Repurchases of Shares. The Trust may purchase or repurchase Shares at the discretion of the Board of Trustees of the Trust. Any such purchase or repurchase made on or after the date of commencement of the Trust's investment operations shall be as of the last business day of a calendar quarter pursuant to written tenders by Shareholders, which written tenders shall be void unless received by the Trust at least 60 and no more than 90 days prior to the purchase or repurchase date. Purchases and repurchases of Shares may also be made at such other times as may be determined from time to time by the Board of Trustees of the Trust. No Shareholder shall be permitted to sell to the Trust on or after the date of commencement of the Trust's investment operations, and the Trust shall not purchase or repurchase on or after the date of commencement of the Trust's investment operations, any Shares that as of the purchase or repurchase date have been outstanding for less than one year; provided, however, that a Shareholder shall be permitted to sell to the Trust, and the Trust may purchase or repurchase, any Shares that are issued in connection with a reinvestment of the Trust's dividends and/or capital gain distributions ("Dividend Reinvestment Shares") at such time that the Shares with respect to which such dividends and/or capital gain distributions were paid, and thereby such Dividend Reinvestment Shares were issued, are permitted to be purchased or repurchased by the Trust. With regard to any purchase or repurchase of Shares, the price at which Shares shall be purchased or repurchased shall be based on the net asset value of the relevant Series calculated as of the date designated by the Board of Trustees of the Trust for purchase or repurchase of such Shares. In addition, with regard to any purchase or repurchase of Shares on or after the date of commencement of the Trust's investment operations, the Trust shall remit 95% of the initially determined purchase or repurchase amount to the applicable Shareholder upon purchase or repurchase and shall pay the purchase or repurchase balance after the availability of more accurate valuations of the Shares, which in any event shall not be until after the annual audit of the Trust by the Trust's independent accountants for the period that includes the date for which the net asset value calculation is made for such purchase or repurchase. Purchases and repurchases of Shares may be made subject to such additional terms as may be determined from time to time by the Board of Trustees of the Trust.
Appears in 1 contract
Samples: By Laws (UM Investment Trust II)
Repurchases of Shares. The by the Trust may purchase or repurchase Shares at the discretion of the Board of Trustees of the Trust. Any such purchase or repurchase made on or will be payable promptly after the date of commencement each repurchase or, in the case of the Trust's investment operations shall be as of the last business day of a calendar quarter pursuant to written tenders by Shareholders, which written tenders shall be void unless received an offer by the Trust at least 60 to repurchase Shares, promptly after the expiration date of the repurchase offer in accordance with the terms of the repurchase offer. Payment of the purchase price for Shares will consist of: (1) cash or a promissory note, which will be non-transferable and no more than 90 days prior need not bear interest, in an amount equal to the purchase or repurchase date. Purchases and repurchases of Shares may also be made at such other times percentage, as may be determined from time to time by the Board of Trustees Trustees, of the Trust. No Shareholder shall be permitted to sell to estimated unaudited net asset value of the Shares repurchased by the Trust on or after determined as of the date of commencement repurchase (the “Initial Payment’); and (2) if determined to be appropriate by the Trustees or if the Initial Payment is less than 100% of the Trust's investment operations, product of the estimated unaudited net asset value and the Trust shall not purchase or repurchase on or after the date number of commencement of the Trust's investment operations, any Shares that as of the purchase or repurchase date have been outstanding for less than one year; provided, however, that tendered by a Shareholder shall be permitted to sell to the Trust, Unitholder and the Trust may purchase or repurchase, any Shares that are issued in connection with a reinvestment of the Trust's dividends and/or capital gain distributions ("Dividend Reinvestment Shares") at such time that the Shares with respect to which such dividends and/or capital gain distributions were paid, and thereby such Dividend Reinvestment Shares were issued, are permitted to be purchased or repurchased by the Trust. With regard , a promissory note, which may or may not be incorporated into the note applicable to any purchase or repurchase the Initial Payment, entitling its holder to a contingent payment (the “Post-Audit Payment”) equal to the excess, if any, of Shares, the price at which Shares shall be purchased or repurchased shall be based on (A) the net asset value of the relevant Series calculated Shares repurchased by the Trust as of the date designated by of repurchase determined based on the Board of Trustees audited financial statements of the Trust for purchase the Fiscal Year in which the repurchase is effective, over (B) the Initial Payment. Any obligation under such a promissory note with respect to the Initial Payment will be due and payable not more than 45 days after the repurchase date, or if the Trust has requested withdrawal of its capital from any Underlying Funds (as defined in the Trust’s current prospectus) to fund the repurchase of Shares, ten Trust business days after the Trust has received at least 90% of the aggregate amount withdrawn by the Trust from the Underlying Funds, whichever is later. Any obligation under such Sharesa promissory note with respect to the Post-Audit Payment will be due and payable within 45 days after completion of the Trust’s annual audit. In additionNotwithstanding anything to the contrary in this Section 7.2(c), with regard the Trustees, in their discretion, may cause the Trust to pay all or any portion of the purchase price in securities in kind (or repurchase any combination of Shares on or after securities in kind and cash) having a value, determined as of the date of commencement repurchase, equal to amount to be repurchased. All repurchases of Shares will be subject to any and all conditions as the Trust's investment operationsTrustees may impose in their sole discretion. The Trustees may, in their discretion, cause the Trust shall remit 95% to repurchase all of the initially determined purchase or repurchase amount to the applicable Shareholder upon purchase or repurchase and shall pay the purchase or repurchase balance after the availability of more accurate valuations of the Shares, which in any event shall not be until after the annual audit of the Trust by the Trust's independent accountants for the period that includes the date for which a Shareholder’s Shares if the net asset value calculation of the Shareholder’s Shares, as of result of repurchase or transfer requests by the Shareholder, is made for less than $100,000 or such purchase or repurchase. Purchases and repurchases of Shares may be made subject to such additional terms as may be determined other minimum amount established by the Trustees from time to time by in their sole discretion. Subject to the Board procedures of Trustees this Section 7.2(c), the amount due to any Shareholder whose Shares are repurchased will be equal to the product of the Trustnet asset value of Shareholder’s Shares and the number of the Shareholder’s Shares that are repurchased, as of the effective date of the repurchase. If all of a Shareholder’s Shares are repurchased, that Shareholder will cease to be a Shareholder.
