Voting Period. During any period in which any one or more of the conditions described in clauses (A) or (B) of this Section 2.7(b)(i) shall exist (such period being referred to herein as a “Voting Period”), the number of trustees constituting the Board of Trustees shall be automatically increased by the smallest number that, when added to the two trustees elected exclusively by the Holders of Preferred Shares, including RVMTP Shares and the Auction Preferred Shares, would constitute a majority of the Board of Trustees as so increased by such smallest number; and the Holders of Preferred Shares, including RVMTP Shares and the Auction Preferred Shares, shall be entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the Holders of all other securities and classes of shares of beneficial interest of the Fund), to elect such smallest number of additional trustees, together with the two trustees that such Holders are in any event entitled to elect. A Voting Period shall commence: (A) if, at the close of business on any dividend payment date for any outstanding Preferred Shares including any Outstanding RVMTP Shares and Auction Preferred Shares, accumulated dividends (whether or not earned or declared) on such outstanding Preferred Shares, including RVMTP Shares and Auction Preferred Shares, equal to at least two (2) full years’ dividends shall be due and unpaid and sufficient cash or specified securities shall not have been deposited with the Calculation and Paying Agent or other applicable paying agent for the payment of such accumulated dividends; or (B) if at any time Holders of Preferred Shares are otherwise entitled under the 1940 Act to elect a majority of the Board of Trustees. A Voting Period shall terminate upon all of such conditions ceasing to exist. Upon the termination of a Voting Period, the voting rights described in this Section 2.7(b)(i) shall cease, subject always, however, to the revesting of such voting rights in the Holders of Preferred Shares upon the further occurrence of any of the events described in this Section 2.7(b)(i).
Appears in 13 contracts
Samples: Bylaws (Pimco Municipal Income Fund Iii), Bylaws (Pimco Municipal Income Fund), Bylaws (Pimco Municipal Income Fund Ii)
Voting Period. During any period in which any one or more of the conditions described in clauses (A) or (B) of this Section 2.7(b)(i2.6(b)(i) shall exist (such period being referred to herein as a “Voting Period”), the number of trustees constituting the Board of Trustees shall be automatically increased by the smallest number that, when added to the two trustees elected exclusively by the Holders of Preferred Shares, including RVMTP VMTP Shares and the Auction Preferred Shares, would constitute a majority of the Board of Trustees as so increased by such smallest number; and the Holders of Preferred Shares, including RVMTP VMTP Shares and the Auction Preferred Shares, shall be entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the Holders of all other securities and classes of shares of beneficial interest of the Fund), to elect such smallest number of additional trustees, together with the two trustees that such Holders are in any event entitled to elect. A Voting Period shall commence:
(A) if, at the close of business on any dividend payment date for any outstanding Preferred Shares including any Outstanding RVMTP VMTP Shares and Auction Preferred Shares, accumulated dividends (whether or not earned or declared) on such outstanding Preferred Shares, including RVMTP VMTP Shares and Auction Preferred Shares, equal to at least two (2) full years’ dividends shall be due and unpaid and sufficient cash or specified securities shall not have been deposited with the Calculation and Paying Agent or other applicable paying agent for the payment of such accumulated dividends; or
(B) if at any time Holders of Preferred Shares are otherwise entitled under the 1940 Act to elect a majority of the Board of Trustees. A Voting Period shall terminate upon all of such conditions ceasing to exist. Upon the termination of a Voting Period, the voting rights described in this Section 2.7(b)(i2.6(b)(i) shall cease, subject always, however, to the revesting of such voting rights in the Holders of Preferred Shares upon the further occurrence of any of the events described in this Section 2.7(b)(i2.6(b)(i).
