Common use of Term and Effectiveness Clause in Contracts

Term and Effectiveness. This Agreement shall become effective as of the earlier of (i) the date that the Company has its initial closing, as such term is defined in the Offering Memorandum, or (ii) the date that the Company meets the minimum offering requirement as such term is defined in the Registration Statement, and shall remain in effect for one year (the “Initial Term”), and thereafter shall continue automatically for successive annual periods (a “Renewal Term”); provided that such continuance is specifically approved at least annually by the vote of a majority of the Company’s independent directors.

Term and Effectiveness. This Agreement shall become effective as of the earlier of (i) the date that the Company has its initial closing, as such term is defined in the Offering Memorandum, or (ii) the date that the Company meets the minimum offering requirement requirement, as such term is defined in the prospectus contained in the Registration StatementStatement as declared effective by the SEC, and shall remain in effect for one year (the “Initial Term”), and thereafter shall continue automatically for successive annual periods (a “Renewal Term”); , provided that such continuance is specifically approved at least annually by the vote of a majority of the Company’s independent directors.

Term and Effectiveness. This Agreement shall become effective as of the earlier of (i) the date that the Company has its initial closing, as such term is defined in the Offering Memorandum, or (ii) the date that the Company meets the minimum offering requirement as such term is defined in the Registration Statement, and shall remain in effect for one year (the “"Initial Term”"), and thereafter shall continue automatically for successive annual periods (a “"Renewal Term”"); provided that such continuance is specifically approved at least annually by the vote of a majority of the Company’s 's independent directors.