Common use of Retention of the Administrator Clause in Contracts

Retention of the Administrator. The Company hereby retains the Administrator to act as the administrator of the Portfolios and to furnish the Portfolios with the management and administrative services as set forth in Article 2 below. The Administrator hereby accepts such employment to perform the duties set forth below. The Company consents to the performance of certain services hereunder by Administrator's affiliate, BISYS Fund Services (Ireland) Limited ("BISYS Ireland"); provided, however, that Administrator shall be fully responsible for the acts and omissions of BISYS Ireland and shall not be relieved of any of its responsibilities hereunder by any such delegation. The Administrator shall, for all purposes herein, be deemed to be an independent contractor and, unless otherwise expressly provided or authorized, shall have no authority to act for or represent the Company in any way and shall not be deemed an agent of the Company.

Retention of the Administrator. The Company hereby retains the Administrator to act as the administrator of the Portfolios Funds and to furnish the Portfolios Funds with the management and administrative services as set forth in Article 2 below. The Administrator hereby accepts such employment to perform the duties set forth below. The Company consents to the performance of certain services hereunder by Administrator's affiliate, BISYS Fund Services (Ireland) Limited ("BISYS Ireland"); provided, however, that Administrator shall be fully responsible for the acts and omissions of BISYS Ireland and shall not be relieved of any of its responsibilities hereunder by any such delegation. The Administrator shall, for all purposes herein, be deemed to be an independent contractor and, unless otherwise expressly provided or authorized, shall have no authority to act for or represent the Company in any way and shall not be deemed an agent of the Company.

Retention of the Administrator. The Company hereby retains the Administrator to act as the administrator of the Portfolios Funds and to furnish the Portfolios Funds with the management and administrative services as set forth in Article 2 below. The Administrator hereby accepts such employment to perform the duties set forth below. The Company consents to the performance of certain services hereunder by Administrator's affiliate, BISYS Fund Services (Ireland) Limited ("BISYS Ireland"); provided, however, that Administrator shall be fully responsible for the acts and omissions of BISYS Ireland and shall not be relieved of any of its responsibilities hereunder by any such delegation. The Administrator shall, for all purposes herein, be deemed to be an independent contractor and, unless otherwise expressly provided or authorized, shall have no authority to act for or represent the Company in any way and shall not be deemed an agent of the Company.. 2