Common use of Action by the Trustees Clause in Contracts

Action by the Trustees. Unless otherwise specified herein or in the By-laws or required by law, any action by the Trustees shall be deemed effective if approved or taken by a majority of the Trustees present at a duly called meeting of Trustees (including a meeting by telephonic or other electronic means, unless otherwise required by the 1940 Act at which a quorum is present or by written consent of a majority of Trustees (or such greater number as may be required by applicable law) without a meeting. Except for purposes of adjournments, a quorum for all meetings of the Trustees shall be one-third, but not less than two, of the authorized number of Trustees, unless there is only one Trustee, at which point a quorum will consist of that one Trustee. Subject to the requirements of the 1940 Act, the Trustees by majority vote may delegate to any Trustee or Trustees authority to approve particular matters or take particular actions on behalf of the Trust. In addition, the Trustees and any committee of the Trustees, including any executive committee, may act with or without a meeting. Unless provided otherwise herein, and except as required under applicable provisions of the 1940 Act, any action of any committee may be taken at a meeting by a vote of a majority of the members present (a quorum being present) or without a meeting by written consent of a majority of the members. With respect to actions of the Trustees and any committee, Trustees who are Interested Persons in any action to be taken may be counted for quorum purposes under this Section and shall be entitled to vote to the extent not prohibited by applicable law.

Action by the Trustees. Unless otherwise specified herein or in the By-laws or required by law, any action by the The Trustees shall be deemed effective if approved or taken act by a majority vote of the Trustees those present at a meeting duly called meeting of Trustees (including a meeting by telephonic or other electronic means, unless otherwise required by the 1940 Act requires that a particular action be taken only at a meeting of the Trustees in person) at which a quorum is present or by unanimous written consent of the Trustees (or by written consent of a majority of the Trustees (if the President of the Trust determines that such exceptional circumstances exist, and are of such urgency, as to make unanimous written consent impossible or such greater number as may impractical, which determination shall be required by applicable lawconclusive and binding on all Trustees and not otherwise subject to challenge) without a meeting. Except for purposes A majority of adjournments, the Trustees shall constitute a quorum for at any meeting. Meetings of the Trustees may be called orally or in writing by the President of the Trust or by any two Trustees. Notice of the time, date, and place of all meetings of the Trustees shall be onegiven to each Trustee by telephone, facsimile, electronic-thirdmail, but not less than two, or other electronic mechanism sent to his or her home or business address at least twenty-four hours in advance of the authorized number meeting or in person at another meeting of Trustees, unless there is only one Trustee, the Trustees or by written notice mailed to his or her home or business address at which point least seventy-two hours in advance of the meeting. Notice need not be given to any Trustee who attends the meeting without objecting to the lack of notice or who signs a quorum will consist waiver of that one Trusteenotice either before or after the meeting. Subject to the requirements of the 1940 Act, the Trustees by majority vote may delegate to any Trustee or Trustees authority to approve particular matters or take particular actions on behalf of the Trust. In addition, the Trustees and any committee of the Trustees, including any executive committee, may act with Any written consent or without a meeting. Unless provided otherwise herein, and except as required under applicable provisions of the 1940 Act, any action of any committee waiver may be taken at a meeting provided and delivered to the Trust by a vote of a majority of the members present (a quorum being present) or without a meeting any means by written consent of a majority of the members. With respect to actions of the Trustees and any committee, Trustees who are Interested Persons in any action to be taken which notice may be counted for quorum purposes under this Section and shall be entitled given to vote to the extent not prohibited by applicable lawa Trustee.