Common use of Establishment of Series and Classes of Shares Clause in Contracts

Establishment of Series and Classes of Shares. The establishment of any Series or Class of Shares shall be effective upon the adoption by the Managers of a resolution that sets forth the designation of, or otherwise identifies, such Series or Class, whether directly in such resolution or by reference to, or approval of, another document that sets forth the designation of, or otherwise identifies, such Series or Class including any registration statement of the Fund or any Series, any amendment and/or restatement of this Operating Agreement or as otherwise provided in such resolution. Upon the establishment of any Series or Class of Shares or the termination of any existing Series or Class of Shares, the books and records of the Fund shall reflect the addition or termination of such Series or Class and any officer of the Fund is hereby authorized to take such action. The relative rights and preferences of each Series and each Class shall be as set forth herein and as set forth in any registration statement of the Fund or any Series relating thereto, unless otherwise provided in the resolution establishing such Series or Class. Any action that may be taken by the Managers with respect to any Series or Class, including any addition, modification, division, combination, classification, reclassification, change of name or termination may be made in the same manner as the establishment of such Series or Class. Unless otherwise provided in any registration statement of the Fund or any Series relating thereto, Shares of each additional Series or Class established pursuant to this Article IV (unless otherwise provided in the resolution establishing such additional Series or Class), shall have the following relative rights and preferences:

Establishment of Series and Classes of Shares. Subject to the provisions of this Section 3.6, the Trust shall consist of the Series and Classes as approved by the Board of Trustees from time to time. The establishment of any Series or Class of Shares shall be effective upon the adoption by the Managers Trustees of a resolution that sets forth the designation of, or otherwise identifies, such Series or Class, whether directly in such resolution or by reference to, or approval of, of another document that sets forth the designation of, or otherwise identifies, such Series or Class including any registration statement of the Fund or any SeriesRegistration Statement, any amendment and/or restatement of this Operating Agreement Declaration of Trust or as otherwise provided in such resolution. Upon the establishment A list of any each currently established and continuing Series or and Class of Shares or of the termination of any existing Series or Class of Shares, Trust shall be maintained in the books and records of the Fund shall reflect the addition or termination of such Series or Class and any officer of the Fund is hereby authorized to take such actionTrust. The relative rights and preferences of each Series and each Class shall be as set forth herein and as set forth in any registration statement of the Fund or any Series Registration Statement relating thereto, unless otherwise provided in the resolution establishing such Series or Class. Any action that may be taken by the Managers Trustees with respect to any Series or Class, including any addition, modification, division, combination, classification, reclassification, change of name or termination may be made in the same manner as the establishment of such Series or Class. Unless otherwise provided in the resolution establishing a Series or Class of Shares and any registration statement of the Fund or any Series Registration Statement relating thereto, Shares of each additional all existing Series or Class Classes and all Series or Classes established pursuant to this Article IV III (unless otherwise provided in the resolution establishing such additional Series or Class), shall have the following relative rights and preferences:

Establishment of Series and Classes of Shares. Subject to the provisions of this Section 3.6, the Trust shall consist of the Series and Classes (if any) as the Trustees shall by resolution establish. The establishment of any Series or Class of Shares shall be effective upon the adoption by the Managers Trustees of a resolution that sets forth the designation of, or otherwise identifies, such Series or Class, whether directly in such resolution or by reference to, or approval of, of another document that sets forth the designation of, or otherwise identifies, such Series or Class including any registration statement of the Fund or any SeriesRegistration Statement, any amendment and/or restatement of this Operating Agreement Declaration of Trust or as otherwise provided in such resolution. Upon the establishment of any Series or Class of Shares or the termination of any existing Series or Class of Shares, the books and records of the Fund Trust shall be updated to reflect the addition or termination of such Series or Class; provided that any such update shall not be a condition precedent to the establishment or termination of any Series or Class and any officer in accordance with this Declaration of the Fund is hereby authorized to take such actionTrust. The relative rights and preferences of each Series and each Class shall be as set forth herein and as set forth in any registration statement of the Fund or any Series Registration Statement relating thereto, unless otherwise provided in the resolution establishing such Series or Class. Any action that may be taken by the Managers Trustees with respect to any Series or Class, including any addition, modification, division, combination, classification, reclassification, conversion, change of name or termination may be made in the same manner as the establishment of such Series or Class. Unless otherwise provided in any registration statement of the Fund or any Series Registration Statement relating thereto, Shares of each additional Series or Class established pursuant to this Article IV III (unless otherwise provided in the resolution establishing such additional Series or Class), shall have the following relative rights and preferences: