Common use of EFFECTIVE DATE, DURATION AND TERMINATION OF AGREEMENT Clause in Contracts

EFFECTIVE DATE, DURATION AND TERMINATION OF AGREEMENT. This Agreement shall become effective as of the day and date first above written (the "Effective Date"). Wherever referred to in this Agreement, the vote or approval of the holders of a majority of the outstanding shares of the Fund shall mean the vote of 67% or more of such shares if the holders of more than 50% of such shares are present in person or by proxy or the vote of more than 50% of such shares, whichever is less. Unless sooner terminated as hereinafter provided, this Agreement shall continue in effect through December 18, 1999, and thereafter shall continue in effect for successive periods of 12 months thereafter, provided that each continuance is specifically approved annually by (a) the vote of a majority of the Company's Board of Directors who are not parties to the Agreement or interested persons (as defined in the Investment Company Act of 1940, as amended and the rules, regulations and releases relating thereto) of the Company or the Adviser, cast in person at a meeting called for the purpose of voting on approval and (b) either (i) the vote of a majority of the outstanding voting securities of the Fund or (ii) the vote of a majority of the Company's Board of Directors. This Agreement may be terminated at any time without the payment of any penalty by the vote of the Board of Directors of the Company or by the vote of the holders of a majority of the outstanding shares of the Fund, upon sixty (60) days written notice to the Adviser. The Adviser may terminate this Agreement without penalty on ninety (90) days written notice to the Company. This Agreement shall automatically terminate in the event of its assignment as defined in the Investment Company Act of 1940 and the rules thereunder. This Agreement shall automatically terminate upon completion of the dissolution, liquidation and winding up of the Fund.

EFFECTIVE DATE, DURATION AND TERMINATION OF AGREEMENT. This Agreement shall become effective as of the day and date first above written (the "Effective Date"). Wherever referred to in this Agreement, the vote or approval of the holders of a majority of the outstanding shares of the Fund shall mean the vote of 67% or more of such shares if the holders of more than 50% of such shares are present in person or by proxy or the vote of more than 50% of such shares, whichever is less. Unless sooner terminated as hereinafter provided, this Agreement shall continue in effect through December 18November 4, 19992001, and thereafter shall continue in effect for successive periods of 12 months thereafter, provided that each continuance is specifically approved annually by (a) the vote of a majority of the Company's Board of Directors who are not parties to the Agreement or interested persons (as defined in the Investment Company Act of 1940, as amended and the rules, regulations and releases relating theretoAct) of the Company or the Adviser, cast in person at a meeting called for the purpose of voting on approval and (b) either (i) the vote of a majority of the outstanding voting securities of the Fund or (ii) the vote of a majority of the Company's Board of Directors. This Agreement may be terminated at any time without the payment of any penalty by the vote of the Board of Directors of the Company or by the vote of the holders of a majority of the outstanding shares of the Fund, upon sixty (60) days written notice to the Adviser. The Adviser may terminate this Agreement without penalty on ninety (90) days written notice to the Company. This Agreement shall automatically terminate in the event of its assignment as defined in the Investment Company Act of 1940 and the rules thereunderAct. This Agreement shall automatically terminate upon completion of the dissolution, liquidation and winding up of the Fund.

