Common use of Suspension of the Right of Redemption Clause in Contracts

Suspension of the Right of Redemption. Notwithstanding Section 9.2 of this Article IX, the Trustees may declare a suspension of the right of redemption or postpone the date of payment as permitted under the 1940 Act or by action of the Commission. Such suspension shall take effect at such time as the Trustees shall specify but not later than the close of business on the business day next following the declaration of suspension, and thereafter there shall be no right of redemption or payment until the Trustees shall declare the suspension at an end. In the case of a suspension of the right of redemption, a Shareholder may either withdraw his request for redemption or receive payment based on the Net Asset Value per Share next determined after the termination of the suspension. In the event that any Series is divided into Classes, the provisions of this Section 9.4, to the extent applicable as determined in the discretion of the Trustees and consistent with applicable law, may be equally applied to each such Class.