Common use of EFFECTIVENESS, DURATION AND TERMINATION Clause in Contracts

EFFECTIVENESS, DURATION AND TERMINATION. (a) This Agreement shall become effective on the date first written above and shall remain in effect with respect to the Fund for a period of two years from the date of its effectiveness and shall continue in effect for successive twelve-month periods (computed from each anniversary date of the approval); provided that such continuance is specifically approved at least annually (i) by the Board or by the vote of a majority of the outstanding voting securities of the Fund, and, in either case, (ii) by a majority of the Trust’s Trustees who are not parties to this Agreement or interested persons of any such party (other than as Trustees of the Trust); provided further, however, that if this Agreement or the continuation of this Agreement is not approved, the Subadviser may continue to render to the Fund the services described herein in the manner and to the extent permitted by the Act and the rules and regulations thereunder. (b) This Agreement may be terminated at any time with respect to the Fund, without the payment of any penalty (i) by the Board or by a vote of a majority of the outstanding voting securities of the Fund on 60 days’ written notice to the Subadviser; (ii) by the Adviser on 60 days’ written notice to the Subadviser; or (iii) by the Subadviser on 60 days’ written notice to the Adviser and the Trust. This Agreement shall terminate automatically upon assignment as defined in the Act.

EFFECTIVENESS, DURATION AND TERMINATION. (a) This Agreement shall become effective on the date first written above and shall remain in effect with respect to the Fund for a period of two years from the date of its effectiveness and shall continue in effect for successive twelve-month periods (computed from each anniversary date of the approval); provided that such continuance is specifically approved at least annually (i) by the Board or by the vote of a majority of the outstanding voting securities of the Fund, and, in either case, (ii) by a majority of the Trust’s 's Trustees who are not parties to this Agreement or interested persons of any such party (other than as Trustees of the Trust); provided further, however, that if this Agreement or the continuation of this Agreement is not approved, the Subadviser may continue to render to the Fund the services described herein in the manner and to the extent permitted by the Act and the rules and regulations thereunder. (b) This Agreement may be terminated at any time with respect to the Fundtime, without the payment of any penalty (i) by the Board or by a vote of a majority of the outstanding voting securities of the Fund on 60 days’ ' written notice to the Subadviser; (ii) by the Adviser on 60 days’ ' written notice to the Subadviser; or (iii) by the Subadviser on 60 days’ ' written notice to the Adviser and the Trust. This Agreement shall terminate automatically upon assignment as defined in the Act.

EFFECTIVENESS, DURATION AND TERMINATION. (a) This Agreement shall become effective on with respect to the date first written above and Fund immediately upon the later of approval by a majority of the Trust's Trustees who are not parties to this Agreement or interested persons of any such party (other than as trustees of the Trust) and, if required by applicable law, by a vote of a majority of the outstanding voting securities of the Fund. (b) This Agreement shall remain in effect with respect to the Fund for a period of two years from the date of its effectiveness and shall continue in effect for successive twelve-month annual periods (computed from each anniversary date of with respect to the approval)Fund; provided that such continuance is specifically approved at least annually (i) by the Board or by the vote of a majority of the outstanding voting securities of the Fund, and, in either case, (ii) by a majority of the Trust’s 's Trustees who are not parties to this Agreement or interested persons of any such party (other than as Trustees trustees of the Trust); provided further, however, that if this Agreement or the continuation of this Agreement is not approvedapproved as to the Fund, the Subadviser Sub-advisor may continue to render to the that Fund the services described herein in the manner and to the extent permitted by the 1940 Act and the rules and regulations thereunder. (bc) This Agreement may be terminated at any time with respect to the FundFund at any time, without the payment of any penalty penalty, (i) by the Board or Board, by a vote of a majority of the outstanding voting securities of the Fund or by the Advisor on 60 days’ ' written notice to the Subadviser; Sub-advisor or (ii) by the Adviser Sub-advisor on 60 days’ ' written notice to the Subadviser; or (iii) by the Subadviser on 60 days’ written notice to the Adviser and the Trust. This Agreement shall terminate automatically immediately (x) upon its assignment as defined in or (y) upon termination of the ActAdvisory Agreement.