EFFECTIVE DATE, DURATION AND TERMINATION OF AGREEMENT. This Agreement shall become effective as upon the later of its approval by Shareholders or the day and date of its execution first above written (the "Effective Date")written. Wherever referred to in this Agreement, the vote or approval of the holders of a majority of the outstanding shares voting securities of the Fund shall mean the vote of 67% or more of such shares securities if the holders of more than 50% of such shares securities are present in person or by proxy or the vote of more than 50% of such sharessecurities, whichever is lessthe lesser. Unless sooner terminated as hereinafter provided, this Agreement shall continue in effect through December 18, 1999, and thereafter shall continue in effect for successive periods a period of 12 months thereafter, provided that each more than two years from the date of its execution only so long as such continuance is specifically approved at least annually by (a) the Board of Directors of the Fund, or by the vote of a majority of the Company's Board outstanding voting securities of Directors the Fund, provided that in either event such continuance shall also be approved by the vote of a majority of the directors who are not parties to the Agreement or interested persons (as defined in of Management, the Investment Company Act of 1940Underwriter, as amended and the rules, regulations and releases relating thereto) of the Company or the AdviserFund, cast in person at a meeting called for the purpose of voting on approval and (b) either (i) the vote of a majority of the outstanding voting securities of the Fund or (ii) the vote of a majority of the Company's Board of Directorssuch approval. This Agreement may be terminated at any time without the payment of any penalty by the vote of the Board of Directors of the Company Fund or by the vote of the holders of a majority of the outstanding shares voting securities of the Fund, or by Management, upon sixty (60) days 60 days' written notice to the Adviser. The Adviser may terminate this Agreement without penalty on ninety (90) days written notice to the Companyother party. This Agreement shall automatically terminate in the event of its assignment as such term is defined in by the Investment Company Act of 1940 and the rules thereunder. This Agreement shall automatically terminate upon completion of the dissolution1940, liquidation and winding up of the Fundas amended.

EFFECTIVE DATE, DURATION AND TERMINATION OF AGREEMENT. This Agreement shall become be effective as of the day and date first above written (the "Effective Date")to each Series on May 1, 1996. Wherever referred to in this Agreement, the vote or approval of the holders of a majority of the outstanding shares voting securities of a Series or of the Fund shall mean the vote of 67% or more of such shares securities if the holders of more than 50% of such shares securities are present in person or by proxy or the vote of more than 50% of such sharessecurities, whichever is less. Unless sooner terminated as hereinafter provided, this Agreement shall continue in effect through December 18, 1999, and thereafter shall continue in effect for successive periods of 12 months thereafter, provided that each only so long as such continuance is specifically approved at least annually by (a) by the Board of Directors of the Fund, or, with respect to a particular Series, by the vote of the holders of a majority of the Company's Board outstanding voting securities of Directors such Series, and (b) by a majority of the directors who are not parties to the Agreement or interested persons (as defined in the Investment Company Act of 1940, as amended and the rules, regulations and releases relating thereto) Advisers or of the Company or the Adviser, Fund cast in person at a meeting called for the purpose of voting on approval and (b) either (i) the vote of such approval; provided that, if a majority of the outstanding voting securities of any of the Series approves this Agreement, this Agreement shall continue in effect with respect to such approving Series whether or not the shareholders of any other Series of the Fund or (ii) the vote of a majority of the Company's Board of Directorsapprove this Agreement. This Agreement may be terminated at any time without the payment of any penalty by the vote of the Board of Directors of the Company Fund, or by Advisers, upon sixty (60) days' written notice to the other party. This Agreement may be terminated with respect to a particular Series at any time without the payment of any penalty by the vote of the holders of a majority of the outstanding shares voting securities of the Fundsuch Series, upon sixty (60) days days' written notice to Advisers. Any termination may be made effective with respect to both the Adviser. The Adviser may terminate investment advisory and management services provided for in this Agreement without penalty on ninety (90) days written notice or with respect to the Companyeither of such kinds of services. This Agreement shall automatically terminate in the event of its assignment as defined in the Investment Company Act of 1940 and the rules thereunder. This Agreement shall automatically terminate upon completion of the dissolution, liquidation and winding up of the Fundassignment.

