Common use of Allocation of Deposit Security Shortfalls Clause in Contracts

Allocation of Deposit Security Shortfalls. Each Fund acknowledges that the Custodian maintains only one account on the books of the NSCC for the benefit of all exchange traded funds for which the Custodian serves as custodian, including the Fund (collectively, the “ETF Custody Clients”). In the event that (a) two or more ETF Custody Clients require delivery of the same Deposit Security in order to purchase a Creation Unit, and (b) the NSCC, pursuant to its Continuous Net Settlement system, delivers to the Custodian’s NSCC account less than the full amount of such Deposit Security necessary to satisfy in full each affected ETF Custody Client’s required amount (a “Common Deposit Security Shortfall”), then, until all Common Deposit Security Shortfalls for a given Deposit Security are satisfied in full, the Custodian will allocate to each affected ETF Custody Client, on a pro rata basis, securities and/or cash received in the Custodian’s NSCC account relating to such shortfall, first to satisfy any prior unsatisfied Common Deposit Security Shortfall, and then to satisfy the current Common Deposit Security Shortfall.” (d) Section 6 (Payments for Sales or Repurchases or Redemptions of Shares) of the Agreement is hereby deleted in its entirety and replaced with the following:

Appears in 8 contracts

Samples: Master Custodian Agreement (Natixis ETF Trust II), Master Custodian Agreement (Gateway Trust), Master Custodian Agreement (Natixis Funds Trust I)

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Allocation of Deposit Security Shortfalls. Each The Fund acknowledges that the Custodian maintains only one account on the books of the NSCC National Securities Clearing Corporation (the "NSCC") for the benefit of all exchange traded funds for which the Custodian serves as custodian, including the Fund (collectively, the "ETF Custody Clients”CUSTODY CLIENTS"). In the event that (a) two or more ETF Custody Clients require delivery of the same Deposit Security in order to purchase a Creation Unit, and (b) the NSCC, pursuant to its Continuous Net Settlement system, delivers to the Custodian’s 's NSCC account less than the full amount of such Deposit Security necessary to satisfy in full each affected ETF Custody Client’s 's required amount (a “Common Deposit Security Shortfall”"COMMON DEPOSIT SECURITY SHORTFALL"), then, until all Common Deposit Security Shortfalls for a given Deposit Security are satisfied in full, the Custodian will allocate to each affected ETF Custody Client, on a pro rata basis, securities and/or cash received in the Custodian’s 's NSCC account relating to such shortfall, first to satisfy any prior unsatisfied Common Deposit Security Shortfall, and then to satisfy the current Common Deposit Security Shortfall.” (d) Section 6 (Payments for Sales or Repurchases or Redemptions of Shares) of the Agreement is hereby deleted in its entirety and replaced with the following:

Appears in 3 contracts

Samples: Custodian Agreement (Streettracks Series Trust), Custodian Agreement (Select Sector SPDR Trust), Custodian Agreement (STREETTRACKS INDEX SHARES FUNDS (Formerly Fresco Index Shares Funds))

Allocation of Deposit Security Shortfalls. Each The Fund acknowledges that the Custodian maintains only one account on the books of the NSCC for the benefit of all exchange traded funds for which the Custodian serves as custodian, including the Fund (collectively, the “ETF Custody Clients”). In the event that (a) two or more ETF Custody Clients require delivery of the same Deposit Security in order to purchase a Creation Unit, and (b) the NSCC, pursuant to its Continuous Net Settlement system, delivers to the Custodian’s NSCC account less than the full amount of such Deposit Security necessary to satisfy in full each affected ETF Custody Client’s required amount (a “Common Deposit Security Shortfall”), then, until all Common Deposit Security Shortfalls for a given Deposit Security are satisfied in full, the Custodian will allocate to each affected ETF Custody Client, on a pro rata basis, securities and/or cash received in the Custodian’s NSCC account relating to such shortfall, first to satisfy any prior unsatisfied Common Deposit Security Shortfall, and then to satisfy the current Common Deposit Security Shortfall. (d) 3. For purposes of the Schwab ETFs only, Section 6 (Payments for Sales or Repurchases or Redemptions of Shares) of the Custodian Agreement is hereby deleted amended in its entirety and replaced with the followingfollowing Section 6 is inserted in lieu thereof:

Appears in 2 contracts

Samples: Master Custodian Agreement (Schwab Strategic Trust), Master Custodian Agreement (Schwab Strategic Trust)

Allocation of Deposit Security Shortfalls. Each Fund acknowledges that the Custodian maintains only one account on the books of the NSCC National Securities Clearing Corporation (the “NSCC”) for the benefit of all exchange traded funds for which the Custodian serves as custodian, including the Fund (collectively, the “ETF Custody Clients”). In the event that (a) two or more ETF Custody Clients require delivery of the same Deposit Security in order to purchase a Creation Unit, and (b) the NSCC, pursuant to its Continuous Net Settlement system, delivers to the Custodian’s NSCC account less than the full amount of such Deposit Security necessary to satisfy in full each affected ETF Custody Client’s required amount (a “Common Deposit Security Shortfall”), then, until all Common Deposit Security Shortfalls for a given Deposit Security are satisfied in full, the Custodian will allocate to each affected ETF Custody Client, on a pro rata basis, securities and/or cash received in the Custodian’s NSCC account relating to such shortfall, first to satisfy any prior unsatisfied Common Deposit Security Shortfall, and then to satisfy the current Common Deposit Security Shortfall.” (d) ” We acknowledge and agree that the terms of Section 6 (Payments for Sales or Repurchases or Redemptions of Shares) of the Custodian Agreement is hereby deleted shall be amended and replaced in its entirety and replaced with in relation to the followingPxxxxx ETF Funds only as follows:

Appears in 1 contract

Samples: Master Custodian Agreement (Putnam ETF Trust)

Allocation of Deposit Security Shortfalls. Each The Fund acknowledges that the Custodian maintains only one account on the books of the NSCC National Securities Clearing Corporation (the "NSCC") for the benefit of all exchange traded funds for which the Custodian serves as custodian, including the Fund (collectively, the "ETF Custody Clients”CUSTODY CLIENTS"). In the event that (a) two or more ETF Custody Clients require delivery of the same Deposit Security in order to purchase a Creation Unit, and (b) the NSCC, pursuant to its Continuous Net Settlement system, delivers to the Custodian’s 's NSCC account less than the full amount of such Deposit Security necessary to satisfy in full each affected ETF Custody Client’s 's required amount (a “Common Deposit Security Shortfall”"COMMON DEPOSIT SECURITY SHORTFALL"), thenTHEN, until all Common Deposit Security Shortfalls for a given Deposit Security are satisfied in full, the Custodian will allocate to each affected ETF Custody Client, on a pro rata PRO RATA basis, securities and/or cash received in the Custodian’s 's NSCC account relating to such shortfall, first to satisfy any prior unsatisfied Common Deposit Security Shortfall, and then to satisfy the current Common Deposit Security Shortfall.” (d) Section 6 (Payments for Sales or Repurchases or Redemptions of Shares) of the Agreement is hereby deleted in its entirety and replaced with the following:

Appears in 1 contract

Samples: Custodian Agreement (Rydex Etf Trust)

