Common use of RESERVATION OF NAME Clause in Contracts

RESERVATION OF NAME. The Investment Adviser shall at all times have all rights in and to the Fund’s name and all investment models used by or on behalf of the Fund. The Investment Adviser may use the Fund’s name or any portion thereof in connection with any other mutual Trust or business activity without the consent of any shareholder and the Trust shall execute and deliver any and all documents required to indicate the consent of the Trust to such use. The Trust hereby agrees that in the event that neither the Investment Adviser nor any of its affiliates acts as investment adviser to the Fund, the name of the Fund will be changed to one that does not contain the name “Private Capital Management” or “PCM” or otherwise suggest an affiliation with the Investment Adviser.

RESERVATION OF NAME. The Investment Adviser shall at all times have all rights in and to the Fund’s name and all investment models used by or on behalf of the Fund. The Investment Adviser may use the Fund’s name or any portion thereof in connection with any other mutual Trust or business activity without the consent of any shareholder and the Trust shall execute and deliver any and all documents required to indicate the consent of the Trust to such use. The Trust hereby agrees that in the event that neither the Investment Adviser nor any of its affiliates acts as investment adviser to the FundFunds, the name of the Fund Funds will be changed to one that does not contain the name “Private Capital Cutwater Asset Management” or “PCMCutwater” or otherwise suggest an affiliation with the Investment Adviser.

RESERVATION OF NAME. The Investment Adviser shall at all times have all rights in and to the Fund’s name and all investment models used by or on behalf of the Fund. The Investment Adviser may use the Fund’s name or any portion thereof in connection with any other mutual Trust or business activity without the consent of any shareholder and the Trust shall execute and deliver any and all documents required to indicate the consent of the Trust to such use. The Trust hereby agrees that in the event that neither the Investment Adviser nor any of its affiliates acts as investment adviser to the Fund, the name of the Fund will be changed to one that does not contain the name “Private ▇▇▇▇▇ Capital Management, LLC,” “▇▇▇▇▇ Capital,” or “PCM▇▇▇▇▇” or otherwise suggest an affiliation with the Investment Adviser.

RESERVATION OF NAME. The Investment Adviser shall at all times have all rights in and to the Fund’s name and all investment models used by or on behalf of the Fund. The Investment Adviser may use the Fund’s name or any portion thereof in connection with any other mutual Trust or business activity without the consent of any shareholder and the Trust shall execute and deliver any and all documents required to indicate the consent of the Trust to such use. The Trust hereby agrees that in the event that neither the Investment Adviser nor any of its affiliates acts as investment adviser to the Fund, the name of the Fund will be changed to one that does not contain the name “Private ▇▇▇▇▇▇▇ Capital Management” “▇▇▇▇▇▇▇ Capital” or “PCM▇▇▇▇▇▇▇” or otherwise suggest an affiliation with the Investment Adviser.

RESERVATION OF NAME. The Investment Adviser shall at all times have all rights in and to the Fund’s name and all investment models used by or on behalf of the Fund. The Investment Adviser may use the Fund’s name or any portion thereof in connection with any other mutual Trust or business activity without the consent of any shareholder and the Trust shall execute and deliver any and all documents required to indicate the consent of the Trust to such use. The Trust hereby agrees that in the event that neither the Investment Adviser nor any of its affiliates acts as investment adviser to the Fund, the name of the Fund will be changed to one that does not contain the name “Private DuPont Capital ManagementManagement Corporation,” “DuPont Capital” or “PCMDuPont” or otherwise suggest an affiliation with the Investment Adviser.

RESERVATION OF NAME. The Investment Adviser shall at all times have all rights in and to the Fund’s name and all investment models used by or on behalf of the Fund. The Investment Adviser may use the Fund’s name or any portion thereof in connection with any other mutual Trust or business activity without the consent of any shareholder and the Trust shall execute and deliver any and all documents required to indicate the consent of the Trust to such use. The Trust hereby agrees that in the event that neither the Investment Adviser nor any of its affiliates acts as investment adviser to the Fund, the name of the Fund will be changed to one that does not contain the name “Private Capital Compak Asset Management,” or “PCMCompak” or otherwise suggest an affiliation with the Investment Adviser.

