsBy- Laws. Determinations of net income of any Series or Class and determination of income, asset valuesvalue, 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 or her office. If, for any reason, the net income of any Series or Class determined at any time is a negative amount, in the discretion of the Trustees the pro rata share of such negative amount allocable to each Shareholder of such Series or Class may shall constitute a liability of such Shareholder to that Series or Class which shall be paid out of such Shareholder’s '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 the number of Shares of that Series or Class in the account of such Shareholder, or (z) otherwise.