EFFECTIVENESS, DURATION AND TERMINATION. (a) This Agreement shall become effective on with respect to the date first written above Growth and Income Fund immediately upon the later of approval by a majority of the Trust's trustees who are not parties to this Agreement or interested persons of any such party (other than as trustees of the Trust) and, if required by applicable law, by a vote of a majority of the outstanding voting securities of the Fund. (b) This Agreement shall remain in effect with respect to the a Fund for a period of two years from the date of its effectiveness and shall continue in effect for successive twelve-month annual periods (computed from each anniversary date of with respect to the approval)Fund; provided that such continuance is specifically approved at least annually (i) by the Board or by the vote of a majority of the outstanding voting securities of the Fund, and, in either case, (ii) by a majority of the Trust’s Trustees 's trustees who are not parties to this Agreement or interested persons of any such party (other than as Trustees trustees of the Trust); provided further, however, that if this Agreement or the continuation of this Agreement is not approvedapproved as to a Fund, the Subadviser Sub-Adviser may continue to render to the that Fund the services described herein in the manner and to the extent permitted by the 1940 Act and the rules and regulations thereunder. (bc) This Agreement may be terminated at any time with respect to the FundGrowth and Income Fund at any time, without the payment of any penalty penalty, (i) by the Board or Board, by a vote of a majority of the outstanding voting securities of the Fund on 60 days’ written notice to the Subadviser; (ii) or by the Adviser on 60 days’ ' written notice to the Subadviser; Sub-Adviser or (iiiii) by the Subadviser Sub-Adviser on 60 days’ ' written notice to the Adviser and the Trust. This Agreement shall terminate automatically immediately (x) upon its assignment as defined in or (y) upon termination of the ActAdvisory Agreement.

EFFECTIVENESS, DURATION AND TERMINATION. (a) This Agreement shall become effective on with respect to the Fund as of the date first written above hereof; and shall remain terminate 150 days after such effective date with respect to such Fund unless it has been approved by a majority of such Fund’s shareholders prior to such termination date (such period preceding such termination or Fund shareholder approval, the “Interim Period”). If so approved, then unless sooner terminated with respect to such Fund as provided herein, this Agreement shall continue in effect with respect to such Fund until the Fund for a period of two years from second anniversary hereof. (b) After the date of its effectiveness and second anniversary, if not terminated with respect to the Fund, this Agreement shall continue in effect for successive twelve-month annual periods (computed from each anniversary date of with respect to the approval)Fund thereafter; provided that such continuance is specifically approved at least annually (i) by the vote of a majority of the Trust's Board of Trustees or by the vote of a majority of the outstanding voting securities of the Fund, and, in either case, (ii) by the vote of a majority of the Trust’s 's Trustees who are not parties to this Agreement or interested persons of any such party (other than as Trustees trustees of the Trust); provided further, however, that if this Agreement or cast in person at a meeting called for the continuation purpose of this Agreement is not approved, the Subadviser may continue to render to the Fund the services described herein in the manner and to the extent permitted by the Act and the rules and regulations thereundervoting on such approval. (bc) This Agreement may be terminated at any time with respect to the FundFund at any time, without the payment of any penalty penalty, (i) by the Board or Board, by a vote of a majority of the outstanding voting securities of the Fund or by the Advisor on 60 days’ ' written notice to the Subadviser; Sub-advisor or (ii) by the Adviser Sub-advisor on 60 days’ ' written notice to the Subadviser; or (iii) by the Subadviser on 60 days’ written notice to the Adviser and the Trust. This Agreement shall terminate automatically immediately (x) upon its assignment as defined in or (y) upon termination of the ActAdvisory Agreement.

EFFECTIVENESS, DURATION AND TERMINATION. (a) This Upon approval by a majority of the outstanding voting securities of a Fund, this Agreement shall become effective on with respect to a Fund immediately after the date first written above Exchange as provided in the Agreement and Plan of Reorganization by and among the Trust, the Adviser, BIA Emerging Growth Fund Limited Partnership, BIA Growth Equity Fund Limited Partnership, and BAT Commingled Fund Manager, Inc. dated June 23, 1999. (b) This Agreement shall remain in effect with respect to the a Fund for a period of two years from the date of its effectiveness and shall continue in effect for successive twelve-month annual periods (computed from each anniversary date of with respect to the approval)Fund; provided that such continuance is specifically approved at least annually annually: (i) by the Board or by the vote of a majority of the outstanding voting securities of the Fund, and, in either case, ; (ii) by a majority of the Trust’s Trustees 's trustees who are not parties to this Agreement or interested persons of any such party (other than as Trustees trustees of the Trust); provided further, however, that if this Agreement or the continuation of this Agreement is not approvedapproved as to a Fund, the Subadviser Adviser may continue to render to the that Fund the services described herein in the manner and to the extent permitted by the 1940 Act and the rules and regulations thereunder. (bc) This Agreement may be terminated at any time with respect to the Funda Fund at any time, without the payment of any penalty penalty: (i) by the Board or by a vote of a majority of the outstanding voting securities of the Fund on 60 days’ ' written notice to the SubadviserAdviser; or (ii) by the Adviser on 60 days’ ' written notice to the Subadviser; or (iii) by the Subadviser on 60 days’ written notice to the Adviser and the Trust. This Agreement shall terminate automatically immediately upon assignment as defined in the Actits assignment.

