Common use of Term, Notice and Effect Clause in Contracts

Term, Notice and Effect. This Agreement shall have an initial term of five (5) years from the date hereof. Thereafter, this Agreement shall continue unless terminated as set forth herein. The Fund may terminate this Agreement at any time on sixty (60) days’ written notice to Custodian and, following the initial term, the Custodian may terminate this Agreement on one hundred and eighty (180) days’ written notice to the Fund. Notwithstanding the foregoing provisions, either party may terminate this Agreement at any time (a) for cause, which is a material breach of the Agreement not cured within 30 days, in which case termination shall be effective upon written receipt of notice by the non-terminating party, or (b) immediately upon written notice to the other party in the event that the other party is adjudged bankrupt or insolvent, or there shall be commenced against such party a case under any applicable bankruptcy, insolvency, or other similar law now or hereafter in effect. The Fund may terminate this Agreement upon thirty (30) days written notice to Custodian upon the Custodian or an affiliate becoming the subject of any criminal, administrative or regulatory proceeding or investigation that the Fund reasonably but in its sole discretion believes may have a material adverse effect on Custodian’s ability to provide some or all of the services under this Agreement to the Fund.

Term, Notice and Effect. This Agreement shall have an initial term of five three (53) years from the date hereof. Thereafter, this Agreement shall continue automatically renew for successive one (1) year periods unless terminated as either party terminates this Agreement by written notice effective no sooner than seventy-five (75) days following the date that notice to such effect shall be delivered to the other party at its address set forth herein. The Fund may terminate this Agreement at any time on sixty (60) days’ written notice to Custodian and, following the initial term, the Custodian may terminate this Agreement on one hundred and eighty (180) days’ written notice to the Fundin Section 12.5 hereof. Notwithstanding the foregoing provisions, (i) within the first 12 months of the initial term upon written notice from the Fund that a majority of the independent trustees/directors of the Fund have found that the Custodian has provided services that are not reasonably satisfactory to them, the Fund may terminate this Agreement; and (ii) either party may terminate this Agreement at any time (a) for cause, which is a material breach of the Agreement not cured within 30 60 days, in which case termination shall be effective upon written receipt of notice by the non-terminating party, or (b) immediately upon thirty (30) days written notice to the other party in the event that the other either party is adjudged bankrupt or insolvent, or there shall be commenced against such party a case under any applicable bankruptcy, insolvency, or other similar law now or hereafter in effect. The Fund may terminate this No default payment shall be due with respect to termination of the Agreement upon thirty (30) days written notice with respect to Custodian upon the Custodian or an affiliate becoming the subject any series of any criminal, administrative or regulatory proceeding or investigation that the Fund reasonably but in its sole discretion believes may have a material adverse effect on Custodian’s ability that proposes to provide some or all of the services under this Agreement to the Fundcease investment operations.