Common use of Election and Term Clause in Contracts

Election and Term. (a) Except for the Trustees named herein or appointed to fill vacancies pursuant to Section 2.15 hereof and subject to voting rights established with respect to a Class or Series, the Trustees may succeed themselves and shall be elected by the Shareholders owning of record a plurality of the Shares voting at a meeting of Shareholders on a date fixed by the Trustees. Except in the event of resignations or removals pursuant to Section 2.14 hereof or prior to the initial issuance of Shares, each Trustee shall hold office until such time as less than a Majority of the Trustees holding office has been elected by Shareholders. In such event the Trustees then in office shall call a Shareholders’ meeting for the election of Trustees. Except for the foregoing circumstances, the Trustees shall continue to hold office and may appoint successor Trustees. (b) Subject to the voting rights established with respect to a particular Series or Class, each Trustee shall hold office for life or until his or her successor is elected or the Trust terminates. Notwithstanding the foregoing but subject to the voting rights established with respect to a particular Series or Class, (1) any Trustee may resign by delivering to the other Trustees or to any Trust officer a written resignation effective upon such delivery or a later date specified therein; (2) any Trustee may be removed with cause at any time by a written instrument signed by at least three-quarters of the then Trustees, specifying the effective date of removal; (3) any Trustee who requests to be retired, or who is declared bankrupt or has become physically or mentally incapacitated or is otherwise unable to serve, may be retired by a written instrument signed by a Majority of the other Trustees, specifying the effective date of retirement; and (4) any Trustee may be removed, are provided in Section 2.14 hereof.

Election and Term. (a) Except for the Trustees named herein or appointed to fill vacancies pursuant to Section 2.15 hereof and subject to voting rights established with respect to a Class or Series, the Trustees may succeed themselves and shall be elected by the Shareholders owning of record a plurality of the Shares voting at a meeting of Shareholders on a date fixed by the Trustees. Except in the event of resignations or removals pursuant to Section 2.14 hereof or prior to the initial issuance of Shares, each Trustee shall hold office until such time as less than a Majority of the Trustees holding office has been elected by Shareholders. In such event the Trustees then in office shall call a Shareholders’ ' meeting for the election of Trustees. Except for the foregoing circumstances, the Trustees shall continue to hold office and may appoint successor Trustees. (b) Subject to the voting rights established with respect to a particular Series or Class, each Trustee shall hold office for life or until his or her successor is elected or the Trust terminates. Notwithstanding the foregoing but subject to the voting rights established with respect to a particular Series or Class, (1) any Trustee may resign by delivering to the other Trustees or to any Trust officer a written resignation effective upon such delivery or a later date specified therein; (2) any Trustee may be removed with cause at any time by a written instrument signed by at least three-quarters of the then Trustees, specifying the effective date of removal; (3) any Trustee who requests to be retired, or who is declared bankrupt or has become physically or mentally incapacitated or is otherwise unable to serve, may be retired by a written instrument signed by a Majority of the other Trustees, specifying the effective date of retirement; and (4) any Trustee may be removed, are provided in Section 2.14 hereof. (c) The Board of Trustees shall be divided into three classes, designated Class I, Class II and Class III. Each class shall consist, as nearly as may be possible, of one-third of the total number of Trustees constituting the entire Board of Trustees. Within the limits above specified, the number of the Trustees in each class shall be determined by resolution of the Board of Trustees. The Trustees may also determine by resolution those Trustees in each Class that shall be elected by Shareholders of a particular Class of Shares (e.g., by a Class of Preferred Shares). The term of office of the Class I shall expire on the date of the first annual meeting of Shareholders following the effective date of the Registration Statement relating to the Common Shares under the Securities Act of 1933. The term of the Class II shall expire on the date of the second annual meeting of Shareholders following the effective date of the Registration Statement relating to the Common Shares under the Securities Act. The term of the Class III shall expire on the date of the third annual meeting of Shareholders following the effective date of the Registration Statement relating to the Common Shares under the Securities Act of 1933. Upon expiration of the term of office of each class as set forth above, the number of Trustees in such class, as determined by the Board of Trustees, shall be elected for a term expiring on the date of the third annual meeting of Shareholders following such expiration to succeed the Trustees whose terms of office expire. The Trustees shall be elected at an annual meeting of the Shareholders or special meeting in lieu thereof called for that purpose.