EFFECTIVENESS, DURATION AND TERMINATION. (a) This Agreement shall become effective on the date first written above and shall remain in effect with respect to the each Fund for a period of two years from the date of its effectiveness and shall continue in effect for successive twelve-month periods (computed from each anniversary date of the approval); provided that such continuance is specifically approved at least annually (i) by the Board or by the vote of a majority of the outstanding voting securities of the that Fund, and, in either case, (ii) by a majority of the Trust’s Trustees who are not parties to this Agreement or interested persons of any such party (other than as Trustees of the Trust); provided further, however, that if this Agreement or the continuation of this Agreement is not approved, the Subadviser may continue to render to the a Fund the services described herein in the manner and to the extent permitted by the Act and the rules and regulations thereunder. (b) This Agreement may be terminated at any time with respect to the a Fund, without the payment of any penalty (i) by the Board or by a vote of a majority of the outstanding voting securities of the such Fund on 60 days’ written notice to the Subadviser; (ii) by the Adviser on 60 days’ written notice to the Subadviser; or (iii) by the Subadviser on 60 days’ written notice to the Adviser and the Trust. This Agreement shall terminate automatically upon assignment as defined in the Act.

EFFECTIVENESS, DURATION AND TERMINATION. (a) This Agreement shall become effective on with respect to the date first written above and Fund concurrent with the effectiveness of the Advisory Agreement, upon the later of approval by a majority of the Board, including a majority of the Trust's Trustees who are not interested persons (as defined in the 1940 Act) and, if required by applicable law, by a vote of a majority of the outstanding voting securities of the Fund. (b) This Agreement shall remain in effect with respect to the Fund Funds for a period of two years from the date of its effectiveness and shall continue in effect for successive twelve-month annual periods (computed from each anniversary date of with respect to the approval)Funds; provided that such continuance is specifically approved at least annually (i) by the Board or by the vote of a majority of the outstanding voting securities of the Fund, andand in, in either case, (ii) by a majority of the Trust’s Trustees who are not parties to this Agreement or interested persons of any such party (other than as Trustees of defined in the Trust1940 Act); provided further, however, that if this Agreement or the continuation of this Agreement is not approvedapproved as to a Fund, the Subadviser may continue to render to the that Fund the services described herein in the manner and to the extent permitted by the 1940 Act and the rules and regulations thereunder. (bc) This Agreement may be terminated at any time with respect to the Funda Fund at any time, without the payment of any penalty penalty, (i) by the Board or Board, by a vote of a majority of the outstanding voting securities of the Fund on 60 days’ written notice to the Subadviser; (ii) or by the Adviser on 60 days’ ' written notice to the Subadviser; Subadviser or (iiiii) by the Subadviser on 60 days’ ' written notice to the Adviser and the Trust. This Agreement shall terminate automatically immediately (x) upon its assignment as defined in or (y) upon termination of the ActAdvisory Agreement.

EFFECTIVENESS, DURATION AND TERMINATION. (a) This Agreement shall become effective on with respect to a Fund immediately upon the date first written above and later of approval by a majority of the Trust's Trustees who are not parties to this Agreement or interested persons of any such party (other than as trustees of the Trust) and, if required by applicable law, by a vote of a majority of the outstanding voting securities of the Fund. (b) This Agreement shall remain in effect with respect to the a Fund for a period of two years from the date of its effectiveness and shall continue in effect for successive twelve-month annual periods (computed from each anniversary date of with respect to the approval)Fund; provided that such continuance is specifically approved at least annually (i) by the Board or by the vote of a majority of the outstanding voting securities of the Fund, and, in either case, (ii) by a majority of the Trust’s 's Trustees who are not parties to this Agreement or interested persons of any such party (other than as Trustees trustees of the Trust); provided further, however, that if this Agreement or the continuation of this Agreement is not approvedapproved as to a Fund, the Subadviser may continue to render to the that Fund the services described herein in the manner and to the extent permitted by the 1940 Act and the rules and regulations thereunder. (bc) This Agreement may be terminated at any time with respect to the Funda Fund at any time, without the payment of any penalty penalty, (i) by the Board or Board, by a vote of a majority of the outstanding voting securities of the Fund on 60 days’ written notice to the Subadviser; (ii) or by the Adviser on 60 days’ ' written notice to the Subadviser; Subadviser or (iiiii) by the Subadviser on 60 days’ ' written notice to the Adviser and the Trust. This Agreement shall terminate automatically immediately (x) upon its assignment as defined in or (y) upon termination of the ActAdvisory Agreement.

