Common use of Creation of Creation Units Prior to Receipt of Deposit Securities Clause in Contracts

Creation of Creation Units Prior to Receipt of Deposit Securities. Creation Units of the Fund may be created in advance of receipt by the Trust of all or a portion of the applicable Deposit Securities, provided that the Participant deposits an initial deposit with the Trust having a value greater than the net asset value of the Creation Unit on the date the Purchase Order is placed in proper form. In addition to available Deposit Securities, cash must be deposited in an amount equal to the sum of (i) the Cash Component plus (ii) 115% of the market value of the undelivered Deposit Securities. ("Additional Cash Deposit"). The Purchase Order shall be deemed to be received on the business day in which the Purchase Order is placed, provided that the Purchase Order is placed in proper form prior to the closing of the Nasdaq (or NYSE, if Nasdaq is not open on that day) on that date and federal funds in the appropriate amount are deposited with the Trust's Custodian by 11am Eastern Time the following business day. If the Purchase Order is not placed in proper form by 3:00pm Eastern Time or federal funds in the appropriate amount are not received by 11am Eastern Time the next business day, then the Purchase Order may be deemed to be rejected and the Participant shall be liable to the Fund for any losses, if any, resulting therefrom. An additional amount of cash will be required to be deposited with the Fund, pending delivery of the missing Deposit Securities to the extent necessary to maintain an amount of cash on deposit with the Trust at least equal to 115% of the daily marked to market value of the missing Deposit Securities. To the extent that the missing Deposit Securities are not received by 2:00pm Eastern Time on the third Business Day following the following the day on which the Purchase Order is deemed received by the NFS, or in the event a xxxx-to-market payment is not made within one business day following notification by NFS that such payment is required, the Trust may use the cash on deposit to purchase the missing Deposit Securities. The Participant will be liable to the Trust for the costs incurred by the Trust in connection with any such purchases. These costs are deemed to include the amount by which the actual purchase price of the Deposit Securities exceeds the market value of such Deposit Securities on the day the purchase order was deemed received by NFS plus brokerage and related transaction costs associated with such purchases. The Trust will return any unused portion of the Additional Cash Deposit once all of the missing Deposit Securities have been properly received by the Trust and deposited into the Trust. The Trust shall charge and the Participant agrees to pay to the Trust the Transaction Fee prescribe in the Prospectus applicable to creation or redemption orders through the Clearing Process, and such additional fee as may be prescribed pursuant to the Prospectus applicable to creation and or redemption outside the Clearing Process. The delivery of ETF shares will occur no later than the third Business Day following the day on which the Purchase Order is deemed received by NFS.

Appears in 3 contracts

Samples: Agency Services Agreement (Fidelity Commonwealth Trust), Authorized Participant Agreement (Fidelity Commonwealth Trust), Authorized Participant Agreement (Fidelity Commonwealth Trust)

AutoNDA by SimpleDocs

Creation of Creation Units Prior to Receipt of Deposit Securities. Creation Units of the Fund may be created in advance of receipt by the Trust of all or a portion of the applicable Deposit Securities, provided that the Participant deposits an initial deposit of cash with the Trust having a value greater than the net asset value of the Creation Unit shares on the date the Purchase Order order is placed in proper form. In addition to available Deposit Securities, cash must be deposited in an amount equal to the sum of (i) the Cash Component Component, plus (ii) equal to 115% of the market value of the undelivered Deposit Securities. Securities ("the “Additional Cash Deposit"). The Purchase Order order shall be deemed to be received on the business day in Business Day on which the Purchase Order order is placed, placed provided that the Purchase Order order is placed in proper form prior to the closing of the Nasdaq (or NYSE, if Nasdaq is not open Order Cut-Off Time on that day) on that such date and federal funds in the appropriate amount are deposited with the Trust's ’s Custodian by 11am Eastern Time the following business day1:00 p.m. eastern time on settlement date. If the Purchase Order order is not placed in proper form by 3:00pm Eastern Order Cut-Off Time or federal funds in the appropriate amount are not received by 11am Eastern Time the next business day1:00 p.m. eastern time on settlement date, then the Purchase Order order may be deemed to be rejected and the Participant shall be liable to the Fund Trust for any losses, if any, resulting therefrom. An additional amount of cash will shall be required to be deposited with the FundTrust, pending delivery of the missing Deposit Securities to the extent necessary to maintain an amount of cash on deposit with the Trust at least equal to 115% of the daily marked to market value of the missing Deposit Securities. To In the extent that sole discretion of the missing Deposit Securities are not received by 2:00pm Eastern Time on the third Business Day Trust following the following the day on which the Purchase Order is deemed received by the NFS, or in the event a xxxx-to-market payment is not made within one business day following notification by NFS that such payment is requiredinitial settlement date, the Trust may use the cash on deposit to purchase the missing Deposit Securities. The Participant will be liable to the Trust for the costs incurred by the Trust in connection with any such purchasespurchases and the Participant shall be liable to the Trust for any shortfall between the cost to the Trust of purchasing any missing Deposit Securities and the value of the collateral. These costs are will be deemed to include the amount by which the actual purchase price of the Deposit Securities exceeds the market value of such Deposit Securities on the day the purchase order was deemed received by NFS the Distributor plus the brokerage and related transaction costs associated with such purchases. The Trust will return any unused portion of the Additional Cash Deposit once all of the missing Deposit Securities have been properly received by the Custodian or purchased by the Trust and deposited into the Trust. The Trust shall charge and the Participant agrees to pay to the Trust the Transaction Fee prescribe An additional transaction fee may be charged as described in the Prospectus applicable to creation or redemption orders through the Clearing Process, and such additional fee as may be prescribed pursuant to the Prospectus applicable to creation and or redemption outside the Clearing ProcessProspectus. The delivery of ETF shares Creation Units so created will occur no later than the third Business Day prescribed settlement date following the day on which the Purchase Order purchase order is deemed received by NFS.the Distributor. ANNEX II TO

Appears in 1 contract

Samples: Authorized Participant Agreement (Russell Exchange Traded Funds Trust)

Creation of Creation Units Prior to Receipt of Deposit Securities. Creation Units of the Fund Select Sector SPDR Funds may be created in advance of receipt by the Trust of all or a portion of the applicable Deposit Securities, provided that the Participant deposits an initial deposit of cash with the Trust having a value greater than the net asset value of the Creation Unit shares on the date the Purchase Order order is placed in proper form. In addition to available Deposit Securities, cash must be deposited in an amount equal to the sum of (i) the Cash Component Component, plus (ii) 115% of the market value of the undelivered Deposit Securities. Securities (the "Additional Cash Deposit"). The Purchase Order order shall be deemed to be received on the business day in Business Day on which the Purchase Order order is placed, placed provided that the Purchase Order order is placed in proper form prior to the closing of the Nasdaq (or NYSE, if Nasdaq is not open on that day) on that 4:00 p.m. eastern time such date and federal funds in the appropriate amount are deposited with the Trust's Custodian by 11am Eastern Time 11:00 a.m. eastern time the following business dayBusiness Day. If the Purchase Order order is not placed in proper form by 3:00pm Eastern Time 4:00 p.m. eastern time or federal funds in the appropriate amount are not received by 11am Eastern Time 11:00 a.m. eastern time the next business dayBusiness Day, then the Purchase Order order may be deemed to be rejected and the Participant investor shall be liable to the Fund Trust for any losses, if any, resulting therefrom. An additional amount of cash will shall be required to be deposited with the FundTrust, pending delivery of the missing Deposit Securities to the extent necessary to maintain an amount of cash on deposit with the Trust at least equal to 115% of the daily marked to market value of the missing Deposit Securities. To the extent that the missing Deposit Securities are not received by 2:00pm Eastern Time 1:00 p.m. eastern time on the third Business Day following the following the day on which the Purchase Order purchase order is deemed received by the NFS, Distributor or in the event a xxxx-to-xxxx to market payment is not made within one business day Business Day following notification by NFS the Distributor that such a payment is required, the Trust may use the cash on deposit to purchase the missing Deposit Securities. The Participant will be liable to the Trust for the costs incurred by the Trust in connection with any such purchases. These costs are will be deemed to include the amount by which the actual purchase price of the Deposit Securities exceeds the market value of such Deposit Securities on the day the purchase order was deemed received by NFS the Distributor plus the brokerage and related transaction costs associated with such purchases. The Trust will return any unused portion of the Additional Cash Deposit once all of the missing Deposit Securities have been properly received by the Custodian or purchased by the Trust and deposited into the Trust. The Trust shall charge and the Participant agrees to pay to the Trust the Transaction Fee prescribe In addition, a transaction fee of $4,000 will be charged in the Prospectus applicable to creation or redemption orders through the Clearing Process, and such additional fee as may be prescribed pursuant to the Prospectus applicable to creation and or redemption outside the Clearing Processall cases. The delivery of ETF shares Creation Units of Select Sector SPDR Funds so created will occur no later than the third Business Day following the day on which the Purchase Order purchase order is deemed received by NFSthe Distributor.

