Common use of Duties of the Manager Clause in Contracts

Duties of the Manager. Upon the terms and subject to the conditions of this Agreement, the Manager shall perform the following duties: a) Notify the Principal in writing, promptly upon the opening of the Account, of the name and address of the qualified bank at which the Account is established, and the manner in which the funds are maintained; b) At all times hold all funds and other Investments in the Account; c) Furnish or ensure that the qualified bank furnishes to the Principal statements of investment income earned of and for the Account during each fiscal quarter, the amount of the Principal’s Proportionate Share at the end of such period, the amount of each Investment at the end of such period, and each transaction effected for the Account during such period; and d) Keep, compile, maintain and provide for inspection detailed accounting records of cash receipts and disbursements that reflects the Proportionate Share of the Principal and the Participants in the Investments, a complete and accurate description of each Investment of the Principal in the Account including the amount, interest rate, and maturity date, if any, of each of the Investments and other records that on a daily basis allow third parties to verify each participant’s Investments in the Account.