Common use of EFFECTIVENESS, DURATION AND TERMINATION Clause in Contracts

EFFECTIVENESS, DURATION AND TERMINATION. (a) This Agreement shall become effective with respect to a Fund as of the date first written above after approval: (i) by a vote of the majority of those Trustees of the Trust who are not parties to this Agreement or interested persons of such party (other than as Trustees of the Trust) cast in person at a meeting called for the purpose of voting on the Agreement, and (ii) if required by the 1940 Act or applicable staff interpretations thereof, by vote of a majority of the Fund’s outstanding voting securities. (b) This Agreement shall remain in effect with respect to a Fund for a period of two years from the effective date of this Agreement and shall continue in effect with respect to that Fund for successive annual periods thereafter; provided, however, that such continuance is specifically approved at least annually: (i) by the Board or by the vote of a majority of the outstanding voting securities of the Fund, and, in either case; (ii) by a majority of the Trust’s Trustees who are not parties to this Agreement or interested persons of any such party (other than as Trustees of the Trust) by votes cast in person at a meeting called for the purpose of voting on such approval; provided, however, that if the continuation of this Agreement as to a Fund is not approved, the Adviser may continue to render to that Fund the services described herein in the manner and to the extent permitted by applicable law. (c) This Agreement may be terminated immediately by the Trust with respect to a Fund if the Board, in its reasonable discretion and having due regard to the protection of investors and to the effectuation of the policies declared in section 1(b) of the 1940 Act, find that the services being rendered by the Adviser under this Agreement fail in a material way to provide responsible management to the Fund as reasonably expected by an investment adviser, as defined in the Advisers Act; provided that the Adviser shall have the opportunity, within ten (10) days of receipt of a written notice describing any such failure and the reasons therefor in reasonable detail, to cure the failure that is the subject of such notice. (d) This Agreement may also be terminated with respect to a Fund at any time, without the payment of any penalty: (i) by the Board or by a vote of a majority of the outstanding voting securities of the Fund on 60 days’ written notice to the Adviser; or (ii) by the Adviser on 60 days’ written notice to the Trust. This Agreement shall terminate immediately upon its assignment.

EFFECTIVENESS, DURATION AND TERMINATION. (a) This Agreement shall become effective with respect to a Fund as of the date first written above after approval: (i) by a vote of the majority of those Trustees of the Trust who are not parties to this Agreement or interested persons of such party (other than as Trustees of the Trust) cast in person at a meeting called for the purpose of voting on the Agreement, and (ii) if required by the 1940 Act or applicable staff interpretations thereof, by vote of a majority of the Fund’s outstanding voting securities. (b) This Agreement shall remain in effect with respect to a Fund for a period of two years from the effective date of this Agreement its effectiveness and shall continue in effect with respect to that Fund for successive annual periods thereafter; provided, however, that such continuance is specifically approved at least annually: (i) by the Board or by the vote of a majority of the outstanding voting securities of the Fund, and, in either case; (ii) by a majority of the Trust’s Trustees who are not parties to this Agreement or interested persons of any such party (other than as Trustees of the Trust) by votes cast in person at a meeting called for the purpose of voting on such approval; provided, however, that if the continuation of this Agreement as to a Fund is not approved, the Adviser may continue to render to that Fund the services described herein in the manner and to the extent permitted by applicable law. (c) This Agreement may be terminated immediately by the Trust with respect to a Fund if the Board, in its reasonable discretion and having due regard to the protection of investors and to the effectuation of the policies declared in section 1(b) of the 1940 Act, find that the services being rendered by the Adviser under this Agreement fail in a material way to provide responsible management to the Fund as reasonably expected by an investment adviser, as defined in the Advisers Act; provided that the Adviser shall have the opportunity, within ten (10) days of receipt of a written notice describing any such failure and the reasons therefor in reasonable detail, to cure the failure that is the subject of such notice. (d) This Agreement may also be terminated with respect to a Fund at any time, without the payment of any penalty: (i) by the Board or by a vote of a majority of the outstanding voting securities of the Fund on 60 days’ written notice to the Adviser; or (ii) by the Adviser on 60 days’ written notice to the Trust. This Agreement shall terminate immediately upon its assignment.

