Redemptions by Shareholders Sample Clauses
The 'redemptions-by-shareholders' clause defines the terms under which shareholders can require the company to repurchase their shares. Typically, this clause outlines the conditions, timing, and procedures for redemption, such as notice requirements, pricing mechanisms, and any limitations on the number of shares that can be redeemed at a given time. Its core practical function is to provide shareholders with a clear exit mechanism, ensuring they have a way to liquidate their investment under specified circumstances, thereby balancing investor protection with the company's financial planning.
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Redemptions by Shareholders. The Trust shall purchase such Shares as are offered by any Shareholder for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Trust or a Person designated by the Trust that the Trust purchase such Shares or in accordance with such other procedures for redemption as the Trustees may from time to time authorize; and the Trust will pay therefor the net asset value thereof by wire or check, in accordance with applicable law, less the amount of any deferred sales charge or redemption fee that is applicable. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the date on which the request is made in proper form, except as may otherwise be permitted by the 1940 Act.
Redemptions by Shareholders. The Shares of the Trust are not redeemable by the Shareholders.
Redemptions by Shareholders. 14 Section 3. Redemptions at the Option of the Trust......................................................14 Section 4. Repurchases.................................................................................14 ARTICLE VII
Redemptions by Shareholders. (a) Notwithstanding anything in this Agreement to the contrary, unless otherwise determined by the Sponsor in its sole discretion following the Trust’s receipt of regulatory approval therefor, the Trust shall not offer a redemption program for the Shares on or after the Redemption Cutoff Date. The Trust may, but shall not be required to, seek regulatory approval to operate a redemption program on or after the Redemption Cutoff Date. If any redemption program is approved, then any redemption authorized by the Sponsor shall be subject to the provisions of this Article 7 and such other conditions determined by the Sponsor in its sole discretion.
(b) Subject to the limitations set forth in this Article 7 and elsewhere in this Agreement, and subject also to the notice requirement described below, at any time prior to the Redemption Cutoff Date, each Shareholder may request that the Trust redeem all or a portion of such Shareholder’s Shares attributable to any Contribution as of the first Redemption Date that occurs on or immediately following, the twelve month anniversary of the Subscription Date on which that Contribution was made (the “Lock-up Period”). Each Additional Contribution by a Shareholder and corresponding issuance of Shares shall be subject to a new Lock-Up Period. Notwithstanding the foregoing and subject to all other redemption restrictions, including without limitation, the restrictions set forth in Sections 7.01(c), (d) and (e), a Shareholder may have any portion of such Shareholder’s Shares redeemed during a Lock-Up Period on a Redemption Date upon the payment to the Trust of an early redemption fee equal to 3% of the fair value of the Shares subject to the redemption.
(c) Each Shareholder seeking a redemption pursuant to this Section 7.01 must give written notice to the Administrator in the form and with the conditions prescribed by the Administrator from time to time. The value of a Shareholder’s Shares subject to redemption will be determined weekly in accordance with Section 6.05. If a Shareholder gives written notice to the Administrator by the Weekly Redemption Cut Off (typically each Monday at 14:00 PT), the price per Share the Shareholder receives is determined at that week’s Weekly Valuation. If a Shareholder gives written notice to the Administrator after the Weekly Redemption Cut Off, the price per Share will be determined as of the next succeeding Weekly Valuation. Once submitted, redemption requests may not be revoked, except with...