Common use of EFFECTIVE TIME OF THE REORGANIZATION Clause in Contracts

EFFECTIVE TIME OF THE REORGANIZATION. 14.1 Delivery of the Intermediate-Term Bond Assets and the shares of Diversified Bond to be issued pursuant to Section 1 and the liquidation of Intermediate-Term Bond pursuant to Section 4 shall occur at the opening of business on the next business day following the Valuation Time, or on such other date, and at such place and time, as may be determined by the President or any Vice President of each party hereto. The date and time at which such actions are taken are referred to herein as the "Effective Time." To the extent any of the Intermediate-Term Bond Assets are, for any reason, not transferred at the Effective Time, ACMF shall cause such Intermediate-Term Bond Assets to be transferred in accordance with this Agreement at the earliest practicable date thereafter. 14.2 Delivery of the Bond Assets and the shares of Diversified Bond to be issued pursuant to Section 2 and the liquidation of Bond pursuant to Section 4 shall occur at the opening of business on the next business day following the Valuation Time, or on such other date, and at such place and time, as may be determined by the President or any Vice President of each party hereto. The date and time at which such actions are taken are referred to herein as the "Effective Time." To the extent any of the Bond Assets are, for any reason, not transferred at the Effective Time, ACMF shall cause such Bond Assets to be transferred in accordance with this Agreement at the earliest practicable date thereafter. 14.3 Delivery of the Premium Bond Assets and the shares of Diversified Bond to be issued pursuant to Section 3 and the liquidation of Premium Bond pursuant to Section 4 shall occur at the opening of business on the next business day following the Valuation Time, or on such other date, and at such place and time, as may be determined by the President or any Vice President of each party hereto. The date and time at which such actions are taken are referred to herein as the "Effective Time." To the extent any of the Premium Bond Assets are, for any reason, not transferred at the Effective Time, ACPR shall cause such Premium Bond Assets to be transferred in accordance with this Agreement at the earliest practicable date thereafter.

EFFECTIVE TIME OF THE REORGANIZATION. 14.1 14.1. Delivery of the Intermediate-Term Bond Assets and the shares of Diversified Bond to be issued pursuant to Section 1 and the liquidation of Intermediate-Term Bond pursuant to Section 4 shall occur at the opening of business on the next business day following the Valuation Time, or on such other date, and at such place and time, as may be determined by the President or any Vice President of each party hereto. The date and time at which such actions are taken are referred to herein as the "Effective Time." To the extent any of the Intermediate-Term Bond Assets are, for any reason, not transferred at the Effective Time, ACMF shall cause such Intermediate-Term Bond Assets to be transferred in accordance with this Agreement at the earliest practicable date thereafter. 14.2 14.2. Delivery of the Bond Assets and the shares of Diversified Bond to be issued pursuant to Section 2 and the liquidation of Bond pursuant to Section 4 shall occur at the opening of business on the next business day following the Valuation Time, or on such other date, and at such place and time, as may be determined by the President or any Vice President of each party hereto. The date and time at which such actions are taken are referred to herein as the "Effective Time." To the extent any of the Bond Assets are, for any reason, not transferred at the Effective Time, ACMF shall cause such Bond Assets to be transferred in accordance with this Agreement at the earliest practicable date thereafter. 14.3 14.3. Delivery of the Premium Bond Assets and the shares of Diversified Bond to be issued pursuant to Section 3 and the liquidation of Premium Bond pursuant to Section 4 shall occur at the opening of business on the next business day following the Valuation Time, or on such other date, and at such place and time, as may be determined by the President or any Vice President of each party hereto. The date and time at which such actions are taken are referred to herein as the "Effective Time." To the extent any of the Premium Bond Assets are, for any reason, not transferred at the Effective Time, ACPR shall cause such Premium Bond Assets to be transferred in accordance with this Agreement at the earliest practicable date thereafter.