Appears in 1 contract

Samples: Participant Agreement (Sector SPDR Trust)

Creation of Creation Units Prior to Receipt of Deposit Securities. Creation Units of the Fund streetTRACKS(SM) Funds may be created in advance of receipt by the Trust of all or a portion of the applicable Deposit Securities, provided that the Participant deposits an initial deposit of cash with the Trust having a value greater than the net asset value of the Creation Unit shares on the date the Purchase Order order is placed in proper form. In addition to available Deposit Securities, cash must be deposited in an amount equal to the sum of (i) the Cash Component Component, plus (ii) 115% of the market value of the undelivered Deposit Securities. Securities (the "Additional Cash Deposit"). The Purchase Order order shall be deemed to be received on the business day in Business Day on which the Purchase Order order is placed, placed provided that the Purchase Order order is placed in proper form prior to the closing of the Nasdaq (or NYSE, if Nasdaq is not open on that day) on that 4:00 p.m. eastern time such date and federal funds in the appropriate amount are deposited with the Trust's Custodian by 11am Eastern Time 11:00 a.m. eastern time the following business dayBusiness Day. If the Purchase Order order is not placed in proper form by 3:00pm Eastern Time 4:00 p.m. eastern time or federal funds in the appropriate amount are not received by 11am Eastern Time 11:00 a.m. eastern time the next business dayBusiness Day, then the Purchase Order order may be deemed to be rejected and the Participant investor shall be liable to the Fund Trust for any losses, if any, resulting therefrom. An additional amount of cash will shall be required to be deposited with the FundTrust, pending delivery of the missing Deposit Securities to the extent necessary to maintain an amount of cash on deposit with the Trust at least equal to 115% of the daily marked to market value of the missing Deposit Securities. To the extent that the missing Deposit Securities are not received by 2:00pm Eastern Time 1:00 p.m. eastern time on the third Business Day following the following the day on which the Purchase Order purchase order is deemed received by the NFS, Distributor or in the event a xxxx-to-xxxx to market payment is not made within one business day Business Day following notification by NFS the Distributor that such a payment is required, the Trust may use the cash on deposit to purchase the missing Deposit Securities. The Participant will be liable to the Trust for the costs incurred by the Trust in connection with any such purchases. These costs are will be deemed to include the amount by which the actual purchase price of the Deposit Securities exceeds the market value of such Deposit Securities on the day the purchase order was deemed received by NFS the Distributor plus the brokerage and related transaction costs associated with such purchases. The Trust will return any unused portion of the Additional Cash Deposit once all of the missing Deposit Securities have been properly received by the Custodian or purchased by the Trust and deposited into the Trust. The Trust shall charge and the Participant agrees to pay to the Trust the Transaction Fee prescribe prescribed in the Prospectus applicable to creation or redemption orders through the Clearing Process, or the Transaction Fee and such additional fee as may be prescribed pursuant to the Prospectus applicable to creation and or redemption outside the Clearing Process. The delivery of ETF shares Creation Units of the streetTRACKS(SM) Funds so created will occur no later than the third Business Day following the day on which the Purchase Order purchase order is deemed received by NFSthe Distributor.

