Common use of Redemption; Conversion of Investment Company Clause in Contracts

Redemption; Conversion of Investment Company. No holder of Shares of any class or series, other than in accordance with the provisions of Section 23(c) (excluding Rule 23c-3 thereunder) of the 1940 Act and other than to the extent expressly determined by the Trustees with respect to Shares qualifying as preferred stock pursuant to Section 18(a) of the 1940 Act, shall have any right to require the Trust or any person controlled by the Trust to purchase any of such holder’s Shares. The Trust may be converted at any time from a “closed-end management investment company” to an “open-end management investment company”, as those terms are each defined by the 1940 Act, or a company obligated to repurchase shares under Rule 23c-3 of the 1940 Act (an “interval company”), upon the approval of such a proposal, together with the necessary amendments to this Declaration to permit such a conversion, by: (i) a majority of the Trustees then in office, (ii) the holders of a majority of the Trust’s outstanding Shares entitled to vote thereon, and (iii) such vote or votes of the holders of any class or classes or series of Shares as may be required by the 1940 Act. Upon conversion to an open-end management investment company, each Share would become a “redeemable security,” as such term is defined by the 1940 Act. Upon the recommendation and subsequent adoption of such a proposal and the necessary amendments to this Declaration to permit such a conversion of the Trust’s outstanding Shares entitled to vote, the Trust shall, upon complying with any requirements of the 1940 Act and state law, become an open-end management investment company or interval company, as proposed.

Redemption; Conversion of Investment Company. No holder of Shares of any class or series, other than in accordance with the provisions of Section 23(c) (excluding Rule 23c-3 thereunder) of the 1940 Act and other than to the extent expressly determined by the Trustees with respect to Shares qualifying as preferred stock pursuant to Section 18(a) of the 1940 Act, shall have any right to require the Trust or any person controlled by the Trust to purchase any of such holder’s Shares. The Trust may be converted at any time from a “closed-end management investment company” to an “open-end management investment company”, ” as those terms are each defined by the 1940 Act, Act or a company obligated to repurchase shares under Rule 23c-3 of the 1940 Act (an and “interval company”), upon the approval of such a proposal, together with the necessary amendments to this Declaration to permit such a conversion, by: (i) by a majority of the Trustees then in office, (ii) by the holders of a majority not less than 75% of the Trust’s outstanding Shares entitled to vote thereon, thereon and (iii) by such vote or votes of the holders of any class or classes or series of Shares as may be required by the 1940 Act. Upon conversion From time to time, the Trustees may consider recommending to the Shareholders a proposal to convert the Trust from a “closed-end company” to an “open-end management investment company, each Share would become a ” or “redeemable security,interval company.” as such term is defined by the 1940 Act. Upon the recommendation and subsequent adoption of such a proposal and the necessary amendments to this Declaration to permit such a conversion of the Trust’s outstanding Shares entitled to vote, the Trust shall, upon complying with any requirements of the 1940 Act and state law, become an “open-end management investment company or interval company, as proposed.”

Redemption; Conversion of Investment Company. No holder of Shares of any class or series, other than in accordance with the provisions of Section 23(c) (excluding Rule 23c-3 thereunder) of the 1940 Act and other than to the extent expressly determined by the Trustees with respect to Shares qualifying as preferred stock pursuant to Section 18(a) of the 1940 Act, shall have any right to require the Trust or any person controlled by the Trust to purchase any of such holder’s 's Shares. The Trust may be converted at any time from a “"closed-end management investment company” " to an “"open-end management investment company”, " as those terms are each defined by the 1940 Act, Act or a company obligated to repurchase shares under Rule 23c-3 of the 1940 Act (an “"interval company”"), upon the approval of such a proposal, together with the necessary amendments to this Declaration to permit such a conversion, by: (i) by a majority of the Trustees then in office, (ii) by the holders of a majority not less than 50% of the Trust’s 's outstanding Shares entitled to vote thereon, thereon and (iii) by such vote or votes of the holders of any class or classes or series of Shares as may be required by the 1940 Act. Upon conversion From time to time, the Trustees may consider recommending to the Shareholders a proposal to convert the Trust from a "closed-end company" to an "open-end management investment company, each Share would become a “redeemable security,” as such term is defined by the 1940 Act. " or "interval company." Upon the recommendation and subsequent adoption of such a proposal and the necessary amendments to this Declaration to permit such a conversion of the Trust’s 's outstanding Shares entitled to vote, the Trust shall, upon complying with any requirements of the 1940 Act and state law, become an "open-end management investment company or interval company, as proposed."

Redemption; Conversion of Investment Company. No holder of Shares of any class or series, other than in accordance with the provisions of Section 23(c) (excluding Rule 23c-3 thereunder) of the 1940 Act and other than to the extent expressly determined by the Trustees with respect to Shares qualifying as preferred stock pursuant to Section 18(a) of the 1940 Act, shall have any right to require the Trust or any person controlled by the Trust to purchase any of such holder’s 's Shares. The Trust may be converted at any time from a “"closed-end management investment company” " to an “"open-end management investment company”, " as those terms are each defined by the 1940 Act, Act or a company obligated to repurchase shares under Rule 23c-3 of the 1940 Act (an “"interval company”"), upon the approval of such a proposal, together with the necessary amendments to this Declaration to permit such a conversion, by: (i) by a majority of the Trustees then in office, (ii) by the holders of a majority not less than 75% of the Trust’s 's outstanding Shares entitled to vote thereon, thereon and (iii) by such vote or votes of the holders of any class or classes or series of Shares as may be required by the 1940 Act. Upon conversion From time to time, the Trustees may consider recommending to the Shareholders a proposal to convert the Trust from a "closed-end company" to an "open-end management investment company, each Share would become a “redeemable security,” as such term is defined by the 1940 Act. " or "interval company." Upon the recommendation and subsequent adoption of such a proposal and the necessary amendments to this Declaration to permit such a conversion of the Trust’s 's outstanding Shares entitled to vote, the Trust shall, upon complying with any requirements of the 1940 Act and state law, become an "open-end management investment company or interval company, as proposed."

Redemption; Conversion of Investment Company. No holder of Shares of any class or series, other than in accordance with the provisions of Section 23(c) (excluding Rule 23c-3 thereunder) of the 1940 Act and other than to the extent expressly determined by the Trustees with respect to Shares qualifying as preferred stock pursuant to Section 18(a) of the 1940 Act, shall have any right to require the Trust or any person controlled by the Trust to purchase any of such holder’s 's Shares. The Trust may be converted at any time from a “"closed-end management investment company” " to an “"open-end management investment company”, " as those terms are each defined by the 1940 Act, Act or a company obligated to repurchase shares under Rule 23c-3 of the 1940 Act (an “and "interval company”"), upon the approval of such a proposal, together with the necessary amendments to this Declaration to permit such a conversion, by: (i) by a majority of the Trustees then in office, (ii) by the holders of a majority not less than 75% of the Trust’s 's outstanding Shares entitled to vote thereon, thereon and (iii) by such vote or votes of the holders of any class or classes or series of Shares as may be required by the 1940 Act. Upon conversion From time to time, the Trustees may consider recommending to the Shareholders a proposal to convert the Trust from a "closed-end company" to an "open-end management investment company, each Share would become a “redeemable security,” as such term is defined by the 1940 Act. " or "interval company." Upon the recommendation and subsequent adoption of such a proposal and the necessary amendments to this Declaration to permit such a conversion of the Trust’s 's outstanding Shares entitled to vote, the Trust shall, upon complying with any requirements of the 1940 Act and state law, become an "open-end management investment company or interval company, as proposed."