EFFECTIVENESS, DURATION AND TERMINATION. (a) This Agreement shall become effective with respect to a Fund as of the date first written above after approval: specified in Appendix A to this Agreement following the approval (i) by a vote of the a majority of those Trustees trustees of the Trust who are not parties to this Agreement or interested persons of such party (other than as Trustees of the Trust) cast in person at a meeting called for the purpose of voting on the this Agreement, and (ii) if required by the 1940 Act or applicable staff interpretations thereof, by vote of a majority of the Fund’s outstanding voting securities. (b) This Agreement shall remain in effect with respect to a the Fund for a period of two years from the effective date of this Agreement its effectiveness and shall continue in effect with respect to that Fund for successive annual periods thereafterwith respect to the Fund; provided, however, provided that such continuance is specifically approved at least annually: annually (i) by the Board or by the vote of a majority of the outstanding voting securities of the Fund, and, in either case; , (ii) by a majority of the Trust’s Trustees who are not parties to this Agreement or interested persons of any such party (other than as Trustees of defined in the Trust) by votes cast in person at a meeting called for the purpose of voting on such approval1940 Act); providedprovided further, however, that if the continuation of this Agreement is not approved as to a Fund is not approvedthe Fund, the Adviser Subadviser may continue to render to that the Fund the services described herein in the manner and to the extent permitted by applicable lawthe 1940 Act and the rules and regulations thereunder. (c) This Agreement may be terminated immediately by the Trust with respect to a Fund if the BoardBoard of Trustees of the Trust, in its reasonable discretion and having due regard to the protection of investors and to the effectuation of the policies declared in section 1(b) of the 1940 Act, find that the services being rendered by the Adviser Subadviser under this Agreement Agreement, fail in a material way to provide responsible management to the Fund as reasonably expected by an investment adviser, as defined in the Investment Advisers Act of 1940, as amended (the “Advisers Act”); provided that the Adviser Subadviser shall have the opportunity, within ten (10) days of receipt of a written notice describing any such failure and the reasons therefor in reasonable detail, to cure the failure that is the subject of such notice. (d) This Agreement may also be terminated with respect to a Fund at any time, without the payment of any penalty: , (i) by the Board or Board, by a vote of a majority of the outstanding voting securities of the Fund on 60 days’ written notice to or by the Adviser; Adviser or (ii) by the Adviser Subadviser on 60 days’ written notice to the Trust. This Agreement shall terminate immediately (x) upon its assignmentassignment or (y) upon termination of the Advisory Agreement.

