Common use of Term and Effectiveness Clause in Contracts

Term and Effectiveness. This Agreement shall become effective as of the date that the Company’s Registration Statement is declared effective by the SEC. Once effective, this Agreement shall remain in effect for two (2) years, and thereafter shall continue automatically for successive one-year periods, provided that such continuance is specifically approved at least annually by: (i) the vote of the Company’s Board of Trustees, including the vote of a majority of the Company’s trustees who are not “interested persons” (as such term is defined in Section 2(a)(19) of the 1▇▇▇ ▇▇▇) of any party to this Agreement (the “Independent Trustees”), in accordance with the requirements of the 1940 Act, or (ii) by the vote of the holders of a majority of the outstanding voting securities of the Company, including the vote of a majority of the Company’s Independent Trustees.

Term and Effectiveness. This Agreement shall become effective as of the date that the Company’s 's Registration Statement is declared effective by the SEC. Once effectiveSubject to Section 16(b) below, this Agreement shall remain in effect for two (2) years, and thereafter shall continue automatically for successive one-year periods, provided that such continuance is specifically approved at least annually by: by (i) the vote of the Company’s Board of Trustees, including the vote of a majority of the Company’s trustees who are not “interested persons” (as such term is defined in Section 2(a)(19) of the 1▇▇▇ ▇▇▇) of any party to this Agreement (the “Independent Trustees”), in accordance with the requirements of the 1940 Act, or (ii) by the vote of the holders of a majority of the outstanding voting securities of the Company, including Company entitled to vote and the vote of a majority of the Company’s Independent Trustees.

Term and Effectiveness. This Agreement shall become effective as of the date that the Company’s Registration Statement is declared effective by the SECfirst set forth above. Once effective, this Agreement shall remain in effect for two (2) years, and thereafter shall continue automatically for successive one-year periods, provided that such continuance is specifically approved at least annually by: (i) the vote of the Company’s Board of Trustees, including the vote of a majority of the Company’s trustees who are not “interested persons” (as such term is defined in Section 2(a)(19) of the 1▇▇▇ ▇▇▇) of any party to this Agreement (the “Independent Trustees”), in accordance with the requirements of the 1940 Act, or (ii) by the vote of the holders of a majority of the outstanding voting securities of the Company, including the vote of a majority of the Company’s Independent Trustees.

Term and Effectiveness. This Agreement shall become effective as of the date that the Company’s Registration Statement of any feeder fund of the Company is declared effective by the SEC. Once effective, this Agreement shall remain in effect for two (2) years, and thereafter shall continue automatically for successive one-year periods, provided that such continuance is specifically approved at least annually by: (i) the vote of the Company’s Board of Trustees, including the vote of a majority of the Company’s trustees who are not “interested persons” (as such term is defined in Section 2(a)(19) of the 1▇▇▇ ▇▇▇) of any party to this Agreement (the “Independent Trustees”), in accordance with the requirements of the 1940 Act, or (ii) by the vote of the holders of a majority of the outstanding voting securities of the Company, including the vote of a majority of the Company’s Independent Trustees.

Term and Effectiveness. This Agreement shall become effective as of the date that the Company’s Registration Statement is declared effective by the SECSEC (the “Effective Date”). Once effectiveSubject to Section 9(b) below, this Agreement shall remain in effect for two (2) years, and thereafter shall continue automatically for successive one-year periods, provided that such continuance is specifically approved at least annually by: by (i) the vote of the Company’s Board of TrusteesBoard, including the vote of a majority of the Company’s trustees who are not “interested persons” (as such term is defined in Section 2(a)(19) of the 1▇▇▇ ▇▇▇) of any party to this Agreement (the “Independent Trustees”), in accordance with the requirements of the 1940 Act, or (ii) by the vote of the holders of a majority of the outstanding voting securities of the Company, including the vote of a majority of the Company’s Independent Trustees.