EFFECTIVE DATE, DURATION AND TERMINATION OF AGREEMENT. This Agreement shall become be effective as of the day and date first above written (the "Effective Date")on April 1, 1994. Wherever referred to in this Agreement, the vote or approval of the holders of a majority of the outstanding shares voting securities of a Series or the Fund shall mean the vote of 67% or more of such shares securities if the holders of more than 50% of such shares securities are present in person or by proxy or the vote of more than 50% of such sharessecurities, whichever is less. Unless sooner terminated as hereinafter provided, this Agreement shall continue in effect through December 18, 1999, and thereafter shall continue in effect for successive periods of 12 months thereafter, provided that each only so long as such continuance is specifically approved at least annually by (a) by the Board of Directors of the Fund, or with respect to a particular Series, by the vote of the holders of a majority of the Company's Board outstanding voting securities of Directors such Series, and (b) by a majority of the directors who are not parties to the Agreement or interested persons (as defined in the Investment Company Act of 1940, as amended and the rules, regulations and releases relating thereto) Securities or of the Company or the Adviser, Fund cast in person at a meeting called for the purpose of voting on approval and (b) either (i) the vote of such approval; provided that, if a majority of the outstanding voting securities of any of the Series approves this Agreement, this Agreement shall continue in effect with respect to such approving Series whether or not the shareholders of any other Series of the Fund or (ii) the vote of a majority of the Company's Board of Directorsapprove this Agreement. This Agreement may be terminated at any time without the payment of any penalty by the vote of the Board of Directors of the Company Fund or by the vote of the holders of a majority of the outstanding shares voting securities of the Fund, or by Securities, upon sixty (60) days written notice to the Adviserother party. The Adviser This Agreement may terminate this Agreement be terminated with respect to a particular Series at any time without the payment of any penalty on ninety by the vote of the holders of a majority of the outstanding voting securities of such Series, upon sixty (9060) days written notice to the CompanySecurities. This Agreement shall automatically terminate in the event of its assignment as defined in the Investment Company Act of 1940 and the rules thereunder. This Agreement shall automatically terminate upon completion of the dissolution, liquidation and winding up of the Fundassignment.

EFFECTIVE DATE, DURATION AND TERMINATION OF AGREEMENT. This Agreement shall become effective as of the day and date first above written (the "Effective Date"). Wherever referred to in this Agreement, the vote or approval of the holders of a majority of the outstanding shares of the Fund shall mean the vote of 67% or more of such shares if the holders of more than 50% of such shares are present in person or by proxy or the vote of more than 50% of such shares, whichever is less. Unless sooner terminated as hereinafter provided, this Agreement shall continue in effect through December 184, 19991997, and thereafter shall continue in effect for successive periods of 12 months thereafter, provided that each continuance is specifically approved annually by (a) the vote of a majority of the Company's Board of Directors who are not parties to the Agreement or interested persons (as defined in the Investment Company Act of 1940, as amended and the rules, regulations and releases relating thereto) of the Company or the Adviser, cast in person at a meeting called for the purpose of voting on approval and (b) either (i) the vote of a majority of the outstanding voting securities of the Fund or (ii) the vote of a majority of the Company's Board of Directors. This Agreement may be terminated at any time without the payment of any penalty by the vote of the Board of Directors of the Company or by the vote of the holders of a majority of the outstanding shares of the Fund, upon sixty (60) days written notice to the Adviser. The Adviser may terminate this Agreement without penalty on ninety (90) days written notice to the Company. This Agreement shall automatically terminate in the event of its assignment as defined in the Investment Company Act of 1940 and the rules thereunder. This Agreement shall automatically terminate upon completion of the dissolution, liquidation and winding up of the Fund.