Appears in 10 contracts
Samples: Bylaws (Pimco California Municipal Income Fund Ii), Bylaws (Pimco Municipal Income Fund Iii), Bylaws (Pimco Municipal Income Fund Ii)
Voting Period. During any period in which any one or more of the conditions described in clauses (A) or (B) of this Section 2.7(b)(i) shall exist (such period being referred to herein as a “Voting Period”), the number of trustees constituting the Board of Trustees shall be automatically increased by the smallest number that, when added to the two trustees elected exclusively by the Holders of Preferred Shares, including RVMTP Shares and the Auction Preferred Shares, would constitute a majority of the Board of Trustees as so increased by such smallest number; and the Holders of Preferred Shares, including RVMTP Shares and the Auction Preferred Shares, shall be entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the Holders of all other securities and classes of shares of beneficial interest of the Fund), to elect such smallest number of additional trustees, together with the two trustees that such Holders are in any event entitled to elect. A Voting Period shall commence:
(A) if, at the close of business on any dividend payment date for any outstanding Preferred Shares including any Outstanding RVMTP Shares and Auction Preferred Shares, accumulated dividends (whether or not earned or declared) on such outstanding Preferred Shares, including RVMTP Shares and Auction Preferred Shares, equal to at least two (2) full years’ dividends shall be due and unpaid and sufficient cash or specified securities shall not have been deposited with the Calculation and Paying Agent or other applicable paying agent for the payment of such accumulated dividends; or
(B) if at any time Holders of Preferred Shares are otherwise entitled under the 1940 Act to elect a majority of the Board of Trustees. A Voting Period shall terminate upon all of such conditions ceasing to exist. Upon the termination of a Voting Period, the voting rights described in this Section 2.7(b)(i) shall cease, subject always, however, to the revesting of such voting rights in the Holders of Preferred Shares upon the further occurrence of any of the events described in this Section 2.7(b)(i).
Appears in 6 contracts
Samples: Bylaws (Pimco California Municipal Income Fund), Bylaws (Pimco California Municipal Income Fund Iii), Bylaws (Pimco California Municipal Income Fund Ii)
Voting Period. During Except as otherwise provided in the Declaration of Trust or as otherwise required by law, during any period in which any one or more of the conditions described in clauses subparagraphs (A) or (B) of this Section 2.7(b)(isubparagraph (b)(i) shall exist (such period being referred to herein as a “"Voting Period”"), the number of trustees Trustees constituting the Board of Trustees shall be automatically increased by the smallest number that, when added to the two trustees Trustees elected exclusively by the Holders holders of Preferred Sharespreferred shares, including RVMTP Shares and the Auction Preferred Shares, would constitute a majority of the Board of Trustees as so increased by such smallest number; and the Holders holders of Preferred Sharespreferred shares, including RVMTP Shares and the Auction Preferred Shares, shall be entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the Holders holders of all other securities and classes of shares of beneficial interest of the FundTrust), to elect such smallest number of additional trusteesTrustees, together with the two trustees Trustees that such Holders holders are in any event entitled to elect. A Voting Period shall commence:
(A) if, if at the close of business on any dividend distribution payment date for any outstanding Preferred Shares including any Outstanding RVMTP Shares and Auction Preferred Shares, accumulated dividends distributions (whether or not earned or declared) on such any outstanding Preferred Sharespreferred shares, including RVMTP Shares and Auction Preferred Shares, equal to at least two (2) full years’ dividends ' distributions shall be due and unpaid and sufficient cash or specified securities shall not have been deposited with the Calculation and Paying Auction Agent or other applicable paying agent for the payment of such accumulated dividendsdistributions; or
(B) if at any time Holders holders of Preferred Shares are otherwise entitled under the 1940 Act to elect a majority of the Board Trustees of Trustees. A Voting Period shall terminate upon all of such conditions ceasing to existthe Trust. Upon the termination of a Voting Period, the voting rights described in this Section 2.7(b)(isubparagraph (b)(i) shall cease, subject always, however, to the revesting of such voting rights in the Holders of Preferred Shares upon the further occurrence of any of the events described in this Section 2.7(b)(isubparagraph (b)(i).