RESERVATION OF NAME. The Investment Adviser shall at all times have all rights in and to the Fund’s name and all investment models used by or on behalf of the Fund. The Investment Adviser may use the Fund’s name or any portion thereof in connection with any other mutual Trust or business activity without the consent of any shareholder and the Trust shall execute and deliver any and all documents required to indicate the consent of the Trust to such use. The Trust hereby agrees that in the event that neither the Investment Adviser nor any of its affiliates acts as investment adviser to the Fund, the name of the Fund will be changed to one that does not contain the name “Private P▇▇▇▇ Capital Management, LLC,” “P▇▇▇▇ Capital,” or “PCMP▇▇▇▇” or otherwise suggest an affiliation with the Investment Adviser.

RESERVATION OF NAME. The Investment Adviser shall at all times have all rights in and to the Fund’s name and all investment models used by or on behalf of the Fund. The Investment Adviser may use the Fund’s name or any portion thereof in connection with any other mutual Trust fund or business activity without the consent of any shareholder and the Trust shall execute and deliver any and all documents required to indicate the consent of the Trust to such use. The Trust hereby agrees that in the event that neither the Investment Adviser nor any of its affiliates acts as investment adviser to the Fund, the name of the Fund will be changed to one that does not contain the name names “Private Capital Lateef Investment Management, L.P.” or “PCMLateef” or otherwise suggest an affiliation with the Investment Adviser.

RESERVATION OF NAME. The Investment Adviser shall at all times have all rights in and to the Fund’s name and all investment models used by or on behalf of the Fund. The Investment Adviser may use the Fund’s name or any portion thereof in connection with any other mutual Trust or business activity without the consent of any shareholder and the Trust shall execute and deliver any and all documents required to indicate the consent of the Trust to such use. The Trust hereby agrees that in the event that neither the Investment Adviser nor any of its affiliates acts as investment adviser to the Fund, the name of the Fund will be changed to one that does not contain the name “Private P▇▇▇▇ Capital ManagementCredit, LLC,” “P▇▇▇▇ Capital,” “P▇▇▇▇ Credit,” or “PCMP▇▇▇▇” or otherwise suggest an affiliation with the Investment Adviser.

RESERVATION OF NAME. The Investment Adviser shall at all times have all rights in and to the Fund’s name and all investment models used by or on behalf of the Fund. The Investment Adviser may use the Fund’s name or any portion thereof in connection with any other mutual Trust or business activity without the consent of any shareholder and the Trust shall execute and deliver any and all documents required to indicate the consent of the Trust to such use. The Trust hereby agrees that in the event that neither the Investment Adviser nor any of its affiliates acts as investment adviser to the Fund, the name of the Fund will be changed to one that does not contain the name “Private S▇▇▇▇▇▇ Capital Management” “S▇▇▇▇▇▇ Capital” or “PCMS▇▇▇▇▇▇” or otherwise suggest an affiliation with the Investment Adviser.

RESERVATION OF NAME. The Investment Adviser shall at all times have all rights in and to the Fund’s name and all investment models used by or on behalf of the Fund. The Investment Adviser may use the Fund’s name or any portion thereof in connection with any other mutual Trust or business activity without the consent of any shareholder and the Trust shall execute and deliver any and all documents required to indicate the consent of the Trust to such use. The Trust hereby agrees that in the event that neither the Investment Adviser nor any of its affiliates acts as investment adviser to the Fund, the name of the Fund will be changed to one that does not contain the name “Private DuPont Capital ManagementManagement Corporation,” “DuPont Capital,” or “PCMDuPont” or otherwise suggest an affiliation with the Investment Adviser.