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Allocation of Deposit Security Shortfalls. Each Fund acknowledges that the Custodian maintains only one account on the books of the NSCC National Securities Clearing Corporation (the “NSCC”) for the benefit of all exchange traded funds for which the Custodian serves as custodian, including the Fund (collectively, the “ETF Custody Clients”). In the event that (a) two or more ETF Custody Clients require delivery of the same Deposit Security in order to purchase a Creation Unit, and (b) the NSCC, pursuant to its Continuous Net Settlement system, delivers to the Custodian’s NSCC account less than the full amount of such Deposit Security necessary to satisfy in full each affected ETF Custody Client’s required amount (a “Common Deposit Security Shortfall”), then, until all Common Deposit Security Shortfalls for a given Deposit Security are satisfied in full, the Custodian will allocate to each affected ETF Custody Client, on a pro rata basis, securities and/or cash received in the Custodian’s NSCC account relating to such shortfall, first to satisfy any prior unsatisfied Common Deposit Security Shortfall, and then to satisfy the current Common Deposit Security Shortfall.” (d) ” We acknowledge and agree that the terms of Section 6 (Payments for Sales or Repurchases or Redemptions of Shares) of the Custodian Agreement is hereby deleted in its entirety which were previously amended and replaced with in their entirety in relation to the followingExisting Pxxxxx ETF Funds only, shall also be amended and replaced in their entirety as follows in relation to the New Pxxxxx ETF Funds:

Appears in 1 contract

Samples: Master Custodian Agreement (Putnam ETF Trust)

Allocation of Deposit Security Shortfalls. Each While the Fund does not anticipate that its Baskets will generally contain securities (“Deposit Securities”), the Fund acknowledges that the Custodian maintains only one account on the books of the NSCC National Securities Clearing Corporation (the “NSCC”) for the benefit of all exchange traded funds for which the Custodian serves as custodian, including the Fund (collectively, the “ETF Custody Clients”). In the event that (a) two or more ETF Custody Clients require delivery of the same Deposit Security in order to purchase a Creation UnitBasket, and (b) the NSCC, pursuant to its Continuous Net Settlement system, delivers to the Custodian’s NSCC account less than the full amount of such Deposit Security necessary to satisfy in full each affected ETF Custody Client’s required amount (a “Common Deposit Security Shortfall”), then, until all Common Deposit Security Shortfalls for a given Deposit Security are satisfied in full, the Custodian will allocate to each affected ETF Custody Client, on a pro rata basis, securities and/or cash received in the Custodian’s NSCC account relating to such shortfall, first to satisfy any prior unsatisfied Common Deposit Security Shortfall, and then to satisfy the current Common Deposit Security Shortfall.” (d) Section 6 (Payments for Sales or Repurchases or Redemptions of Shares) of the Agreement is hereby deleted in its entirety and replaced with the following:

Appears in 1 contract

Samples: Master Custodian Agreement (WisdomTree Coal Fund)

Allocation of Deposit Security Shortfalls. Each Fund acknowledges that the Custodian maintains only one account on the books of the NSCC National Securities Clearing Corporation (the “NSCC”) for the benefit of all exchange traded funds for which the Custodian serves as custodian, including the Fund (collectively, the “ETF Custody Clients”). In the event that (a) two or more ETF Custody Clients require delivery of the same Deposit Security in order to purchase a Creation Unit, and (b) the NSCC, pursuant to its Continuous Net Settlement system, delivers to the Custodian’s NSCC account less than the full amount of such Deposit Security necessary to satisfy in full each affected ETF Custody Client’s required amount (a “Common Deposit Security Shortfall”), then, until all Common Deposit Security Shortfalls for a given Deposit Security are satisfied in full, the Custodian will allocate to each affected ETF Custody Client, on a pro rata basis, securities and/or cash received in the Custodian’s NSCC account relating to such shortfall, first to satisfy any prior unsatisfied Common Deposit Security Shortfall, and then to satisfy the current Common Deposit Security Shortfall.” (d) ” We acknowledge and agree that the terms of Section 6 (Payments for Sales or Repurchases or Redemptions of Shares) 8 of the Custodian Agreement is hereby deleted in its entirety which were previously amended and replaced with in their entirety in relation to the followingExisting Pxxxxx ETF Funds only, shall also be amended and replaced in their entirety as follows in relation to the New Pxxxxx ETF Funds:

Appears in 1 contract

Samples: Master Custodian Agreement (Putnam ETF Trust)

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