Election and Term. (a) Except for the The Trustees named herein or appointed to fill vacancies pursuant to Section 2.15 hereof and subject to voting rights established with respect to a Class or Series, the Trustees may succeed themselves and shall be elected by the Shareholders of the Trust at the first meeting of Shareholders immediately prior to the initial public offering of Shares of the Trust, and the term of office of any Trustees in office before such election shall terminate at the time of such election. The Trustees shall be divided into three classes, designated Class I, Class II and Class III. The number of Trustees in each class shall be as nearly equal as practicable, as determined from time to time by resolution of the Trustees. The term of office of Class I Trustees shall expire on the date of the first annual meeting of Shareholders or special meeting in lieu thereof following the effective date of the Registration Statement relating to the Shares under the Securities Act of 1933, as amended. The term of office of Class II Trustees shall expire on the date of the second annual meeting of Shareholders or special meeting in lieu thereof following the effective date of the Registration Statement relating to the Shares under the Securities Act of 1933, as amended. The term of office of Class III Trustees shall expire on the date of the third annual meeting of Shareholders or special meeting in lieu thereof following the effective date of the Registration Statement relating to the Shares under the Securities Act of 1933, as amended. Upon expiration of the term of office of each class as set forth above, the Trustees of each respective class shall thereafter be elected for three year terms, which terms shall expire on the date of the third annual meeting of Shareholders, or special meeting in lieu thereof, after the date of the election of the respective class of Trustees. Subject to the rights of the Preferred Shareholders, the Trustees shall be elected by the Common Shareholders owning of record a plurality of the Common Shares voting as a class at a an annual meeting of the Shareholders on or special meeting in lieu thereof called for that purpose, except as provided in Section 4.1(f); provided, however, that the Preferred Shareholders owning of record a date fixed by plurality of the Preferred Shares voting as a class at an annual meeting of the Shareholders or special meeting in lieu thereof called for such purpose, shall elect at least two (2) Trustees at all times, and, provided further, that the Preferred Shareholders owning of record a plurality of the Preferred Shares voting as a class shall elect at least a majority of the Trustees, which number of Trustees shall be increased appropriately in order to effectuate such rights, after giving effect to resignations of Trustees, if (i) at any time the dividends on the Preferred Shares shall be unpaid in an amount equal to two (2) full years dividends on the Preferred Shares, with such representation to continue until all dividends in arrears shall have been paid or otherwise provided for, or (ii) pursuant to the designations and powers, preferences and rights, and the qualifications, limitations hereof. Except Subject to Section 16(a) of the 1940 Act and to the preceding sentence of this subsection (c) and to any requirements specified in the event of resignations or removals pursuant to Section 2.14 hereof or prior to the initial issuance of Shares, each Trustee shall hold office until such time as less than a Majority of the Trustees holding office has been elected by Shareholders. In such event the Trustees then in office shall call a Shareholders’ meeting for the election of Trustees. Except for the foregoing circumstancesBy-Laws, the Trustees shall continue have the power to hold set and alter the terms of office of the Trustees, and may appoint successor Trustees. (b) Subject to the voting rights established with respect to a particular Series or Class, each Trustee shall hold office for life or until his or her successor is elected or the Trust terminates. Notwithstanding the foregoing but subject to the voting rights established with respect to a particular Series or Class, (1) any Trustee may resign by delivering to the other Trustees or to any Trust officer a written resignation effective upon such delivery or a later date specified therein; (2) any Trustee may be removed with cause at any time by a written instrument signed by at least three-quarters to lengthen or shorten their own terms or make their terms of the then Trusteesunlimited duration, specifying the effective date to elect their own successors and, pursuant to subsection (f) of removalthis Section 4.1, to appoint Trustees to fill vacancies; (3) any Trustee who requests to provided that Trustees shall be retired, or who is declared bankrupt or has become physically or mentally incapacitated or is otherwise unable to serve, may be retired by a written instrument signed elected by a Majority Shareholder Vote at any such time or times as the Trustees shall determine that such action is required under Section 16(a) of the other Trustees1940 Act or, specifying the effective date of retirementif not so required, that such action is advisable; and further provided that, after the initial election of Trustees by the Shareholders, the term of office of any incumbent Trustee shall continue until the termination of this Trust or his earlier death, resignation, retirement, bankruptcy, adjudicated incompetency or other incapacity or removal, or if not so terminated, until the election of such Trustee's successor in office has become effective in accordance with this subsection (4) any Trustee may be removed, are provided in Section 2.14 hereofc).

