Common use of ESSENTIAL PERSONNEL Clause in Contracts

ESSENTIAL PERSONNEL. The Distributor and the Fund agree that the retention of (i) the chief executive officer, president, treasurer and secretary of the Distributor, and (ii) each director, officer and employee of the Distributor or any of its affiliates (as defined in the Investment Company Act of 1940, as amended (the "1940 Act")) who serves as an officer of the Fund (each person referred to in (i) or (ii) hereinafter being referred to as an "Essential Person "), in his or her current capacities, is in the best interest of the Fund and the Fund's shareholders. In connection with the Distributor's acceptance of employment hereunder, the Distributor hereby agrees and covenants for itself and on behalf of its Affiliates that neither the Distributor nor any of its Affiliates shall replace or seek to replace any Essential Person or cause to be replaced any Essential Person, in each case without first consulting with the Board of Trustees of the Fund in a timely manner. In addition, neither the Distributor nor any Affiliate of the Distributor shall change or seek to change or cause to be changed, in any material respect, the duties and responsibilities of any Essential Person, in each case without first consulting with the Board of Trustees of the Fund in a timely manner.

ESSENTIAL PERSONNEL. The Distributor and the Fund agree that the retention of (i) the chief executive officer, president, treasurer chief financial officer and secretary of the Distributor, Distributor and (ii) each director, officer and employee of the Distributor or any of its affiliates Affiliates (as defined in the Investment Company Act of 1940, as amended (the "1940 Act")) who serves as an officer of the Fund (each person referred to in (i) or (ii) hereinafter being referred to as an "Essential Person Person"), in his or her current capacities, is in the best interest of the Fund and the Fund's shareholders. In connection with the Distributor's acceptance of employment hereunder, the Distributor hereby agrees and covenants for itself and on behalf of its Affiliates that neither the Distributor nor any of its Affiliates shall make any material or significant personnel changes or replace or seek to replace any Essential Person or cause to be replaced any Essential Person, in each case without first consulting with informing the Board of Trustees of the Fund in a timely manner. In additionAddition, neither the Distributor nor any Affiliate of the Distributor shall change or seek to change or cause to be changed, in any material respect, the duties and responsibilities of any Essential Person, in each case without first consulting with informing the Board of Trustees of the Fund in a timely manner.

ESSENTIAL PERSONNEL. The Distributor and the each Fund agree that the retention of (i) the chief executive officer, president, treasurer and secretary of the Distributor, and (ii) each director, trustee, officer and employee of the Distributor or any of its affiliates (as defined in the Investment Company Act of 1940, as amended (the "1940 Act")) who serves as an executive officer of the Fund (each person referred to in (i) or (ii) hereinafter being referred to as an "Essential Person Person"), in his or her current capacities, is in the best interest of the Fund and the Fund's shareholders. In connection with the Distributor's acceptance of employment hereunder, the Distributor hereby agrees and covenants for itself and on behalf of its Affiliates affiliates that neither the Distributor nor any of its Affiliates affiliates shall replace or seek to replace any Essential Person or cause to be replaced any Essential Person, in each case without first consulting with the Board of Trustees of the Fund in a timely manner. In addition, neither the Distributor nor any Affiliate affiliate of the Distributor shall change or seek to change or cause to be changed, in any material respect, the duties and responsibilities of any Essential Person, in each case without first consulting with the Board of Trustees of the Fund in a timely manner.

ESSENTIAL PERSONNEL. The Distributor and the Fund agree that the retention of (i) the chief executive officer, president, treasurer and secretary of the Distributor, and (ii) each director, officer and employee of the Distributor or any of its affiliates (as defined in the Investment Company Act of 1940, as amended (the "1940 Act")) who serves as an officer of the Fund (each person referred to in (i) or (ii) hereinafter being referred to as an "Essential Person Person"), in his or her current capacities, is in the best interest of the Fund and the Fund's shareholders. In connection with the Distributor's acceptance of employment hereunder, the Distributor hereby agrees and covenants for itself and on behalf of its Affiliates that neither the Distributor nor any of its Affiliates shall replace or seek to replace any Essential Person or cause to be replaced any Essential Person, in each case without first consulting with the Board of Trustees of the Fund in a timely manner. In addition, neither the Distributor nor any Affiliate of the Distributor shall change or seek to change or cause to be changed, in any material respect, the duties and responsibilities of any Essential Person, in each case without first consulting with the Board of Trustees of the Fund in a timely manner.

ESSENTIAL PERSONNEL. The Distributor and the Fund agree that the retention of (i) the chief executive officer, president, treasurer and secretary of the Distributor, and (ii) each director, officer and employee of the Distributor or any of its affiliates (as defined in the Investment Company Act of 1940, as amended (the "1940 Act")) who serves as an officer of the Fund (each person referred to in (i) or (ii) hereinafter being referred to as an "Essential Person Person"), in his or her current capacities, is in the best interest of the Fund and the Fund's shareholders. In connection with the Distributor's acceptance of employment hereunder, the Distributor hereby agrees and covenants for itself and on behalf of its Affiliates that neither the Distributor nor any of its Affiliates shall replace or seek to replace any Essential Person or cause to be replaced any Essential Person, in each case without first consulting with the Board of Trustees of the Fund in a timely manner. In addition, neither the Distributor nor any Affiliate of the Distributor shall change or seek to change or cause to be changed, in any material respect, the duties and responsibilities of any Essential Person, in each case without first consulting with the Board of Trustees of the Fund in a timely manner.

ESSENTIAL PERSONNEL. The Distributor and the Fund agree that the retention of (i) the chief executive officer, president, treasurer and secretary of the Distributor, and (ii) each director, officer and employee of the Distributor or any of its affiliates (as defined in the Investment Company Act of 1940, as amended (the "1940 Act")) who serves as an officer of the Fund (each person referred to in (i) or (ii) hereinafter being referred to as an "Essential Person "), in his or her current curr capacities, is in the best interest of the Fund and the Fund's shareholders. In connection with the Distributor's acceptance of employment hereunder, the Distributor hereby agrees and covenants for itself and on behalf of its Affiliates that neither the Distributor nor any of its Affiliates shall replace or seek to replace any Essential Person or cause to be replaced any Essential Person, in each case without first consulting with the Board of Trustees of the Fund in a timely manner. In addition, neither the Distributor nor any Affiliate of the Distributor shall change or seek to change or cause to be changed, in any material respect, the duties and responsibilities of any Essential Person, in each case without first consulting with the Board of Trustees of the Fund in a timely manner.

ESSENTIAL PERSONNEL. The Distributor and the each Fund agree that the retention of (i) the chief executive officer, president, treasurer and secretary of the Distributor, and (ii) each director, trustee, officer and employee of the Distributor or any of its affiliates (as defined in the Investment Company Act of 1940, as amended (the "“1940 Act"”)) who serves as an executive officer of the Fund (each person referred to in (i) or (ii) hereinafter being referred to as an "“Essential Person "Person”), in his or her current capacities, is in the best interest of the Fund and the Fund's ’s shareholders. In connection with the Distributor's ’s acceptance of employment hereunder, the Distributor hereby agrees and covenants for itself and on behalf of its Affiliates affiliates that neither the Distributor nor any of its Affiliates affiliates shall replace or seek to replace any Essential Person or cause to be replaced any Essential Person, in each case without first consulting with the Board of Trustees of the Fund in a timely manner. In addition, neither the Distributor nor any Affiliate affiliate of the Distributor shall change or seek to change or cause to be changed, in any material respect, the duties and responsibilities of any Essential Person, in each case without first consulting with the Board of Trustees of the Fund in a timely manner.