Appears in 6 contracts
Samples: Bylaws (RMR Real Estate Income Fund), Bylaws (RMR Real Estate Fund), Bylaws (RMR Hospitality & Real Estate Fund)
Voting Period. During any period in which any one or more of the conditions described in clauses subparagraphs (A) or (B) of this Section 2.7(b)(isubparagraph (b)(i) shall exist (such period being referred to herein as a “"Voting Period”"), the number of trustees constituting the Board of Trustees shall be automatically increased by the smallest number that, when added to the two trustees elected exclusively by the Holders holders of Preferred Shares, including RVMTP Shares and the Auction Preferred Sharesshares of Municipal Preferred, would constitute a majority of the Board of Trustees as so increased by such smallest number; and the Holders holders of Preferred Shares, including RVMTP Shares and the Auction Preferred SharesMunicipal Preferred, shall be entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the Holders holders of all other securities and classes of shares of beneficial interest of the FundTrust), to elect such smallest number of additional trustees, together with the two trustees that such Holders holders are in any event entitled to elect. A Voting Period shall commence:
(A) if, if at the close of business on any dividend payment date for any outstanding Preferred Shares including any Outstanding RVMTP Shares and Auction Preferred Shares, accumulated dividends (whether or not earned or declared) on such any outstanding Preferred SharesShare, including RVMTP Shares and Auction Preferred SharesMunicipal Preferred, equal to at least two (2) full years’ ' dividends shall be due and unpaid and sufficient cash or specified securities shall not have been deposited with the Calculation and Paying Auction Agent or other applicable paying agent for the payment of such accumulated dividends; or
(B) if at any time Holders holders of Preferred Shares are otherwise entitled under the 1940 Act to elect a majority of the Board trustees of Trustees. A Voting Period shall terminate upon all of such conditions ceasing to existthe Trust. Upon the termination of a Voting Period, the voting rights described in this Section 2.7(b)(isubparagraph (b)(i) shall cease, subject always, however, to the revesting of such voting rights in the Holders of Preferred Shares upon the further occurrence of any of the events described in this Section 2.7(b)(isubparagraph (b)(i).
Appears in 5 contracts
Samples: By Laws (Colonial New York Insured Municipal Fund), By Laws (Colonial California Insured Municipal Fund), By Laws (Colonial California Insured Municipal Fund)
Voting Period. During any period in which any one or more of the conditions described in clauses (A) or (B) of this Section 2.7(b)(i2.6(b)(i) shall exist (such period being referred to herein as a “Voting Period”), the number of trustees constituting the Board of Trustees shall be automatically increased by the smallest number that, when added to the two trustees elected exclusively by the Holders of Preferred Shares, including RVMTP VMTP Shares and the Auction Preferred Shares, would constitute a majority of the Board of Trustees as so increased by such smallest number; and the Holders of Preferred Shares, including RVMTP VMTP Shares and the Auction Preferred Shares, shall be entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the Holders of all other securities and classes of shares of beneficial interest of the Fund), to elect such smallest number of additional trustees, together with the two trustees that such Holders are in any event entitled to elect. A Voting Period shall commence:
(A) if, at the close of business on any dividend payment date for any outstanding Preferred Shares including any Outstanding RVMTP VMTP Shares and Auction Preferred Shares, accumulated dividends (whether or not earned or declared) on such outstanding Preferred Shares, including RVMTP VMTP Shares and Auction Preferred Shares, equal to at least two (2) full years’ dividends shall be due and unpaid and sufficient cash or specified securities shall not have been deposited with the Calculation and Paying Agent or other applicable paying agent for the payment of such accumulated dividends; or
(B) if at any time Holders of Preferred Shares are otherwise entitled under the 1940 Act to elect a majority of the Board of Trustees. A Voting Period shall terminate upon all of such conditions ceasing to exist. Upon the termination of a Voting Period, the voting rights described in this Section 2.7(b)(i) shall cease, subject always, however, to the revesting of such voting rights in the Holders of Preferred Shares upon the further occurrence of any of the events described in this Section 2.7(b)(i).