EFFECTIVENESS, DURATION AND TERMINATION. (a) This Agreement shall become effective with respect to a Fund as of the date first written above after approval: specified in Appendix A to this Agreement following the approval (i) by a vote of the a majority of those Trustees trustees of the Trust who are not parties to this Agreement or interested persons of such party (other than as Trustees of the Trust) cast in person at a meeting called for the purpose of voting on the this Agreement, and (ii) if required by the 1940 Act or applicable staff interpretations thereof, by vote of a majority of the Fund’s 's outstanding voting securities. (b) This Agreement shall remain in effect with respect to a the Fund for a period of two years from the effective date of this Agreement its effectiveness and shall continue in effect with respect to that Fund for successive annual periods thereafterwith respect to the Fund; provided, however, provided that such continuance is specifically approved at least annually: annually (i) by the Board or by the vote of a majority of the outstanding voting securities of the Fund, and, in either case; , (ii) by a majority of the Trust’s 's Trustees who are not parties to this Agreement or interested persons of any such party (other than as Trustees of defined in the Trust) by votes cast in person at a meeting called for the purpose of voting on such approval1940 Act); providedprovided further, however, that if the continuation of this Agreement is not approved as to a Fund is not approvedthe Fund, the Adviser Subadviser may continue to render to that the Fund the services described herein in the manner and to the extent permitted by applicable lawthe 1940 Act and the rules and regulations thereunder. (c) This Agreement may be terminated immediately by the Trust with respect to a Fund if the BoardBoard of Trustees of the Trust, in its reasonable discretion and having due regard to the protection of investors and to the effectuation of the policies declared in section 1(b) of the 1940 Act, find that the services being rendered by the Adviser Subadviser under this Agreement Agreement, fail in a material way to provide responsible management to the Fund as reasonably expected by an investment adviser, as defined in the Investment Advisers Act of 1940, as amended (the "Advisers Act"); provided that the Adviser Subadviser shall have the opportunity, within ten (10) days of receipt of a written notice describing any such failure and the reasons therefor in reasonable detail, to cure the failure that is the subject of such notice. (d) This Agreement may also be terminated with respect to a Fund at any time, without the payment of any penalty: , (i) by the Board or Board, by a vote of a majority of the outstanding voting securities of the Fund on 60 days’ written notice to or by the Adviser; Adviser or (ii) by the Adviser Subadviser on 60 days’ ' written notice to the Trust. This Agreement shall terminate immediately (x) upon its assignmentassignment or (y) upon termination of the Advisory Agreement.

EFFECTIVENESS, DURATION AND TERMINATION. (a) This Agreement shall become effective with respect to a Fund as upon the termination of the date first written above after approval: (i) by a vote of the majority of those Trustees of any existing advisory agreement between the Trust who are not parties and the Adviser with respect to such Fund or the approval of this Agreement or interested persons of such party (other than as Trustees of the Trust) cast in person at a meeting called for the purpose of voting on the Agreement, and (ii) if required by the 1940 Act or applicable staff interpretations thereof, by vote of a majority of the Fund’s outstanding voting securities. (b) This Agreement shall remain in effect with respect to a Fund for a period of two years from the effective date of this Agreement and shall continue in effect with respect to that Fund for successive annual periods thereafter; providedBoard, however, that such continuance is specifically approved at least annually: (i) by the Board or by the vote of a majority of the outstanding voting securities of the Fund, and, in either case; (ii) by including a majority of the Trust’s Trustees who are not parties to this Agreement or interested persons (as defined in the 1940 Act), whichever is later. (b) This Agreement shall, if not earlier terminated as provided herein, terminate upon the earlier of any such party (other than as Trustees i) 150 days from the date of its effectiveness or (ii) approval by a majority of the TrustBoard, including a majority of the Trustees who are not interested persons (as defined in the 1▇▇▇ ▇▇▇) by votes cast in person at of a meeting called for separate advisory agreement between the purpose of voting on such approval; provided, however, that if Adviser and the continuation of this Agreement as Trust with respect to a Fund is not approved, the Adviser may continue to render to that Fund the services described herein in the manner and to the extent permitted by applicable law.Fund.. (c) This Agreement may be terminated immediately by the Trust Board with respect to a Fund Fund, without payment of any penalty, if the Board, in its reasonable discretion and having due regard to the protection of investors and to the effectuation of the policies declared in section 1(b) of the 1940 Act, find finds that the services being rendered by the Adviser under this Agreement Agreement, fail in a material way to provide responsible management to the a Fund as reasonably expected by an investment adviser, as defined in adviser registered under the Advisers Act; provided that the Adviser shall have the opportunity, within ten (10) days of receipt of a written notice describing any such failure and the reasons therefor in reasonable detail, to cure the failure that is the subject of such notice. (d) This Agreement may also be terminated with respect to a Fund at any time, without the payment of any penalty: (i) by the Board or Board; (ii) by a vote of a majority of the outstanding voting securities of the Fund on 60 days’ written notice to the Adviser; or (iiiii) by the Adviser on 60 days’ written notice to the Trust. This Agreement shall terminate immediately upon its assignment.