EFFECTIVENESS, DURATION AND TERMINATION. (a) This Agreement shall become effective on the date first written above and shall remain in effect with respect to the each Fund for a period of two years from the date of its effectiveness and shall continue in effect for successive twelve-month periods (computed from each anniversary date of the approval); provided that such continuance is specifically approved at least annually (i) by the Board or by the vote of a majority of the outstanding voting securities of the applicable Fund, and, in either case, (ii) by a majority of the Trust’s 's Trustees who are not parties to this Agreement or interested persons of any such party (other than as Trustees of the Trust); provided further, however, that if this Agreement or the continuation of this Agreement is not approved, the Subadviser may continue to render to the applicable Fund the services described herein in the manner and to the extent permitted by the Act and the rules and regulations thereunder. (b) This Agreement may be terminated at any time with respect to the a Fund, without the payment of any penalty penalty (i) by the Board or by a vote of a majority of the outstanding voting securities of the Fund on 60 days’ ' written notice to the Subadviser; (ii) by the Adviser on 60 days’ ' written notice to the Subadviser; or (iii) by the Subadviser on 60 days’ ' written notice to the Adviser and the Trust. This Agreement shall terminate automatically upon assignment as defined in the Act.

EFFECTIVENESS, DURATION AND TERMINATION. (a) This Agreement shall become effective on with respect to a Fund immediately upon the date first written above and later of approval by a majority of the Trus"s trustees who are not parties to this Agreement or interested persons of any such party (other than as trustees of the Trust) and, if required by applicable law, by a vote of a majority of the outstanding voting securities of the Fund. (b) This Agreement shall remain in effect with respect to the a Fund for a period of two years from the date of its effectiveness and shall continue in effect for successive twelve-month annual periods (computed from each anniversary date of with respect to the approval)Fund; provided that such continuance is specifically approved at least annually (i) by the Board or by the vote of a majority of the outstanding voting securities of the Fund, and, in either case, (ii) by a majority of the Trust’s Trustees Trus"s trustees who are not parties to this Agreement or interested persons of any such party (other than as Trustees trustees of the Trust); provided further, however, that if this Agreement or the continuation of this Agreement is not approvedapproved as to a Fund, the Subadviser may continue to render to the that Fund the services described herein in the manner and to the extent permitted by the 1940 Act and the rules and regulations thereunder. (bc) This Agreement may be terminated at any time with respect to the Funda Fund at any time, without the payment of any penalty penalty, (i) by the Board or Board, by a vote of a majority of the outstanding voting securities of the Fund on 60 days’ written notice to the Subadviser; (ii) or by the Adviser on 60 days’ day" written notice to the Subadviser; Subadviser or (iiiii) by the Subadviser on 60 days’ day" written notice to the Adviser and the Trust. This Agreement shall terminate automatically immediately (x) upon its assignment as defined in or (y) upon termination of the ActAdvisory Agreement.

EFFECTIVENESS, DURATION AND TERMINATION. (a) This Agreement shall become effective on with respect to the date first written above and Fund concurrent with the effectiveness of the Advisory Agreement, upon the later of approval by a majority of the Board, including a majority of the Trust's Trustees who are not interested persons (as defined in the 1940 Act) and, if required by applicable law, by a vote of a majority of the outstanding voting securities of the Fund. (b) This Agreement shall remain in effect with respect to the Fund Funds for a period of two years from the date of its effectiveness and shall continue in effect for successive twelve-month annual periods (computed from each anniversary date of with respect to the approval)Funds; provided that such continuance is specifically approved at least annually (i) by the Board or by the vote of a majority of the outstanding voting securities of the Fund, andand in, in either case, (ii) by a majority of the Trust’s Trustees who are not parties to this Agreement or interested persons of any such party (other than as Trustees of defined in the Trust1940 Act); provided further, however, that if this Agreement or the continuation of this Agreement is not approvedapproved as to a Fund, the Subadviser may continue to render to the that Fund the services described herein in the manner and to the extent permitted by the 1940 Act and the rules and regulations thereunder. (bc) This Agreement may be terminated at any time with respect to the Funda Fund at any time, without the payment of any penalty penalty, (i) by the Board or Board, by a vote of a majority of the outstanding voting securities of the Fund on 60 days’ written notice to the Subadviser; (ii) or by the Adviser on 60 days’ ' written notice to the Subadviser; Subadviser or (iiiii) by the Subadviser on 60 days’ ' written notice to the Adviser and the Trust. This Agreement shall terminate automatically immediately (x) upon its assignment as defined in or (y) upon termination of the ActAdvisory Agreement.