Appears in 1 contract

Samples: Participant Agreement (Streettracks Series Trust)

Creation of Creation Units Prior to Receipt of Deposit Securities. Creation Units of the Fund each series of Nuveen Exchange Traded Index Trust (each a "Fund") may be created in advance of receipt by the Trust of all or a portion of the applicable Deposit Securities, provided that the Participant deposits an initial deposit of cash with the Trust having a value greater than the net asset value of the Creation Unit shares on the date the Purchase Order order is placed in proper form. In addition to available Deposit Securities, cash must be deposited in an amount equal to the sum of (i) the Cash Component Component, plus (ii) 115% of the market value of the undelivered Deposit Securities. Securities (the "Additional Cash Deposit"). The Purchase Order order shall be deemed to be received on the business day in Business Day on which the Purchase Order order is placed, placed provided that the Purchase Order order is placed in proper form prior to the closing of the Nasdaq (or NYSE, if Nasdaq is not open on that day) on that 4:00 p.m. eastern time such date and federal funds in the appropriate amount are deposited with the Trust's Custodian by 11am Eastern Time 11:00 a.m. eastern time the following business dayBusiness Day. If the Purchase Order order is not placed in proper form by 3:00pm Eastern Time 4:00 p.m. eastern time or federal funds in the appropriate amount are not received by 11am Eastern Time 11:00 a.m. eastern time the next business dayBusiness Day, then the Purchase Order order may be deemed to be rejected and the Participant investor shall be liable to the Fund Trust for any losses, if any, resulting therefrom. An additional amount of cash will shall be required to be deposited with the FundTrust, pending delivery of the missing Deposit Securities to the extent necessary to maintain an amount of cash on deposit with the Trust at least equal to 115% of the daily marked to market value of the missing Deposit Securities. To the extent that the missing Deposit Securities are not received by 2:00pm Eastern Time 1:00 p.m. eastern time on the third Business Day following the following the day on which the Purchase Order purchase order is deemed received by the NFS, Distributor or in the event a xxxx-to-xxxx to market payment is not made within one business day Business Day following notification by NFS the Distributor that such a payment is required, the Trust may use the cash on deposit to purchase the missing Deposit Securities. The Participant will be liable to the Trust for the costs incurred by the Trust in connection with any such purchases. These costs are will be deemed to include the amount by which the actual purchase price of the Deposit Securities exceeds the market value of such Deposit Securities on the day the purchase order was deemed received by NFS the Distributor plus the brokerage and related transaction costs associated with such purchases. The Trust will return any unused portion of the Additional Cash Deposit once all of the missing Deposit Securities have been properly received by the Custodian or purchased by the Trust and deposited into the Trust. The In addition, the Trust shall charge and the Participant agrees to pay to the Trust the Transaction Fee prescribe prescribed in the Prospectus applicable to creation or redemption orders through the Clearing Process, or the Transaction Fee and such additional fee as may be prescribed pursuant to the Prospectus applicable to creation and or redemption outside the Clearing Process. The delivery of ETF shares Creation Units of the Funds so created will occur no later than the third Business Day following the day on which the Purchase Order purchase order is deemed received by NFS.the Distributor. APPENDIX 1--Procedures Specific to Custom Baskets -------------------------------------------------

Appears in 1 contract

Samples: Participant Agreement (Nuveen Exchange Traded Index Trust)