EFFECTIVE DATE, DURATION AND TERMINATION OF AGREEMENT. This Agreement shall become effective as upon conversion of the day and date first above written Fund to an open-end management investment company (the "Effective Date"). Wherever referred to in this Agreement, the vote or approval of the holders of a majority of the outstanding shares of the Fund shall mean the vote of 67% or more of such shares if the holders of more than 50% of such shares are present in person or by proxy or the vote of more than 50% of such shares, whichever is less. Unless sooner terminated as hereinafter provided, this Agreement shall continue in effect through December 18August 15, 19991995, and thereafter shall continue in effect for successive periods of 12 months thereafter, provided that each continuance is specifically approved annually by (a) the vote of a majority of the CompanyFund's Board of Directors who are not parties to the Agreement or interested persons (as defined in the Investment Company Act of 1940, as amended and the rules, regulations and releases relating thereto) of the Company or the Adviser), cast in person at a meeting called for the purpose of voting on approval and (b) either (i) the vote of a majority of the outstanding voting securities of the Fund or (ii) the vote of a majority of the CompanyFund's Board of Directors. This Agreement may be terminated at any time without the payment of any penalty by the vote of the Board of Directors of the Company Fund or by the vote of the holders of a majority of the outstanding shares of the Fund, upon sixty (60) days written notice to the Adviser. The Adviser may terminate this Agreement without penalty on ninety (90) days written notice to the CompanyFund. This Agreement shall automatically terminate in the event of its assignment as defined in the Investment Company Act of 1940 and the rules thereunder. This Agreement shall automatically terminate upon completion of the dissolution, liquidation and winding up of the Fund.

EFFECTIVE DATE, DURATION AND TERMINATION OF AGREEMENT. This Agreement shall become effective as of the day and date first above written (the "Effective Date"). Wherever referred to in this Agreement, the vote or approval of the holders of a majority of the outstanding shares of the Fund shall mean the vote of 67% or more of such shares if the holders of more than 50% of such shares are present in person or by proxy or the vote of more than 50% of such shares, whichever is less. Unless sooner terminated as hereinafter provided, this Agreement shall continue in effect through December 183, 19991998, and thereafter shall continue in effect for successive periods of 12 months thereafter, provided that each continuance is specifically approved annually by (a) the vote of a majority of the Company's Board of Directors who are not parties to the Agreement or interested persons (as defined in the Investment Company Act of 1940, as amended and the rules, regulations and releases relating thereto) of the Company or the Adviser, cast in person at a meeting called for the purpose of voting on approval and (b) either (i) the vote of a majority of the outstanding voting securities of the Fund or (ii) the vote of a majority of the Company's Board of Directors. This Agreement may be terminated at any time without the payment of any penalty by the vote of the Board of Directors of the Company or by the vote of the holders of a majority of the outstanding shares of the Fund, upon sixty (60) days written notice to the Adviser. The Adviser may terminate this Agreement without penalty on ninety (90) days written notice to the Company. This Agreement shall automatically terminate in the event of its assignment as defined in the Investment Company Act of 1940 and the rules thereunder. This Agreement shall automatically terminate upon completion of the dissolution, liquidation and winding up of the Fund.

EFFECTIVE DATE, DURATION AND TERMINATION OF AGREEMENT. This Agreement shall become be effective as of the day and date first above written (the "Effective Date")to each Series on May 1, 1992. Wherever referred to in this Agreement, the vote or approval of the holders of a majority of the outstanding shares voting securities of a Series or of the Fund shall mean the vote of 67% or more of such shares securities if the holders of more than 50% of such shares securities are present in person or by proxy or the vote of more than 50% of such sharessecurities, whichever is less. Unless sooner terminated as hereinafter provided, this Agreement shall continue in effect through December 18, 1999, and thereafter shall continue in effect for successive periods of 12 months thereafter, provided that each only so long as such continuance is specifically approved at least annually by (a) by the Board of Directors of the Fund, or, with respect to a particular Series, by the vote of the holders of a majority of the Company's Board outstanding voting securities of Directors such Series, and (b) by a majority of the directors who are not parties to the Agreement or interested persons (as defined in the Investment Company Act of 1940, as amended and the rules, regulations and releases relating thereto) Advisers or of the Company or the Adviser, Fund cast in person at a meeting called for the purpose of voting on approval and (b) either (i) the vote of such approval; provided that, if a majority of the outstanding voting securities of any of the Series approves this Agreement, this Agreement shall continue in effect with respect to such approving Series whether or not the shareholders of any other Series of the Fund or (ii) the vote of a majority of the Company's Board of Directorsapprove this Agreement. This Agreement may be terminated at any time without the payment of any penalty by the vote of the Board of Directors of the Company Fund, or by Advisers, upon sixty (60) days' written notice to the other party. This Agreement may be terminated with respect to a particular Series at any time without the payment of any penalty by the vote of the holders of a majority of the outstanding shares voting securities of the Fundsuch Series, upon sixty (60) days days' written notice to Advisers. Any termination may be made effective with respect to both the Adviser. The Adviser may terminate investment advisory and management services provided for in this Agreement without penalty on ninety (90) days written notice or with respect to the Companyeither of such kinds of services. This Agreement shall automatically terminate in the event of its assignment as defined in the Investment Company Act of 1940 and the rules thereunder. This Agreement shall automatically terminate upon completion of the dissolution, liquidation and winding up of the Fundassignment.

