Notice of Change of Subcustodians Clause Samples

The Notice of Change of Subcustodians clause requires a party, typically a custodian, to formally notify the other party when there is a change in the subcustodians responsible for holding assets. In practice, this means that if the custodian appoints a new subcustodian or replaces an existing one, they must provide timely written notice to the client or counterparty, often specifying the effective date and details of the new subcustodian. This clause ensures transparency and allows the client to stay informed about who is safeguarding their assets, thereby managing risk and maintaining trust in the custodial relationship.