Common use of SUB-CUSTODIANS Clause in Contracts

SUB-CUSTODIANS. We may employ Sub-Custodians solely for the temporary custody and safekeeping of Bullion comprising the Account Balance until such Bullion is transferred to our London vault premises as provided in Clause 7.4 (Location of Bullion). 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. We will use reasonable care in selecting any Sub-Custodian. As of the date of this Agreement, the Sub-Custodians that the Custodian uses are specified below in this Clause. We will notify you and the Sponsor of the selection of any additional Sub-Custodian or if we stop using any Sub-Custodian for such purpose. Your and the Sponsor’s receipt of notice that we have selected a Sub-Custodian (including those named in this Clause below) shall not be deemed to limit our responsibility in selecting such Sub-Custodian. Any Sub-Custodian shall be a member of the Relevant Association. We shall notify you and the Sponsor as soon as practicable (and in any event no later than 2 Business Days from the date of our becoming aware) of any difficulties or problems existing with respect to a Sub-Custodian of which we become aware, with our acknowledging that we endeavour to apply no less than the same standard of care with respect to any Sub-Custodian as we apply to the services provided by us. As per the definition of “Sub-Custodian” in Clause 1.1, any appointment of a Sub-Custodian other than the Sub-Custodians specified below in this Clause 8.1 must be approved in writing by the Trustee and the Sponsor. Schedule 2 (Sub-Custodian Trust Provisions) will apply in relation to any Sub-Custodian or any other person with which the Custodian has deposited, or which is in possession of, any Bullion in the Allocated Account. As at the date of this Agreement the Sub-Custodians that the Custodian uses for Bullion are: Brinks’ Global Services.

SUB-CUSTODIANS. We may employ Sub-Custodians solely for the temporary custody and safekeeping of Bullion comprising the Account Balance until such Bullion is transferred to our London vault premises as provided in Clause 7.4 (Location of Bullion). 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. We will use reasonable care in selecting any Sub-Custodian. As of the date of this Agreement, the Sub-Custodians that the Custodian uses are specified below in this Clause. We will notify you and the Sponsor of the selection of any additional Sub-Custodian or if we stop using any Sub-Custodian for such purpose. Your and the Sponsor’s receipt of notice that we have selected a Sub-Custodian (including those named in this Clause below, if any) shall not be deemed to limit our responsibility in selecting such Sub-Custodian. Any Sub-Custodian shall be a member of the Relevant Association. We shall notify you and the Sponsor as soon as practicable (and in any event no later than 2 Business Days from the date of our becoming aware) of any difficulties or problems existing with respect to a Sub-Custodian of which we become aware, with our acknowledging that we endeavour to apply no less than the same standard of care with respect to any Sub-Custodian as we apply to the services provided by us. As per the definition of “Sub-Custodian” in Clause 1.1, any appointment of a Sub-Custodian other than the Sub-Custodians specified below in this Clause 8.1 must be approved in writing by the Trustee and the Sponsor. Schedule 2 (Sub-Custodian Trust Provisions) will apply in relation to any Sub-Custodian or any other person with which the Custodian has deposited, or which is in possession of, any Bullion in the Allocated Account. As at the date of this Agreement the Custodian does not use any Sub-Custodians that the Custodian uses for Bullion are: Brinks’ Global ServicesBullion.

SUB-CUSTODIANS. We may employ Sub-Custodians solely for the temporary custody and safekeeping of Bullion comprising the Account Balance until such Bullion is transferred to our London vault premises as provided in Clause 7.4 (Location of Bullion). 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. We will use reasonable care in selecting any Sub-Custodian. As of the date of this Agreement, the Sub-Custodians that the Custodian uses are specified below in this Clause. We will notify you and the Sponsor of the selection of any additional Sub-Custodian or if we stop using any Sub-Custodian for such purpose. Your and the Sponsor’s receipt of notice that we have selected a Sub-Custodian (including those named in this Clause below) shall not be deemed to limit our responsibility in selecting such Sub-Custodian. Any Sub-Custodian shall be a member of the Relevant Association, except for the Governor and Company of the Bank of England. We shall notify you and the Sponsor as soon as practicable (and in any event no later than 2 Business Days from the date of our becoming aware) of any difficulties or problems existing with respect to a Sub-Custodian of which we become aware, with our acknowledging that we endeavour to apply no less than the same standard of care with respect to any Sub-Custodian as we apply to the services provided by us. As per the definition of “Sub-Custodian” in Clause 1.1, any appointment of a Sub-Custodian other than the Sub-Custodians specified below in this Clause 8.1 must be approved in writing by the Trustee and the Sponsor. Schedule 2 (Sub-Custodian Trust Provisions) will apply in relation to any Sub-Custodian or any other person with which the Custodian has deposited, or which is in possession of, any Bullion in the Allocated Account. As at the date of this Agreement the Sub-Custodians that the Custodian uses for Bullion are: Brinks’ Global Services, Mxxxx-Xxxx, Lxxxxx and the Governor and Company of the Bank of England.

