Common use of SUB-CUSTODIANS Clause in Contracts

SUB-CUSTODIANS. We may use Sub-Custodians solely for the temporary custody and safekeeping of Bullion, until transported to our London vault premises as provided in clause 7.4. The Sub-Custodians may themselves select sub-custodians (such sub-custodian of the relevant Sub-Custodian, a “Sub-Sub-Custodian”) to provide such temporary custody and safekeeping of Bullion, but such Sub-Sub-Custodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian. We will use commercially reasonable efforts for (a) any Bullion to be held by a Sub-Custodian, rather than a Sub-Sub-Custodian, and (b) (subject to clause 7.4) any Bullion held by a Sub-Sub-Custodian (which is also a Sub-Custodian) to be promptly held by it as a Sub-Custodian. We will use reasonable care in selecting any Sub-Custodian. We will notify you if we want to 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 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 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. Any Sub-Custodian and Sub-Sub-Custodian shall be a LBMA member.

SUB-CUSTODIANS. We may use select Sub-Custodians solely for to perform any of our duties under this agreement including the temporary custody and safekeeping of Bullion, until transported to our London vault premises as provided in clause 7.4. The Sub-Custodians we select may themselves select sub-custodians (such sub-custodian of the relevant Sub-Custodian, a “Sub-Sub-Custodian”) subcustodians to provide such temporary custody and safekeeping of Bullionperform their duties, but such Sub-Sub-Custodians subcustodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian. We will use commercially reasonable efforts for (a) any Bullion to be held by a Sub-Custodian, rather than a Sub-Sub-Custodian, and (b) (subject to clause 7.4) any Bullion held by a Sub-Sub-Custodian (which as such term is also a Sub-Custodian) to be promptly held by it as a Sub-Custodianused 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 want to 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 shall 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. Any Sub-Custodian and Sub-Sub-Custodian shall be a LBMA member.

SUB-CUSTODIANS. We may use select Sub-Custodians solely for to perform any of our duties under this agreement including the temporary custody and safekeeping of Bullion, until transported to our London vault premises as provided in clause 7.4. The Sub-Custodians we select may themselves select sub-custodians (such sub-custodian of the relevant Sub-Custodian, a “Sub-Sub-Custodian”) subcustodians to provide such temporary custody and safekeeping of Bullionperform their duties, but such Sub-Sub-Custodians subcustodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian. We will use commercially reasonable efforts for (a) any Bullion to be held by a Sub-Custodian, rather than a Sub-Sub-Custodian, and (b) (subject to clause 7.4) any Bullion held by a Sub-Sub-Custodian (which as such term is also a Sub-Custodian) to be promptly held by it as a Sub-Custodianused 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, N M Rothschild & Sons Limited and UBS AG. We will notify you if we want to 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 shall 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. Any Sub-Custodian and Sub-Sub-Custodian shall be a LBMA member.

SUB-CUSTODIANS. We may use employ Sub-Custodians solely for the temporary custody and safekeeping of Bullion, Bullion until transported to our London vault premises as provided in clause 7.4, unless otherwise agreed between us with the consent of the Sponsor. The Sub-Custodians we select may themselves select sub-custodians (such sub-custodian of the relevant Sub-Custodian, a “Sub-Sub-Custodian”) subcustodians to provide such temporary custody and safekeeping of Bullion, but such Sub-Sub-Custodians subcustodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian. We will use commercially reasonable efforts for (a) any Bullion to be held by a Sub-Custodian, rather than a Sub-Sub-Custodian, and (b) (subject to clause 7.4) any Bullion held by a Sub-Sub-Custodian (which as such term is also a Sub-Custodian) to be promptly held by it as a Sub-Custodianused herein. We will use reasonable care in selecting any Sub-Custodian. As of the date of Amendment No. 1 to this Agreement, the Sub-Custodians that we use are: the Bank of England, The Bank of Nova Scotia (ScotiaMocatta), Deustche Bank AG, JPMorganChase Bank, N.A., UBS AG and Barclays Bank PLC. We will notify you if we want to 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 shall 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. Any Sub-Custodian and Sub-Sub-Custodian shall be a LBMA member.

