Common use of Duration and Termination of Trust Clause in Contracts

Duration and Termination of Trust. Unless terminated as provided in Article VI, the Trust shall continue without limitation of time. Upon termination of the Trust, after paying or otherwise providing for all charges, taxes, expenses and liabilities, whether due or accrued or anticipated of the Trust, as may be determined by the Trustees, the Trust shall in accordance with such procedures as the Trustees consider appropriate reduce the remaining assets to distributable form in cash or shares or other property, and distribute the proceeds to the Shareholders ratably according to the number of Shares and according to the series or class held by the several Shareholders on the date of termination. Any series or class of Shares other than common Shares may be terminated or redeemed by the Trust pursuant to terms established by the Trustees or in the Bylaws. A termination or redemption of common Shares shall be considered a liquidation or termination of the Trust and shall only be accomplished pursuant to the terms established in Article VI, provided, however, a partial redemption or termination of common Shares of up to ten percent (10%) of the number of common Shares outstanding in any twelve (12) month period (the ten percent (10%) amount being determined on the day before the first redemption or termination in each such twelve (12) month period) may be accomplished by the Trust pursuant to a vote of seventy-five percent (75%) of the Trustees then in office.

Appears in 14 contracts

Samples: Agreement and Declaration of Trust (RMR Asia Real Estate Fund), Trust Agreement (RMR Dividend Capture Fund), Agreement and Declaration of Trust (Overstreet Adrian Marcel)

AutoNDA by SimpleDocs

Duration and Termination of Trust. Unless terminated as provided in Article VI, the Trust shall continue without limitation of time. Upon termination of the Trust, after paying or otherwise providing for all charges, taxes, expenses and liabilities, whether due or accrued or anticipated of the Trust, as may be determined by the Trustees, the Trust shall in accordance with such procedures as the Trustees consider appropriate reduce the remaining assets to distributable form in cash or shares or other property, and distribute the proceeds to the Shareholders ratably according to the number of Shares and according to the series or class held by the several Shareholders on the date of termination. Any series or class of Shares other than common Common Shares may be terminated or redeemed by the Trust pursuant to terms established by the Trustees or in the Bylaws. A termination or redemption of common Common Shares shall be considered a liquidation or termination of the Trust and shall only be accomplished pursuant to the terms established in Article VI, provided, however, a partial redemption or termination of common Common Shares of up to ten percent (10%) % of the number of common Common Shares outstanding in any twelve (12) 12 month period (the ten percent (10%) % amount being determined on the day before the first redemption or termination in each such twelve (12) 12 month period) may be accomplished by the Trust pursuant to a vote of seventy-five percent (75%) % of the Trustees then in office.

Appears in 7 contracts

Samples: Agreement and Declaration of Trust (Seven Hills Realty Trust), Agreement and Declaration of Trust (Seven Hills Realty Trust), Agreement and Declaration of Trust (RMR Mortgage Trust)

Duration and Termination of Trust. Unless terminated as provided in Article VI, the Trust shall continue without limitation of time. Upon termination of the Trust, after paying or otherwise providing for all charges, taxes, expenses and liabilities, whether due or accrued or anticipated of the Trust, as may be determined by the Trustees, the Trust shall in accordance with such procedures as the Trustees consider appropriate reduce the remaining assets to distributable form in cash or shares or other property, and distribute the proceeds to the Shareholders ratably according to the number of Shares and according to the series or class held by the several Shareholders on the date of termination. Any series or class of Shares other than common Shares may be terminated or redeemed by the Trust pursuant to terms established by the Trustees or in the Bylaws. A termination or redemption of common Shares shall be considered a liquidation or termination of the Trust and shall only be accomplished pursuant to the terms established in Article VI, provided, however, a partial redemption or termination of common Shares of up to ten percent (10%) % of the number of common Shares outstanding in any twelve (12) 12 month period (the ten percent (10%) % amount being determined on the day before the first redemption or termination in each such twelve (12) 12 month period) may be accomplished by the Trust pursuant to a vote of seventy-five percent (75%) % of the Trustees then in office.

Appears in 1 contract

Samples: Agreement and Declaration of Trust (RMR Real Estate Income Fund)

Duration and Termination of Trust. Unless terminated as provided in Article VI, the Trust shall continue without limitation of time. Upon termination termination, dissolution, winding-up or liquidation of the Trust, after paying or otherwise providing for all charges, taxes, expenses and liabilities, whether due or accrued or anticipated of the Trust, as may be determined by the Trustees, the Trust shall in accordance with such procedures as the Trustees consider appropriate reduce the remaining assets to distributable form in cash or shares or other property, and distribute the proceeds to the Shareholders ratably according to the number of Shares and according to the series or class held by the several Shareholders on the date of termination. Any series or class of Shares other than common Common Shares may be terminated or redeemed by the Trust pursuant to terms established by the Trustees or in the BylawsDeclaration. A termination or redemption of common Common Shares shall be considered a liquidation or termination of the Trust and shall only be accomplished pursuant to the terms established in Article VI, provided, however, a partial redemption or termination of common Common Shares of up to ten percent (10%) % of the number of common Common Shares outstanding in any twelve (12) 12 month period (the ten percent (10%) % amount being determined on the day before the first redemption or termination in each such twelve (12) 12 month period) may be accomplished by the Trust pursuant to a vote of seventy-five percent (75%) % of the Trustees then in office.

Appears in 1 contract

Samples: Agreement and Declaration of Trust (RMR Preferred Income Fund)

AutoNDA by SimpleDocs

Duration and Termination of Trust. Unless terminated as provided in Article VI, the Trust shall continue without limitation of time. Upon termination of the Trust, after paying or otherwise providing for all charges, taxes, expenses and liabilities, whether due or accrued or anticipated of the Trust, as may be determined by the Trustees, the Trust shall in accordance with such procedures as the Trustees consider appropriate reduce the remaining assets to distributable form in cash or shares or other property, and distribute the proceeds to the Shareholders ratably according to the number of Shares and according to the series or class held by the several Shareholders on the date of termination. Any series or class of Shares other than common Shares may be terminated or redeemed by the Trust pursuant to terms established by the Trustees or in the Bylaws. A termination or redemption of common Shares shall be considered a liquidation or termination of the Trust and shall only be accomplished pursuant to the terms established in Article VI, provided, however, a partial redemption or termination of common Shares of up to ten percent (10%) of the number of common Shares outstanding in any twelve (12) month period (the ten percent (10%) amount being determined on the day before the first redemption or termination in each such twelve (12) month period) may be accomplished by the Trust pursuant to a vote of seventy-five percent (75%) of the Trustees then in office.twelve

Appears in 1 contract

Samples: Second Amended and Restated Agreement and Declaration of Trust (RMR Real Estate Fund)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!