Election and Term. (a) Except for the Trustees named herein or appointed to fill vacancies pursuant to Section 2.15 hereof and subject to voting rights established with respect to a Class or Series, the Trustees may succeed themselves and shall be elected by the Shareholders owning of record a plurality of the Shares voting at a meeting of Shareholders on a date fixed by the Trustees. Except in the event of resignations or removals pursuant to Section 2.14 hereof or prior to the initial issuance of Shares, each Trustee shall hold office until such time as less than a Majority of the Trustees holding office has been elected by Shareholders. In such event the Trustees then in office shall call a Shareholders’ meeting for the election of Trustees. Except for the foregoing circumstances, the Trustees shall continue to hold office and may appoint successor Trustees. (b) Subject to the voting rights established with respect to a particular Series or Class, each Trustee shall hold office for life or until his or her successor is elected or the Trust terminates. Notwithstanding the foregoing but subject to the voting rights established with respect to a particular Series or Class, (1i) any Trustee may resign by delivering to the other Trustees or to any Trust officer a written resignation effective upon such delivery or a later date specified therein; (2ii) any Trustee may be removed with cause at any time by a written instrument signed by at least three-quarters of the then Trustees, specifying the effective date of removal; (3iii) any Trustee who requests to be retired, or who is declared bankrupt or has become physically or mentally incapacitated or is otherwise unable to serve, may be retired by a written instrument signed by a Majority of the other Trustees, specifying the effective date of retirement; and (4iv) any Trustee may be removed, are provided in Section 2.14 hereof. (c) The Board of Trustees shall be divided into three classes, designated Class I, Class II and Class III. Each class shall consist, as nearly as may be possible, of one-third of the total number of Trustees constituting the entire Board of Trustees. Within the limits above specified, the number of the Trustees in each class shall be determined by resolution of the Board of Trustees. The Trustees may also determine by resolution those Trustees in each Class that shall be elected by Shareholders of a particular Class of Shares (e.g., by a Class of Preferred Shares). The term of office of the Class I Trustees shall expire on the date of the first annual meeting of Shareholders following the effective date of the Registration Statement relating to the Common Shares under the Securities Act of 1933. The term of the Class II Trustees shall expire on the date of the second annual meeting of Shareholders following the effective date of the Registration Statement relating to the Common Shares under the Securities Act. The term of the Class III Trustees shall expire on the date of the third annual meeting of Shareholders following the effective date of the Registration Statement relating to the Common Shares under the Securities Act of 1933. Upon expiration of the term of office of each class as set forth above, the number of Trustees in such class, as determined by the Board of Trustees, shall be elected for a term expiring on the date of the third annual meeting of Shareholders following such expiration to succeed the Trustees whose terms of office expire. The Trustees shall be elected at an annual meeting of the Shareholders or special meeting in lieu thereof called for that purpose.

Election and Term. (a) Except for the Trustees named herein or appointed to fill vacancies pursuant to Section 2.15 hereof and subject to voting rights established with respect to a Class or Series, the Trustees may succeed themselves and shall be elected by the Shareholders owning of record a plurality of the Shares voting at a meeting of Shareholders on a date fixed by the Trustees. Except in the event of resignations or removals pursuant to Section 2.14 hereof or prior to the initial issuance of Shares, each Trustee shall hold office until such time as less than a Majority of the Trustees holding office has been elected by Shareholders. In such event the Trustees then in office shall call a Shareholders’ meeting for the election of Trustees. Except for the foregoing circumstances, the Trustees shall continue to hold office and may appoint successor Trustees. (b) Subject to the voting rights established with respect to a particular Series or Class, each Trustee shall hold office for life or until his or her successor is elected or the Trust terminates. Notwithstanding the foregoing but subject to the voting rights established with respect to a particular Series or Class, (1) any Trustee may resign by delivering to the other Trustees or to any Trust officer a written resignation effective upon such delivery or a later date specified therein; (2) any Trustee may be removed with cause at any time by a written instrument signed by at least three-quarters of the then Trustees, specifying the effective date of removal; (3) any Trustee who requests to be retired, or who is declared bankrupt or has become physically or mentally incapacitated or is otherwise unable to serve, may be retired by a written instrument signed by a Majority of the other Trustees, specifying the effective date of retirement; and (4) any Trustee may be removed, are provided in Section 2.14 hereof. (c) The Board of Trustees shall be divided into three classes, designated Class I, Class II and Class III. Each class shall consist, as nearly as may be possible, of one-third of the total number of Trustees constituting the entire Board of Trustees. Within the limits above specified, the number of the Trustees in each class shall be determined by resolution of the Board of Trustees. The Trustees may also determine by resolution those Trustees in each Class that shall be elected by Shareholders of a particular Class of Shares (e.g., by a Class of Preferred Shares). The term of office of the Class I shall expire on the date of the first annual meeting of Shareholders following the effective date of the Registration Statement relating to the Common Shares under the Securities Act of 1933. The term of the Class II shall expire on the date of the second annual meeting of Shareholders following the effective date of the Registration Statement relating to the Common Shares under the Securities Act. The term of the Class III shall expire on the date of the third annual meeting of Shareholders following the effective date of the Registration Statement relating to the Common Shares under the Securities Act of 1933. Upon expiration of the term of office of each class as set forth above, the number of Trustees in such class, as determined by the Board of Trustees, shall be elected for a term expiring on the date of the third annual meeting of Shareholders following such expiration to succeed the Trustees whose terms of office expire. The Trustees shall be elected at an annual meeting of the Shareholders or special meeting in lieu thereof called for that purpose.

