Representations, Warranties and Covenants of the Investment Manager. 4.1 The Investment Manager represents and warrants to SURS that either (a) it is registered as an investment adviser under the Investment Advisers Act of 1940 or (b) it is a “bank” as defined in the Investment Advisers Act of 1940.
Representations, Warranties and Covenants of the Investment Manager. The Investment Manager represents, warrants and covenants to the Fund that:
Representations, Warranties and Covenants of the Investment Manager. A. The Investment Manager represents and warrants to the Board of Trustees that it is registered with the Securities and Exchange Commission (the “SEC”) as an “investment adviser” under the Investment Advisers Act of 1940, as amended (the “Investment Advisers Act”) and shall remain so registered for so long as it manages the Investment.
Representations, Warranties and Covenants of the Investment Manager. The Investment Manager represents and warrants to the Board of Trustees that it is registered and shall remain registered as an investment adviser or that it is a bank, as defined in the Investment Advisers Act of 1940. Pursuant to Section 5/1-113.14 of the Illinois Pension Code, the Investment Manager acknowledges that it is a “fiduciary” with respect to the Fund and the Sub-Account, and specifically agrees to perform all of its duties and obligations under this Agreement as a fiduciary. The Investment Manager further warrants that none of the disqualifications described in Section 411 of ERISA apply to the Investment Manager. The Investment Manager represents and warrants that all statements made and materials provided to the Fund in response to the Fund’s search for an investment adviser, which resulted in the Fund and the Investment Manager entering into this Agreement, were true and complete. The Investment Manager shall be subject to 40 ILCS 5/1-135. The Investment Manager represents and warrants that it shall secure and maintain at all times a blanket fidelity bond or bonds in the minimum amount of $5,000,000. If the Investment Manager maintains a blanket fidelity bond or bonds in an amount greater than $5,000,000, the Investment Manager shall maintain such greater amount for the term of this Agreement. In addition, the Investment Manager shall secure and maintain at all times a bond complying with the requirements of ERISA in the amount of $500,000, with the Fund as the designated insured party. A certificate confirming the bonds shall be provided to the Fund in December of each year. The Investment Manager also acknowledges that the Board of Trustees may require the Investment Manager to secure and maintain additional blanket fidelity bond coverage. The Investment Manager agrees that, upon the Board of Trustees’ request, the Investment Manager shall obtain additional blanket fidelity bond coverage in the amount of and pursuant to the terms and conditions established by the Board of Trustees for similarly situated investment managers managing assets of the Fund. The Investment Manager represents and warrants that it shall secure and maintain at all times errors and omissions insurance in the minimum amount of $10,000,000. Insurance in effect will be determined annually and will be a minimum of 10% of the portfolio value at December 31st of each year. If the Investment Manager maintains errors and omissions insurance in an amount greater than the am...
Representations, Warranties and Covenants of the Investment Manager. The Investment Manager represents and warrants to the Board that it is and shall remain: (i) a registered investment adviser registered under the Investment Adviser’s Act of 1940; (ii) a registered investment adviser under the Illinois Securities Law of 1953; (iii) a bank, as defined in the Investment Advisers Act of 1940; or (iv) an insurance company authorized to transact business in Illinois. Pursuant to Section 5/1-113.14 of the Pension Code the Investment Manager acknowledges that it is a “fiduciary” with respect to the Fund and the Sub-Account within the meaning of the Pension Code, and specifically agrees to perform all its duties and obligations under this Agreement as a fiduciary. The Investment Manager further warrants that none of the disqualifications described in Section 411 of ERISA apply to the Investment Manager. The Investment Manager represents and warrants that its response to the request for proposals and all written and oral presentations to the Board, upon which the Fund is relying in entering into this Agreement, were true and complete and did not omit to state a fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading. The Investment Manager shall also be subject to 40 ILCS 5/1-135 regarding fraud. The Investment Manager represents and warrants that it shall secure and maintain at all times during the term of this Agreement, and for a period of five (5) years thereafter, a blanket fidelity bond or bonds in the minimum amount of $XX,000,000 per occurrence. If the Investment Manager maintains a blanket fidelity bond or bonds in an amount greater than the minimum required by this paragraph, then the Investment Manager shall maintain such greater amount for the term of this Agreement. In addition, the Investment Manager shall secure and maintain a bond complying with the requirements of ERISA in the amount of $500,000, with the Fund as the sole additional insured. Fidelity bond coverage will include coverage for theft, embezzlement, fraud, or misplacement of funds, money, or documents, whether committed by employees or outside parties, acting alone or in collusion with others. Coverage must also include computer system and voice-initiated transfer fraud coverage. The fidelity bond shall not limit the Investment Manager’s obligation to indemnify, defend, or settle any claim. Certificates of coverage naming the Fund as an additional insured shall be provided to the Board...
Representations, Warranties and Covenants of the Investment Manager
