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SUB-CUSTODIANS Sample Clauses

SUB-CUSTODIANSUpon receipt of Proper Instructions, the Custodian shall on behalf of a Fund appoint one or more banks, trust companies or other entities located in the United States and designated in the Proper Instructions to act as a sub-custodian for the purposes of effecting such transactions as may be designated by the Fund in the Proper Instructions. The Custodian may place and maintain each Fund’s foreign securities with foreign banking institution sub-custodians employed by the Custodian or foreign securities depositories, all in accordance with the applicable provisions of Sections 4 and 5. An entity acting in the capacity of Underlying Transfer Agent is not an agent or sub-custodian of the Custodian for purposes of this Agreement.
SUB-CUSTODIANS. (a) The Custodian may from time to time request appointment of one or more Sub-Custodians. Upon receipt of Written or Oral Instructions authorizing the use of such a Sub-Custodian, the Custodian shall appoint one or more Sub-Custodians of Securities and cash owned by the Company from time to time. (b) The Custodian shall have no liability to the Company by reason of any act or omission of any Sub-Custodian approved by the Company, and the Company shall indemnify the Custodian and hold it harmless from and against any and all actions, suits, claims, losses, damages, costs, charges, counsel fees, payments, expenses and liabilities arising directly or indirectly out of or in connection with the performance of any Sub-Custodian approved by the Company. The Custodian assigns to the Company any and all claims for any losses, costs, expenses, or damages that may be incurred by the Company by reason of the negligence, gross negligence or misconduct of any Sub-Custodian approved by the Company, or by reason of the failure of a Sub-Custodian approved by the Company to perform in accordance with any applicable agreement, including instructions of the Custodian. The Custodian shall be under no obligation to prosecute or to defend any action, suit or claim arising out of, or in connection with, the performance of any Sub-Custodian approved by the Company, if, in the opinion of the Custodian's counsel, such action will involve expense or liability to the Custodian. The Company shall, upon request, furnish the Custodian with satisfactory indemnity against such expense or liability, and upon request of the Custodian, the Company shall assume the entire defense of any action, suit, or claim subject to the foregoing indemnity. With respect to each Sub-Custodian not approved by the Company, the Custodian shall be liable to the Company for any loss which shall occur as a result of the failure of the Sub-Custodian to exercise reasonable care with respect to the safekeeping of assets to the same extent that the Custodian would be liable to the Company if the Custodian were holding such assets in its own premises. The Custodian shall be liable to the Company under this paragraph only to the extent of the Company's direct damages, to be determined based on the market value of the assets which are subject to loss and without reference to any special conditions or circumstances.
SUB-CUSTODIANSWith the exception of the Zurich Sub Custodian, which shall, for the avoidance of doubt, be governed by clause 8.3, the Custodian may employ Sub-Custodians solely for the temporary custody and safekeeping of Bullion until transported to the relevant vault premises as provided in clause 7.4. The Sub-Custodians the Custodian selects may themselves select sub-custodians to provide such temporary custody and safekeeping of Bullion, but such sub-custodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian as such term is used herein. The Custodian will use reasonable care in selecting any Sub-Custodian. As of the date of this Agreement, the Sub-Custodians that the Custodian uses are: Brinks Global Services, Via Mat International and Group 4 Security Limited. The Custodian will notify each of the Trustee and the Sponsor if it selects any additional Sub-Custodian, or stops using any Sub-Custodian for such purpose. The receipt of notice by each of the Trustee and the Sponsor that the Custodian has selected a Sub-Custodian (including those named in this clause 8.1) shall not be deemed to limit the Custodian’s responsibility in selecting such Sub-Custodian.
SUB-CUSTODIANS. (a) We may, without any prior notice to or approval from you, appoint one or more Agents as sub- custodians to hold in custody the Gold Bullion. (b) You irrevocably appoint us to be your attorney and on your behalf and in your name or otherwise to execute and do all such assurances, deeds, acts and things which you may or ought to do in your name and on your behalf to exercise all or any of the rights, powers, authorities and discretions conferred by these Gold Bullion Terms on us to seal and deliver and otherwise perfect any deed, assurance, agreement, instrument or act which we may deem proper in or for the purpose of exercising any of such rights, powers, authorities and discretions and you hereby ratify and confirm and agree to ratify and confirm whatsoever any such attorney shall do or purport to do by virtue of these Gold Bullion Terms. (c) We shall exercise due skill, care and diligence in the selection, appointment and periodic review (such review to be carried out in our absolute discretion) of the Agents and the arrangements for the holding and safekeeping of the Gold Bullion, in accordance with Applicable Laws. (d) For so long as the Gold Bullion remain deposited with the Agent(s), this Clause 3 shall be subject to, and you agree to be bound by, the administrative and such other procedures and the relevant provisions (including any agreement that we may enter into with the Agent(s)) relating to the provision of custodial services by such Agent(s). (e) You acknowledge that any arrangement that we may have with any Agent may be subject to terms and conditions which may include limitations and exclusions for the benefit of such Agent. You understand and acknowledge that you have no direct contractual relationship with the Agent and shall not have any right of recourse against such Agent.
