Term Renewal and Cancellation and Termination
Term Renewal and Cancellation and Termination Sample Clauses
Related to Term Renewal and Cancellation and Termination
Term and Termination This Agreement shall take effect upon the date first written above, and shall remain in effect for seven (7) years ("Initial Term"). Thereafter, this Agreement will automatically renew for one term of three (3) years ("Renewal Term") unless either Party provides written notice to the other, not less than twelve (12) months prior to the end of the Initial Term or Renewal Term, of its intent to terminate this Agreement. Either Party may terminate this Agreement reserving all other remedies and rights hereunder in whole or in part and otherwise available in law or equity, upon the occurrence of an Event of Default, as defined herein. Upon the occurrence of an Event of Default, the non-defaulting Party may terminate this Agreement by giving notice of its intent to terminate. Such written notice shall describe the Event of Default. Fingerhut shall have the right to terminate this Agreement by written notice to Metris upon the occurrence of a Change of Control (as defined below) with respect to Metris. A "Change in Control" shall be deemed to have occurred if (a) any person or group (within the meaning or Rule 13d-5 of the Securities Exchange Act of 1934 as in effect on the date hereof) other than Fingerhut shall own directly or indirectly, beneficially or of record, shares representing more than 25% of the aggregate ordinary voting power represented by the issued and outstanding capital stock of Metris; (b) a majority of the seats (other than vacant seats) on the board of directors of Metris shall at any time be occupied by persons who were neither (i) nominated by Fingerhut, or by the board of directors of Metris, nor (ii) appointed by directors so nominated; or
Duration and Termination This Agreement shall become effective with respect to each Fund as of the corresponding effective date indicated in Appendix A and, unless sooner terminated with respect to a Fund as provided herein, shall continue in effect for a period of two years as to such Fund. Thereafter, if not terminated, this Agreement shall continue in effect with respect to the Fund for successive periods of 12 months, provided such continuance is specifically approved at least annually by both (a) the vote of a majority of the Trust’s Board of Trustees or the vote of a majority of the outstanding voting securities of the Fund at the time outstanding and entitled to vote, and (b) the vote of a majority of the Trustees who are not parties to this Agreement or interested persons of any party to this Agreement, cast in person at a meeting called for the purpose of voting on such approval. Notwithstanding the foregoing, this Agreement may be terminated by the Trust at any time as to a Fund, without the payment of any penalty, upon giving the Advisor 60 days’ notice (which notice may be waived by the Advisor), provided that such termination by the Trust shall be directed or approved (x) by the vote of a majority of the Trustees of the Trust in office at the time or by the vote of the holders of a majority of the voting securities of the Fund at the time outstanding and entitled to vote, or (y) by the Advisor on 60 days’ written notice (which notice may be waived by the Trust). This Agreement will also immediately terminate in the event of its assignment. (As used in this Agreement, the terms “majority of the outstanding voting securities,” “interested person” and “assignment” shall have the same meanings of such terms in the 1940 Act.)