EFFECTIVENESS, DURATION AND TERMINATION. (a) This Agreement shall become effective with respect to each Fund on the date first written above and of its execution or amendment to include the Fund. Upon effectiveness of this Agreement with respect to a Fund, it shall remain supersede all previous agreements between the parties hereto covering the subject matter hereof insofar as such Agreement may have been deemed to relate to the Fund. (b) This Agreement shall continue in effect with respect to the a Fund for a period of two years one year from the date of its effectiveness and shall continue in effect for successive twelve-month periods (computed from each anniversary date of the approval)periods; provided provided, however, that such continuance is specifically approved at least annually (i) by the Board or by the a vote of a majority of the outstanding voting securities of the Fund, and, in either case, Fund and (ii) and by a majority of Trustees of the Trust’s Trustees Trust who are not parties to this Agreement or interested persons of any such party (other than as Trustees of the Trust)) and who do not have any direct or indirect financial interest in any plan adopted pursuant to Rule 12b-1 under the Act with respect to the Fund or in any agreement related to any such plan; provided further, however, that if this Agreement or the continuation of this Agreement is not approvedapproved as to a Fund, the Subadviser Forum may continue to render to the Fund the services described herein in the manner and to the extent permitted by the Act and the rules and regulations thereunder. (bc) This Agreement may be terminated at any time with respect to the Funda Fund at any time, without the payment of any penalty penalty, (i) by the Board or by a vote of a majority of the outstanding voting securities of the Fund on 60 days’ ' written notice to the Subadviser; Forum or (ii) by the Adviser Forum on 60 days’ ' written notice to the Subadviser; or (iii) by the Subadviser on 60 days’ written notice to the Adviser and the Trust. This Agreement shall terminate automatically upon assignment as defined in the Actassignment.

EFFECTIVENESS, DURATION AND TERMINATION. (a) This Agreement shall become effective on with respect to the date first written above and Fund immediately upon the later of approval by a majority of the Trust's Trustees who are not parties to this Agreement or interested persons of any such party (other than as trustees of the Trust) and, if required by applicable law, by a vote of a majority of the outstanding voting securities of the Fund. (b) This Agreement shall remain in effect with respect to the Fund for a period of two years from the date of its effectiveness and shall continue in effect for successive twelve-month annual periods (computed from each anniversary date of with respect to the approval)Fund; provided that such continuance is specifically approved at least annually (i) by the Board or by the vote of a majority of the outstanding voting securities of the Fund, and, in either case, (ii) by a majority of the Trust’s 's Trustees who are not parties to this Agreement or interested persons of any such party (other than as Trustees trustees of the Trust); provided further, however, that if this Agreement or the continuation of this Agreement is not approvedapproved as to the Fund, the Subadviser may continue to render to the that Fund the services described herein in the manner and to the extent permitted by the 1940 Act and the rules and regulations thereunder. (bc) This Agreement may be terminated at any time with respect to the FundFund at any time, without the payment of any penalty penalty, (i) by the Board or by a vote of a majority of the outstanding voting securities of the Fund on Fund. This Agreement shall terminate immediately upon termination of the Advisory Agreement. (d) The subadviser may terminate the agreement for any reason by providing 60 days’ written notice to the Subadviser; adviser. (iie) The advisor may terminate the agreement for any reason by the Adviser on providing 60 days’ written notice to the Subadviser; or (iii) by the Subadviser on 60 days’ written notice to the Adviser and the Trust. This Agreement shall terminate automatically upon assignment as defined in the Actsubadvisor.