Appears in 4 contracts
Samples: Bylaws (Pimco California Municipal Income Fund Iii), Bylaws (Pimco Municipal Income Fund), Bylaws (Pimco California Municipal Income Fund)
Voting Period. During any period in which any one or more of the conditions described in clauses (A) or (B) of this Section 2.7(b)(i2.6(b)(i) shall exist (such period being referred to herein as a “Voting Period”), the number of trustees constituting the Board of Trustees shall be automatically increased by the smallest number that, when added to the two trustees elected exclusively by the Holders of Preferred Shares, including RVMTP Shares and the Auction Preferred VMTP Shares, would constitute a majority of the Board of Trustees as so increased by such smallest number; and the Holders of Preferred Shares, including RVMTP Shares and the Auction Preferred VMTP Shares, shall be entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the Holders of all other securities and classes of shares of beneficial interest of the Fund), to elect such smallest number of additional trustees, together with the two trustees that such Holders are in any event entitled to elect. A Voting Period shall commence:
(A) if, at the close of business on any dividend payment date for any outstanding Preferred Shares including any Outstanding RVMTP Shares and Auction Preferred VMTP Shares, accumulated dividends (whether or not earned or declared) on such outstanding Preferred Shares, including RVMTP Shares and Auction Preferred Shares, equal to at least two (2) full years’ dividends shall be due and unpaid and sufficient cash or specified securities shall not have been deposited with the Calculation and Paying Agent or other applicable paying agent for the payment of such accumulated dividends; or
(B) if at any time Holders of Preferred Shares are otherwise entitled under the 1940 Act to elect a majority of the Board of Trustees. A Voting Period shall terminate upon all of such conditions ceasing to exist. Upon the termination of a Voting Period, the voting rights described in this Section 2.7(b)(i2.6(b)(i) shall cease, subject always, however, to the revesting of such voting rights in the Holders of Preferred Shares upon the further occurrence of any of the events described in this Section 2.7(b)(i2.6(b)(i).
Appears in 2 contracts
Samples: Bylaws (PIMCO Flexible Municipal Income Fund), Bylaws (PIMCO Flexible Municipal Income Fund)
Voting Period. During any period in which any one or more of the conditions described in clauses (A) or (B) of this Section 2.7(b)(i) shall exist (such period being referred to herein as a “Voting Period”), the number of trustees constituting the Board of Trustees shall be automatically increased by the smallest number that, when added to the two trustees elected exclusively by the Holders of Preferred Shares, including RVMTP Shares and the Auction Preferred Shares, would constitute a majority of the Board of Trustees as so increased by such smallest number; and the Holders of Preferred Shares, including RVMTP Shares and the Auction Preferred Shares, shall be entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the Holders of all other securities and classes of shares of beneficial interest of the Fund), to elect such smallest number of additional trustees, together with the two trustees that such Holders are in any event entitled to elect. A Voting Period shall commence:
(A) if, at the close of business on any dividend payment date for any outstanding Preferred Shares Shares, including any Outstanding RVMTP Shares and Auction Preferred Shares, accumulated dividends (whether or not earned or declared) on such outstanding Preferred Shares, including RVMTP Shares and Auction Preferred Shares, equal to at least two (2) full years’ dividends shall be due and unpaid and sufficient cash or specified securities shall not have been deposited with the Calculation and Paying Agent or other applicable paying agent for the payment of such accumulated dividends; or
(B) if at any time Holders of Preferred Shares are otherwise entitled under the 1940 Act to elect a majority of the Board of Trustees. A Voting Period shall terminate upon all of such conditions ceasing to exist. Upon the termination of a Voting Period, the voting rights described in this Section 2.7(b)(i) shall cease, subject always, however, to the revesting of such voting rights in the Holders of Preferred Shares upon the further occurrence of any of the events described in this Section 2.7(b)(i).
Appears in 2 contracts
Samples: Bylaws (PIMCO Flexible Municipal Income Fund), Bylaws (PIMCO Flexible Municipal Income Fund)
Voting Period. During Except as otherwise provided in the Declaration of Trust or as otherwise required by law, during any period in which any one or more of the conditions described in clauses subparagraphs (A) or (B) of this Section 2.7(b)(isubparagraph (b)(i) shall exist (such period being referred to herein as a “"Voting Period”"), the number of trustees constituting the Board of Trustees shall be automatically increased by the smallest number that, when added to the two trustees Trustees elected exclusively by the Holders holders of Preferred Sharespreferred shares of beneficial interest, including RVMTP Shares and the Auction Preferred Shares, would constitute a majority of the Board of Trustees as so increased by such smallest number; , and the Holders holders of Preferred Sharespreferred shares of beneficial interest, including RVMTP Shares and the Auction Preferred Shares, shall be entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the Holders holders of all other securities and classes of shares of beneficial interest of the FundTrust), to elect such smallest number of additional trusteesTrustees, together with the two trustees Trustees that such Holders holders are in any event entitled to elect. A Voting Period shall commence:
(A) if, if at the close of business on any dividend payment date for any outstanding Preferred Shares including any Outstanding RVMTP Shares and Auction Preferred Shares, Dividend Payment Date accumulated dividends (whether or not earned or declared) on such any outstanding Preferred Sharespreferred shares of beneficial interest, including RVMTP Shares and Auction the Preferred Shares, equal to at least two (2) full years’ ' dividends shall be due and unpaid and sufficient cash or specified securities shall not have been deposited with the Calculation and Paying Auction Agent or other applicable paying agent for the payment of such accumulated dividends; or
(B) if at any time Holders holders of preferred shares of beneficial interest, including the Preferred Shares Shares, are otherwise entitled under the 1940 Act to elect a majority of the Board Trustees of Trustees. A Voting Period shall terminate upon all of such conditions ceasing to existthe Trust. Upon the termination of a Voting Period, the voting rights described in this Section 2.7(b)(isubparagraph (b)(i) shall cease, subject always, however, to the revesting of such voting rights in the Holders holders of Preferred Shares preferred shares of beneficial interest upon the further occurrence of any of the events described in this Section 2.7(b)(isubparagraph (b)(i).
