Common use of Termination, Modification and Amendment Clause in Contracts

Termination, Modification and Amendment. Upon the termination of any Investment Advisory Agreement with respect to a Fund, this Agreement shall automatically terminate with respect to that Fund. The Adviser shall be entitled to terminate the Expense Limitation, or to modify the Expense Limitation in a manner less favorable to a Fund, with respect to any Subsequent Period if, but only if: (a) the Adviser affirmatively elects to terminate or so modify the Expense Limitation with respect to such Subsequent Period in a writing delivered to the Board of Trustees by the preceding October 31; (b) the termination or modification shall take effect no earlier than the succeeding May 1; and (c) the Fund’s prospectus and SAI reflecting financial statements for the fiscal year ending on the intervening December 31 have been updated to reflect such termination or modification. The election by the Adviser referred to in the preceding sentence to terminate or modify this Agreement shall not be subject to the approval of shareholders of the Fund or the Board of Trustees of the Trust.

Termination, Modification and Amendment. Upon the termination of any Investment Advisory Agreement with respect to a FundAgreement, this Agreement shall automatically terminate with respect to that Fund. The Adviser shall be entitled to terminate the Expense Limitation, or to modify the Expense Limitation in a manner less favorable to a Fund, with respect to any Subsequent Period if, but only if: (a) the Adviser affirmatively elects to terminate or so modify the Expense Limitation with respect to such Subsequent Period in a writing delivered to the Board of Trustees by the preceding October 31; (b) the termination or modification shall take effect no earlier than the succeeding May 1; and (c) the Fund’s prospectus and SAI reflecting financial statements for the fiscal year ending on the intervening December 31 have been updated to reflect such termination or modification. The election by the Adviser referred to in the preceding sentence to terminate or modify this Agreement shall not be subject to the approval of shareholders of the Fund or the Board of Trustees of the Trust.