Communications Relating to Borrower Securities. Except with respect to property released and delivered pursuant to Section 2.2(13), or purchased pursuant to Section 2.6(5), and subject to the provisions of Section 2.3, the Custodian shall transmit promptly to the Borrower (with a copy to the Managing Member and Manager) all written information received by the Custodian from issuers of the securities being held for the Borrower. With respect to tender or exchange offers, the Custodian shall transmit promptly to the Borrower, the Managing Member and the Manager all written information received by the Custodian from issuers of the securities whose tender or exchange is sought and from the party (or its agents) making the tender or exchange offer. The Custodian shall not be liable for any untimely exercise of any tender, exchange or other right or power in connection with securities or other property of the Borrower at any time held by it unless (i) the Custodian is in actual possession of such securities or property and (ii) the Custodian receives Instructions with regard to the exercise of any such right or power, and both (i) and (ii) occur at least two business days prior to the date on which the Custodian is to take action to exercise such right or power. The Custodian shall also transmit promptly to the Borrower, the Managing Member and the Manager all written information received by the Custodian regarding any class action or other litigation in connection with securities or other assets issued in the United States and then held, or previously held, during the term of this Agreement by the Custodian for the account of the Borrower, including, but not limited to, opt-out notices and proof-of-claim forms. For avoidance of doubt, upon and after the effective date of any termination of this Agreement, the Custodian shall have no responsibility to so transmit any information under this Section 2.15.
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Samples: Administration Agreement, Administration Agreement, Custodian Agreement
