Common use of Election and Term Clause in Contracts

Election and Term. The Trustees shall be elected by the Shareholders of the Trust at the first meeting of Shareholders following the initial public offering of Shares of the Trust. Each Trustee, whether named herein or hereafter becoming a Trustee, shall serve as a Trustee of the Trust and of each Sub-Trust hereunder during the lifetime of this Trust and until its termination as hereinafter provided except as such Trustee sooner dies, resigns or retires, or is removed. Subject to Section 16(a) of the 1940 Act, the Trustees may elect their own successors and may, pursuant to subsection (e) of this Section 3.1, appoint Trustees to fill vacancies.

Election and Term. The Trustees shall be elected by the Shareholders of the Trust at the first meeting of Shareholders following the initial public offering of Shares shares of the Trust. Each Trustee, whether named herein above or hereafter becoming a Trustee, shall serve as a Trustee of the Trust and of each Sub-Trust hereunder during the lifetime of this Trust and until its termination as hereinafter provided except as such Trustee sooner dies, resigns or retires, or is removed. Subject to Section 16(a) of the 1940 Act, the Trustees may elect their own successors and may, pursuant to subsection (eSection 3.1(f) of this Section 3.1hereof, appoint Trustees to fill vacancies.

Election and Term. The Trustees shall be elected by the Shareholders of the Trust at the first meeting of Shareholders following the initial public offering of Shares shares of the Trust. Each Subject to Section 3.1(i) hereof, each Trustee, whether named herein above or hereafter becoming a Trustee, shall serve as a Trustee of the Trust and of each Sub-Trust hereunder during the lifetime of this Trust and until its termination as hereinafter provided except as such Trustee sooner dies, resigns or retires, or is removed. Subject to Section 16(a) of the 1940 Act, the Trustees may elect their own successors and may, pursuant to subsection (eSection 3.1(f) of this Section 3.1hereof, appoint Trustees to fill vacancies.

Election and Term. The Trustees shall be elected by the Shareholders ----------------- of the Trust at the first meeting of Shareholders following the initial public offering of Shares of the TrustShareholders. Each Trustee, whether named herein above or hereafter becoming a Trustee, shall serve as a Trustee of the Trust and of each Sub-Trust hereunder during the lifetime of this Trust and until its termination as hereinafter provided except as such Trustee sooner dies, resigns or retiresresigns, retires or is removed, or becomes incapacitated to perform the duties of a Trustee. Subject to Section 16(a) of the 1940 Act, the Trustees may elect their own successors successor Trustees and may, pursuant to subsection (eSection 3.1(f) of this Section 3.1hereof, appoint Trustees to fill vacancies. Trustees need not own Shares.

Election and Term. The Trustees shall be elected by the ----------------- Shareholders of the Trust at the first meeting of Shareholders following the initial public offering of Shares of the TrustShareholders. Each Trustee, whether named herein above or hereafter becoming a Trustee, shall serve as a Trustee of the Trust and of each Sub-Trust hereunder during the lifetime of this Trust and until its termination as hereinafter provided except as such Trustee sooner dies, resigns or retiresresigns, retires or is removed, or becomes incapacitated to perform the duties of a Trustee. Subject to Section 16(a) of the 1940 Act, the Trustees may elect their own successors successor Trustees and may, pursuant to subsection (eSection 3.1(f) of this Section 3.1hereof, appoint Trustees to fill vacancies. Trustees need not own Shares.