MONITORING OF ELIGIBLE SECURITIES DEPOSITORIES. The Custodian shall (a) provide the Fund or its Investment Advisor with an analysis of the custody risks associated with maintaining assets with the Eligible Securities Depositories set forth on Schedule B in accordance with Section (a)(1)(i)(A) of Rule 17f-7 and (b) monitor such risks on a continuing basis and promptly notify the Fund or its Investment Advisor of any material change in such risks, in accordance with Section (a)(1)(i)(B) of Rule 17f-7. The Custodian agrees to exercise reasonable care, prudence and diligence in performing the above duties. If a custody arrangement with an Eligible Securities Depository no longer meets the requirements of this Section, then, pursuant to Proper Instructions, the Custodian shall provide reasonable assistance to the Fund in transferring such Foreign Assets to another Eligible Securities Depository, if available, or act on such Proper Instruction with regard to the Fund’s disposition of such Foreign Assets.
Appears in 3 contracts
Sources: Custodian Agreement (New Mountain Guardian IV Income Fund, L.L.C.), Custodian Agreement (New Mountain Guardian IV Unlevered BDC, L.L.C.), Custodian Agreement (New Mountain Guardian III BDC, L.L.C.)