Common use of Term and Approval Clause in Contracts

Term and Approval. This Agreement will become effective as of the date set forth herein above, and shall continue in effect until the second anniversary of its effective date. This Agreement will become effective with respect to each additional Master Portfolio as of the date set forth on Schedule I when each such Master Portfolio is added thereto. The Agreement shall continue in effect for a Master Portfolio after the second anniversary of the effective date for successive annual periods ending on each anniversary of such date, provided that the continuation of the Agreement is specifically approved for the Master Portfolio at least annually: (a) (i) by the Board or (ii) by the vote of "a majority of the outstanding voting securities" of the Master Portfolio (as defined in Section 2(a)(42) of the ▇▇▇▇ ▇▇▇); and (b) by the affirmative vote of a majority of the Trustees of the Trust who are not parties to this Agreement or "interested persons" (as defined in the ▇▇▇▇ ▇▇▇) of a party to this Agreement (other than as Trustees of the Trust), by votes cast in person at a meeting specifically called for such purpose.

Term and Approval. This Agreement will become effective as of the date ----------------- set forth herein above, and shall continue in effect until the second anniversary of its effective date. This Agreement will become effective with respect to each additional Master Portfolio as of the date set forth on Schedule I when each such Master Portfolio is added thereto. The Agreement shall continue in effect for a Master Portfolio after the second anniversary of the effective date for successive annual periods ending on each anniversary of such date, provided that the continuation of the Agreement is specifically approved for the Master Portfolio at least annually: (a) (i) by the Board or (ii) by the vote of "a majority of the outstanding voting securities" of the Master Portfolio (as defined in Section 2(a)(42) of the ▇▇▇▇ ▇▇▇); and (b) by the affirmative vote of a majority of the Trustees of the Trust who are not parties to this Agreement or "interested persons" (as defined in the ▇▇▇▇ ▇▇▇) of a party to this Agreement (other than as Trustees of the Trust), by votes cast in person at a meeting specifically called for such purpose.

Term and Approval. This Agreement will become effective as of the date set forth herein above, and shall continue in effect until the second anniversary of its effective date. This Agreement will become effective with respect to each additional Master Portfolio as of the date set forth on Schedule I when each such Master Portfolio is added thereto. The Agreement shall continue in effect for a Master Portfolio after the second anniversary of the effective date for successive annual periods ending on each anniversary of such date, provided that the continuation of the Agreement is specifically approved for the Master Portfolio at least annually: (a) (i) by the Board or (ii) by the vote of "“a majority of the outstanding voting securities" ” of the Master Portfolio (as defined in Section 2(a)(42) of the ▇▇▇▇ ▇▇▇); and (b) by the affirmative vote of a majority of the Trustees of the Trust who are not parties to this Agreement or "“interested persons" ” (as defined in the ▇▇▇▇ ▇▇▇) of a party to this Agreement (other than as Trustees of the Trust), by votes cast in person at a meeting specifically called for such purpose.

Term and Approval. This Agreement will become effective as of the date set forth herein above, and shall continue in effect until the second anniversary of its effective date. This Agreement will become effective with respect to each additional Master Portfolio as of the date set forth on Schedule I when each such Master Portfolio is added thereto. The Agreement shall continue in effect for a Master Portfolio after the second anniversary of the effective date for successive annual periods ending on each anniversary of such date, provided that the continuation of the Agreement is specifically approved for the Master Portfolio at least annually: (a) (i) by the Board or (ii) by the vote of "a majority of the outstanding voting securities" of the Master Portfolio (as defined in Section 2(a)(42) of the ▇▇▇▇ ▇▇▇); and (b) by the affirmative vote of a majority of the Trustees of the Master Trust who are not parties to this Agreement or "interested persons" (as defined in the ▇▇▇▇ ▇▇▇) of a party to this Agreement (other than as Trustees of the Master Trust), by votes cast in person at a meeting specifically called for such purpose.

Term and Approval. This Agreement will become effective as of the date set forth herein above, and shall continue in effect until the second anniversary of its effective date. This Agreement will become effective with respect to each additional Master Portfolio as of the date set forth on Schedule I when each such Master Portfolio is added thereto. The Agreement shall continue in effect for a Master Portfolio after the second anniversary of the effective date for successive annual periods ending on each anniversary of such date, provided that the continuation of the Agreement is specifically approved for the Master Portfolio at least annually: (a) (i) by the Board or (ii) by the vote of "a majority of the outstanding voting securities" of the Master Portfolio (as defined in Section 2(a)(42) of the ▇▇▇▇ ▇▇▇); and (b) by the affirmative vote of a majority of the Trustees of the Master Trust who are not parties to this Agreement or "interested persons" (as defined in the ▇▇▇▇ ▇▇▇) of a party to this Agreement (other than as Trustees of the Master Trust), by votes cast in person at a meeting specifically called for such purpose.