Appears in 1 contract
Samples: Agreement and Declaration of Trust (Cross Shore Discovery Fund)
Repurchases of Shares. The by the Trust may purchase or repurchase Shares at the discretion of the Board of Trustees of the Trust. Any such purchase or repurchase made on or will be payable promptly after the date of commencement each repurchase or, in the case of the Trust's investment operations shall be as of the last business day of a calendar quarter pursuant to written tenders by Shareholders, which written tenders shall be void unless received an offer by the Trust at least 60 to repurchase Shares, promptly after the expiration date of the repurchase offer in accordance with the terms of the repurchase offer. Payment of the purchase price for Shares will consist of: (1) cash or a promissory note, which will be non-transferable and no more than 90 days prior need not bear interest, in an amount equal to the purchase or repurchase date. Purchases and repurchases of Shares may also be made at such other times percentage, as may be determined from time to time by the Board of Trustees Trustees, of the Trust. No Shareholder shall be permitted to sell to estimated unaudited net asset value of the Shares repurchased by the Trust on or after determined as of the date of commencement the repurchase (the “Initial Payment”); and (2) if determined to be appropriate by the Trustees or if the Initial Payment is less than 100% of the Trust's investment operationsestimated unaudited net asset value, and a promissory note, which may or may not be incorporated into the Trust shall not purchase or repurchase on or after the date of commencement of the Trust's investment operations, any Shares that as of the purchase or repurchase date have been outstanding for less than one year; provided, however, that a Shareholder shall be permitted to sell note applicable to the TrustInitial Payment, and entitling its holder to a contingent payment (the Trust may purchase or repurchase“Post-Audit Payment”) equal to the excess, any Shares that are issued in connection with a reinvestment if any, of the Trust's dividends and/or capital gain distributions ("Dividend Reinvestment Shares"A) at such time that the Shares with respect to which such dividends and/or capital gain distributions were paid, and thereby such Dividend Reinvestment Shares were issued, are permitted to be purchased or repurchased by the Trust. With regard to any purchase or repurchase of Shares, the price at which Shares shall be purchased or repurchased shall be based on the net asset value of the relevant Series calculated Shares repurchased by the Trust as of the date designated by of the Board of Trustees repurchase, determined based on the audited financial statements of the Trust for purchase or the Fiscal Year in which the repurchase of was effective, over (B) the Initial Payment. Any obligation under such Shares. In addition, a promissory note with regard respect to any purchase or repurchase of Shares on or the Initial Payment will be due and payable not more than 30 days after the date of commencement of the Trust's investment operationsrepurchase or, if the Trust shall remit 95has requested withdrawal of its capital from any Investment Funds in funding the repurchase of Shares, ten Business Days after the Trust has received at least 90% of the initially aggregate amount withdrawn by the Trust from the Investment Funds. Any obligation under such a promissory note with respect to the Post-Audit Payment will be due and payable promptly following the preparation of the applicable audited financial statements. Notwithstanding anything to the contrary in this Section 9.2(c), the Trustees, in their discretion, may cause the Trust to pay all or any portion of the repurchase price in Securities in kind (or any combination of Securities in kind and cash) having a value, determined purchase or repurchase as of the date of repurchase, equal to the amount to be repurchased. All repurchases of Shares will be subject to any and all conditions as the applicable Shareholder upon purchase or Trustees may impose in their sole discretion. The Trustees may, in their discretion, cause the Trust to repurchase and shall pay the purchase or repurchase balance after the availability all of more accurate valuations of the a Shareholder’s Shares, which in any event shall not be until after the annual audit of the Trust by the Trust's independent accountants for the period that includes the date for which if the net asset value calculation of the Shareholder’s Shares, as a result of repurchase or Transfer requests by the Shareholder, is made for less than $25,000 or such purchase or repurchase. Purchases and repurchases of Shares may be made subject to such additional terms as may be determined other minimum amount established by the Trustees from time to time by in their sole discretion. Subject to the Board procedures of Trustees this Section 9.2(c), the amount due to any Shareholder whose Shares are repurchased will be equal to the net asset value of the TrustShareholder’s Shares, as of the effective date of repurchase. If all of a Shareholder’s Shares are repurchased, that Shareholder will cease to be a Shareholder.
Appears in 1 contract
Samples: Trust Agreement (EnTrust Multi-Strategy Master Fund)