Term and Effectiveness. This Agreement shall become effective as of the date that the Company’s Registration Statement Company receives its Seed Capital Investments, as such term is declared effective by defined in the SECProspectus. Once effective, this Agreement shall remain in effect for two (2) years, and thereafter shall continue automatically for successive one-year periods, provided that such continuance is specifically approved at least annually by: (i) the vote of the Company’s Board of Trustees, including the vote of a majority of the Company’s trustees who are not “interested persons” (as such term is defined in Section 2(a)(19) of the 1▇▇▇ ▇▇▇) of any party to this Agreement (the “Independent Trustees”), in accordance with the requirements of the 1940 Act, or (ii) by the vote of the holders of a majority of the outstanding voting securities of the Company, including the vote of a majority of the Company’s Independent Trustees.

Term and Effectiveness. This Agreement shall become effective as of the date that the Company’s 's Registration Statement is declared effective by the SEC. Once effective, this Agreement shall remain in effect for two (2) years, and thereafter shall continue automatically for successive one-year periods, provided that such continuance is specifically approved at least annually by: (i) the vote of the Company’s 's Board of Trustees, including the vote of a majority of the Company’s 's trustees who are not “"interested persons” " (as such term is defined in Section 2(a)(19) of the 1▇▇▇ ▇▇▇) of any party to this Agreement (the “"Independent Trustees”"), in accordance with the requirements of the 1940 Act, or (ii) by the vote of the holders of a majority of the outstanding voting securities of the Company, including Company entitled to vote and the vote of a majority of the Company’s 's Independent Trustees.

Term and Effectiveness. This Agreement shall become effective as of the date that the Company’s Registration Statement is declared effective by the SEC. Once effective, this Agreement shall remain in effect for two (2) years, and thereafter shall continue automatically for successive one-year periods, provided that such continuance is specifically approved at least annually by: (i) the vote of the Company’s Board of Trustees, including the vote of a majority of the Company’s trustees who are not “interested persons” (as such term is defined in Section 2(a)(19) of the 1▇▇▇ ▇▇▇) of any party to this Agreement (the “Independent Trustees”), in accordance with the requirements of the 1940 Act, or (ii) by the vote of the holders of a majority of the outstanding voting securities of the Company, including Company entitled to vote and the vote of a majority of the Company’s Independent Trustees.

Term and Effectiveness. This Agreement shall become effective as of the date that the Company’s Registration Statement Company receives its Seed Capital Investments, as such term is declared effective by defined in the SECProspectus. Once effectiveSubject to Section 9(b) below, this Agreement shall remain in effect for two (2) years, and thereafter shall continue automatically for successive one-year periods, provided that such continuance is specifically approved at least annually by: by (i) the vote of the Company’s Board of TrusteesBoard, including the vote of a majority of the Company’s trustees who are not “interested persons” (as such term is defined in Section 2(a)(19) of the 1▇▇▇ ▇▇▇) of any party to this Agreement (the “Independent Trustees”), in accordance with the requirements of the 1940 Act, or (ii) by the vote of the holders of a majority of the outstanding voting securities of the Company, including the vote of a majority of the Company’s Independent Trustees.

Term and Effectiveness. This Agreement shall become effective as of the date that the Company’s Registration Statement is declared effective by the SECSEC (the “Effective Date”). Once effectiveSubject to Section 9(b) below, this Agreement shall remain in effect for two (2) years, and thereafter shall continue automatically for successive one-year periods, provided that such continuance is specifically approved at least annually by: by (i) the vote of the Company’s Board of TrusteesBoard, including the vote of a majority of the Company’s trustees who are not “interested persons” (as such term is defined in Section 2(a)(19) of the 1▇19▇▇ ▇▇▇) of any party to this Agreement (the “Independent Trustees”), in accordance with the requirements of the 1940 Act, or (ii) by the vote of the holders of a majority of the outstanding voting securities of the Company, including the vote of a majority of the Company’s Independent Trustees.