Renewal, Termination and Survival Clause Samples
Renewal, Termination and Survival. (a) The term of this Agreement begins on February 26, 2018 and will continue until August 30, 2019, and will renew from year to year thereafter, if such continuance is specifically approved at least annually by a vote of the holders of the majority of the outstanding voting securities of the Fund, or by a vote of the majority of the Board, and if such continuance is also approved annually by a vote of the majority of the Board who are not parties or interested persons of the parties to this Agreement, cast in person at a meeting called for the purpose of voting on such approval.
(b) This Agreement may be terminated at any time without payment of penalty upon the occurrence of one of the following: (i) by the Board or by a vote of a majority of the outstanding voting securities of the class of capital stock of the Fund on 60 days’ prior written notice, or (ii) by either party hereto upon 60 days’ prior written notice to the other. This Agreement will terminate automatically upon any termination of the Advisory Agreement or in the event of its assignment. The terms “interested person,” “assignment” and “vote of a majority of the outstanding voting securities” shall have the meanings set forth in the 1940 Act.
(c) Any right, obligation or required performance of the parties in this Agreement that, by its express terms or nature and context, is intended to survive termination of this Agreement, shall survive any such termination.
Renewal, Termination and Survival a. This Agreement shall not become effective as to any Fund unless and until it is approved by the Board, including a majority of the Board members who are not “interested persons” of the Trust or any party to this Agreement, by a vote cast in person at a meeting called for the purpose of voting such approval, and by a majority of the outstanding voting securities of such Fund.
b. Subject to Section 6(a), the initial term of this Agreement begins on May 18, 2017 and will continue until August 30, 2018, and will renew from year to year thereafter as to the Fund, if such continuance is specifically approved at least annually either by a vote of the holders of the majority of the outstanding voting securities of such Fund, or by a vote of the majority of the Board, and if such continuance is also approved annually by a vote of the majority of the Board who are not interested persons of the Trust or any party to this Agreement, cast in person at a meeting called for the purpose of voting on such approval.
c. This Agreement may be terminated at any time with respect to all or any Fund(s) without payment of penalty upon the occurrence of one of the following: (i) by the Board or by a vote of a majority of the outstanding voting securities of such Fund on 60 days’ prior written notice, or (ii) by either party hereto upon 60 days’ prior written notice to the other. This Agreement will terminate automatically upon any termination of the IMA or in the event of its assignment. The terms “interested person,” “assignment” and “vote of a majority of the outstanding voting securities” shall have the meanings set forth in the 1940 Act and the rules thereunder, and any relevant interpretations thereof by (or exemptions or no-action positions issued by) the SEC or its staff.
d. Any right, obligation or required performance of the parties in this Agreement that, by its express terms or nature and context, is intended to survive termination of this Agreement, shall survive any such termination.
e. Termination of this Agreement with respect to one Fund shall not constitute a termination of this Agreement with respect to the other Funds.