Common use of Effective Date of Appointment Clause in Contracts

Effective Date of Appointment. This Agreement shall continue inforce until July 15, 1998 and indefinitely thereafter, but only so long as such continuance is specifically approved at least annually by the members of the Board of Directors of the Continental Assurance Company, who are neither parties to the Agreement nor interested persons of any such party. Any such vote shall be cast in person at a meeting called for the purpose of voting on the approval of continuing this Agreement.