Common use of Employment of Adviser Clause in Contracts

Employment of Adviser. Paramount hereby employs the Adviser to manage the investment and reinvestment of the assets of Paramount and to administer its affairs, to the extent described herein, subject to the supervision of the Board of Directors of Paramount, for the period and on the terms set forth in this Agreement. The Adviser hereby accepts such employment and agrees during such period to render the services and to assume the obligations herein set forth. The Adviser agrees to use its best efforts and judgment in the performance of its obligations hereunder. The Adviser shall, for all purposes herein, be deemed an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent Paramount in any way, or otherwise be deemed an agent of Paramount.