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 Hickory Portfolio (the "Portfolio"), to monitor compliance and to administer 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 Hickory Value Portfolio (the "Portfolio"), to monitor compliance ) and to administer the Portfolio's 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 Hickory Portfolio (Partners Value Fund and any other portfolio of the "Portfolio"), to monitor compliance and to administer the Portfolio's 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 Hickory Partners Value Fund and any other Portfolio (of the "Portfolio"), to monitor compliance and to administer the Portfolio's 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 Hickory Fixed Income Portfolio (the "Portfolio"), to monitor compliance and to administer the PortfolioFund'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.