Common use of Term and Effectiveness Clause in Contracts

Term and Effectiveness. The Prior Agreement became effective as of May 6, 2016, and this Agreement shall become effective as of the date first set forth above. This Agreement shall remain in effect for two (2) years from the effective date of the Prior Agreement, and thereafter shall continue automatically for successive one-year periods, provided that such continuance is specifically approved at least annually by: (i) the vote of the Board of Directors and the Master Fund Board, including the vote of a majority of the Master Fund’s trustees who are not “interested persons” (as such term is defined in Section 2(a)(19) of the 1000 Xxx) of any party to this Agreement (the “Independent Trustees”), in accordance with the requirements of the 1940 Act, or (ii) by (A) the vote of the holders of a majority of the outstanding voting securities of the Company entitled to vote, (B) the vote of a majority of the Board of Directors and (C) a vote of a majority of the Independent Trustees.

Term and Effectiveness. The Prior Agreement became effective as of May 6, 2016, 2016 and this Agreement shall become effective as of the date first set forth above. This Agreement shall remain in effect for two (2) years from the effective date of the Prior Agreement, and thereafter shall continue automatically for successive one-year periods, provided that such continuance is specifically approved at least annually by: (i) the vote of the Company's Board of Directors and the Master Fund BoardTrustees, including the vote of a majority of the Master Fund’s Company's trustees who are not “"interested persons” " (as such term is defined in Section 2(a)(19) of the 1000 Xxx) of any party to this Agreement (the “"Independent Trustees”"), in accordance with the requirements of the 1940 Act, or (ii) by (A) the vote of the holders of a majority of the outstanding voting securities of the Company entitled to vote, (B) vote and the vote of a majority of the Board of Directors and (C) a vote of a majority of the Company's Independent Trustees.

Term and Effectiveness. The Prior Agreement became effective as of May 6, 2016, and this Agreement shall become effective as of the date first set forth above. This Agreement shall remain in effect for two (2) years from the effective date of the Prior Agreement, and thereafter shall continue automatically for successive one-year periods, provided that such continuance is specifically approved at least annually by: (i) the vote of the Company's Board of Directors and the Master Fund BoardTrustees, including the vote of a majority of the Master Fund’s Company's trustees who are not “"interested persons” " (as such term is defined in Section 2(a)(19) of the 1000 Xxx) of any party to this Agreement (the “"Independent Trustees”"), in accordance with the requirements of the 1940 Act, or (ii) by (A) the vote of the holders of a majority of the outstanding voting securities of the Company entitled to vote, (B) vote and the vote of a majority of the Board of Directors and (C) a vote of a majority of the Company's Independent Trustees.