Term and Approval. This Agreement will become effective as of the date ----------------- set forth herein above, and shall continue in effect until the second anniversary of its effective date. This Agreement will become effective with respect to each additional Master Portfolio as of the date set forth on Schedule I when each such Master Portfolio is added thereto. The Agreement shall continue in effect for a Master Portfolio after the second anniversary of the effective date for successive annual periods ending on each anniversary of such date, provided that the continuation of the Agreement is specifically approved for the Master Portfolio at least annually: (a) (i) by the Board or (ii) by the vote of "a majority of the outstanding voting securities" of the Master Portfolio (as defined in Section 2(a)(42) of the ▇▇▇▇ ▇▇▇); and (b) by the affirmative vote of a majority of the Trustees of the Trust who are not parties to this Agreement or "interested persons" (as defined in the ▇▇▇▇ ▇▇▇) of a party to this Agreement (other than as Trustees of the Trust), by votes cast in person at a meeting specifically called for such purpose.

Term and Approval. This Agreement will become effective as of the date ----------------- set forth herein above, and shall continue in effect until the second anniversary of its effective date. This Agreement will become effective with respect to each additional Master Portfolio as of the date set forth on Schedule I when each such Master Portfolio is added thereto. The Agreement shall continue in effect for a Master Portfolio after the second anniversary of the effective date for successive annual periods ending on each anniversary of such date, provided that the continuation of the Agreement is specifically approved for the Master Portfolio at least annually: (a) (i) by the Board or (ii) by the vote of "a majority of the outstanding voting securities" of the Master Portfolio (as defined in Section 2(a)(42) of the ▇▇▇▇ ▇▇▇); and (b) by the affirmative vote of a majority of the Trustees of the Master Trust who are not parties to this Agreement or "interested persons" (as defined in the ▇▇▇▇ ▇▇▇) of a party to this Agreement (other than as Trustees of the Master Trust), by votes cast in person at a meeting specifically called for such purpose.

Term and Approval. This Agreement will become effective as of the date set forth herein above, and shall continue in effect until the second anniversary of its effective date. This Agreement will become effective with respect to each additional Master Portfolio as of the date set forth on Schedule I when each such Master Portfolio is added thereto. The Agreement shall continue in effect for a Master Portfolio after the second anniversary of the effective date for successive annual periods ending on each anniversary of such date, provided that the continuation of the Agreement is specifically approved for the Master Portfolio at least annually: (a) (i) by the Board or (ii) by the vote of "a majority of the outstanding voting securities" of the Master Portfolio (as defined in Section 2(a)(42) of the ▇▇▇▇ ▇▇▇1940 Act); and (b▇) by the ▇▇ ▇he affirmative vote of a majority of the Trustees of the Master Trust who are not parties to this Agreement or "interested persons" (as defined in the ▇1940 Act) of a party to t▇▇▇ ▇▇▇) of a party to this Agreement ▇ement (other than as Trustees of the Master Trust), by votes cast in person at a meeting specifically called for such purpose.

Term and Approval. This Agreement will become effective as of the date set forth herein above, and shall continue in effect until the second anniversary of its effective date. This Agreement will become effective with respect to each additional Master Portfolio as of the date set forth on Schedule I when each such Master Portfolio is added thereto. The Agreement shall continue in effect for a Master Portfolio after the second anniversary of the effective date for successive annual periods ending on each anniversary of such date, provided that the continuation of the Agreement is specifically approved for the Master Portfolio at least annually: (a) (i) by the Board or (ii) by the vote of "a majority of the outstanding voting securities" of the Master Portfolio (as defined in Section 2(a)(42) of the 1940 Act); and (▇) ▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇); and (b) by the affirmative vote of ▇ ▇▇ a majority of the Trustees of the Trust who are not parties to this Agreement or "interested persons" (as defined in the ▇▇▇▇ ▇▇▇1940 Act) of a party to this Agreement Agreem▇▇▇ (other ▇▇▇er than as Trustees of the Trust), by votes cast in person at a meeting specifically called for such purpose.

Term and Approval. This Agreement will become effective as of the date set forth herein above, and shall continue in effect until the second anniversary of its effective date. This Agreement will become effective with respect to each additional Master Portfolio as of the date set forth on Schedule I when each such Master Portfolio is added thereto. The Agreement shall continue in effect for a Master Portfolio after the second anniversary of the effective date for successive annual periods ending on each anniversary of such date, provided that the continuation of the Agreement is specifically approved for the Master Portfolio at least annually: (a) (i) by the Board or (ii) by the vote of "a majority of the outstanding voting securities" of the Master Portfolio (as defined in Section 2(a)(42) of the 1940 Act); and (b) b▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇); and (b) by the affirmative vote of a majority ▇ ▇▇ ▇ ▇▇▇▇▇▇▇y of the Trustees of the Trust who are not parties to this Agreement or "interested persons" (as defined in the ▇▇▇▇ ▇▇▇1940 Act) of a party to this Agreement (other than as othe▇ ▇▇▇▇ ▇s Trustees of the Trust), by votes cast in person at a meeting specifically called for such purpose.

