Common use of Issuance of Interests Clause in Contracts

Issuance of Interests. The Trustees are authorized subject to applicable provisions of the Delaware Act and the 1940 Act: (a) from time to time to issue or authorize the issuance of Interests and to fix the price or the minimum price or the consideration (in cash and/or such other property, real or personal, tangible or intangible, as from time to time they may determine) or minimum consideration for such Interests, all without action or approval of the Interestholders. Interests so issued shall be validly issued, fully paid and nonassessable; (b) to issue Interests pro rata to the Interestholders of a Series at any time for no consideration as a dividend, except to the extent otherwise required or permitted by the preferences and special or relative rights and privileges of any classes of Interests of that Series, and any dividend to the Interestholders of a particular class of Interests shall be made to such Interestholders pro rata in proportion to the relative Percentage Interests of such class held by each of them, notwithstanding anything herein to the contrary; (c) to classify or re-classify any unissued Interests or Interests previously issued and reacquired of any Series or class thereof into one or more Series or classes thereof that may be established and designated from time to time; and (d) to hold and re-issue for such consideration and on such terms as they may determine, or cancel, in their discretion from time to time, any Interests of any Series or class thereof reacquired by the Trust.