SUB-CUSTODIANS. We may appoint Sub-Custodians to perform any of our duties under this Agreement including the custody and safekeeping of Bullion. We will use reasonable care in the appointment of any Sub-Custodian. Gold held by a Sub-Custodian shall be kept in our account at such Sub-Custodian, and we will separately identify on our books Gold that is so held on your behalf. Our account with each such Sub-Custodian will be subject only to our instructions. Any Sub-Custodian will be a member of the LBMA.
SUB-CUSTODIANS. (i) The Custodian may employ Sub-Custodians solely for the temporary custody and safekeeping of Physical Gold until transported to the Custodian’s London vault premises as provided in clause 7.4. The Sub-Custodians the Custodian selects may themselves select sub-custodians to provide such temporary custody and safekeeping of Physical Gold (each an “Indirect Sub-Custodian”), but such sub-custodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian as such term is used herein. (ii) The Custodian will use reasonable care in selecting any Sub-Custodian and will only use an LPMCL approved delivery location. In selecting any Sub-Custodian with reasonable care, the Custodian is to determine if such Sub-Custodian can reasonably be expected to operate in a reasonable and prudent manner and in compliance with the Rules and all other relevant laws, rules and regulations applicable to its services as a sub-custodian of Gold. (iii) As of the date of this Agreement, the Sub-Custodians that the Custodian may use for the purposes of this Agreement are: Bank of England, Brink’s Limited, G4S Cash Solutions (UK) Limited, HSBC Bank plc, XX Xxxxxx Xxxxx, Xxxxx-Xxxx Commodities Ltd and Xxxxxx International (UK) Ltd. (iv) The Custodian will notify each of the Trust and the Sponsor within two Business Days (i) of the name and address of any new Sub-Custodian (i.e. in addition to those referred to in (iii) above or previously notified pursuant to this clause 8.1(iv)) to be used by the Custodian for the purposes of this Agreement, or (ii) if it terminates its relationship with any Sub-Custodian that it uses for the purposes of this Agreement. The Custodian will otherwise provide the reports set forth on Schedule B with respect to Sub-Custodians and any Indirect Sub-Custodians. (v) The receipt of notice by each of the Trust and the Sponsor that the Custodian has selected a Sub-Custodian shall not be deemed to limit the Custodian’s responsibility in selecting such Sub-Custodian.
SUB-CUSTODIANS. We may select Sub-Custodians to perform any of our duties under this agreement including the custody and safekeeping of Bullion. The Sub-Custodians we select may themselves select subcustodians to perform their duties, but such subcustodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian as such term is used herein. We will use reasonable care in selecting any Sub-Custodian. As of the execution of this Agreement, the Sub-Custodians that we use are: the Bank of England, The Bank of Nova Scotia (ScotiaMocatta), Deutsche Bank AG, JPMorganChase Bank, and UBS AG. We will notify you if we select any additional Sub-Custodian, or stop using any Sub-Custodian for such purpose. Your receipt of notice that we have selected a Sub-Custodian (including those named in this clause 8.1) shall not be deemed to limit our responsibility in selecting such Sub-Custodian. Not more frequently than annually, upon your request, we will confirm to you that from time to time we may hold Precious Metal for our own account with one or more of each of the Sub-Custodians, provided that this confirmation shall not constitute a representation by us regarding the solvency or creditworthiness of any Sub-Custodian.
