Common use of Independent Trustees Clause in Contracts

Independent Trustees. After completion of the Trust's initial public offering of Shares, a majority of the Trustees holding office shall at all times be Trustees who are not "interested persons" of the Trust (as defined in the Investment Company Act of 1940, as amended), except for the fact of their being Trustees; and, provided, however, that less than a majority of the Trustees may be such independent Trustees on a temporary basis by reason of the death, resignation, removal or other vacancy in the office of one or more Trustees.

Independent Trustees. After completion of the Trust's initial public offering of Shares, a majority of the Trustees holding office shall at all times be Trustees who are not "interested persons" of the Trust (as defined in the Investment Company Act of 1940, as amended), except for the fact of their being Trustees; and, providedPROVIDED, howeverHOWEVER, that less than a majority of the Trustees may be such independent Trustees on a temporary basis by reason of the death, resignation, removal or other vacancy in the office of one or more Trustees.

Independent Trustees. After completion of the Trust's ’s initial public offering of Shares, a majority of the Trustees holding office shall at all times be Trustees who are not "“interested persons" ” of the Trust (as defined in the Investment Company Act of 1940, as amended), except for the fact of their being Trustees; and, provided, however, that less than a majority of the Trustees may be such independent Trustees on a temporary basis by reason of the death, resignation, removal or other vacancy in the office of one or more Trustees.