Common use of Fund Action Clause in Contracts

Fund Action. Except as and to the extent required, based upon the written advice of outside counsel, in the exercise of the fiduciary obligations of IJL or one of its Subsidiaries to any Investment Company, request that any action be taken by any Fund Board, other than (i) routine actions that would not, individually or in the aggregate, be reasonably likely to have a Material Adverse Effect on IJL or any Investment Company, (ii) actions Previously Disclosed, or (iii) actions necessary to allow consummation of the Merger or the Subsidiary Combination.