Appears in 2 contracts
Samples: Bylaws (Aew Real Estate Income Fund), Bylaws (Aew Real Estate Income Fund)
Voting Period. During any period in which any one or more of the conditions described in clauses (A) or (B) of this Section 2.7(b)(i) shall exist (such period being referred to herein as a “Voting Period”), the number of trustees constituting the Board of Trustees shall be automatically increased by the smallest number that, when added to the two trustees elected exclusively by the Holders of Preferred Shares, including RVMTP Shares and the Auction Previously Issued Preferred Shares, would constitute a majority of the Board of Trustees as so increased by such smallest number; and the Holders of Preferred Shares, including RVMTP Shares and the Auction Previously Issued Preferred Shares, shall be entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the Holders of all other securities and classes of shares of beneficial interest of the Fund), to elect such smallest number of additional trustees, together with the two trustees that such Holders are in any event entitled to elect. A Voting Period shall commence:
(A) if, at the close of business on any dividend payment date for any outstanding Preferred Shares including any Outstanding RVMTP Shares and Auction Previously Issued Preferred Shares, accumulated dividends (whether or not earned or declared) on such outstanding Preferred Shares, including the RVMTP Shares and Auction Previously Issued Preferred Shares, equal to at least two (2) full years’ dividends shall be due and unpaid and sufficient cash or specified securities shall not have been deposited with the Calculation and Paying Agent or other applicable paying agent for the payment of such accumulated dividends; or
(B) if at any time Holders of Preferred Shares are otherwise entitled under the 1940 Act to elect a majority of the Board of Trustees. A Voting Period shall terminate upon all of such conditions ceasing to exist. Upon the termination of a Voting Period, the voting rights described in this Section 2.7(b)(i) shall cease, subject always, however, to the revesting of such voting rights in the Holders of Preferred Shares upon the further occurrence of any of the events described in this Section 2.7(b)(i).
Appears in 2 contracts
Samples: Bylaws (PIMCO Flexible Municipal Income Fund), Bylaws (PIMCO Flexible Municipal Income Fund)
Voting Period. During Except as otherwise provided in the Declaration of Trust or as otherwise required by law, during any period in which any one or more of the conditions described in clauses subparagraphs (A) or (B) of this Section 2.7(b)(isubparagraph (b)(i) shall exist (such period being referred to herein as a “"Voting Period”"), the number of trustees Trustees constituting the Board of Trustees shall be automatically increased by the smallest number that, when added to the two trustees Trustees elected exclusively by the Holders holders of Preferred Sharespreferred shares, including RVMTP Shares and the Auction Preferred Shares, would constitute a majority of the Board of Trustees as so increased by such smallest number; and the Holders holders of Preferred Sharespreferred shares, including RVMTP Shares and the Auction Preferred Shares, shall be entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the Holders holders of all other securities and classes of shares of beneficial interest of the FundTrust), to elect -41- such smallest number of additional trusteesTrustees, together with the two trustees Trustees that such Holders holders are in any event entitled to elect. A Voting Period shall commence:
(A) if, if at the close of business on any dividend distribution payment date for any outstanding Preferred Shares including any Outstanding RVMTP Shares and Auction Preferred Shares, accumulated dividends distributions (whether or not earned or declared) on such any outstanding Preferred Sharespreferred shares, including RVMTP Shares and Auction Preferred Shares, equal to at least two (2) full years’ dividends ' distributions shall be due and unpaid and sufficient cash or specified securities shall not have been deposited with the Calculation and Paying Auction Agent or other applicable paying agent for the payment of such accumulated dividendsdistributions; or
(B) if at any time Holders holders of Preferred Shares are otherwise entitled under the 1940 Act to elect a majority of the Board Trustees of Trustees. A Voting Period shall terminate upon all of such conditions ceasing to existthe Trust. Upon the termination of a Voting Period, the voting rights described in this Section 2.7(b)(isubparagraph (b)(i) shall cease, subject always, however, to the revesting of such voting rights in the Holders of Preferred Shares upon the further occurrence of any of the events described in this Section 2.7(b)(isubparagraph (b)(i).
