Zurich Sub-Custodians Sample Clauses
The 'Zurich Sub-Custodians' clause defines the rules and responsibilities regarding the appointment and use of sub-custodians by Zurich, typically in the context of asset custody or safekeeping arrangements. This clause outlines how Zurich may select, monitor, and replace sub-custodians, and may specify the standards or criteria these sub-custodians must meet, such as regulatory compliance or financial stability. Its core practical function is to clarify the delegation of custody duties and manage the associated risks, ensuring that assets remain protected even when held by third parties on Zurich's behalf.
Zurich Sub-Custodians. The Custodian may employ Zurich Sub-Custodians for the custody and safekeeping of platinum and palladium in their Zurich vault premises. The Custodian will use reasonable care in selecting any Zurich Sub-Custodian. As of the date of this Agreement, the Zurich Sub-Custodian that the Custodian uses is UBS AG. The Custodian will notify each of the Trustee and the Sponsor if it selects any additional Zurich Sub-Custodian, or stops using any Zurich Sub-Custodian for such purpose. The receipt of notice by each of the Trustee and the Sponsor that the Custodian has selected a Zurich Sub-Custodian (including those named in this clause 8.3) shall not be deemed to limit the Custodian’s responsibility in selecting such Zurich Sub-Custodian. Nothing in clause 8.2 shall limit the Custodian’s liability with respect to platinum or palladium held by a Zurich Sub-Custodian. In addition to the requirements of clauses 7.2 and 7.3, the Custodian shall require any Zurich Sub-Custodian to segregate the Bullion from any platinum and palladium which they hold for the Custodian and any other customers of the Custodian or the Zurich Sub-Custodian by making appropriate entries in their books and records. On entering into this Agreement and on the appointment of any subsequent Zurich Sub-Custodian, the Custodian shall give to such Zurich Sub-Custodian a notice in the form of Schedule 1 and ensure that such Zurich Sub-Custodian delivers to the Custodian (with a copy to the Trustee and the Sponsor) a countersigned copy of such notice prior to delivery of any Bullion to it.
Zurich Sub-Custodians. The Custodian may employ Zurich Sub-Custodians for the custody and safekeeping of platinum and palladium in their Zurich vault premises. The Custodian will use reasonable care in selecting any Zurich Sub-Custodian. As of the date of this Agreement, the Zurich Sub-Custodian that the Custodian uses is UBS AG. The Custodian will notify each of the Trustee and the Sponsor if it selects any additional Zurich Sub-Custodian, or stops using any Zurich Sub-Custodian for such purpose. The receipt of notice by each of the Trustee and the Sponsor that the Custodian has selected a Zurich Sub-Custodian (including those named in this clause