ESSENTIAL PERSONNEL. The Principal Underwriter and the Fund agree that the retention of (i) the chief executive officer, president, treasurer and secretary of the Principal Underwriter, and (ii) each director, officer and employee of the Principal Underwriter 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 Principal Underwriter's acceptance of employment hereunder, the Principal Underwriter hereby agrees and covenants for itself and on behalf of its Affiliates that neither the Principal Underwriter 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 Principal Underwriter nor any Affiliate of the Principal Underwriter, 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.
Appears in 8 contracts
Samples: Offering Agreement (Van Kampen Prime Rate Income Trust), Offering Agreement (Van Kampen Prime Rate Income Trust), Offering Agreement (Van Kampen American Capital Prime Rate Income Trust)
