Common use of Approval by Board of Directors Clause in Contracts

Approval by Board of Directors. This Agreement shall not take effect with respect to a Fund until it has been approved, together with any related agreements, by votes cast in person at a meeting called for the purpose of voting on this Agreement and any such related agreements, of a majority of both (i) the Directors of the Company and (ii) those Directors who are not "interested persons" of the Company and have no direct or indirect financial interest in the operation of this Agreement or any agreements related to it (the "Independent Directors").

Approval by Board of Directors. This Agreement shall not take effect with respect to a Fund until it has been approved, together with any related agreements, by votes cast in person at a meeting called for the purpose of voting on this Agreement and any such related agreements, of a majority of both (i) the Directors of the Company and (ii) those Directors who are not "“interested persons" ” of the Company and have no direct or indirect financial interest in the operation of this Agreement or any agreements related to it (the "“Independent Directors"”).