EFFECTIVE DATE, DURATION AND TERMINATION OF AGREEMENT. This Agreement shall become effective as upon conversion of the day and date first above written Fund to an open-end management investment company (the "Effective Date"). Wherever referred to in this Agreement, the vote or approval of the holders of a majority of the outstanding shares of the Fund shall mean the vote of 67% or more of such shares if the holders of more than 50% of such shares are present in person or by proxy or the vote of more than 50% of such shares, whichever is less. Unless sooner terminated as hereinafter provided, this Agreement shall continue in effect through December 18, 1999___________, and thereafter shall continue in effect for successive periods of 12 months thereafter, provided that each continuance is specifically approved annually by (a) the vote of a majority of the CompanyFund's Board of Directors Trustees who are not parties to the Agreement or interested persons (as defined in the Investment Company Act of 1940, as amended and the rules, regulations and releases relating thereto) of the Company or the Adviser), cast in person at a meeting called for the purpose of voting on approval and (b) either (i) the vote of a majority of the outstanding voting securities of the Fund or (ii) the vote of a majority of the CompanyFund's Board of DirectorsTrustees. This Agreement may be terminated at any time without the payment of any penalty by the vote of the Board of Directors Trustees of the Company Fund or by the vote of the holders of a majority of the outstanding shares of the Fund, upon sixty (60) days written notice to the Adviser. The Adviser may terminate this Agreement without penalty on ninety (90) days written notice to the CompanyFund. This Agreement shall automatically terminate in the event of its assignment as defined in the Investment Company Act of 1940 and the rules thereunder. This Agreement shall automatically terminate upon completion of the dissolution, liquidation and winding up of the Fund.

EFFECTIVE DATE, DURATION AND TERMINATION OF AGREEMENT. This Agreement shall become effective as of the day and effective date first above written (of the "Effective Date"). Fund's Registration Statement on Form N-1A. Wherever referred to in this Agreement, the vote or approval of the holders of a majority of the outstanding voting securities or shares of the Fund a Series shall mean the vote of 67% or more of such shares if the holders of more than 50% of such shares are present in person or by proxy or the vote of more than 50% of such shares, whichever is less. Unless sooner terminated as hereinafter provided, this Agreement shall continue in effect through December 18, 1999with respect to each Series for a period of two years from the date of its execution, and thereafter shall continue in effect for successive periods of 12 months thereafter, provided that each only so long as such continuance is specifically approved at least annually by (a) by the Board of Directors of the Fund or by the vote of a majority of the Company's Board outstanding voting securities of Directors the applicable Series, and (b) by the vote of a majority of the directors who are not parties to the this Agreement or interested persons (as defined in the Investment Company Act of 1940, as amended and the rules, regulations and releases relating thereto) Interested Persons of the Company Adviser or of the AdviserFund, cast in person at a meeting called for the purpose of voting on approval and (b) either (i) the vote of a majority of the outstanding voting securities of the Fund or (ii) the vote of a majority of the Company's Board of Directorssuch approval. This Agreement may be terminated with respect to any Series at any time without the payment of any penalty by the vote of the Board of Directors of the Company Fund or by the vote of the holders of a majority of the outstanding shares voting securities of such Series, or by the FundAdviser, upon sixty (60) days 60 days' written notice to the Adviserother party. The Adviser Any such termination may terminate be made effective with respect to both the investment advisory and management services provided for in this Agreement without penalty on ninety (90) days written notice or with respect to the Companyeither of such kinds of services. This Agreement shall automatically terminate in the event of its assignment as defined in the Investment Company l940 Act of 1940 and the rules thereunder. This Agreement shall automatically terminate upon completion of the dissolution, liquidation and or winding up of the Fund.