Appears in 2 contracts
Samples: Bylaws (RMR Hospitality & Real Estate Fund), Bylaws (RMR Hospitality & Real Estate Fund)
Voting Period. During any period in which any one or more of the conditions described in clauses (A) or (B) of this Section 2.7(b)(i) shall exist (such period being referred to herein as a “Voting Period”), the number of trustees constituting the Board of Trustees shall be automatically increased by the smallest number that, when added to the two trustees elected exclusively by the Holders of Preferred Shares, including RVMTP Shares and the Auction Previously Issued Preferred Shares, would constitute a majority of the Board of Trustees as so increased by such smallest number; and the Holders of Preferred Shares, including RVMTP Shares and the Auction Previously Issued Preferred Shares, shall be entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the Holders of all other securities and classes of shares of beneficial interest of the Fund), to elect such smallest number of additional trustees, together with the two trustees that such Holders are in any event entitled to elect. A Voting Period shall commence:
(A) if, at the close of business on any dividend payment date for any outstanding Preferred Shares including any Outstanding RVMTP Shares and Auction Previously Issued Preferred Shares, accumulated dividends (whether or not earned or declared) on such outstanding Preferred Shares, including the RVMTP Shares and Auction Previously Issued Preferred Shares, equal to at least two (2) full years’ dividends shall be due and unpaid and sufficient cash or specified securities shall not have been deposited with the Calculation and Paying Agent or other applicable paying agent for the payment of such accumulated dividends; or
(B) if at any time Holders of Preferred Shares are otherwise entitled under the 1940 Act to elect a majority of the Board of Trustees. A Voting Period shall terminate upon all of such conditions ceasing to exist. Upon the termination of a Voting Period, the voting rights described in this Section 2.7(b)(i) shall cease, subject always, however, to the revesting of such voting rights in the Holders of Preferred Shares upon the further occurrence of any of the events described in this Section 2.7(b)(i).
Appears in 1 contract
Voting Period. During Except as otherwise provided in the Declaration of Trust or as otherwise required by law, during any period in which any one or more of the conditions described in clauses subparagraphs (A) or (B) of this Section 2.7(b)(isubparagraph (b)(i) shall exist (such period being referred to herein as a “"Voting Period”"), the number of trustees constituting the Board of Trustees shall be automatically increased by the smallest number that, when added to the two trustees elected exclusively by the Holders holders of Preferred Sharespreferred shares, including RVMTP Shares and the Auction Preferred Shares, would constitute a majority of the Board of Trustees as so increased by such smallest number; , and the Holders holders of Preferred Sharespreferred shares, including RVMTP Shares and the Auction Preferred Shares, shall be entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the Holders holders of all other securities and classes of shares of beneficial interest of the FundTrust), to elect such smallest number of additional trustees, together with the two trustees that such Holders holders are in any event entitled to elect. A Voting Period shall commence:
(A) if, if at the close of business on any dividend payment date for any outstanding Preferred Shares including any Outstanding RVMTP Shares and Auction Preferred Shares, Dividend Payment Date accumulated dividends (whether or not earned or declared) on such any outstanding Preferred Shares, including RVMTP Shares and Auction Preferred Shares, equal to at least two (2) full years’ ' dividends shall be due and unpaid and sufficient cash or specified securities shall not have been deposited with the Calculation and Paying Auction Agent or other applicable paying agent for the payment of such accumulated dividends; or
(B) if at any time Holders holders of preferred shares, including the Preferred Shares Shares, are otherwise entitled under the 1940 Act to elect a majority of the Board trustees of Trustees. A Voting Period shall terminate upon all of such conditions ceasing to existthe Trust. Upon the termination of a Voting Period, the voting rights described in this Section 2.7(b)(isubparagraph (b)(i) shall cease, subject always, however, to the revesting of such voting rights in the Holders of Preferred Shares upon the further occurrence of any of the events described in this Section 2.7(b)(isubparagraph (b)(i).
