Common use of Termination of Trust or Portfolio Clause in Contracts

Termination of Trust or Portfolio. (a) The Trust or any Portfolio may be terminated by (1) a Majority Interests Vote of the Trust or the affected Portfolio, respectively, or (2) if there are fewer than 100 Holders of record of the Trust or of such terminating Portfolio, the Trustees pursuant to written notice to the Holders of the Trust or the affected Portfolio . (b) On termination of the Trust or any Portfolio pursuant to paragraph (a), (1) the Trust or that Portfolio thereafter shall carry on no business except for the purpose of winding up its affairs, (2) the Trustees shall proceed to wind up the affairs of the Trust or that Portfolio, and all powers of the Trustees under this Agreement with respect thereto shall continue until such affairs have been wound up, including the powers to fulfill or discharge the contracts of the Trust or that Portfolio, collect its assets, sell, convey, assign, exchange, or otherwise dispose of all or any part of its remaining assets to one or more persons at public or private sale for consideration that may consist in whole or in part of cash, securities, or other property of any kind, discharge or pay its liabilities, and do all other acts appropriate to liquidate its business, and (3) after paying or adequately providing for the payment of all liabilities, and upon receipt of such releases, indemnities, and refunding agreements as they deem necessary for their protection, the Trustees shall distribute the remaining assets ratably among the Holders of the Trust or that Portfolio. (c) On completion of distribution of the remaining assets pursuant to paragraph (b), the Trust or the affected Portfolio shall terminate and the Trustees and the Trust shall be discharged from all further liabilities and duties hereunder with respect thereto and the rights and interests of all parties therein shall be canceled and discharged. On termination of the Trust, following completion of winding up of its business, the Trustees shall cause a Certificate of Cancellation of the Trust's Certificate of Trust to be filed in accordance with the Delaware Act, which Certificate may be signed by any one Trustee.

Termination of Trust or Portfolio. (a) Unless terminated as provided herein, the Trust shall continue without limitation of time. The Trust or may be terminated at any time by the Trustees by written notice to the Shareholders, subject to the right of Shareholders, if any, to vote pursuant to Section 6.1. Any Portfolio may be terminated at any time by (1) a Majority Interests Vote of the Trust or the affected Portfolio, respectively, or (2) if there are fewer than 100 Holders of record of the Trust or of such terminating Portfolio, the Trustees pursuant to by written notice to the Holders Shareholders of that Portfolio, subject to the Trust or the affected Portfolio right of Shareholders, if any, to vote pursuant to Section 6.1. (b) On termination of the Trust or any Portfolio pursuant to paragraph (a)) above, (1) the Trust or that Portfolio thereafter shall carry on no business except for the purpose of winding up its affairs, (2) the Trustees shall (i) proceed to wind up the affairs of the Trust or that Portfolio, and all powers of the Trustees under this Agreement with respect thereto shall continue until such affairs have been wound up, including the powers to fulfill or discharge the contracts of the Trust or that Portfolio, (ii) collect its assetsassets or the assets belonging thereto, (iii) sell, convey, assign, exchange, or otherwise dispose of all or any part of its remaining those assets to one or more persons at public or private sale for consideration that may consist in whole or in part of cash, securities, or other property of any kind, (iv) discharge or pay its liabilities, and (v) do all other acts appropriate to liquidate its business, and (3) after paying or adequately providing for the payment of all liabilities, and upon receipt of such releases, indemnities, and refunding agreements as they deem necessary for their protection, the Trustees shall distribute the remaining assets ratably among the Holders Shareholders of the Trust or that Portfolio. (c) On completion of distribution of the remaining assets pursuant to paragraph (b)b)(3) above, the Trust or the affected Portfolio shall terminate and the Trustees and the Trust shall be discharged from all further liabilities and duties hereunder with respect thereto and the rights and interests of all parties therein shall be canceled cancelled and discharged. On termination of the Trust, following completion of winding up of its business, the Trustees shall cause a Certificate of Cancellation of the Trust's Certificate of Trust to be filed in accordance with the Delaware Act, which Certificate may be signed by any one Trustee.