Common use of Distributions to Unitholders Clause in Contracts

Distributions to Unitholders. (a) The Trustees shall from time to time distribute ratably among the Unitholders of any class of Units, or any series of any such class, in accordance with the number of outstanding full and fractional Units of such class or any series of such class, such proportion of the net profits, surplus (including paid-in surplus), capital, or assets held by the Trustees as they may deem proper or as may otherwise be determined in accordance with this Declaration. Any such distribution may be made in cash or property (including without limitation any type of obligations of the Trust or any assets thereof) or Units of any class or series or any combination thereof, and the Trustees may distribute ratably among the Unitholders of any class of Units or series of any such class, in accordance with the number of outstanding full and fractional Units of such class or any series of such class, additional Units of any class or series in such manner, at such times, and on such terms as the Trustees may deem proper or as may otherwise be determined in accordance with this Declaration. (b) Distributions pursuant to this Section 10.2 may be among the Unitholders of record of the applicable class or series of Units at the time of declaring a distribution or among the Unitholders of record at such later date as the Trustees shall determine and specify. (c) The Trustees may retain from the net profits such amount as they may deem necessary to pay the debts or expenses of the Trust or to meet obligations of the Trust, or as they otherwise may deem desirable to use in the conduct of its affairs or to retain for future requirements or extensions of the business. (d) Notwithstanding anything expressed or implied to the contrary in this Declaration, the Trustees are authorized to take any action that it determines to be necessary or appropriate to cause the Trust to comply with any foreign or United States federal, state or local withholding requirement with respect to any allocation, payment or distribution by the Trust to any Unitholder or other person. All amounts so withheld, and, in the manner determined by the Trustees in their sole and absolute discretion, amounts withheld with respect to any allocation, payment or distribution by any person to the Trust, shall be treated as distributions to the applicable Unitholders under the applicable provisions of this Agreement. If any such withholding requirement with respect to any Unitholder exceeds the amount distributable to such Unitholder under this Agreement, or if any such withholding requirement was not satisfied with respect to any item previously allocated, paid or distributed to such Unitholder, such Unitholder or any successor or assignee with respect to such Unitholder’s interests in the Trust hereby indemnifies and agrees to hold harmless, on an after-tax basis, the Trustees, the other Unitholders and the Trust for such excess amount or such amount required to be withheld, as the case may be, together with any applicable interest, additions or penalties thereon. (e) For all purposes of this Declaration, (i) any property (other than United States dollars) that is distributed in kind to one or more Unitholders with respect to a Fiscal Year (including any in-kind distributions upon the dissolution and winding up of the Trust) shall be deemed to have been sold for cash (in United States dollars) equal to its fair market value (as determined under Article X) (net of any relevant liabilities secured by such property), (ii) the unrealized gain or loss inherent in such property shall be treated as recognized gain or loss for purposes of determining the Net Profit and Net Loss, (iii) such gain or loss shall be allocated to the Unitholders’ respective Capital Accounts pursuant to Article IX for such Fiscal Year and (iv) such in-kind distributions shall be made after giving effect to such allocation pursuant to Article IX.

Distributions to Unitholders. (a) The Trustees shall from time to time distribute ratably among the Unitholders of any class of Units, or any series of any such class, in accordance with the number of outstanding full and fractional Units of such class or any series of such class, such proportion of the net profits, surplus (including paid-in surplus), capital, or assets held by the Trustees as they may deem proper or as may otherwise be determined in accordance with this Declaration. Any such distribution may be made in cash or property (including without limitation any type of obligations of the Trust or any assets thereof) or Units of any class or series or any combination thereof, and the Trustees may distribute ratably among the Unitholders of any class of Units or series of any such class, in accordance with the number of outstanding full and fractional Units of such class or any series of such class, additional Units of any class or series in such manner, at such times, and on such terms as the Trustees may deem proper or as may otherwise be determined in accordance with this Declaration. (b) Distributions pursuant to this Section 10.2 may be among the Unitholders of record of the applicable class or series of Units at the time of declaring a distribution or among the Unitholders of record at such later date as the Trustees shall determine and specify. (c) The Trustees may always retain from the net profits such amount as they may deem necessary to pay the debts or expenses of the Trust or to meet obligations of the Trust, or as they otherwise may deem desirable to use in the conduct of its affairs or to retain for future requirements or extensions of the business. (d) Notwithstanding anything expressed or implied to the contrary in this Declaration, the Trustees are authorized to take any action that it determines they determine to be necessary or appropriate to cause the Trust to comply with any foreign or United States federal, state or local withholding requirement with respect to any allocation, payment or distribution by the Trust to any Unitholder or other personPerson. All amounts so withheld, and, in the manner determined by the Trustees in their sole and absolute discretion, amounts withheld with respect to any allocation, payment or distribution by any person Person to the Trust, shall be treated as distributions to the applicable Unitholders under the applicable provisions provision of this Agreement. If any such withholding requirement with respect to any Unitholder exceeds the amount distributable to such Unitholder under this Agreement, or if any such withholding requirement was not satisfied with respect to any item previously allocated, paid or distributed to such Unitholder, such Unitholder or any successor or assignee with respect to such Unitholder’s interests 's interest in the Trust hereby indemnifies and agrees to hold harmless, on an after-tax Tax basis, the Trustees, the other Unitholders and the Trust for such excess amount or such amount required to be withheld, as the case may be, together with any applicable interest, additions or penalties thereon. (e) For all purposes of this Declaration, (i) any property (other than United States dollars) that is distributed in kind to one or more Unitholders with respect to a Fiscal Year (including any in-kind distributions upon the dissolution and winding up of the Trust) shall be deemed to have been sold for cash (in United States dollars) equal to its fair market value (as determined under Article X) (net of any relevant liabilities secured by such property), (ii) the unrealized gain or loss inherent in such property shall be treated as recognized gain or loss for purposes of determining the Net Profit and Net Loss, (iii) such gain or loss shall be allocated to the Unitholders’ respective Capital Accounts pursuant to Article IX for such Fiscal Year and (iv) such in-kind distributions shall be made after giving effect to such allocation pursuant to Article IX.