Appears in 1 contract
Samples: Bylaws Amendment (Putnam Municipal Opportunities Trust)
Voting Period. During any period in which any one or more of the conditions described in clauses (A) or (B) of this Section 2.7(b)(i) shall exist (such period being referred to herein as a “Voting Period”), the number of trustees constituting the Board of Trustees shall be automatically increased by the smallest number that, when added to the two trustees elected exclusively by the Holders of Preferred Shares, including RVMTP Shares and the Auction Preferred Series 2022 VMTP Shares, would constitute a majority of the Board of Trustees as so increased by such smallest number; and the Holders of Preferred Shares, including RVMTP Shares and the Auction Preferred Series 2022 VMTP Shares, shall be entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the Holders of all other securities and classes of shares of beneficial interest of the Fund), to elect such smallest number of additional trustees, together with the two trustees that such Holders are in any event entitled to elect. A Voting Period shall commence:
(A) if, at the close of business on any dividend payment date for any outstanding Preferred Shares including any Outstanding RVMTP Shares and Auction Preferred Series 2022 VMTP Shares, accumulated dividends (whether or not earned or declared) on such outstanding Preferred Shares, including RVMTP Shares and Auction Preferred Series 2022 VMTP Shares, equal to at least two (2) full years’ dividends shall be due and unpaid and sufficient cash or specified securities shall not have been deposited with the Calculation and Paying Agent or other applicable paying agent for the payment of such accumulated dividends; or
(B) if at any time Holders of Preferred Shares are otherwise entitled under the 1940 Act to elect a majority of the Board of Trustees. A Voting Period shall terminate upon all of such conditions ceasing to exist. Upon the termination of a Voting Period, the voting rights described in this Section 2.7(b)(i) shall cease, subject always, however, to the revesting of such voting rights in the Holders of Preferred Shares upon the further occurrence of any of the events described in this Section 2.7(b)(i).
Appears in 1 contract
Voting Period. During Except as otherwise provided in the Declaration of Trust or as otherwise required by law, during any period in which any one or more of the conditions described in clauses subparagraphs (A) or (B) of this Section 2.7(b)(isubparagraph (b)(i) shall exist (such period being referred to herein as a “Voting Period”), the number of trustees Trustees constituting the Board of Trustees shall be automatically increased by the smallest number that, when added to the two trustees Trustees elected exclusively by the Holders holders of Preferred Sharespreferred shares, including RVMTP Shares and the Auction Preferred Shares, would constitute a majority of the Board of Trustees as so increased by such smallest number; and the Holders holders of Preferred Sharespreferred shares, including RVMTP Shares and the Auction Preferred Shares, shall be entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the Holders holders of all other securities and classes of shares of beneficial interest of the FundTrust), to elect such smallest number of additional trusteesTrustees, together with the two trustees Trustees that such Holders holders are in any event entitled to elect. A Voting Period shall commence:
(A) if, if at the close of business on any dividend distribution payment date for any outstanding Preferred Shares including any Outstanding RVMTP Shares and Auction Preferred Shares, accumulated dividends distributions (whether or not earned or declared) on such any outstanding Preferred Sharespreferred shares, including RVMTP Shares and Auction Preferred Shares, equal to at least two (2) full years’ dividends distributions shall be due and unpaid and sufficient cash or specified securities shall not have been deposited with the Calculation and Paying Auction Agent or other applicable paying agent for the payment of such accumulated dividendsdistributions; or
(B) if at any time Holders holders of Preferred Shares are otherwise entitled under the 1940 Act to elect a majority of the Board Trustees of Trustees. A Voting Period shall terminate upon all of such conditions ceasing to existthe Trust. Upon the termination of a Voting Period, the voting rights described in this Section 2.7(b)(isubparagraph (b)(i) shall cease, subject always, however, to the revesting of such voting rights in the Holders of Preferred Shares upon the further occurrence of any of the events described in this Section 2.7(b)(isubparagraph (b)(i).