Election and Term. (a) Except for the Trustees named herein or appointed to fill vacancies pursuant to Section 2.15 hereof and subject to voting rights established with respect to a Class or Series, the Trustees may succeed themselves and shall be elected by the Shareholders owning of record a plurality of the Shares voting at a meeting of Shareholders on a date fixed by the Trustees. Except in the event of resignations or removals pursuant to Section 2.14 hereof or prior to the initial issuance of Shares, each Trustee shall hold office until such time as less than a Majority of the Trustees holding office has been elected by Shareholders. In such event the Trustees then in office shall call a Shareholders’ ' meeting for the election of Trustees. Except for the foregoing circumstances, the Trustees shall continue to hold office and may appoint successor Trustees. (b) Subject to the voting rights established with respect to a particular Series or Class, each Trustee shall hold office for life or until his or her successor is elected or the Trust terminates. Notwithstanding the foregoing but subject to the voting rights established with respect to a particular Series or Class, (1i) any Trustee may resign by delivering to the other Trustees or to any Trust officer a written resignation effective upon such delivery or a later date specified therein; (2ii) any Trustee may be removed with cause at any time by a written instrument signed by at least three-quarters of the then Trustees, specifying the effective date of removal; (3iii) any Trustee who requests to be retired, or who is declared bankrupt or has become physically or mentally incapacitated or is otherwise unable to serve, may be retired by a written instrument signed by a Majority of the other Trustees, specifying the effective date of retirement; and (4iv) any Trustee may be removed, are provided in Section 2.14 hereof. (c) The Board of Trustees shall be divided into three classes, designated Class I, Class II and Class III. Each class shall consist, as nearly as may be possible, of one-third of the total number of Trustees constituting the entire Board of Trustees. Within the limits above specified, the number of the Trustees in each class shall be determined by resolution of the Board of Trustees. The Trustees may also determine by resolution those Trustees in each Class that shall be elected by Shareholders of a particular Class of Shares (e.g., by a Class of Preferred Shares). The term of office of the Class I shall expire on the date of the first annual meeting of Shareholders following the effective date of the Registration Statement relating to the Common Shares under the Securities Act of 1933. The term of the Class II shall expire on the date of the second annual meeting of Shareholders following the effective date of the Registration Statement relating to the Common Shares under the Securities Act. The term of the Class III shall expire on the date of the third annual meeting of Shareholders following the effective date of the Registration Statement relating to the Common Shares under the Securities Act of 1933. Upon expiration of the term of office of each class as set forth above, the number of Trustees in such class, as determined by the Board of Trustees, shall be elected for a term expiring on the date of the third annual meeting of Shareholders following such expiration to succeed the Trustees whose terms of office expire. The Trustees shall be elected at an annual meeting of the Shareholders or special meeting in lieu thereof called for that purpose.

Election and Term. (a) Except for the The Trustees named herein or appointed to fill vacancies pursuant to Section 2.15 hereof and subject to voting rights established with respect to a Class or Series, the Trustees may succeed themselves and shall be elected by the Shareholders of the Trust at the first meeting of Shareholders or by written consent in lieu thereof immediately prior to the initial public offering of Shares of the Trust, and the term of office of any Trustees in office before such election shall terminate at the time of such election. The Trustees shall be divided into three classes, designated Class I, Class II and Class III. The number of Trustees in each class shall be as nearly equal as practicable, as determined from time to time by resolution of the Trustees. The term of office of Class I Trustees shall expire on the date of the first annual meeting of Shareholders or special meeting in lieu thereof following the effective date of the Registration Statement relating to the Shares under the Securities Act of 1933, as amended. The term of office of Class II Trustees shall expire on the date of the second annual meeting of Shareholders or special meeting in lieu thereof following the effective date of the Registration Statement relating to the Shares under the Securities Act of 1933, as amended. The term of office of Class III Trustees shall expire on the date of the third annual meeting of Shareholders or special meeting in lieu thereof following the effective date of the Registration Statement relating to the Shares under the Securities Act of 1933, as amended. Upon expiration of the term of office of each class as set forth above, the Trustees of each respective class shall thereafter be elected for three year terms, which terms shall expire on the date of the third annual meeting of Shareholders, or special meeting in lieu thereof, after the date of the election of the respective class of Trustees. Subject to the rights of the Preferred Shareholders, the Trustees shall be elected by the Common Shareholders owning of record a plurality of the Common Shares voting as a class at a an annual meeting of the Shareholders on or special meeting in lieu thereof called for that purpose, except as provided in Section 4.1(f); provided, however, that the Preferred Shareholders owning of record a date fixed by plurality of the Preferred Shares voting as a class at an annual meeting of the Shareholders or special meeting in lieu thereof called for such purpose, shall elect at least two (2) Trustees at all times, and, provided further, that the Preferred Shareholders owning of record a plurality of the Preferred Shares voting as a class shall elect at least a majority of the Trustees, which number of Trustees shall be increased appropriately in order to effectuate such rights, after giving effect