Common use of Term and Effectiveness Clause in Contracts

Term and Effectiveness. The Prior Agreement became effective as of May 6, 2016 and this Agreement shall become effective as of the date first set forth above. This Agreement shall remain in effect for two (2) years from the effective date of the Prior Agreement, 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 1000 Xxx) 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 entitled to vote and the vote of a majority of the Company's Independent Trustees.

Term and Effectiveness. The Prior Agreement became effective as of May 6, 2016 2016, and this Agreement shall become effective as of the date first set forth above. This Agreement shall remain in effect for two (2) years from the effective date of the Prior Agreement, 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 TrusteesDirectors and the Master Fund Board, including the vote of a majority of the Company's Master Fund’s trustees who are not "“interested persons" ” (as such term is defined in Section 2(a)(19) of the 1000 Xxx) of any party to this Agreement (the "“Independent Trustees"”), in accordance with the requirements of the 1940 Act, or (ii) by (A) the vote of the holders of a majority of the outstanding voting securities of the Company entitled to vote and vote, (B) the vote of a majority of the Company's Board of Directors and (C) a vote of a majority of the Independent Trustees.

Term and Effectiveness. The Prior Agreement became effective as of May 6, 2016 2016, and this Agreement shall become effective as of the date first set forth above. This Agreement shall remain in effect for two (2) years from the effective date of the Prior Agreement, 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 1000 Xxx) 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 entitled to vote and the vote of a majority of the Company's Independent Trustees.

Term and Effectiveness. The Prior Agreement became effective as of May 6, 2016 and this This Agreement shall become effective as of the date first set forth abovethat the Company receives its Seed Capital Investments, as such term is defined in the Prospectus. This Once effective, this Agreement shall remain in effect for two (2) years from the effective date of the Prior Agreementyears, 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 1000 Xxx) 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 entitled to vote and Company, including the vote of a majority of the Company's ’s Independent Trustees.

Term and Effectiveness. The Prior Agreement became effective as of May 6, 2016 and this This Agreement shall become effective as of the date first set forth abovethat the Registration Statement of any feeder fund of the Company is declared effective by the SEC. This Once effective, this Agreement shall remain in effect for two (2) years from the effective date of the Prior Agreementyears, 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 1000 Xxx) 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 entitled to vote and Company, including the vote of a majority of the Company's ’s Independent Trustees.

Term and Effectiveness. The Prior Agreement became effective as of May 6, 2016 and this This Agreement shall become effective as of the date first set forth abovethat the Company receives its Seed Capital Investments, as such term is defined in the Prospectus. This Subject to Section 9(b) below, this Agreement shall remain in effect for two (2) years from the effective date of the Prior Agreementyears, 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 ’s trustees who are not "“interested persons" ” (as such term is defined in Section 2(a)(19) of the 1000 Xxx) 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 entitled to vote and Company, including the vote of a majority of the Company's ’s Independent Trustees.

Term and Effectiveness. The Prior Agreement became effective as of May 6, 2016 and this This Agreement shall become effective as of the date first set forth abovethat the Company receives its Seed Capital Investments, as such term is defined in the Prospectus. This Once effective, this Agreement shall remain in effect for two (2) years from the effective date of the Prior Agreementyears, 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 1000 Xxx) 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 entitled to vote and the vote of a majority of the Company's ’s Independent Trustees.