Common use of Term, Duration and Termination Clause in Contracts

Term, Duration and Termination. This Agreement shall become effective as of the date first written above (the “Effective Date”) and, unless sooner terminated as provided herein, shall continue for a one-year period following the Effective Date. Thereafter, if not terminated, this Agreement shall continue with respect to the Fund automatically for successive one-year terms, provided that such continuance is specifically approved at least annually (a) by the vote of a majority of those members of the Fund’s Board of Directors who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting for the purpose of voting on such approval and (b) by the vote of the Fund’s Board of Directors or the vote of a majority of the outstanding voting securities of the Fund. This Agreement is terminable without penalty with 60 days’ prior written notice, by the Fund’s Board of Directors, by vote of a majority of the outstanding voting securities of the Fund, or by the Distributor. This Agreement will also terminate automatically in the event of its assignment. (As used in this Agreement, the terms “majority of the outstanding voting securities,” “interested persons” and “assignment” shall have the same meaning as ascribed to such terms in the 1940 Act.)

Appears in 29 contracts

Samples: Distribution Agreement (PNC Long-Short Fund LLC), Distribution Agreement (PNC Long-Short TEDI Fund LLC), Distribution Agreement (PNC Alternative Strategies TEDI Fund LLC)

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Term, Duration and Termination. This Agreement shall become effective as of the date first written above (the “Effective Date”) and, unless sooner terminated as provided herein, shall continue for a onetwo-year period following the Effective Date. Thereafter, if not terminated, this Agreement shall continue with respect to the Fund automatically for successive one-year terms, provided that such continuance is specifically approved at least annually (a) by the vote of a majority of those members of the Fund’s Board of Directors who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting for the purpose of voting on such approval and (b) by the vote of the Fund’s Board of Directors or the vote of a majority of the outstanding voting securities of the Fund. This Agreement is terminable without penalty with 60 days’ prior written notice, by the Fund’s Board of Directors, by vote of a majority of the outstanding voting securities of the Fund, or by the Distributor. This Agreement will also terminate automatically in the event of its assignment. (As used in this Agreement, the terms “majority of the outstanding voting securities,” “interested persons” and “assignment” shall have the same meaning as ascribed to such terms in the 1940 Act.)

Appears in 6 contracts

Samples: Distribution Agreement (Mercantile Alternative Strategies Fund for Tax-Exempt/Deferred Investors (TEDI) LLC), Distribution Agreement (Mercantile Long Short Manager Fund LLC), Distribution Agreement (Mercantile Long-Short Manager Fund for Tax-Exempt/Deferred Investors (TEDI) LLC)

Term, Duration and Termination. This Agreement shall become effective with respect to the Fund as of the date first written above (the “Effective Date”) and, unless sooner terminated as provided herein, shall continue for a one-two year period following the Effective Date. Thereafter, if not terminated, this Agreement shall continue with respect to the Fund automatically for successive one-year terms, provided that such continuance is specifically approved at least annually (a) by the vote of a majority of those members of the Fund’s Board of Directors who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting for the purpose of voting on such approval and (b) by the vote of the Fund’s Board of Directors or the vote of a majority of the outstanding voting securities of the such Fund. This Agreement is terminable without penalty with 60 days’ prior written notice, by the Fund’s Board of DirectorsBoard, by vote of a majority of the outstanding voting securities of the Fund, or by the Distributor. This Agreement will also terminate automatically in the event of its assignment. (As used in this Agreement, the terms “majority of the outstanding voting securities,” “interested persons” and “assignment” shall have the same meaning as ascribed to such terms in the 1940 Act.)

Appears in 1 contract

Samples: Distribution Agreement (Thirty Eight Hundred Fund LLC)

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Term, Duration and Termination. This The initial term of this Agreement (the "Initial Term") shall become effective as of be for a period commencing on the date first written above (the “Effective Date”) andthis Agreement is executed by both parties and ending on December 31, unless sooner terminated as provided herein, shall continue for a one-year period following the Effective Date1997. Thereafter, if not terminated, this Agreement shall continue with respect to the a particular Fund automatically for successive one-year terms, provided that such continuance is specifically approved at least annually by (a) by the vote of a majority of those members of the Fund’s Company's Board of Directors who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting for the purpose of voting on such approval approval, and (b) by the vote of the Fund’s Company's Board of Directors or the vote of a majority of the outstanding voting securities of the such Fund. This Agreement is terminable without penalty with 60 penalty, on not less than sixty days' prior written notice, by the Fund’s Company's Board of Directors, by vote of a majority of the outstanding voting securities of the Fund, Company or by the Distributor. This Agreement will also terminate automatically in the event of its assignment. (As used in this Agreement, the terms "majority of the outstanding voting securities,” “" "interested persons" and assignment" shall have the same meaning meanings as ascribed to such terms in the 1940 Act.)

Appears in 1 contract

Samples: Distribution Agreement (Cvo Greater China Fund Inc)

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