to resignations of Trustees, if (i) at any time the dividends on the Preferred Shares shall be unpaid in an amount equal to two (2) full years dividends on the Preferred Shares, with such representation to continue until all dividends in arrears shall have been paid or otherwise provided for, or (ii) pursuant to the designations and powers, preferences and rights, and the qualifications, limitations hereof. Except Subject to Section 16(a) of the 1940 Act and to the preceding sentence of this subsection (c) and to any requirements specified in the event of resignations or removals pursuant to Section 2.14 hereof or prior to the initial issuance of Shares, each Trustee shall hold office until such time as less than a Majority of the Trustees holding office has been elected by Shareholders. In such event the Trustees then in office shall call a Shareholders’ meeting for the election of Trustees. Except for the foregoing circumstancesBy-Laws, the Trustees shall continue have the power to hold set and alter the terms of office of the Trustees, and may appoint successor Trustees. (b) Subject to the voting rights established with respect to a particular Series or Class, each Trustee shall hold office for life or until his or her successor is elected or the Trust terminates. Notwithstanding the foregoing but subject to the voting rights established with respect to a particular Series or Class, (1) any Trustee may resign by delivering to the other Trustees or to any Trust officer a written resignation effective upon such delivery or a later date specified therein; (2) any Trustee may be removed with cause at any time by a written instrument signed by at least three-quarters to lengthen or shorten their own terms or make their terms of the then Trusteesunlimited duration, specifying the effective date to elect their own successors and, pursuant to subsection (f) of removalthis Section 4.1, to appoint Trustees to fill vacancies; (3) any Trustee who requests to provided that Trustees shall be retired, or who is declared bankrupt or has become physically or mentally incapacitated or is otherwise unable to serve, may be retired by a written instrument signed elected by a Majority Shareholder Vote at any such time or times as the Trustees shall determine that such action is required under Section 16(a) of the other Trustees1940 Act or, specifying the effective date of retirementif not so required, that such action is advisable; and further provided that, after the initial election of Trustees by the Shareholders, the term of office of any incumbent Trustee shall continue until the termination of this Trust or his earlier death, resignation, retirement, bankruptcy, adjudicated incompetency or other incapacity or removal, or if not so terminated, until the election of such Trustee's successor in office has become effective in accordance with this subsection (4) any Trustee may be removed, are provided in Section 2.14 hereofc).

Election and Term. (a) Except for The Managers shall be divided into three classes, consisting of Class I, Class II and Class III Managers. Each class shall consist, as nearly as may be feasible, of one-third of the Trustees named herein or appointed to fill vacancies pursuant to Section 2.15 hereof total number of Managers that will manage, direct and subject to voting rights established with respect to a supervise the business and affairs of the Company. At the 2010 annual meeting of the Class or SeriesA Members, the Trustees may succeed themselves and Class I Managers shall be elected by the Shareholders owning of record for a plurality of the Shares voting at one year term, Class II Managers for a two year term and Class III Managers for a three year term. At each succeeding annual meeting of Shareholders on Class A Members beginning in 2011, successors to the class of managers whose term expires at such annual meeting shall be elected for a date fixed by three year term. If the Trusteesnumber of Managers is changed, any increase or decrease shall be apportioned among the classes so as to maintain the number of Managers in each class as nearly equal as possible, and any additional Manager of any class elected to fill a vacancy resulting from an increase in such class shall hold office for a term that shall coincide with the remaining term of such class. Except No decrease in the event number of resignations or removals pursuant Managers shall cause the term of a Manager to Section 2.14 hereof or prior to the initial issuance of Shares, each Trustee be shortened. A Manager shall hold office until such time as less than a Majority the annual meeting of the Trustees holding office has been elected by Shareholders. In such event the Trustees then in office shall call a Shareholders’ meeting Class A Members for the election of Trustees. Except for the foregoing circumstances, the Trustees shall continue to hold office year in which such Manager’s term expires and may appoint successor Trustees. (b) Subject to the voting rights established with respect to until a particular Series or Class, each Trustee shall hold office for life or until his or her successor is elected or the Trust terminates. Notwithstanding the foregoing but subject and qualified; subject, however, to the voting rights established Manager’s prior death, resignation, retirement, disability, disqualification or removal from office. Only persons that are nominated by the Managers shall be eligible for election as a Manager; provided, however, that the Managers shall be authorized to appoint a Nominations Committee in accordance with respect the provisions of Section 4.15 herein to select the nominees for election as a particular Series or Class, (1) any Trustee may resign by delivering to the other Trustees or to any Trust officer a written resignation effective upon such delivery or a later date specified therein; (2) any Trustee may be removed with cause at any time by a written instrument signed by at least three-quarters of the then Trustees, specifying the effective date of removal; (3) any Trustee who requests to be retired, or who is declared bankrupt or has become physically or mentally incapacitated or is otherwise unable to serve, may be retired by a written instrument signed by a Majority of the other Trustees, specifying the effective date of retirement; and (4) any Trustee may be removed, are provided in Section 2.14 hereofManager.”

