CUSTODY OF ASSETS OF THE COMPANY. The physical possession of all funds, Securities or other properties of the Company shall at all times be held, controlled and administered by one or more custodians retained by the Company in accordance with the requirements of the 1940 Act. The Manager will have no responsibility, other than that associated with the oversight and supervision of custodians retained by the Company, with respect to the collection of income or the physical acquisition or safekeeping of the funds, Securities or other assets of the Company, all duties of collection, physical acquisition or safekeeping being the sole obligation of such custodians.
Appears in 25 contracts
Samples: Limited Liability Company Agreement (PNC Long-Short Fund LLC), Limited Liability Company Agreement (PNC Absolute Return TEDI Fund LLC), Limited Liability Company Agreement (PNC Alternative Strategies Fund LLC)
CUSTODY OF ASSETS OF THE COMPANY. The physical possession of all funds, Securities or other properties of the Company shall at all times be held, controlled and administered by one or more custodians retained by the Company in accordance with the requirements of the 1940 ActAct and the rules thereunder. The Manager will have no responsibility, other than that associated with the oversight and supervision of custodians retained by the Company, with respect to the collection of income or the physical acquisition or safekeeping of the funds, Securities securities or other assets of the Company, all duties of collection, collection physical acquisition or safekeeping being the sole obligation of such custodians.
Appears in 7 contracts
Samples: Liability Company Agreement (Mercantile Long Short Manager Fund LLC), Limited Liability Company Agreement (Mercantile Alternative Strategies Fund LLC), Limited Liability Company Agreement (Mercantile Absolute Return Fund LLC)
CUSTODY OF ASSETS OF THE COMPANY. The physical possession of all funds, Securities or other properties of the Company shall at all times times, be held, controlled and administered by one or more custodians retained by the Company in accordance with the requirements of the 1940 Act. The Manager will have no responsibility, other than that associated with the oversight and supervision of custodians retained by the Company, with respect to the collection of income or the physical acquisition or safekeeping of the funds, Securities or other assets of the Company, all duties of collection, physical acquisition or safekeeping being the sole obligation of such custodians.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Ramius IDF Master Fund LLC), Limited Liability Company Agreement (Ramius IDF LLC)
CUSTODY OF ASSETS OF THE COMPANY. The physical possession of all funds, Securities or other properties of the Company shall at all times times, be held, controlled and administered by one or more custodians retained by the Company in accordance with the requirements of the 1940 ActInvestment Company Act and the rules thereunder. The Manager will have no responsibility, other than that associated with the oversight and supervision of custodians retained by the Company, with respect to the collection of income or the physical acquisition or safekeeping of the funds, Securities or other assets of the Company, all duties of collection, physical acquisition or safekeeping being the sole obligation of such custodians.Section 3.5
Appears in 1 contract
Samples: PARADIGM Multi Strategy Fund, LLC