EFFECTIVE TIME OF THE REORGANIZATION. 14.1 (a) Delivery by each Reorganizing Pillar Fund of the Intermediate-Term Bond its respective Assets to its Corresponding Galaxy Fund, delivery by such Corresponding Galaxy Fund of its respective -11- Galaxy Fund Shares to such Reorganizing Pillar Fund, and the shares liquidation of Diversified Bond to be issued each such Reorganizing Pillar Fund, in each case, pursuant to Section 1 and the liquidation of Intermediate-Term Bond pursuant to Section 4 2 hereof, shall occur at the opening of business on the next business day following the First Valuation Time, Time (or on such other date, and at such place and time, following the First Valuation Time as may be determined is agreed to in writing by the President or any Vice President an authorized officer of each party heretoof the parties). The date and time at which such the above-described actions are taken are referred to herein as shall be the "Applicable Effective Time.Time of the Reorganization" with respect to the Existing Galaxy Funds and the Reorganizing Pillar Funds. To the extent any Assets of the Intermediate-Term Bond Assets any Reorganizing Pillar Fund are, for any reason, not transferred to its Corresponding Galaxy Fund at the Applicable Effective TimeTime of the Reorganization with respect to such funds, ACMF Pillar shall cause such Intermediate-Term Bond Assets to be transferred in accordance with this Agreement at the earliest practicable date thereafter. 14.2 (b) Delivery by each Continuing Pillar Fund of the Bond its respective Assets to its Corresponding Galaxy Fund, delivery by each such Corresponding Galaxy Fund of its respective Galaxy Fund Shares to such Continuing Pillar Fund, and the shares liquidation of Diversified Bond to be issued each such Continuing Pillar Fund, in each case, pursuant to Section 2 and the liquidation of Bond pursuant to Section 4 hereof, shall occur at the opening of business on the next business day following the Second Valuation Time, Time (or on such other date, and at such place and time, date following the Second Valuation Time as may be determined is agreed to in writing by the President or any Vice President an authorized officer of each party heretoof the parties). The date and time at which such the above-described actions are taken are referred to herein as shall be the "Applicable Effective Time.Time of the Reorganization" with respect to the Galaxy Shell Funds and the Continuing Pillar Funds. To the extent any Assets of the Bond Assets any Continuing Pillar Fund are, for any reason, not transferred at the Applicable Effective TimeTime of the Reorganization with respect to such funds, ACMF Pillar shall cause such Bond Assets to be transferred in accordance with this Agreement at the earliest practicable date thereafter. 14.3 Delivery of the Premium Bond Assets and the shares of Diversified Bond to be issued pursuant to Section 3 and the liquidation of Premium Bond pursuant to Section 4 shall occur at the opening of business on the next business day following the Valuation Time, or on such other date, and at such place and time, as may be determined by the President or any Vice President of each party hereto. The date and time at which such actions are taken are referred to herein as the "Effective Time." To the extent any of the Premium Bond Assets are, for any reason, not transferred at the Effective Time, ACPR shall cause such Premium Bond Assets to be transferred in accordance with this Agreement at the earliest practicable date thereafter.

EFFECTIVE TIME OF THE REORGANIZATION. 14.1 (a) Delivery by each Reorganizing Pillar Fund of the Intermediate-Term Bond its respective Assets to its Corresponding Galaxy Fund, delivery by such Corresponding Galaxy Fund of its respective Galaxy Fund Shares to such Reorganizing Pillar Fund, and the shares liquidation of Diversified Bond to be issued each such Reorganizing Pillar Fund, in each case, pursuant to Section 1 and the liquidation of Intermediate-Term Bond pursuant to Section 4 2 hereof, shall occur at the opening of business on the next business day following the First Valuation Time, Time (or on such other date, and at such place and time, following the First Valuation Time as may be determined is agreed to in writing by the President or any Vice President an authorized officer of each party heretoof the parties). The date and time at which such the above-described actions are taken are referred to herein as shall be the "Applicable Effective Time.Time of the Reorganization" with respect to the Existing Galaxy Funds and the Reorganizing Pillar Funds. To the extent any Assets of the Intermediate-Term Bond Assets any Reorganizing Pillar Fund are, for any reason, not transferred to its Corresponding Galaxy Fund at the Applicable Effective TimeTime of the Reorganization with respect to such funds, ACMF Pillar shall cause such Intermediate-Term Bond Assets to be transferred in accordance with this Agreement at the earliest practicable date thereafter. 14.2 (b) Delivery by each Continuing Pillar Fund of the Bond its respective Assets to its Corresponding Galaxy Fund, delivery by each such Corresponding Galaxy Fund, of its respective Galaxy Fund Shares to such Continuing Pillar Fund, and the shares liquidation of Diversified Bond to be issued each such Continuing Pillar Fund, in each case, pursuant to Section 2 and the liquidation of Bond pursuant to Section 4 hereof, shall occur at the opening of business on the next business day following the Second Valuation Time, Time (or on such other date, and at such place and time, date following the Second Valuation Time as may be determined is agreed to in writing by the President or any Vice President an authorized officer of each party heretoof the parties). The date and time at which such the above-described actions are taken are referred to herein as shall be the "Applicable Effective Time.Time of the Reorganization" with respect to the Galaxy Shell Funds and the Continuing Pillar Funds. To the extent any Assets of the Bond Assets any Continuing Pillar Fund are, for any reason, not transferred at the Applicable Effective TimeTime of the Reorganization with respect to such funds, ACMF Pillar shall cause such Bond Assets to be transferred in accordance with this Agreement at the earliest practicable date thereafter. 14.3 Delivery of the Premium Bond Assets and the shares of Diversified Bond to be issued pursuant to Section 3 and the liquidation of Premium Bond pursuant to Section 4 shall occur at the opening of business on the next business day following the Valuation Time, or on such other date, and at such place and time, as may be determined by the President or any Vice President of each party hereto. The date and time at which such actions are taken are referred to herein as the "Effective Time." To the extent any of the Premium Bond Assets are, for any reason, not transferred at the Effective Time, ACPR shall cause such Premium Bond Assets to be transferred in accordance with this Agreement at the earliest practicable date thereafter.