Common use of Relative Rights and Preferences Clause in Contracts

Relative Rights and Preferences. Unless the establishing resolution or any other resolution adopted pursuant to Section 2.3 or the Registration Statement otherwise provides, Shares of the Trust and each Class established hereunder shall have the following relative rights and preferences: (a) Except as set forth in Section 2.3 and paragraph (d) of this Section 2.5, each Share, regardless of Class, shall represent an equal pro rata interest in the assets belonging to the Trust and shall have identical voting, dividend, liquidation and other rights, preferences, powers, restrictions, limitations, qualifications and designations and terms and conditions with each other Share of the Trust. (b) Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust or the Trustees, whether of the same or other Class. (c) Each Class shall have a proportionate undivided interest (as determined by or at the direction of, or pursuant to authority granted by, the Trustees, consistent with industry practice) (“Proportionate Interest”) in the net assets belonging to the Trust. References herein to assets, expenses, charges, costs, and reserves “allocable” or “allocated” to a particular Class shall mean the aggregate amount of such item(s) of the Trust multiplied by the Class’s Proportionate Interest. (d) The Trustees may, in their sole discretion, allocate or authorize the allocation of particular expenses, costs, charges, and/or reserves to fewer than all the Classes. Class Expenses shall, in all cases, be allocated to the Class for which such Class Expenses were incurred. Any general liabilities, expenses, costs, charges or reserves of the Trust that are not readily identifiable as chargeable to or bearable by any particular Class shall be allocated and charged by the Trustees between or among any one or more of the Classes in such manner as the Trustees in their sole discretion deem fair and equitable. Each such allocation shall be conclusive and binding upon the Shareholders of all Classes for all purposes. (e) Shares repurchased by the Trust shall be deemed to be canceled. (f) Any Trustee, officer or other agent of the Trust, and any organization in which any such Person has an economic or other interest, may acquire, own, hold and dispose of Shares in the Trust, whether such Shares are authorized but unissued, or already outstanding, to the same extent as if such Person were not a Trustee, officer or other agent of the Trust; and the Trust may issue and sell and may purchase such Shares from any such Person or any such organization, subject to the limitations, restrictions or other provisions applicable to the sale or purchase of such shares herein, the 1940 Act and other applicable law. (g) The Trust may issue Shares in fractional denominations of 1/1000th of a Share or integral multiples thereof to the same extent as its whole Shares, and Shares in fractional denominations shall be Shares having proportionately to the respective fractions represented thereby all the rights of whole Shares of the same Class, including without limitation, the right to vote, the right to receive dividends and distributions and the right to participate upon termination of the Trust. (h) The Trustees shall have the authority to provide that the Shareholders of any Class shall have the right to exchange such Shares for Shares of one or more other Class of Shares or for interests in one or more trusts, corporations or other business entities (or a portfolio or series or class of any of the foregoing) in accordance with such requirements and procedures as may be established by the Trustees. All references to Shares in this Agreement shall be deemed to be shares of the Trust or any Class. All provisions herein relating to the Trust shall apply equally to each Class of the Trust, except as the context otherwise requires.

Relative Rights and Preferences. Unless the establishing resolution or any other resolution adopted pursuant to Section 2.3 or the Registration Statement otherwise provides, Shares of the Trust and each Class established hereunder shall have the following relative rights and preferences: (a) Except as set forth in Section 2.3 and paragraph (d) of this Section 2.5, each Share, regardless of Class, shall represent an equal pro rata interest in the assets belonging to the Trust and shall have identical voting, dividend, liquidation and other rights, preferences, powers, restrictions, limitations, qualifications and designations and terms and conditions with each other Share of the Trust. (b) Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust or the Trustees, whether of the same or other Class. (c) Each Class shall have a proportionate undivided interest (as determined by or at the direction of, or pursuant to authority granted by, the Trustees, consistent with industry practice) (“"Proportionate Interest”") in the net assets belonging to the Trust. References herein to assets, expenses, charges, costs, and reserves “"allocable” " or “"allocated” " to a particular Class shall mean the aggregate amount of such item(s) of the Trust multiplied by the Class’s 's Proportionate Interest. (d) The Trustees may, in their sole discretion, allocate or authorize the allocation of particular expenses, costs, charges, and/or reserves to fewer than all the Classes. Class Expenses shall, in all cases, be allocated to the Class for which such Class Expenses were incurred. Any general liabilities, expenses, costs, charges or reserves of the Trust that are not readily identifiable as chargeable to or bearable by any particular Class shall be allocated and charged by the Trustees between or among any one or more of the Classes in such manner as the Trustees in their sole discretion deem fair and equitable. Each such allocation shall be conclusive and binding upon the Shareholders of all Classes for all purposes. (e) Shares repurchased by the Trust shall be deemed to be canceled. (f) Any Trustee, officer or other agent of the Trust, and any organization in which any such Person has an economic or other interest, may acquire, own, hold and dispose of Shares in the Trust, whether such Shares are authorized but unissued, or already outstanding, to the same extent as if such Person were not a Trustee, officer or other agent of the Trust; and the Trust may issue and sell and may purchase such Shares from any such Person or any such organization, subject to the limitations, restrictions or other provisions applicable to the sale or purchase of such shares herein, the 1940 Act and other applicable law. (g) The Trust may issue Shares in fractional denominations of 1/1000th 1/1000/th/ of a Share or integral multiples thereof to the same extent as its whole Shares, and Shares in fractional denominations shall be Shares having proportionately to the respective fractions represented thereby all the rights of whole Shares of the same Class, including without limitation, the right to vote, the right to receive dividends and distributions and the right to participate upon termination of the Trust. (h) The Trustees shall have the authority to provide that the Shareholders of any Class shall have the right to exchange such Shares for Shares of one or more other Class of Shares or for interests in one or more trusts, corporations or other business entities (or a portfolio or series or class of any of the foregoing) in accordance with such requirements and procedures as may be established by the Trustees. All references to Shares in this Agreement shall be deemed to be shares of the Trust or any Class. All provisions herein relating to the Trust shall apply equally to each Class of the Trust, except as the context otherwise requires.