EFFECTIVENESS, DURATION AND TERMINATION. (a) This Agreement shall become effective with respect to a Fund as upon the termination of the date first written above after approval: (i) by a vote of the majority of those Trustees of any existing advisory agreement between the Trust who are not parties to this Agreement or interested persons of such party (other than as Trustees of and the Trust) cast in person at a meeting called for the purpose of voting on the Agreement, and (ii) if required by the 1940 Act or applicable staff interpretations thereof, by vote of a majority of the Fund’s outstanding voting securities. (b) This Agreement shall remain in effect with respect to a Fund for a period of two years from the effective date of this Agreement and shall continue in effect Adviser with respect to that Fund for successive annual periods thereafter; provided, however, that such continuance is specifically approved at least annually: (i) or the approval of this Agreement by the Board or by the vote of a majority of the outstanding voting securities of the FundBoard, and, in either case; (ii) by including a majority of the Trust’s Trustees who are not parties to this Agreement or interested persons (as defined in the 1940 Act), whichever is later. (b) This Agreement shall, if not earlier terminated as provided herein, terminate upon the earlier of any such party (other than as Trustees i) 150 days from the date of its effectiveness or (ii) approval by a majority of the TrustBoard, including a majority of the Trustees who are not interested persons (as defined in the 1▇▇▇ ▇▇▇) by votes cast in person at of a meeting called for separate advisory agreement between the purpose of voting on such approval; provided, however, that if Adviser and the continuation of this Agreement as Trust with respect to a Fund is not approved, the Adviser may continue to render to that Fund the services described herein in the manner and to the extent permitted by applicable lawFund. (c) This Agreement may be terminated immediately by the Trust Board with respect to a Fund Fund, without payment of any penalty, if the Board, in its reasonable discretion and having due regard to the protection of investors and to the effectuation of the policies declared in section 1(b) of the 1940 Act, find finds that the services being rendered by the Adviser under this Agreement Agreement, fail in a material way to provide responsible management to the a Fund or Funds as reasonably expected by an investment adviser, as defined in adviser registered under the Advisers Act; provided that the Adviser shall have the opportunity, within ten (10) days of receipt of a written notice describing any such failure and the reasons therefor in reasonable detail, to cure the failure that is the subject of such notice. (d) This Agreement may also be terminated with respect to a Fund at any time, without the payment of any penalty: (i) by the Board or Board; (ii) by a vote of a majority of the outstanding voting securities of the a Fund on 60 days’ written notice to the Adviser; or (iiiii) by the Adviser on 60 days’ written notice to the Trust. This Agreement shall terminate immediately upon its assignment.

EFFECTIVENESS, DURATION AND TERMINATION. (a) This Agreement shall become effective with respect to a the Fund as upon the termination of the date first written above after approval: (i) by a vote of the majority of those Trustees of any existing advisory agreement between the Trust who are not parties and Adviser with respect to the Fund or the approval of this Agreement or interested persons of such party (other than as Trustees of the Trust) cast in person at a meeting called for the purpose of voting on the Agreement, and (ii) if required by the 1940 Act or applicable staff interpretations thereof, by vote of a majority of the Fund’s outstanding voting securitiesBoard, including a majority of the Trust's Trustees who are not interested persons (as defined in the 1940 Act), whichever is later. (b) This Agreement shall remain in effect with respect to a Fund for a period shall, if not earlier terminated as provided herein, terminate upon the earlier of two years from the effective date of this Agreement and shall continue in effect with respect to that Fund for successive annual periods thereafter; provided, however, that such continuance is specifically approved at least annually: (i) by 150 days from the Board date of its effectiveness or by the vote of a majority of the outstanding voting securities of the Fund, and, in either case; (ii) approval by a majority of the Trust’s Board, including a majority of the Trustees who are not parties to this Agreement or interested persons (as defined in the 1940 Act) of any such party (other than as Trustees of the Trust) by votes cast in person at a meeting called for the purpose of voting on such approval; provided, however, that if the continuation of this Agreement as to a Fund is not approved, separate advisory agreement between the Adviser may continue to render to that Fund and the services described herein in the manner and Trust with respect to the extent permitted by applicable lawFund. (c) This Agreement may be terminated immediately by the Trust with respect to a Fund if the Board, in its reasonable discretion and having due regard to the protection of investors and to the effectuation of the policies declared in section 1(b) of the 1940 Act, find that the services being rendered by the Adviser under this Agreement Agreement, fail in a material way to provide responsible management to the Fund as reasonably expected by an investment adviser, as defined in the Investment Advisers Act of 1940, as amended (the "Advisers Act"); provided that the Adviser shall have the opportunity, within ten (10) days of receipt of a written notice describing any such failure and the reasons therefor in reasonable detail, to cure the failure that is the subject of such notice. (d) This Agreement may also be terminated with respect to a Fund at any time, without the payment of any penalty: (i) by the Board or by a vote of a majority of the outstanding voting securities of the Fund on 60 days’ ' written notice to the Adviser; or (ii) by the Adviser on 60 days’ ' written notice to the Trust. This Agreement shall terminate immediately upon its assignment.

EFFECTIVENESS, DURATION AND TERMINATION. (a) This Agreement shall become effective with respect to a the Fund as concurrent with the effectiveness of the date first written above after approval: (i) by a vote Advisory Agreement, subject to the approval of the majority of those Trustees of the Trust who are not parties to this Agreement or interested persons of such party (other than as Trustees of the Trust) cast in person at a meeting called for the purpose of voting on the Agreement, and (ii) if required by the 1940 Act or applicable staff interpretations thereof, by vote of a majority of the Fund’s outstanding voting securities. Board, including a majority of the Trust's Trustees who are not interested persons (bas defined in the 1▇▇▇ ▇▇▇) This Agreement shall remain in effect with respect to and, if required by applicable law, by a Fund for a period of two years from the effective date of this Agreement and shall continue in effect with respect to that Fund for successive annual periods thereafter; provided, however, that such continuance is specifically approved at least annually: (i) by the Board or by the vote of a majority of the outstanding voting securities of the Fund. (b) This Agreement shall, andif not otherwise terminated as provided herein, in either case; (ii) by a majority terminate upon the passage of 150 days from the Trust’s Trustees who are not parties to this Agreement or interested persons date of any such party (other than as Trustees of the Trust) by votes cast in person at a meeting called for the purpose of voting on such approval; provided, however, that if the continuation of this Agreement as to a Fund is not approved, the Adviser may continue to render to that Fund the services described herein in the manner and to the extent permitted by applicable lawits effectiveness. (c) This Agreement may be terminated immediately by the Trust with respect to a Fund if the BoardBoard of Trustees of the Trust, in its reasonable discretion and having due regard to the protection of investors and to the effectuation of the policies declared in section 1(b) of the 1940 Act, find that the services being rendered by the Adviser Subadviser under this Agreement Agreement, fail in a material way to provide responsible management to the Fund as reasonably expected by an investment adviser, as defined in the Investment Advisers Act of 1940, as amended (the “Advisers Act”); provided that the Adviser Subadviser shall have the opportunity, within ten (10) days of receipt of a written notice describing any such failure and the reasons therefor in reasonable detailnotice, to cure the failure that is the subject of such notice. (d) This Agreement may also be terminated with respect to a Fund at any time, without the payment of any penalty: , (i) by the Board or Board, by a vote of a majority of the outstanding voting securities of the Fund or by the Adviser on 60 days’ ' written notice to the Adviser; Subadviser or (ii) by the Adviser Subadviser on 60 days’ ' written notice to the Trust. This Agreement shall terminate immediately (x) upon its assignmentassignment or (y) upon termination of the Advisory Agreement.