RESERVATION OF NAME. The Investment Adviser shall at all times have all rights in and to the Fund’s name and all investment models used by or on behalf of the Fund. The Investment Adviser may use the Fund’s name or any portion thereof in connection with any other mutual Trust person or entity or business activity without the consent of any shareholder and the Trust Fund shall execute and deliver any and all documents required to indicate the consent of the Trust Fund to such use. The Trust Fund hereby agrees that in the event that neither the Investment Adviser nor any of its affiliates acts as investment adviser to the Fund, the name of the Fund will be changed to one that does not contain the name “Private ▇▇▇▇▇ Capital ManagementCredit, LLC,” “▇▇▇▇▇ Capital,” “▇▇▇▇▇ Credit,” or “PCMPolen” or otherwise suggest an affiliation with the Investment Adviser.

RESERVATION OF NAME. The Investment Adviser shall at all times have all rights in and to the Fund’s name and all investment models used by or on behalf of the Fund. The Investment Adviser may use the Fund’s name or any portion thereof in connection with any other mutual Trust or business activity without the consent of any shareholder and the Trust shall execute and deliver any and all documents required to indicate the consent of the Trust to such use. The Trust hereby agrees that in the event that neither the Investment Adviser nor any of its affiliates acts as investment adviser to the Fund, the name of the Fund will be changed to one that does not contain the name “Private P▇▇▇▇ Capital ManagementCredit, LLC,” “P▇▇▇▇ Capital,” “Polen Credit,” or “PCMPolen” or otherwise suggest an affiliation with the Investment Adviser.

RESERVATION OF NAME. The Investment Adviser shall at all times have all rights in and to the each Fund’s name and all investment models used by or on behalf of the FundFunds. The Investment Adviser may use the each Fund’s name or any portion thereof in connection with any other mutual Trust or business activity without the consent of any shareholder and the Trust shall execute and deliver any and all documents required to indicate the consent of the Trust to such use. The Trust hereby agrees that in the event that neither the Investment Adviser nor any of its affiliates acts as investment adviser to the FundFunds, the name of the each Fund will be changed to one that does not contain the name “Private ▇▇▇▇▇▇▇▇▇ Capital ManagementManagement LLC,” “▇▇▇▇▇▇▇▇▇ Capital” or “PCM▇▇▇▇▇▇▇▇▇” or otherwise suggest an affiliation with the Investment Adviser.

RESERVATION OF NAME. The Investment Adviser shall at all times have all rights in and to the Fund’s name and all investment models used by or on behalf of the Fund. The Investment Adviser may use the Fund’s name or any portion thereof in connection with any other mutual Trust or business activity without the consent of any shareholder and the Trust shall execute and deliver any and all documents required to indicate the consent of the Trust to such use. The Trust hereby agrees that in the event that neither the Investment Adviser nor any of its affiliates acts as investment adviser to the Fund, the name of the Fund will be changed to one that does not contain the name “Private ▇▇▇▇▇▇▇▇▇ Capital ManagementManagement LLC,” “▇▇▇▇▇▇▇▇▇ Capital” or “PCM▇▇▇▇▇▇▇▇▇” or otherwise suggest an affiliation with the Investment Adviser.

RESERVATION OF NAME. The Investment Adviser shall at all times have all rights in and to the Fund’s name and all investment models used by or on behalf of the Fund. The Investment Adviser may use the Fund’s name or any portion thereof in connection with any other mutual Trust or business activity without the consent of any shareholder and the Trust shall execute and deliver any and all documents required to indicate the consent of the Trust to such use. The Trust hereby agrees that in the event that neither the Investment Adviser nor any of its affiliates acts as investment adviser to the Fund, the name of the Fund will be changed to one that does not contain the name “Private Capital Management” or [“PCM” ”] or otherwise suggest an affiliation with the Investment Adviser.