Common use of Term and Compensation Clause in Contracts

Term and Compensation. (a) The term of this Agreement shall commence on the date on hereinabove first written (the "Effective Date"). (b) This Agreement shall remain in effect for one (1) year from the Effective Date. This Agreement shall continue thereafter for periods not exceeding one (1) year, if approved at least annually (i) by a vote of a majority of the outstanding voting securities of the Fund, or (ii) by a vote of a majority of the Board Members of the Fund who are not parties to this Agreement (other than as Board Members of the Fund) or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval. (c) This Agreement (i) may be terminated at any time without the payment of any penalty, either by a vote of the Trustees of the Fund or by a vote of a majority of the outstanding voting securities of the Fund with respect to the Fund, on sixty (60) days' written notice to FDDI; and (ii) may be terminated by FDDI on sixty (60) days' written notice to the Fund with respect to the Fund. (d) This Agreement shall automatically terminate in the event of its assignment, as defined in the Act.