EFFECTIVE DATE, DURATION AND TERMINATION OF AGREEMENT. This Agreement shall become effective as upon conversion of the day and date first above written Fund to an open-end management investment company (the "“Effective Date"”). Wherever referred to in this Agreement, the vote or approval of the holders of a majority of the outstanding shares of the Fund shall mean the vote of 67% or more of such shares if the holders of more than 50% of such shares are present in person or by proxy or the vote of more than 50% of such shares, whichever is less. Unless sooner terminated as hereinafter provided, this Agreement shall continue in effect through December 18June 8, 19992008, and thereafter shall continue in effect for successive periods of 12 months thereafter, provided that each continuance is specifically approved annually by (a) the vote of a majority of the Company's Fund’s Board of Directors Trustees who are not parties to the Agreement or interested persons (as defined in the Investment Company Act of 1940, as amended and the rules, regulations and releases relating thereto) of the Company or the Adviser), cast in person at a meeting called for the purpose of voting on approval and (b) either (i) the vote of a majority of the outstanding voting securities of the Fund or (ii) the vote of a majority of the Company's Fund’s Board of DirectorsTrustees. This Agreement may be terminated at any time without the payment of any penalty by the vote of the Board of Directors Trustees of the Company Fund or by the vote of the holders of a majority of the outstanding shares of the Fund, upon sixty (60) days written notice to the Adviser. The Adviser may terminate this Agreement without penalty on ninety (90) days written notice to the CompanyFund. This Agreement shall automatically terminate in the event of its assignment as defined in the Investment Company Act of 1940 and the rules thereunder. This Agreement shall automatically terminate upon completion of the dissolution, liquidation and winding up of the Fund.

EFFECTIVE DATE, DURATION AND TERMINATION OF AGREEMENT. This Agreement shall become effective as of the day and date first above written (the "“Effective Date"”). Wherever referred to in this Agreement, the vote or approval of the holders of a majority of the outstanding shares of the Fund shall mean the vote of 67% or more of such shares if the holders of more than 50% of such shares are present in person or by proxy or the vote of more than 50% of such shares, whichever is less. Unless sooner terminated as hereinafter provided, this Agreement shall continue in effect through December 1831, 19992004, and thereafter shall continue in effect for successive periods of 12 months thereafter, provided that each continuance is specifically approved annually by (a) the vote of a majority of the Company's ’s Board of Directors Managers who are not parties to the Agreement or interested persons (as defined in the Investment Company Act of 1940, as amended and the rules, regulations and releases relating theretoAct) of the Company or the Adviser, cast in person at a meeting called for the purpose of voting on approval and (b) either (i) the vote of a majority of the outstanding voting securities Interests of the Fund Company or (ii) the vote of a majority of the Company's ’s Board of DirectorsManagers. Wherever referred to in this Agreement, the vote or approval of the holders of a majority of the outstanding Interests of the Company shall mean the vote of 67% or more of such Interests if the holders of more than 50% of such Interests are present in person or by proxy or the vote of more than 50% of such Interests, whichever is less. This Agreement may be terminated at any time without the payment of any penalty by the vote of the Board of Directors Managers of the Company or by the vote of the holders of a majority of the outstanding shares Interests of the FundCompany, upon sixty (60) days written notice to the Adviser. The Adviser may terminate this Agreement without penalty on ninety (90) days written notice to the Company. This Agreement shall automatically terminate in the event of its assignment as defined in the Investment Company Act of 1940 and the rules thereunderAct. This Agreement shall automatically terminate upon completion of the dissolution, liquidation and winding up of the FundCompany.