Election and Term. (a) Except for The Trustees shall be divided into three classes, designated Class I, Class II and Class III. The number of Trustees in each class shall be as nearly equal as practicable, as set forth on the signature page hereto and hereafter as determined from time to time by resolution of the Trustees. The term of office of Class I Trustees named herein shall expire on the date of the first annual meeting of Shareholders or appointed special meeting in lieu thereof following the effective date of the Registration Statement relating to fill vacancies pursuant the initial public offering of the Common Shares under the Securities Act. The term of office of Class II Trustees shall expire on the date of the second annual meeting of Shareholders or special meeting in lieu thereof following the effective date of the Registration Statement relating to Section 2.15 hereof and subject the initial public offering of the Common Shares under the Securities Act. The term of office of Class III Trustees shall expire on the date of the third annual meeting of Shareholders or special meeting in lieu thereof following the effective date of the Registration Statement relating to voting rights established with respect the initial public offering of the Common Shares under the Securities Act. The classes to a Class or Serieswhich the Initial Trustees have been assigned are set forth on the signature page hereto. Upon expiration of the term of office of each class as set forth above, the Trustees may succeed themselves and of such class shall thereafter be elected for three year terms, which terms shall expire on the date of the third annual meeting of Shareholders, or special meeting in lieu thereof, after the date of the election of such class of Trustees. The Trustees shall be elected by the Shareholders owning of record a plurality Required Shareholder Vote at an annual meeting of the Shares voting at a Shareholders or special meeting of Shareholders on a date fixed by the Trustees. Except in the event of resignations or removals pursuant to Section 2.14 hereof or prior to the initial issuance of Shareslieu thereof called for that purpose, each Trustee shall hold office until such time except as less than a Majority of the Trustees holding office has been elected by Shareholders. In such event the Trustees then in office shall call a Shareholders’ meeting for the election of Trustees. Except for the foregoing circumstances, the Trustees shall continue to hold office and may appoint successor Trustees. (b) Subject to the voting rights established with respect to a particular Series or Class, each Trustee shall hold office for life or until his or her successor is elected or the Trust terminates. Notwithstanding the foregoing but subject to the voting rights established with respect to a particular Series or Class, (1) any Trustee may resign by delivering to the other Trustees or to any Trust officer a written resignation effective upon such delivery or a later date specified therein; (2) any Trustee may be removed with cause at any time by a written instrument signed by at least three-quarters of the then Trustees, specifying the effective date of removal; (3) any Trustee who requests to be retired, or who is declared bankrupt or has become physically or mentally incapacitated or is otherwise unable to serve, may be retired by a written instrument signed by a Majority of the other Trustees, specifying the effective date of retirement; and (4) any Trustee may be removed, are provided in Section 2.14 hereof4.01(d) and Section 4.01(g) . No person shall be qualified to stand for election or appointment as a Trustee if such person has already reached the age of 72 at the time of such election or appointment, except as may otherwise be provided in the By-Laws.

Election and Term. (a) Except for the Trustees named herein or appointed to fill vacancies pursuant to Section 2.15 hereof and subject to voting rights established with respect to a Class or Series, the Trustees may succeed themselves and shall be elected by the Shareholders owning of record a plurality of the Shares voting at a meeting of Shareholders on a date fixed by the Trustees. Except in the event of resignations or removals pursuant to Section 2.14 hereof or prior to the initial issuance of Shares, each Trustee shall hold office until such time as less than a Majority of the Trustees holding office has been elected by Shareholders. In such event the Trustees then in office shall call a Shareholders’ meeting for the election of Trustees. Except for the foregoing circumstances, the Trustees shall continue to hold office and may appoint successor Trustees. (b) Subject to the voting rights established with respect to a particular Series or Class, each Trustee shall hold office for life or until his or her successor is elected or the Trust terminates. Notwithstanding the foregoing but subject to the voting rights established with respect to a particular Series or Class, (1) any Trustee may resign by delivering to the other Trustees or to any Trust officer a written resignation effective upon such delivery or a later date specified therein; (2) any Trustee may be removed with cause at any time by a written instrument signed by at least three-quarters of the then Trustees, specifying the effective date of removal; (3) any Trustee who requests to be retired, or who is declared bankrupt or has become physically or mentally incapacitated or is otherwise unable to serve, may be retired by a written instrument signed by a Majority of the other Trustees, specifying the effective date of retirement; and (4) any Trustee may be removed, are provided in Section 2.14 hereof. (c) The Board of Trustees shall be divided into three Classes, designated Class I, Class II and Class III Each class shall consist, as nearly as may be possible, of one-third of the total number of Trustees constituting the entire Board of Trustees. Within the limits above specified, the number of the Trustees in each class shall be determined by resolution of the Board of Trustees. The Trustees may also determine by resolution those Trustees in each Class that shall be elected by Shareholders of a particular Class of Shares (e.g., by a Class of Preferred Shares). The term of office of the Class I shall expire on the date of the first annual meeting of Shareholders following the effective date of the Registration Statement relating to the Common Shares under the Securities Act of 1933. The term of the Class II shall expire on the date of the second annual meeting of Shareholders following the effective date of the Registration Statement relating to the Common Shares under the Securities Act. The term of the Class III shall expire on the date of the third annual meeting of Shareholders following the effective date of the Registration Statement relating to the Common Shares under the Securities Act of 1933. Upon expiration of the term of office of each class as set forth above, the number of Trustees in such class, as determined by the Board of Trustees, shall be elected for a term expiring on the date of the third annual meeting of Shareholders following such expiration to succeed the Trustees whose terms of office expire. The Trustees shall be elected at an annual meeting of the Shareholders or special meeting in lieu thereof called for that purpose.

