Common use of Termination of Trust or Series Clause in Contracts

Termination of Trust or Series. Unless terminated as provided herein, the Trust shall continue without limitation of time. The Trust may be terminated at any time by the Trustees without shareholder approval upon prior written notice to the Shareholders. Any Series or Class may be terminated at any time without shareholder approval by the Trustees upon prior written notice to the Shareholders of that Series or Class. 10.1.1. Upon termination of the Trust (or any Series or Class, as the case may be), after paying or otherwise providing for all charges, taxes, expenses and liabilities held, severally, with respect to each Series or Class (or the applicable Series or Class, as the case may be), whether due or accrued or anticipated as may be determined by the Trustees, the Trust shall, in accordance with such procedures as the Trustees consider appropriate, reduce the remaining assets held, severally, with respect to each Series or Class (or the applicable Series or Class, as the case may be), to distributable form in cash or shares or other securities, and any combination thereof, and distribute the proceeds held with respect to each Series or Class (or the applicable Series or Class, as the case may be), (a) to the Shareholders of a Series or Class not taxable as a partnership for federal income tax purposes, pro rata according to the number of Shares of that Series or Class held by the several Shareholders on the date of termination and, (b) to the Shareholders of a Series or Class, taxable as a partnership for federal income tax purposes, in accordance with the positive Book Capital Account balances of the Shareholders.