SUB-CUSTODIANS. We may use select Sub-Custodians solely for to perform any of our duties under this agreement including the temporary custody and safekeeping of Bullion, until transported to our London vault premises as provided in clause 7.4. The Sub-Custodians we select may themselves select sub-custodians (such sub-custodian of the relevant Sub-Custodian, a “Sub-Sub-Custodian”) subcustodians to provide such temporary custody and safekeeping of Bullionperform their duties, but such Sub-Sub-Custodians subcustodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian. We will use commercially reasonable efforts for (a) any Bullion to be held by a Sub-Custodian, rather than a Sub-Sub-Custodian, and (b) (subject to clause 7.4) any Bullion held by a Sub-Sub-Custodian (which as such term is also a Sub-Custodian) to be promptly held by it as a Sub-Custodianused 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 Eng- land, The Bank of Nova Scotia (ScotiaMocatta), Deutsche Bank AG, JPMorganChase Bank, N M Rothschild & Sons Limited and UBS AG. We will notify you if we want to 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 shall 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. Any Sub-Custodian and Sub-Sub-Custodian shall be a LBMA member.

SUB-CUSTODIANS. We may use appoint Sub-Custodians solely for the temporary custody and safekeeping of Bullion, Bullion until transported to our London vault premises as provided in clause 7.4, unless otherwise agreed between the Trust and us with the consent of the Sponsor. Any such Sub-Custodian shall be a member of the LBMA. The Sub-Custodians we select may themselves select sub-custodians (such sub-custodian of the relevant Sub-Custodian, a “Sub-Sub-Custodian”) subcustodians to provide such temporary custody and safekeeping of Bullion, but such Sub-Sub-Custodians subcustodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian. We will use commercially reasonable efforts for (a) any Bullion to be held by a Sub-Custodian, rather than a Sub-Sub-Custodian, and (b) (subject to clause 7.4) any Bullion held by a Sub-Sub-Custodian (which as such term is also a Sub-Custodian) to be promptly held by it as a Sub-Custodianused herein. We will use reasonable care in selecting any Sub-Custodian. As of the date of this Agreement, the Sub-Custodians that we use are: the Bank of England, The Bank of Nova Scotia (ScotiaMocatta), Deutsche Bank AG, ICBC Standard Bank, JPMorgan Chase Bank, N.A., and UBS AG. We will notify you the Trust if we want to select any additional Sub-Sub- Custodian, or stop using any Sub-Custodian for such purpose. Your The Trust’s 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 the Trust’s request, we shall confirm to you the Trust 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. Any Sub-Custodian and Sub-Sub-Custodian shall be a LBMA member.

SUB-CUSTODIANS. We may use appoint Sub-Custodians solely for the temporary custody and safekeeping of Bullion, Bullion until transported to our London vault premises as provided in clause 7.4, unless otherwise agreed between you and us with the consent of the Sponsor. The Sub-Custodians we select may themselves select sub-custodians (such sub-custodian of the relevant Sub-Custodian, a “Sub-Sub-Custodian”) to provide such temporary custody and safekeeping of Bullion, but such Subsub-Sub-Custodians custodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian. We will use commercially reasonable efforts for (a) any Bullion to be held by a Sub-Custodian, rather than a Sub-Sub-Custodian, and (b) (subject to clause 7.4) any Bullion held by a Sub-Sub-Custodian (which as such term is also a Sub-Custodian) to be promptly held by it as a Sub-Custodianused herein. We will use reasonable care in selecting any Sub-Custodian. As of the date of this Agreement, the Sub-Custodians that we use are: the Bank of England, The Bank of Nova Scotia (ScotiaMocatta), Deustche Bank AG, JPMorgan Chase Bank, N.A., UBS AG and Barclays Bank PLC. We will notify you if we want to 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 shall 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. Any Sub-Custodian and Sub-Sub-Custodian shall be a an LBMA member.

SUB-CUSTODIANS. We may use appoint Sub-Custodians solely for the temporary custody and safekeeping of Bullion, Bullion until transported to our London vault premises as provided in clause 7.4, unless otherwise agreed between you and us with the consent of the Sponsor. The Sub-Custodians we select may themselves select sub-custodians (such sub-custodian of the relevant Sub-Custodian, a “Sub-Sub-Custodian”) subcustodians to provide such temporary custody and safekeeping of Bullion, but such Sub-Sub-Custodians subcustodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian. We will use commercially reasonable efforts for (a) any Bullion to be held by a Sub-Custodian, rather than a Sub-Sub-Custodian, and (b) (subject to clause 7.4) any Bullion held by a Sub-Sub-Custodian (which as such term is also a Sub-Custodian) to be promptly held by it as a Sub-Custodianused herein. We will use reasonable care in selecting any Sub-Custodian. As of the date of this Agreement, the Sub-Custodians that we use are: the Bank of England, The Bank of Nova Scotia (ScotiaMocatta), Deustche Bank AG, JPMorgan Chase Bank, N.A., UBS AG and Barclays Bank PLC. We will notify you if we want to 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 shall 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. Any Sub-Custodian and Sub-Sub-Custodian shall be a LBMA member.