Election and Term. (a) Except for the The Trustees named herein or appointed to fill vacancies pursuant to Section 2.15 hereof and subject to voting rights established with respect to a Class or Series, the Trustees may succeed themselves and shall be elected by the Shareholders owning of record a plurality of the Shares Trust voting as a single class; provided, however, that at a any meeting of the Shareholders of the Trust held for the election of trustees, the holders of a majority of the shares of Preferred Shares (as defined) represented in person or by proxy at said meeting shall be entitled as a class, to the exclusion of the holders of the Common Shares (as defined), to elect two trustees of the Trust, provided further, however, that the identity of the two trustees representing the holders of Preferred Shares on a and after the date fixed as of which the Board of Trustees provides for the issuance of Preferred Shares until the first meeting of the Trust's Shareholders following the date as of which the Board of Trustees provides for the issuance of Preferred Shares may be designated by the Board of Trustees. Except in Subject to paragraph (d) of this Section 3.1, the holders of a majority of the Common Shares shall be entitled to elect the balance of the trustees. In the event the Trust shall be required to hold annual meetings of resignations or removals Shareholders under its By-Laws pursuant to Section 2.14 hereof or prior to the initial issuance 5.2 of Sharesthis Declaration of Trust, each Trustee shall hold office until the next annual meeting of Shareholders or until his successor shall have been elected and qualified. In the event the Trust shall not be required under the By-Laws to hold annual meetings of Shareholders, each Trustee then serving or thereafter becoming a Trustee shall serve as a Trustee during the lifetime of this Trust and until its termination as hereinafter provided except as such Trustee sooner dies, resigns, retires or is removed or until such time as less than a Majority the Trust shall again be required under its By-Laws to hold annual meetings of shareholders. Subject to the provisions of the Trustees holding office has been elected by Shareholders. In such event the Trustees then in office shall call a Shareholders’ meeting for the election of Trustees. Except for the foregoing circumstances1940 Act, the Trustees shall continue may elect their own successors and may, pursuant to hold office and may Section 3.1(f) hereof, appoint successor TrusteesTrustees to fill vacancies. (b) Subject to the voting rights established with respect to a particular Series or Class, each Trustee shall hold office for life or until his or her successor is elected or the Trust terminates. Notwithstanding the foregoing but subject to the voting rights established with respect to a particular Series or Class, (1) any Trustee may resign by delivering to the other Trustees or to any Trust officer a written resignation effective upon such delivery or a later date specified therein; (2) any Trustee may be removed with cause at any time by a written instrument signed by at least three-quarters of the then Trustees, specifying the effective date of removal; (3) any Trustee who requests to be retired, or who is declared bankrupt or has become physically or mentally incapacitated or is otherwise unable to serve, may be retired by a written instrument signed by a Majority of the other Trustees, specifying the effective date of retirement; and (4) any Trustee may be removed, are provided in Section 2.14 hereof.

