Common use of Appointment of Investment Adviser Clause in Contracts

Appointment of Investment Adviser. The Fund hereby appoints the Adviser to manage the investment and reinvestment of assets of the Value Portfolio (the "Portfolio") and to administer its affairs, subject to the supervision of the Board of Directors of the Fund for the period and on the terms set forth herein. The Adviser hereby accepts such appointment and agrees during such period, at its own expense, to render the services and to assume the obligations herein set forth, for the compensation herein provided. The Adviser shall not be liable to the Fund for any act or omission by the Adviser or for any losses sustained by the Fund or its shareholders except in the case of willful misfeasance, bad faith, gross negligence or reckless disregard of duty.

Appointment of Investment Adviser. The Fund hereby appoints the Adviser to manage the investment and reinvestment of assets of the Value Hickory Portfolio (the "Portfolio") ), to monitor compliance and to administer its the Portfolio's affairs, subject to the supervision of the Board of Directors of the Fund for the period and on the terms set forth herein. The Adviser hereby accepts such appointment and agrees during such period, at its own expense, to render the services and to assume the obligations herein set forth, for the compensation herein provided. The Adviser shall not be liable to the Fund for any act or omission by the Adviser or for any losses sustained by the Fund or its shareholders except in the case of willful misfeasance, bad faith, gross negligence or reckless disregard of duty.

Appointment of Investment Adviser. The Fund hereby appoints the Adviser to manage the investment and reinvestment of assets of the Partners Value Portfolio (Fund and any other portfolio of the "Portfolio") and to administer its affairsFund which may be hereafter designated as a separate series, subject to the supervision of the Board of Directors of the Fund for the period and on the terms set forth herein. The Adviser hereby accepts such appointment and agrees during such period, at its own expense, to render the services and to assume the obligations herein set forth, for the compensation herein provided. The Adviser shall not be liable to the Fund for any act or omission by the Adviser or for any losses sustained by the Fund or its shareholders except in the case of willful misfeasance, bad faith, gross negligence or reckless disregard of duty.

Appointment of Investment Adviser. The Fund hereby appoints the Adviser to manage the investment and reinvestment of assets of the Partners Value Fund and any other Portfolio (of the "Portfolio") and to administer its affairsFund which may be hereafter designated as a separate series, subject to the supervision of the Board of Directors of the Fund for the period and on the terms set forth herein. The Adviser hereby accepts such appointment and agrees during such period, at its own expense, to render the services and to assume the obligations herein set forth, for the compensation herein provided. The Adviser shall not be liable to the Fund for any act or omission by the Adviser or for any losses sustained by the Fund or its shareholders except in the case of willful misfeasance, bad faith, gross negligence or reckless disregard of duty.

Appointment of Investment Adviser. The Fund hereby appoints the Adviser to manage the investment and reinvestment of assets of the Value Fixed Income Portfolio (the "Portfolio") and to administer its Fund's affairs, subject to the supervision of the Board of Directors of the Fund for the period and on the terms set forth herein. The Adviser hereby accepts such appointment and agrees during such period, at its own expense, to render the services and to assume the obligations herein set forth, for the compensation herein provided. The Adviser shall not be liable to the Fund for any act or omission by the Adviser or for any losses sustained by the Fund or its shareholders except in the case of willful misfeasance, bad faith, gross negligence or reckless disregard of duty.