SUB-CUSTODIANS. We may employ Sub-Custodians solely for the temporary custody and safekeeping of Bullion comprising the Account Balance until such Bullion is transferred to our London vault premises as provided in Clause 7.4 (Location of Bullion). 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. We will use reasonable care in selecting any Sub-Custodian. As of the date of this Agreement, the Sub-Custodians that the Custodian uses are specified below in this Clause. We will notify you and the Sponsor of the selection of any additional Sub-Custodian or if we stop using any Sub-Custodian for such purpose. Your and the Sponsor’s receipt of notice that we have selected a Sub-Custodian (including those named in this Clause below) shall not be deemed to limit our responsibility in selecting such Sub-Custodian. Any Sub-Custodian shall be a member of the Relevant Association. We shall notify you and the Sponsor as soon as practicable (and in any event no later than 2 Business Days from the date of our becoming aware) of any difficulties or problems existing with respect to a Sub-Custodian of which we become aware, with our acknowledging that we endeavour to apply no less than the same standard of care with respect to any Sub-Custodian as we apply to the services provided by us. As per the definition of “Sub-Custodian” in Clause 1.1, any appointment of a Sub-Custodian other than the Sub-Custodians specified below in this Clause 8.1 must be approved in writing by the Trustee and the Sponsor. Schedule 2 (Sub-Custodian Trust Provisions) will apply in relation to any Sub-Custodian or any other person with which the Custodian has deposited, or which is in possession of, any Bullion in the Allocated Account. As at the date of this Agreement the Custodian does not use any Sub-Custodians that the Custodian uses for Bullion are: Brinks’ Global ServicesBullion.

SUB-CUSTODIANS. We may employ Sub-Custodians solely for the temporary custody and safekeeping of Bullion comprising the Account Balance until such Bullion is transferred to our London vault premises as provided in Clause 7.4 (Location of Bullion). 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. We will use reasonable care in selecting any Sub-Custodian. As of the date of this Agreement, the Sub-Custodians that the Custodian uses are specified below in this Clause. We will notify you and the Sponsor of the selection of any additional Sub-Custodian or if we stop using any Sub-Custodian for such purpose. Your and the Sponsor’s receipt of notice that we have selected a Sub-Custodian (including those named in this Clause below) shall not be deemed to limit our responsibility in selecting such Sub-Custodian. Any Sub-Custodian shall be a member of the Relevant Association, except for the Governor and Company of the Bank of England. We shall notify you and the Sponsor as soon as practicable (and in any event no later than 2 Business Days from the date of our becoming aware) of any difficulties or problems existing with respect to a Sub-Custodian of which we become aware, with our acknowledging that we endeavour to apply no less than the same standard of care with respect to any Sub-Custodian as we apply to the services provided by us. As per the definition of “Sub-Custodian” in Clause 1.1, any appointment of a Sub-Custodian other than the Sub-Custodians specified below in this Clause 8.1 must be approved in writing by the Trustee and the Sponsor. Schedule 2 (Sub-Custodian Trust Provisions) will apply in relation to any Sub-Custodian or any other person with which the Custodian has deposited, or which is in possession of, any Bullion in the Allocated Account. As at the date of this Agreement the Sub-Custodians that the Custodian uses for Bullion are: (i) for gold, Brinks’ Global Services, Mxxxx-Xxxx, Lxxxxx and the Governor and Company of the Bank of England; and (ii) for silver, Brinks’ Global Services. The Custodian does not, as at the date of this Agreement, use any Sub-Custodians for platinum or palladium.