Term and Approval. This Agreement will become effective as of the date set forth herein above, and shall continue in effect until the second anniversary of its effective date. This Agreement will become effective with respect to each additional Master Portfolio as of the date set forth on Schedule I when each such Master Portfolio is added thereto. The Agreement shall continue in effect for a Master Portfolio after the second anniversary of the effective date for successive annual periods ending on each anniversary of such date, provided that the continuation of the Agreement is specifically approved for the Master Portfolio at least annually: (a) (i) by the Board or (ii) by the vote of "a majority of the outstanding voting securities" of the Master Portfolio (as defined in Section 2(a)(42) of the ▇▇▇▇ ▇▇▇1940 Act); and (b) by the affirmative vote of a majority of the major▇▇▇ ▇▇ ▇he Trustees of the Master Trust who are not parties to this Agreement or "interested persons" (as defined in the ▇▇▇▇ ▇▇▇1940 Act) of a party to this Agreement (other than as Trustees ▇▇ ▇▇▇▇tees of the Master Trust), by votes cast in person at a meeting specifically called for such purpose.

Term and Approval. This Agreement will become effective as of the date set forth herein above, and shall continue in effect until the second anniversary of its effective date. This Agreement will become effective with respect to each additional Master Portfolio as of the date set forth on Schedule I when each such Master Portfolio is added thereto. The Agreement shall continue in effect for a Master Portfolio after the second anniversary of the effective date for successive annual periods ending on each anniversary of such date, provided that the continuation of the Agreement is specifically approved for the Master Portfolio at least annually: (a) (i) by the Board or (ii) by the vote of "a majority of the outstanding voting securities" of the Master Portfolio (as defined in Section 2(a)(42) of the ▇▇▇▇ 1940 ▇▇▇); and▇▇▇ (b) by the affirmative vote of a majority of the Trustees of the Master Trust who are not parties to this Agreement or "interested persons" (as defined in the ▇▇▇▇ ▇▇▇1940 Act) of a party to this Agreement (other than as Trustees of the Master Trust), by votes cast in person at a meeting specifically called for such purpose.

Term and Approval. This Agreement will become effective as of the date set forth herein above, and shall continue in effect until the second anniversary of its effective date. This Agreement will become effective with respect to each additional Master Portfolio as of the date set forth on Schedule I when each such Master Portfolio is added thereto. The Agreement shall continue in effect for a Master Portfolio after the second anniversary of the effective date for successive annual periods ending on each anniversary of such date, provided that the continuation of the Agreement is specifically approved for the Master Portfolio at least annually: (a) (i) by i)by the Board or (ii) by the vote of "a majority of the outstanding voting securities" of the Master Portfolio (as defined in Section 2(a)(42) of the ▇▇▇▇ ▇▇▇); and (b) by the affirmative vote of a majority of the Trustees of the Master Trust who are not parties to this Agreement or "interested persons" (as defined in the ▇▇▇▇ ▇▇▇) of a party to this Agreement (other than as Trustees of the Master Trust), by votes cast in person at a meeting specifically called for such purpose.

Term and Approval. This Agreement will become effective as of the date set forth herein above, and shall continue in effect until the second anniversary of its effective date. This Agreement will become effective with respect to each additional Master Portfolio as of the date set forth on Schedule I when each such Master Portfolio is added thereto. The Agreement shall continue in effect for a Master Portfolio after the second anniversary of the effective date for successive annual periods ending on each anniversary of such date, provided that the continuation of the Agreement is specifically approved for the Master Portfolio at least annually: (a) (i) by the Board or (ii) by the vote of "a majority of the outstanding voting securities" of the Master Portfolio (as defined in Section 2(a)(42) of the ▇▇▇▇ ▇▇▇1940 Act); and (b) by the affirmative vote of a majority of the Trustees of the Trust who are not parties to this Agreement or "interested persons" (as defined in the ▇▇▇▇ ▇▇▇1940 Act) of a party to this Agreement (other than as Trustees of the Trust), by votes cast in person at a meeting specifically called for such purpose.

Term and Approval. This Agreement will become effective as of the date set forth herein above, and shall continue in effect until the second anniversary of its effective date. This Agreement will become effective with respect to each additional Master Portfolio as of the date set forth on Schedule I when each such Master Portfolio is added thereto. The Agreement shall continue in effect for a Master Portfolio after the second anniversary of the effective date for successive annual periods ending on each anniversary of such date, provided that the continuation of the Agreement is specifically approved for the Master Portfolio at least annually: (a) (i) by the Board or (ii) by the vote of "a majority of the outstanding voting securities" of the Master Portfolio (as defined in Section 2(a)(42) of the ▇▇▇▇ ▇▇▇); and (b) by the affirmative vote of a majority of the Trustees of the Master Trust who are not parties to this Agreement or "interested persons" (as defined in the ▇▇▇▇ ▇▇▇) of a party to this Agreement (other than as Trustees of the Master Trust), by votes cast in person at a meeting specifically called for such purpose.