Common use of Nomination, Approval and Election of Affiliated Directors Clause in Contracts

Nomination, Approval and Election of Affiliated Directors. The Affiliated Directors shall hold office for a term of two years from their election and until their successors are elected, or, if sooner, until their death, Incapacity, resignation or removal pursuant to Article 11. The Affiliated Directors shall nominate their successors who shall be elected at the Biannual Meeting pursuant to the provisions of Section 3.8 hereof. Affiliated Directors may succeed themselves in office. A majority of Affiliated Directors may designate Affiliated Directors to fill any vacancies created by any increase in the number of Affiliated Directors or by the death, Incapacity, withdrawal or removal of an Affiliated Director. Subject to Section 11.5(a), each Member other than a Director hereby consents to the appointment of any successor Affiliated Directors pursuant hereto, and no further consent shall be required. Any successor Affiliated Director shall hold office until the next Biannual Meeting of Members and until his or her successor has been approved and elected or, if sooner, until his or her death, Incapacity, resignation or removal pursuant to this Agreement. In the event that the Affiliated Directors fail to designate a successor Affiliated Director, or no Affiliated Directors remain, the Independent Directors shall continue the business of the Fund and shall perform all duties of the Directors under this Agreement, and shall, within 90 days, designate Independent Directors to fill each such vacancy. Any such Independent Director who succeeds an Affiliated Director shall hold office until the next Biannual Meeting of Members and until his or her successor has been approved and elected or, if sooner, until his or her death, Incapacity, resignation or removal pursuant to this Agreement.

Nomination, Approval and Election of Affiliated Directors. The Affiliated Directors shall hold office for a term of two years from their election and until their successors are elected, or, if sooner, until their death, Incapacity, resignation unless they resign or removal withdraw sooner or are removed pursuant to Article 11. The Affiliated Directors shall nominate their successors who shall be elected at the Biannual Meeting pursuant to the provisions of Section 3.8 hereof. Affiliated Directors may succeed themselves in office. A majority of Affiliated Directors may designate Affiliated Directors to fill any vacancies created by any increase in the number of Affiliated Directors or by the death, Incapacity, withdrawal or removal of an Affiliated Director. Subject to Section 11.5(a), each Each Member other than a Director hereby consents to the appointment admission of any successor Affiliated Directors pursuant hereto, and no further consent shall be required. Any successor Affiliated Director shall hold office until the next Biannual Meeting of Members and until his or her successor has been approved and elected orelected, if sooner, until his unless he or her death, Incapacity, resignation she is sooner removed or removal withdraws pursuant to this Agreement. In the event that the Affiliated Directors fail to designate a successor Affiliated Director, or no Affiliated Directors remain, the Independent Directors Board shall continue the business of the Fund and shall perform all duties of the Directors under this Agreement, and shall, within 90 days, designate Independent Directors to fill each such vacancy. Any such Independent Director who succeeds an Affiliated Director shall hold office until the next Biannual Meeting of Members and until his or her successor has been approved and elected orelected, if sooner, until his unless he or her death, Incapacity, resignation she is sooner removed or removal withdraws pursuant to this Agreement.