SUB-CUSTODIANS. We may employ appoint Sub-Custodians solely for the temporary custody and safekeeping of Bullion Precious Metal comprising the Account Balance Balances until such Bullion Precious Metal is transferred to our London vault premises Vault Premises as provided in Clause 7.4 (Location of Bullion). 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 herein7.4. We will use reasonable care in selecting the appointment of any Sub-Custodian. As of the date of this Agreement, the Sub-Custodians that the Custodian uses are specified below in this Clause. We will notify you and the Sponsor of the selection any appointment of a Sub-Custodian, or if we want to select any additional Sub-Custodian or if we stop using any Sub-Custodian for such purpose, or as set out in Schedule 1. Your and the Sponsor’s receipt of notice that we have selected a Sub-Custodian (including those named in this Clause below) shall not be deemed to limit our responsibility in selecting such Sub-Custodian. Not more frequently than annually, upon your request, we shall confirm to you that from time to time we may hold Precious Metal for our own account with one or more Sub-Custodians. Any Sub-Custodian shall be a member LBMA member, except for the Governor and the Company of the Relevant AssociationBank of England. We shall notify you and the Sponsor as soon as practicable (and in any event no later than 2 Business Days from the date of our becoming aware) of any difficulties or problems existing with respect to a Sub-Custodian of which we become aware, with our acknowledging that we endeavour to apply no less than the same or higher standard of care where practicable with respect to any Sub-Custodian as we apply to the services provided by us. As per the definition of “Sub-Custodian” in Clause 1.1, any appointment of a Sub-Custodian other than the Sub-Custodians specified below whose vault premises are listed in this Clause 8.1 the definition of Vault Premises must be approved in writing by the Trustee you and the Sponsor. Schedule 2 (Sub-Custodian Trust Provisions) will apply in relation to any Sub-Custodian or any other person with which the Custodian has deposited, or which is in possession of, any Bullion in the Allocated Account. As at the date of this Agreement the Sub-Custodians that the Custodian uses for Bullion are: Brinks’ Global Services.

SUB-CUSTODIANS. We may employ appoint Sub-Custodians solely for the temporary custody and safekeeping of Bullion Precious Metal comprising the Account Balance Balances until such Bullion Precious Metal is transferred to our London vault premises Vault Premises as provided in Clause 7.4 (Location of Bullion). 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 herein7.4. We will use reasonable care in selecting the appointment of any Sub-Custodian. As of the date of this Agreement, the Sub-Custodians that the Custodian uses are specified below in this Clause. We will notify you and the Sponsor of the selection any appointment of a Sub-Custodian, or if we want to select any additional Sub-Custodian or if we stop using any Sub-Custodian for such purposepurpose as set out in Schedule 1. Your and the Sponsor’s receipt of notice that we have selected a Sub-Custodian (including those named in this Clause below) shall not be deemed to limit our responsibility in selecting such Sub-Custodian. Not more frequently than annually, upon your request, we shall confirm to you that from time to time we may hold Precious Metal for our own account with one or more Sub-Custodians. Any Sub-Custodian shall be a member LBMA member, except for the Governor and the Company of the Relevant AssociationBank of England. We shall notify you and the Sponsor as soon as practicable (and in any event no later than 2 Business Days from the date of our becoming aware) of any difficulties or problems existing with respect to a Sub-Custodian of which we become aware, with our acknowledging that we endeavour to apply no less than the same or higher standard of care where practical with respect to any Sub-Custodian as we apply to the services provided by us. As per the definition of “Sub-Custodian” in Clause 1.1, any appointment of a Sub-Custodian other than the Sub-Custodians specified below whose vault premises are listed in this Clause 8.1 the definition of Vault Premises must be approved in writing by the Trustee you and the Sponsor. Schedule 2 (Sub-Custodian Trust Provisions) will apply in relation to any Sub-Custodian or any other person with which the Custodian has deposited, or which is in possession of, any Bullion in the Allocated Account. As at the date of this Agreement the Sub-Custodians that the Custodian uses for Bullion are: Brinks’ Global Services.