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 Partners Value Fund and any other portfolio of the Fund 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. The federal and state securities laws and other laws may impose liability under certain circumstances on persons who act in good faith, and therefore, nothing in this Agreement will waive or limit any rights the client may have under such laws.

Appointment of Investment Adviser. The Fund hereby appoints the Adviser to manage the investment and reinvestment of assets of the Partners Value Fund Portfolio (the "Portfolio") and any other portfolio of the Fund which may be hereafter designated as a separate seriesto 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. The federal and state securities laws and other laws may impose liability under certain circumstances on persons who act in good faith, and therefore, nothing in this Agreement will waive or limit any rights the client may have under such laws.

Appointment of Investment Adviser. The Fund hereby appoints the Adviser to manage the investment and reinvestment of assets of the Partners Value Fund Hickory Portfolio (the "Portfolio"), to monitor compliance and any other portfolio of to administer the Fund which may be hereafter designated as a separate seriesPortfolio'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. The federal and state securities laws and other laws may impose liability under certain circumstances on persons who act in good faith, and therefore, nothing in this Agreement will waive or limit any rights the client may have under such laws.

Appointment of Investment Adviser. The Fund hereby appoints the Adviser to manage the investment and reinvestment of assets of the Partners Value Fund Fixed Income Portfolio and any other portfolio of the Fund which may be hereafter designated as a separate seriesto administer 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. The federal and state securities laws and other laws may impose liability under certain circumstances on persons who act in good faith, and therefore, nothing in this Agreement will waive or limit any rights the client may have under such laws.