UNDERWRITING AGREEMENT This Agreement made as of May 7, 2002 by and between BOYAR VALUE FUND, INC., a Maryland corporation (the "Fund"), and CLAYMORE SECURITIES, INC., a Kansas corporation ("Underwriter"). WHEREAS, the Fund is an investment company...Underwriting Agreement • May 1st, 2003 • Boyar Value Fund Inc • New York
MANAGEMENT AGREEMENT August 12, 2002 Claymore Fund Management Company LLC 590 Madison Avenue New York, New York 10022 Dear Sirs: Boyar Value Fund, Inc. (the "Fund"), a corporation organized and existing under the laws of the State of Maryland,...Management Agreement • May 1st, 2003 • Boyar Value Fund Inc • New York
EXPENSE LIMITATION AGREEMENT BOYAR VALUE FUND, INC. EXPENSE LIMITATION AGREEMENT, effective as of May 7, 2002 by and among Boyar Asset Management, Inc. (the "Adviser"), Ladenburg Thalmann Fund Management, Inc. (the "Manager"), Claymore Securities,...Expense Limitation Agreement • May 1st, 2003 • Boyar Value Fund Inc • New York