EFFECTIVE DATE, DURATION AND TERMINATION OF AGREEMENT. This Agreement shall become effective as upon conversion of the day and date first above written Fund to an open-end management investment company (the "“Effective Date"”). Wherever referred to in this Agreement, the vote or approval of the holders of a majority of the outstanding shares of the Fund shall mean the vote of 67% or more of such shares if the holders of more than 50% of such shares are present in person or by proxy or the vote of more than 50% of such shares, whichever is less. Unless sooner terminated as hereinafter provided, this Agreement shall continue in effect through December 18April 4, 19992008, and thereafter shall continue in effect for successive periods of 12 months thereafter, provided that each continuance is specifically approved annually by (a) the vote of a majority of the Company's Fund’s Board of Directors Trustees who are not parties to the Agreement or interested persons (as defined in the Investment Company Act of 1940, as amended and the rules, regulations and releases relating thereto) of the Company or the Adviser), cast in person at a meeting called for the purpose of voting on approval and (b) either (i) the vote of a majority of the outstanding voting securities of the Fund or (ii) the vote of a majority of the Company's Fund’s Board of DirectorsTrustees. This Agreement may be terminated at any time without the payment of any penalty by the vote of the Board of Directors Trustees of the Company Fund or by the vote of the holders of a majority of the outstanding shares of the Fund, upon sixty (60) days written notice to the Adviser. The Adviser may terminate this Agreement without penalty on ninety (90) days written notice to the CompanyFund. This Agreement shall automatically terminate in the event of its assignment as defined in the Investment Company Act of 1940 and the rules thereunder. This Agreement shall automatically terminate upon completion of the dissolution, liquidation and winding up of the Fund.

EFFECTIVE DATE, DURATION AND TERMINATION OF AGREEMENT. This Agreement shall become effective as of the day and date first above written upon signature by both parties (the "“Effective Date"”). Wherever referred to in this Agreement, the vote or approval of the holders of a majority of the outstanding shares of the Fund shall mean the vote of 67% or more of such shares if the holders of more than 50% of such shares are present in person or by proxy or the vote of more than 50% of such shares, whichever is less. Unless sooner terminated as hereinafter provided, this Agreement shall continue in effect through December 18June 1, 19992010, and thereafter shall continue in effect for successive periods of 12 months thereafter, provided that each continuance is specifically approved annually by (a) the vote of a majority of the Company's Fund’s Board of Directors Trustees who are not parties to the Agreement or interested persons (as defined in the Investment Company Act of 1940, as amended and the rules, regulations and releases relating thereto) of the Company or the Adviser), cast in person at a meeting called for the purpose of voting on approval and (b) either (i) the vote of a majority of the outstanding voting securities of the Fund or (ii) the vote of a majority of the Company's Fund’s Board of DirectorsTrustees. This Agreement may be terminated at any time without the payment of any penalty by the vote of the Board of Directors Trustees of the Company Fund or by the vote of the holders of a majority of the outstanding shares of the Fund, upon sixty (60) days written notice to the Adviser. The Adviser may terminate this Agreement without penalty on ninety (90) days written notice to the CompanyFund. This Agreement shall automatically terminate in the event of its assignment as defined in the Investment Company Act of 1940 and the rules thereunder. This Agreement shall automatically terminate upon completion of the dissolution, liquidation and winding up of the Fund.