Appears in 1 contract
Samples: Bylaws (RMR Real Estate Income Fund)
Voting Period. During any period in which any one or more of the conditions described in clauses subparagraphs (A) or (B) of this Section 2.7(b)(isubparagraph (b)(i) shall exist (such period being referred to herein as a “Voting Period”), the number of trustees constituting the Board of Trustees shall be automatically increased by the smallest number that, when added to the two trustees elected exclusively by the Holders holders of Preferred Shares, including RVMTP Shares and the Auction Preferred Sharesshares of MuniPreferred, would constitute a majority of the Board of Trustees as so increased by such smallest number; and the Holders holders of Preferred Shares, including RVMTP Shares and the Auction Preferred SharesMuniPreferred, shall be entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the Holders holders of all other securities and classes of shares of beneficial interest of the Fund), to elect such smallest number of additional trustees, together with the two trustees that such Holders holders are in any event entitled to elect. A Voting Period shall commence:
(A) if, if at the close of business on any dividend payment date for any outstanding Preferred Shares including any Outstanding RVMTP Shares and Auction Preferred Shares, accumulated dividends (whether or not earned or declared) on such any outstanding Preferred SharesShare, including RVMTP Shares and Auction Preferred SharesMuniPreferred, equal to at least two (2) full years’ dividends shall be due and unpaid and sufficient cash or specified securities shall not have been deposited with the Calculation and Paying Auction Agent or other applicable paying agent for the payment of such accumulated dividends; or
(B) if at any time Holders holders of Preferred Shares are otherwise entitled under the 1940 Act to elect a majority of the Board trustees of Trustees. A Voting Period shall terminate upon all of such conditions ceasing to existthe Fund. Upon the termination of a Voting Period, the voting rights described in this Section 2.7(b)(isubparagraph (b)(i) shall cease, subject always, however, to the revesting of such voting rights in the Holders of Preferred Shares upon the further occurrence of any of the events described in this Section 2.7(b)(isubparagraph (b)(i).
Appears in 1 contract
Voting Period. During any period in which any one or more of the conditions described in clauses (A) or (B) of this Section 2.7(b)(i) shall exist (such period being referred to herein as a “Voting Period”), the number of trustees constituting the Board of Trustees shall be automatically increased by the smallest number that, when added to the two trustees elected exclusively by the Holders of Preferred Shares, including RVMTP Shares and the Auction Preferred Series 2022 VMTP Shares, would constitute a majority of the Board of Trustees as so increased by such smallest number; and the Holders of Preferred Shares, including RVMTP Shares and the Auction Preferred Series 2022 VMTP Shares, shall be entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the Holders of all other securities and classes of shares of beneficial interest of the Fund), to elect such smallest number of additional trustees, together with the two trustees that such Holders are in any event entitled to elect. A Voting Period shall commence:
(A) if, at the close of business on any dividend payment date for any outstanding Preferred Shares including any Outstanding RVMTP Shares and Auction Preferred Series 2022 VMTP Shares, accumulated dividends (whether or not earned or declared) on such outstanding Preferred Shares, including RVMTP Shares and Auction Preferred Series 2022 VMTP Shares, equal to at least two (2) full years’ ' dividends shall be due and unpaid and sufficient cash or specified securities shall not have been deposited with the Calculation and Paying Agent or other applicable paying agent for the payment of such accumulated dividends; or
(B) if at any time Holders of Preferred Shares are otherwise entitled under the 1940 Act to elect a majority of the Board of Trustees. A Voting Period shall terminate upon all of such conditions ceasing to exist. Upon the termination of a Voting Period, the voting rights described in this Section 2.7(b)(i) shall cease, subject always, however, to the revesting of such voting rights in the Holders of Preferred Shares upon the further occurrence of any of the events described in this Section 2.7(b)(i).
Appears in 1 contract