EFFECTIVENESS, DURATION AND TERMINATION. (a) This Agreement shall become effective on with respect to a Fund immediately upon the date first written above and later of approval by a majority of the Trust's trustees who are not parties to this Agreement or interested persons of any such party (other than as trustees of the Trust) and, if required by applicable law, by a vote of a majority of the outstanding voting securities of the Fund. (b) This Agreement shall remain in effect with respect to the a Fund for a period of two (2) years from the date of its effectiveness and shall may only continue in effect for successive twelve-month annual periods (computed from each anniversary date of with respect to the approval)Fund under such separate Agreement; provided that such continuance is specifically approved at least annually (i) by the Board or by the vote of a majority of the outstanding voting securities of the FundFluid, and, in either case, (ii) by a majority of the Trust’s Trustees 's trustees who are not parties to this Agreement or interested persons of any such party (other than as Trustees trustees of the Trust); provided further, however, that if this Agreement or the continuation of this new Agreement is not approvedapproved as to a Fund, the Subadviser may continue to render to the that Fund the services described herein in the manner and to the extent permitted by the 1940 Act and the rules and regulations thereunder. (bc) This Agreement may be terminated at any time with respect to the Funda Fund at any time, without the payment of any penalty penalty, (i) by the Board or Board, by a vote of a majority of the outstanding voting securities of the Fund or by the Adviser on 60 30 days’ ' written notice to the Subadviser; Subadviser or (ii) by the Adviser Subadviser on 60 30 days’ ' written notice to the Subadviser; or (iii) by the Subadviser on 60 days’ written notice to the Adviser and the Trust. This Agreement shall terminate automatically immediately (x) upon its assignment as defined in or (y) upon termination of the ActManagement Agreement.

EFFECTIVENESS, DURATION AND TERMINATION. (a) This Agreement shall become effective on with respect to a Fund immediately upon the date first written above and later of approval by a majority of the Trust's trustees who are not parties to this Agreement or interested persons of any such party (other than as trustees of the Trust) and, if required by applicable law, by a vote of a majority of the outstanding voting securities of the Fund. (b) This Agreement shall remain in effect with respect to the a Fund for a period of two (2) years from the date of its effectiveness and shall may only continue in effect for successive twelve-month annual periods (computed from each anniversary date of with respect to the approval); Fund under such separate Agreement, provided that such continuance is specifically approved at least annually (i) by the Board or by the vote of a majority of the outstanding voting securities of the Fund, and, in either case, (ii) by a majority of the Trust’s Trustees 's trustees who are not parties to this Agreement or interested persons of any such party (other than as Trustees trustees of the Trust); provided further, however, that if this Agreement or the continuation of this new Agreement is not approvedapproved as to a Fund, the Subadviser may continue to render to the that Fund the services described herein in the manner and to the extent permitted by the 1940 Act and the rules and regulations thereunder. (bc) This Agreement may be terminated at any time with respect to the Funda Fund at any time, without the payment of any penalty penalty, (i) by the Board or Board, by a vote of a majority of the outstanding voting securities of the Fund or by the Adviser on 60 30 days’ ' written notice to the Subadviser; Subadviser or (ii) by the Adviser Subadviser on 60 30 days’ ' written notice to the Subadviser; or (iii) by the Subadviser on 60 days’ written notice to the Adviser and the Trust. This Agreement shall terminate automatically immediately (x) upon its assignment as defined in or (y) upon termination of the ActManagement Agreement.

EFFECTIVENESS, DURATION AND TERMINATION. (a) This Agreement shall become effective on with respect to a Series immediately upon the date first written above and later of approval by a majority of the Trust's trustees who are not parties to this Agreement or interested persons of any such party (other than as trustees of the Trust) and, if required by applicable law, by a vote of a majority of the outstanding voting securities of the Series. (b) This Agreement shall remain in effect with respect to the Fund a Series for a period of two years from the date of its effectiveness and shall continue in effect for successive twelve-month annual periods (computed from each anniversary date of with respect to the approval)Series; provided that such continuance is specifically approved at least annually (i) by the Board or by the vote of a majority of the outstanding voting securities of the FundSeries, and, in either case, (ii) by a majority of the Trust’s Trustees 's trustees who are not parties to this Agreement or interested persons of any such party (other than as Trustees trustees of the Trust); provided further, however, that if this Agreement or the continuation of this Agreement is not approvedapproved as to a Series, the Subadviser may continue to render to the Fund that Series the services described herein in the manner and to the extent permitted by the 1940 Act and the rules and regulations thereunder. (bc) This Agreement may be terminated at any time with respect to the Funda Series at any time, without the payment of any penalty penalty, (i) by the Board or Board, by a vote of a majority of the outstanding voting securities of the Fund on 60 days’ written notice to the Subadviser; (ii) Series or by the Adviser on 60 days’ ' written notice to the Subadviser; Subadviser or (iiiii) by the Subadviser on 60 days’ ' written notice to the Adviser and the Trust. This Agreement shall terminate automatically immediately (x) upon its assignment as defined in or (y) upon termination of the ActAdvisory Agreement.

