Common use of Appointment of Investment Consultant Clause in Contracts

Appointment of Investment Consultant. (a) The Governing Board, acting through the Chief Investment Officer, shall be ultimately responsible for making all investment decisions regarding the Portfolio Assets of all Portfolios in accordance with the Investment Guidelines applicable to such Portfolio. Consistent with the Governing Board’s ultimate responsibility as stated herein, the Governing Board may contract with the Investment Consultant, subject to the consent by resolution of the governing board of each Participant, to provide investment advice to the Chief Investment Officer pursuant to the terms of the Investment Advisory Agreement. Although neither the Lead Agent nor the Governing Board may delegate the authority to make investment decisions to the Investment Consultant, the Chief Investment Officer may obtain advice from the Investment Consultant before making such investment decisions. The Investment Consultant may also serve as or be an Affiliate of the Administrator, the Marketing Agent and a Custodian. The Investment Consultant shall be liable to the Lead Agent, the Chief Investment Officer and the Governing Board under the terms of the Indemnity Agreement.