Approved at least annually means approval occurring, with respect to the first continuance of the Agreement, during the 90 days prior to and including the date of its termination in the absence of such approval, and with respect to any subsequent continuance, during the 90 days prior to and including the first anniversary of the date upon which the most recent previous annual continuance of the Agreement became effective. The effective date of the Agreement with respect to each Fund is identified in the Schedules attached to this Agreement.
Approved at least annually means approval occurring, with respect to the first continuance of the agreement, during the 90 days prior to and including the date of its termination in the absence of such approval, and with respect to any subsequent continuance, during the 90 days prior to and including the first anniversary of the date upon which the most recent previous annual continuance of the agreement became effective. This agreement may be terminated at any time without payment of any penalty, by the board of trustees of the Trust, or with respect to a Series, by a vote of the majority of the outstanding voting securities of such Series, upon 60 days' written notice to the Advisor, and by the Advisor upon 60 days' written notice to the Trust. The agreement shall terminate automatically inthe event of its assignment. The terms "assignment" and "vote of a majority of the outstanding voting securities" shall have the meanings set forth for such terms in the Investment Company Act of 1940 and Rule 18f-2 thereunder.