Common use of Disinterested Directors Clause in Contracts

Disinterested Directors. FAIP agrees that a majority of the Board of Directors of FAIP ("Board") will consist of persons who are not "interested persons" of the Company, as defined by Section 2(a)(19) of the 1940 Act and the rules thereunder and as modified by any applicable orders of the SEC ("Disinterested Directors"), except that if this condition is not met by reason of the death, disqualification, or bona fide resignation of any director, then the operation of this condition shall be suspended (a) for a period of forty-five (45) days if the vacancy or vacancies may be filled by the Board; (b) for a period of sixty (60) days if a vote of shareholders is required to fill the vacancy or vacancies; or (c) for such longer period as the SEC may prescribe by order upon application.

Disinterested Directors. FAIP PREMIUM FUND agrees that its Board of Directors shall at all times consist of directors a majority of whom (the Board of Directors of FAIP ("BoardDisinterested Directors") will consist of persons who are not "interested persons" persons of PREMIUM FUND within the Company, as defined by meaning of Section 2(a)(19) of the 1940 Act and the rules thereunder and as modified by any applicable orders of the SEC ("Disinterested Directors")SEC, except that if this condition is not met by reason of the death, disqualification, or bona fide resignation of any director, then the operation of this condition shall be suspended (a) for a period of forty-five (45) days if the vacancy or vacancies may be filled by the Board; (b) for a period of sixty (60) days if a vote of shareholders is required to fill the vacancy or vacancies; or (c) for such longer period as the SEC may prescribe by order upon application.

Disinterested Directors. FAIP agrees that a majority of the Board of Directors of the FAIP ("Board") will consist of persons who are not "interested persons" of the Company, as defined by Section 2(a)(19) of the 1940 Act and the rules thereunder and as modified by any applicable orders of the SEC ("Disinterested Directors"), except that if this condition is not met by reason of the death, disqualification, or bona fide resignation of any director, then the operation of this condition shall be suspended (a) for a period of forty-five (45) days if the vacancy or vacancies may be filled by the Board; (b) for a period of sixty (60) days if a vote of shareholders is required to fill the vacancy or vacancies; or (c) for such longer period as the SEC may prescribe by order upon application.