Monitoring Foreign Custodians. In each case in which the Foreign Custody Manager maintains Foreign Assets with an Eligible Foreign Custodian selected by the Foreign Custody Manager, the Foreign Custody Manager will establish a system to monitor: (a) the appropriateness of maintaining the Foreign Assets with such Eligible Foreign Custodian; and (b) the contract governing the custody arrangements established by the Foreign Custody Manager with the Eligible Foreign Custodian and the Eligible Foreign Custodian’s performance thereunder. If the Foreign Custody Manager determines that the custody arrangements with an Eligible Foreign Custodian it has selected are no longer appropriate, the Foreign Custody Manager will notify the Board.
