Common use of Name Reservation Clause in Contracts

Name Reservation. The Trust acknowledges that it uses the term "PBHG" in its name only with the permission of Pilgrim ▇▇▇▇▇▇ & Associates, Ltd., a Delaware corporation ("Pilgrim"), the investment adviser to the Trust, and agrees that Pilgrim shall control the use of the term "PBHG" by the Trust. The Trust further agrees that if Pilgrim, its successors or assigns should at any time cease to be the investment adviser to the Trust, the Trust shall, at the written request of Pilgrim, its successors or assigns, eliminate the term "PBHG" from its name and any materials or documents referring to the Trust, and will not henceforth use the term "PBHG" in the conduct of the Trust's business, except to any extent specifically agreed to by Pilgrim. The Trust further acknowledges that Pilgrim reserves the right to grant the non-exclusive right to use the term "PBHG" to any other persons or entities, including other investment companies, whether now in existence or hereafter created. The provisions of this paragraph are binding on the Trust, its successors and assigns and on its trustees, officers, stockholders, creditors and all other persons claiming under or through it.

Name Reservation. The Trust acknowledges that it uses the term "PBHG" in its name only with the permission of Pilgrim ▇▇▇▇▇▇ Baxter & Associates, Ltd., a Delaware ▇ ▇elaware corporation ("Pilgrim"), the investment adviser to the Trust, and agrees that Pilgrim shall control the use of the term "PBHG" by the Trust. The Trust further agrees that if Pilgrim, its successors or assigns should at any time cease to be the investment adviser to the Trust, the Trust shall, at the written request of Pilgrim, its successors or assigns, eliminate the term "PBHG" from its name and any materials or documents referring to the Trust, and will not henceforth use the term "PBHG" in the conduct of the Trust's business, except to any extent specifically agreed to by Pilgrim. The Trust further acknowledges that Pilgrim reserves the right to grant the non-exclusive right to use the term "PBHG" to any other persons or entities, including other investment companies, whether now in existence or hereafter created. The provisions of this paragraph are binding on the Trust, its successors and assigns and on its trustees, officers, stockholders, creditors and all other persons claiming under or through it.