SUB-CUSTODIANS. (a) The Custodian may from time to time request appointment of one or more Sub-Custodians. Upon receipt of Written or Oral Instructions authorizing the use of a Sub-Custodian, the Custodian shall appoint one or more Sub-Custodians or Foreign Sub-Custodians of Securities and cash owned by the Trust from time to time. (b) Custodian shall cause Foreign Securities and amounts of cash reasonably required to effect Trust's Foreign Securities transactions in the Custodian Account to be held in such countries or other jurisdictions as Trust shall direct in Written or Oral Instructions. Custodian may hold Foreign Securities and cash in sub-custody accounts, which shall be deemed part of the Custodian Account and which have been established by Custodian or by a Sub-Custodian with those Foreign Sub-Custodians as Trust shall approve in Written or Oral Instructions. Each Foreign Sub-Custodian is authorized to hold Foreign Securities in an account with any foreign Securities Depository as Trust shall approve in Written or Oral Instructions. The contractual agreement between the Custodian and any Foreign Sub-Custodian must provide at a minimum that the Foreign Sub-Custodian shall provide, obtain or use its best efforts to assist the Trust in obtaining information responsive to the "notes" to Rule 17f-5 under the Act with respect to (i) each country or jurisdiction where the Trust's assets are proposed to be maintained, are maintained or in the future may be maintained and (ii) each Foreign Sub-Custodian which is proposed to hold, holds or in the future may hold Foreign Securities or cash of the Trust. Notwithstanding any other provisions of this Agreement, each Foreign Sub-Custodian's undertaking to assist Trust in obtaining such information shall neither increase the Foreign Sub-Custodian's duty of care nor reduce Trust's responsibility to determine for itself the prudence of entrusting its assets to any particular Foreign Sub-Custodian or foreign Securities Depository. The Custodian shall deposit Foreign Securities and cash of the Trust with a Foreign Sub-Custodian only in an account of the Foreign Sub-Custodian which holds only assets held by Custodian as custodian for its customers. In the event that a Foreign Sub-Custodian is authorized to hold any of the Foreign Securities placed in its care in a foreign Securities Depository, Custodian will direct the Foreign Sub-Custodian to identify the Foreign Securities on the books of the foreign Securities Depository as bein...
SUB-CUSTODIANSIn connection with its duties under this Agreement, the Custodian may, at its own expense, enter into sub-custodian agreements with other banks or trust companies for the receipt of certain securities and cash to be held by the Custodian for the account of the Trust pursuant to this Agreement; provided that each such bank or trust company has an aggregate capital, surplus and undivided profits, as shown by its last published report, of not less than twenty million dollars ($20,000,000) and that such bank or trust company agrees with the Custodian to comply with all relevant provisions of the 1940 Act and applicable rules and regulations thereunder. The Custodian will be liable for acts or omissions of any such sub-custodian. (a) Promptly after the close of business on each day the Custodian shall furnish the Trust with system access to review a summary of all transfers to or from the account of the Trust during said day. Where securities are transferred to the account of the Trust established at a Securities Depository or the Book Entry System pursuant to paragraph 13 hereof, the Custodian shall use the Securities Depository or Book Entry System to identity as belonging to such Trust the securities in a commingled group of securities registered in the name of the Custodian (or its nominee) or shown in the Custodian’s account on the books of a Securities Depository or the Book-Entry System. At least monthly and from time to time, the Custodian shall furnish the Trust with a detailed statement of the Property held for the Trust under this Agreement. (b) Notwithstanding any other provision of this agreement, no provision of this paragraph 12, and no provision of this Agreement relating to sub-custodians, shall apply to any agreement entered into by the Custodian for the purpose of facilitating repurchase transactions by the Fund (“Tri-party Agreements”), except that (i) the indemnification obligations owed to the Custodian by the Fund and set forth in paragraphs 28(a) and (b) shall apply to such Tri-party Agreements without qualification; and (ii) the Fund’s rights contained in paragraph 30 of this Agreement shall apply to such Tri-party Agreements. All actions taken by the Custodian in connection with such Tri-party Agreements shall be taken solely for the purpose of providing and accepting instructions at the Fund’s request and on the Fund’s behalf.
SUB-CUSTODIANSThe Custodian may employ Sub-Custodians solely for the temporary custody and safekeeping of Bullion until transported to the relevant vault premises as provided in Clause 8.4. The Sub-Custodians the Custodian selects may themselves select sub-custodians to provide such temporary custody and safekeeping of Bullion, but such sub-custodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian as such term is used herein. The Custodian will use reasonable care in selecting any Sub-Custodian. As of the date of this Agreement, the Sub-Custodians that the Custodian uses are: The Bank of Nova Scotia (ScotiaMocatta), Deutsche Bank AG, JPMorganChase Bank, N.A., UBS AG, Barclays Bank PLC, Xxxxxxx Matthey plc, Brink’s Global Services Inc. and ViaMat International. The Custodian will notify each of the Trustee if it selects any additional Sub-Custodian, or stops using any Sub-Custodian for such purpose. The receipt of notice by each of the Trustee and the Company that the Custodian has selected a Sub-Custodian (including those named in this clause 9.1) shall not be deemed to limit the Custodian’s responsibility in selecting such Sub-Custodian.