Common use of Disinterested Directors Clause in Contracts

Disinterested Directors. The Fund agrees that the Board of Trustees shall at all times consist of Trustees, a majority of whom (the "Disinterested Directors") are not interested persons of the Adviser or the Distributor within the meaning of Section 2(a)(19) of the 1940 Act and the rules thereunder and as modified by any applicable orders of the SEC, except that if this condition is not met by reason of the death, disqualification, or bona fide resignation of any Trustee or Trustees, then the operation of this condition shall be suspended (a) for a period of 45 days if the vacancy or vacancies may be filled by the Board of Trustees; (b) for a period of 60 days if a vote of shareholders is permitted to fill the vacancy or vacancies; or (c) for such longer period as the SEC may permit.

Disinterested Directors. The Each Variable Fund agrees that the its Board of Trustees Directors shall at all times consist of Trustees, directors a majority of whom (the "Disinterested Directors") are not interested persons of the Adviser or the Distributor Variable Fund within the meaning of Section 2(a)(19) of the 1940 Act and the rules thereunder and as modified by any applicable orders of the SEC, except that if this condition is not met by reason of the death, disqualification, or bona fide resignation of any Trustee or Trusteesdirector, then the operation of this condition shall be suspended (a) for a period of 45 forty-five (45) days if the vacancy or vacancies may be filled by the Board of TrusteesBoard; (b) for a period of 60 sixty (60) days if a vote of shareholders is permitted required to fill the vacancy or vacancies; or (c) for such longer period as the SEC may permitprescribe by order upon application.

Disinterested Directors. The Fund agrees that the Board of Trustees shall at all times consist of Trustees, a majority of whom (the "Disinterested Directors") are not interested persons of the Adviser or the Distributor within the meaning of Section 2(a)(19) of the 1940 Act and the rules thereunder and as modified by any applicable orders of the SEC, except that if this condition is not met by reason of the death, disqualification, or bona fide resignation of any Trustee or Trustees, then the operation of this condition shall be suspended (a) for a period of 45 days if the vacancy or vacancies may be filled by the Board of Trustees; (b) for a period of 60 days if a vote of shareholders is permitted to fill the vacancy or vacancies; or (cC) for such longer period as the SEC may permit.

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