EFFECTIVENESS, DURATION AND TERMINATION. (a) This For each Fund, this Agreement shall become effective with respect to it on the date first written above adjacent to it on Schedule A after approval (i) by a vote of a majority of the Board, including a majority of those trustees of the Trust who are not parties to this Agreement or interested persons of such party, and (ii) if required by the 1940 Act, by vote of a majority of the Fund’s outstanding voting securities. (b) This Agreement shall remain in effect with respect to the a Fund for a period of two years from the date of its initial effectiveness with respect to that Fund and shall continue in effect for successive twelve-month annual periods (computed from each anniversary date of the approval)with respect to that Fund; provided that such continuance is specifically approved at least annually annually: (i) by the Board or by the vote of a majority of the outstanding voting securities of the Fund, and, in either case, ; (ii) by a majority of the Trust’s Trustees who are not parties to this Agreement or interested persons of any such party (other than as Trustees of defined in the Trust1940 Act); provided further, however, that if this Agreement or the continuation of this Agreement is not approvedapproved as to a Fund, the Subadviser Adviser may continue to render to the that Fund the services described herein in the manner and to the extent permitted by the 1940 Act and the rules and regulations thereunder. (bc) This Agreement may be terminated at any time with respect to the Funda Fund at any time, without the payment of any penalty penalty: (i) by the Board or by a vote of a majority of the outstanding voting securities of the Fund on 60 days’ written notice to the SubadviserAdviser; or (ii) by the Adviser on 60 days’ written notice to the Subadviser; or (iii) by the Subadviser on 60 days’ written notice to the Adviser and the Trust. This Agreement shall terminate automatically immediately upon assignment as defined in its assignment. Termination of this Agreement with respect to a given Fund shall not affect the Actcontinued validity of this Agreement or the performance thereunder with respect to any other Fund.

EFFECTIVENESS, DURATION AND TERMINATION. (a) This Agreement shall become effective on the date first written above and shall remain in effect with respect to the each Fund for a period of two years one year from the date of its effectiveness and shall continue in effect for successive twelve-month periods (computed from each anniversary date of the approval); provided that such continuance is specifically approved at least annually (i) by the Board or by the vote of a majority of the outstanding voting securities of the that Fund, and, in either case, (ii) by a majority of the Trust’s Trustees who are not parties to this Agreement or interested persons of any such party (other than as Trustees of the Trust); provided further, however, that if this Agreement or the continuation of this Agreement is not approved, the Subadviser may continue to render to the a Fund the services described herein in the manner and to the extent permitted by the Act and the rules and regulations thereunder. (b) This Agreement may be terminated at any time with respect to the a Fund, without the payment of any penalty (i) by the Board or by a vote of a majority of the outstanding voting securities of the such Fund on 60 days’ written notice to the Subadviser; (ii) by the Adviser on 60 days’ written notice to the Subadviser; or (iii) by the Subadviser on 60 days’ written notice to the Adviser and the Trust. This Agreement shall terminate automatically upon assignment as defined in the Act.

EFFECTIVENESS, DURATION AND TERMINATION. (a) This Agreement shall become effective with respect to each Fund on the date first written above and hereof. Upon effectiveness of this Agreement, it shall remain supersede all previous agreements between the parties hereto covering the subject matter hereof insofar as such Agreement may have been deemed to relate to the Funds. (b) This Agreement shall continue in effect with respect to the a Fund for a period of two years one year from the date of its effectiveness and shall continue in effect for successive twelve-month periods (computed from each anniversary date of the approval)periods; provided provided, however, that such continuance is specifically approved at least annually (i) by the Board or by the a vote of a majority of the outstanding voting securities of the Fund, and, in either case, Fund and (ii) by a vote of a majority of Trustees of the Trust’s Trustees Trust who are not parties to this Agreement agreement or interested persons of any such party (other than as Trustees of the Trust); provided further, however, that if this Agreement or the continuation of this Agreement agreement is not approvedapproved as to a Fund, the Subadviser Forum may continue to render to the Fund the services described herein in the manner and to the extent permitted by the Act and the rules and regulations thereunder. (bc) This Agreement may be terminated at any time with respect to the Funda Fund at any time, without the payment of any penalty penalty, (i) by the Board or by a vote of a majority of the outstanding voting securities of the Fund on 60 days’ ' written notice to Forum or (ii) by Forum on 60 days' written notice to the Subadviser; (ii) by the Adviser on 60 days’ written notice to the Subadviser; or (iii) by the Subadviser on 60 days’ written notice to the Adviser and the Trust. This Agreement shall terminate automatically upon assignment as defined in the Act.