Election and Term. (a) Except for the Trustees named herein or appointed to fill vacancies pursuant to Section 2.15 hereof and subject to voting rights established with respect to a Class or Series, the Trustees may succeed themselves and shall be elected by the Shareholders owning of record a plurality of the Shares voting at a meeting of Shareholders on a date fixed by the Trustees. Except in the event of resignations or removals pursuant to Section 2.14 hereof or prior to the initial issuance of Shares, each Trustee shall hold office until such time as less than a Majority of the Trustees holding office has been elected by Shareholders. In such event the Trustees then in office shall call a Shareholders’ ' meeting for the election of Trustees. Except for the foregoing circumstances, the Trustees shall continue to hold office and may appoint successor Trustees. (b) Subject to the voting rights established with respect to a particular Series or Class, each Trustee shall hold office for life or until his or her successor is elected or the Trust terminates. Notwithstanding the foregoing but subject to the voting rights established with respect to a particular Series or Class, (1) any Trustee may resign by delivering to the other Trustees or to any Trust officer a written resignation effective upon such delivery or a later date specified therein; (2) any Trustee may be removed with cause at any time by a written instrument signed by at least three-quarters of the then Trustees, specifying the effective date of removal; (3) any Trustee who requests to be retired, or who is declared bankrupt or has become physically or mentally incapacitated or is otherwise unable to serve, may be retired by a written instrument signed by a Majority of the other Trustees, specifying the effective date of retirement; and (4) any Trustee may be removed, are provided in Section 2.14 hereof. (c) The Board of Trustees shall be divided into three classes, designated Class I, Class II and Class III. Each class shall consist, as nearly as may be possible, of one-third of the total number of Trustees constituting the entire Board of Trustees. Within the limits above specified, the number of the Trustees in each class shall be determined by resolution of the Board of Trustees. The Trustees may also determine by resolution those Trustees in each Class that shall be elected by Shareholders of a particular Class of Shares (e.g., by a Class of Preferred Shares). The term of office of the Class I shall expire on the date of the first annual meeting of Shareholders following the effective date of the Registration Statement relating to the Common Shares under the Securities Act of 1933, as amended (the "1933 Act"). The term of the Class II shall expire on the date of the second annual meeting of Shareholders following the effective date of the Registration Statement relating to the Common Shares under the 1933 Act. The term of the Class III shall expire on the date of the xxxxx annual meeting of Shareholders following the effective date of the Registration Statement relating to the Common Shares under the 1933 Act. Upon expiration of the term of office of each class as set forth above, the number of Trustees in such class, as determined by the Board of Trustees, shall be elected for a term expiring on the date of the third annual meeting of Shareholders following such expiration to succeed the Trustees whose terms of office expire. The Trustees shall be elected at an annual meeting of the Shareholders or special meeting in lieu thereof called for that purpose.

Election and Term. (a) Except for Each Appointed Manager shall serve until the Trustees named herein earlier of his death, resignation or removal from office which may be with or without cause by the Member that appointed such Manager (the "Appointing Member"). In the event of a vacancy on the Board of Managers (other than a vacancy which must be filled with an Independent Manager), then the Appointing Member that appointed the Appointed Manager whose failure to continue to serve as a Manager has created the vacancy shall fill such vacancy by delivery of written notice to the Company and each other Member designating a replacement Manager to fill vacancies such vacancy (or, if such appointment right has been lost pursuant to Section 2.15 hereof 8.4, such vacancy shall be filled by majority vote of the Members specified in Section 8.4). Upon receipt of such written notice by the Company, the replacement Appointed Manager shall be appointed as a Manager hereunder, unless objected to in writing on a reasonable basis by all of the Appointed Managers other than the Manager who is being replaced pursuant to this Section 8.3(a) and subject to voting rights established any Manager whose Appointing Member, or an Affiliate thereof, has the appointment right with respect to a Class or Series, the Trustees may succeed themselves and shall be elected by the Shareholders owning of record a plurality of the Shares voting at a meeting of Shareholders on a date fixed by the Trustees. Except in the event of resignations or removals pursuant to Section 2.14 hereof or prior to the initial issuance of Shares, each Trustee shall hold office until such time as less than a Majority of the Trustees holding office has been elected by Shareholders. In such event the Trustees then in office shall call a Shareholders’ meeting for the election of Trustees. Except for the foregoing circumstances, the Trustees shall continue to hold office and may appoint successor Trusteesreplacement. (b) Subject Each Independent Manager shall hold office until the next annual meeting of the Members, unless such Independent Manager shall sooner cease to serve as a result of his death, resignation or removal. In the event of a vacancy on the Board of Managers which must be filled with an Independent Manager, such vacancy shall be filled by written notice to the voting rights established Company and each Member given by the Member or Members having the Appointment Right with respect to the Independent Manager whose death, resignation or removal necessitated the appointment of a particular Series replacement Independent Manager (or, if such Appointment Right has been lost pursuant to Section 8.4, such vacancy shall be filled by majority vote of the Members specified in Section 8.4). Upon receipt of such written notice by the Company, the replacement Independent Manager shall be appointed as an Independent Manager hereunder, unless objected to in writing on a reasonable basis by all of the Appointed Managers other than any Manager whose Appointing Member, or Classan Affiliate thereof, each Trustee shall hold office for life has or until his or her successor is elected or shares the Trust terminates. Notwithstanding the foregoing but subject to the voting rights established Appointment Right with respect to a particular Series or Class, the replacement Independent Manager. (1c) any Trustee may resign by delivering to the other Trustees or to any Trust officer a written resignation effective upon such delivery or a later date specified therein; (2) any Trustee may Managers need not be removed with cause at any time by a written instrument signed by at least three-quarters residents of the then Trustees, specifying the effective date State of removal; (3) any Trustee who requests to be retired, Delaware or who is declared bankrupt or has become physically or mentally incapacitated or is otherwise unable to serve, may be retired by a written instrument signed by a Majority Members of the other Trustees, specifying the effective date of retirement; and (4) any Trustee may be removed, are provided in Section 2.14 hereofCompany.