Common use of Establishment of Series Clause in Contracts

Establishment of Series. The Trustee upon written instructions from the sole initial Beneficial Owner shall have full power and authority to establish one or more Series, the Beneficial Interests in each of which shall be separate and distinct from the Beneficial Interests in any other Series, by adopting a Series Addendum, in such form as is provided to the Trustee for execution, for each such Series as herein provided. References to the Trust shall be deemed to include references to each Series, as applicable. In connection with the establishment of a Series hereunder, the Trustee upon written instructions from the sole initial Beneficial Owner shall in the name and on behalf of the Trust: (i) issue Beneficial Interests, (ii) establish and designate and fix such preferences, voting powers, rights, duties and privileges and business purpose of each Series, as set forth in the Series Addendum therefor, which preferences, voting powers, rights, duties and privileges may be senior or subordinate to (or in the case of business purpose, different from) any existing Series and may be limited to specified property or obligations of the Trust or profits and losses associated with specified property or obligations of the Trust, (iii) divide or combine the Beneficial Interests of any Series into a greater or lesser number without thereby materially changing the proportionate beneficial interest of the Beneficial Interests of such Series in the assets held with respect to that Series, and (iv) combine the assets and liabilities belonging to any two or more Series into assets and liabilities belonging to a single Series. The relative rights and preferences of any Series established by the Trustee upon written instructions from the sole initial Beneficial Owner will be as set forth in the Series Addendum relating thereto, and to the extent not inconsistent therewith, as otherwise set forth herein. The Beneficial Interests of any Series that may from time to time be established and designated by the Trustee upon written instructions from the sole initial Beneficial Owner shall have the following relative rights and preferences:

Establishment of Series. Subject to the provisions of this Section 2.06, the Trust shall consist of the Series indicated on Schedule A attached hereto, as such Schedule may be amended from time to time. The Trustee upon written instructions Series indicated on Schedule A attached hereto as of the date hereof are referred to as the "Initial Series." The preferences, voting powers, rights and privileges of the Initial Series and any classes thereof existing shall be as set forth in the Trust's registration statement or statements as filed with the Commission, as from time to time in effect. Distinct records shall be maintained by the Trust for each Series and the assets associated with each Series shall be held and accounted for separately from the sole initial Beneficial Owner assets of the Trust or any other Series. The Trustees shall have full power and authority to establish one authority, in their sole discretion and without obtaining any prior authorization or more vote of the Shareholders of any Series, (a) to divide the Beneficial Interests beneficial interest in each of which shall be separate and distinct from the Beneficial Interests in any other Series, by adopting a Series Addendum, in such form as is provided to the Trustee for execution, for each such Series as herein provided. References to the Trust shall be deemed to include references to each Series, as applicable. In connection with the establishment of a Series hereunder, the Trustee upon written instructions from the sole initial Beneficial Owner shall in the name and on behalf of the Trust: (i) issue Beneficial Interestsor class thereof into Shares, (iib) to establish and designate and to change in any manner any Series or any classes of the Initial Series or any additional Series and to fix such preferences, voting powers, rights, duties and privileges and business purpose of each Series, such Series or classes thereof as set forth in the Series Addendum thereforTrustees may from time to time determine, which preferences, voting powers, rights, duties and privileges may be senior or subordinate to (or in the case of business purpose, different from) any existing Series or class thereof and may be limited to specified property or obligations of the Trust or profits and losses associated with specified property or obligations of the Trust, (iiic) to divide or combine the Beneficial Interests of Shares or any Series or classes thereof into a greater or lesser number without thereby materially changing the proportionate beneficial interest interests of the Beneficial Interests Shares of such Series or class in the assets held with respect to that such Series, and (ivd) combine the assets and liabilities belonging to classify or reclassify any two issued Shares or any Series or classes thereof into one or more Series into assets or classes of Shares and liabilities belonging (e) to take such other action with respect to the Shares as the Trustees may deem desirable. The establishment and designation of any Series (or class) (other than the Initial Series and classes thereof) shall be effective upon the adoption of a single Seriesresolution by a majority of the Trustees setting forth such establishment and designation of the Shares of such Series (or class), whether directly in such resolution or by reference to, or approval of, another document that sets forth such Series (or class) including, without limitation, any registration statement of the Trust, or as otherwise provided in such resolution. The relative rights and preferences of any each Series established by and each class thereof (other than the Trustee upon written instructions from the sole initial Beneficial Owner will Initial Series and classes thereof) shall be as set forth herein and as set forth in the Series Addendum relating thereto, and to Trust's registration statement or statements as filed with the extent not inconsistent therewithCommission, as otherwise set forth herein. The Beneficial Interests of any Series that may from time to time in effect, unless otherwise provided in the resolution establishing such Series or class. Upon the establishment of any such Series (or class), Schedule A shall be amended to reflect the addition of such Series (or class) thereto; provided that amendment of Schedule A shall not be a condition precedent to the establishment of any Series (or class) in accordance with this Trust Instrument. A Series may issue any number of Shares, but need not issue Shares. At any time that there are no Shares outstanding of any particular Series (or class) previously established and designated designated, the Trustees may by a majority vote abolish that Series (or class) and the Trustee establishment and designation thereof, and, in connection with such abolishment, Schedule A shall be amended to reflect the removal of such Series (or class) therefrom; provided that amendment of Schedule A shall not be a condition precedent to the abolishment of any Series (or class) in accordance with this Trust Instrument. All references to Shares in this Trust Instrument shall be deemed to be Shares of any or all Series, or classes thereof as the context may require. All provisions herein relating to the Trust shall apply equally to each Series of the Trust, and each class thereof, except as the context otherwise requires. Each Share of a Series of the Trust shall represent an equal beneficial interest in the net assets of such Series. Each holder of Shares of a Series shall be entitled to receive his proportionate share of all distributions made with respect to such Series, based upon written instructions from the sole initial Beneficial Owner number of full and fractional Shares of the Series held. Upon redemption of his Shares, such Shareholder shall have be paid solely out of the following relative rights funds and preferences:property of such Series of the Trust.