EFFECTIVENESS, DURATION AND TERMINATION. (a) This Agreement shall become effective on with respect to a Fund immediately upon the date first written above and later of approval by a majority of the Trust's trustees who are not parties to this Agreement or interested persons of any such party (other than as trustees of the Trust) and, if required by applicable law, by a vote of a majority of the outstanding voting securities of the Fund. (b) This Agreement shall remain in effect with respect to the a Fund for a period of two years from the date of its effectiveness and shall continue in effect for successive twelve-month annual periods (computed from each anniversary date of with respect to the approval)Fund; provided that such continuance is specifically approved at least annually (i) by the Board or by the vote of a majority of the outstanding voting securities of the Fund, and, in either case, (ii) by a majority of the Trust’s Trustees 's trustees who are not parties to this Agreement or interested persons of any such party (other than as Trustees trustees of the Trust); provided further, however, that if this Agreement or the continuation of this Agreement is not approvedapproved as to a Fund, the Subadviser may continue to render to the that Fund the services described herein in the manner and to the extent permitted by the 1940 Act and the rules and regulations thereunder. (bc) This Agreement may be terminated at any time with respect to the Funda Fund at any time, without the payment of any penalty penalty, (i) by the Board or Board, by a vote of a majority of the outstanding voting securities of the Fund or by the Adviser on 60 [60] days’ ' written notice to the Subadviser; Subadviser or (ii) by the Adviser on 60 days’ written notice to the Subadviser; or (iii) by the Subadviser on 60 days’ ' written notice to the Adviser and the Trust. This Agreement shall terminate automatically immediately (x) upon its assignment as defined in or (y) upon termination of the ActAdvisory Agreement.

EFFECTIVENESS, DURATION AND TERMINATION. (a) This Agreement shall become effective with respect to the Fund, on the date first written above and indicated in Appendix A, subject to the approval by a majority of the Trust's Trustees who are not parties to this Agreement or interested persons of any such party (other than as trustees of the Trust) and, if required by applicable law, by a vote of a majority of the outstanding voting securities of the Fund. (b) This Agreement shall remain in effect with respect to the Fund for a period of two years from the date of its effectiveness and shall continue in effect for successive twelve-month annual periods (computed from each anniversary date of with respect to the approval)Fund; provided that such continuance is specifically approved at least annually (i) by the Board or by the vote of a majority of the outstanding voting securities of the Fund, and, in either case, (ii) by a majority of the Trust’s 's Trustees who are not parties to this Agreement or interested persons of any such party (other than as Trustees trustees of the Trust); provided further, however, that if this Agreement or the continuation of this Agreement is not approvedapproved as to the Fund, the Subadviser Sub-advisor may continue to render to the that Fund the services described herein in the manner and to the extent permitted by the 1940 Act and the rules and regulations thereunder. (bc) This Agreement may be terminated at any time with respect to the FundFund at any time, without the payment of any penalty penalty, (i) by the Board or Board, by a vote of a majority of the outstanding voting securities of the Fund or by the Advisor on 60 days’ ' written notice to the Subadviser; Sub-advisor or (ii) by the Adviser Sub-advisor on 60 days’ ' written notice to the Subadviser; or (iii) by the Subadviser on 60 days’ written notice to the Adviser and the Trust. This Agreement shall terminate automatically immediately (x) upon its assignment as defined in or (y) upon termination of the ActAdvisory Agreement.

EFFECTIVENESS, DURATION AND TERMINATION. (a) This Agreement shall become effective on the date first written above and shall remain in effect with respect to the Fund for a period of two years one year from the date of its effectiveness and shall continue in effect for successive twelve-month periods (computed from each anniversary date of the approval); provided that such continuance is specifically approved at least annually (i) by the Board or by the vote of a majority of the outstanding voting securities of the Fund, and, in either case, (ii) by a majority of the Trust’s 's Trustees who are not parties to this Agreement or interested persons of any such party (other than as Trustees of the Trust); provided further, however, that if this Agreement or the continuation of this Agreement is not approved, the Subadviser may continue to render to the Fund the services described herein in the manner and to the extent permitted by the Act and the rules and regulations thereunder. (b) This Agreement may be terminated at any time with respect to the Fund, without the payment of any penalty (i) by the Board or by a vote of a majority of the outstanding voting securities of the such Fund on 60 days’ ' written notice to the Subadviser; (ii) by the Adviser on 60 days’ ' written notice to the Subadviser; or (iii) by the Subadviser on 60 days’ ' written notice to the Adviser and the Trust. This Agreement shall terminate automatically upon assignment as defined in the Act.