Provision of the Service requires. (a) the appointment of the Manager by the Investor upon the terms of this Agreement. The nature of the Service is that for each individual Investor, a discretionary investment management mandate, as described in the Brochure, is provided by the Manager for that Investor in accordance with the terms of their Investor Agreement in relation to IEP Apex. An Investor will have their portfolio of Shares in a Portfolio Company acquired and managed for the Investor on a segregated basis by the Manager in accordance with the terms of his or her Investor Agreement; and