Creation of Creation Units Prior to Receipt of Deposit Securities. Creation CREATION Units of the each Fund may be created in advance of receipt by the Trust of all or a portion of the applicable Deposit Securities, provided that the Participant deposits an initial deposit of cash with the Trust having a value greater than the net asset value of the Creation Unit shares on the date the Purchase Order order is placed in proper form. form In addition to available Deposit Securities, cash must be deposited in an amount equal to the sum of (i) the Cash Component Component, plus (ii) 115% of the market value of the undelivered Deposit Securities. Securities (the "Additional Cash Deposit"). The Purchase Order order shall be deemed to be received on the business day in Business Day on which the Purchase Order order is placed, placed provided that the Purchase Order order is placed in proper form prior to the closing of the Nasdaq (or NYSE, if Nasdaq is not open on that day) on that 4:00 p m.. eastern time such date and federal funds in the appropriate amount are deposited with the Trust's Custodian by 11am Eastern Time 11:00 am. eastern time the following business day. Business Day If the Purchase Order order is not placed in proper form by 3:00pm Eastern Time 4:00 p m: eastern time or federal funds in the appropriate amount are not received by 11am Eastern Time 11:00 a m. eastern time the next business dayBusiness Day, then the Purchase Order order may be deemed to be rejected and the Participant investor shall be liable to the Fund Trust for any losses, if any, resulting therefrom. An additional amount of cash will shall be required to be deposited with the FundTrust, pending delivery of the missing Deposit Securities to the extent necessary to maintain an amount of cash on deposit with the Trust at least equal to 115% of the daily marked to market value of the missing Deposit Securities. Securities To the extent that the missing Deposit Securities are not received by 2:00pm Eastern Time 1:00 p m eastern time on the third Business Day following the following the day on which the Purchase Order purchase order is deemed received by the NFS, Distributor or in the event a xxxx-to-mark to market payment is not made within one business day Business Day following notification by NFS the Distributor that such a payment is required, the Trust may use the cash on deposit to purchase the missing Deposit Securities. The Participant will be liable to the Trust for the costs incurred by the Trust in connection with any such purchases. These costs are will be deemed to include the amount by which the actual purchase price of the Deposit Securities exceeds the market value of such Deposit Securities on the day the purchase order was deemed received by NFS the Distributor plus the brokerage and related transaction costs associated with such purchases. The Trust will return any unused portion of the Additional Cash Deposit once all of the missing Deposit Securities have been properly received by the Custodian or purchased by the Trust and deposited into the Trust. The Trust shall charge and the Participant agrees to pay to the Trust the Transaction Fee prescribe prescribed in the Prospectus applicable to creation or redemption orders through the Clearing Process, and such or the Transaction Fee AND SUCH additional fee as may be prescribed pursuant to the Prospectus applicable to creation and or redemption outside the Clearing Process. Process The delivery of ETF shares Creation Units of each Fund so created will occur no later than the third Business Day following the day on which the Purchase Order purchase order is deemed received by NFSthe Distributor.

Appears in 1 contract

Samples: Form of Participant Agreement (Rydex Etf Trust)

Creation of Creation Units Prior to Receipt of Deposit Securities. Creation Units of the Fund Select Sector SPDR Funds may be created in advance of receipt by the Trust of all or a portion of the applicable Deposit Securities, provided that the Participant deposits an initial deposit of cash with the Trust having a value greater than the net asset value of the Creation Unit shares on the date the Purchase Order order is placed in proper form. In addition to available Deposit Securities, cash must be deposited in an amount equal to the sum of (i) the Cash Component Component, plus (ii) 115% of the market value of the undelivered Deposit Securities. Securities (the "Additional Cash Deposit"). The Purchase Order order shall be deemed to be received on the business day in Business Day on which the Purchase Order order is placed, placed provided that the Purchase Order order is placed in proper form prior to the closing of the Nasdaq (or NYSE, if Nasdaq is not open 4:00 p.m. on that day) on that such date and federal funds in the appropriate amount are deposited with the Trust's Custodian by 11am Eastern Time 11:00 a.m. the following business dayBusiness Day. If the Purchase Order order is not placed in proper form by 3:00pm Eastern Time 4:00 p.m. or federal funds in the appropriate amount are not received by 11am Eastern Time 11:00 a.m. the next business dayBusiness Day, then the Purchase Order order may be deemed to be rejected and the Participant investor shall be liable to the Fund Trust for any losses, if any, resulting therefrom. An additional amount of cash will shall be required to be 7 deposited with the FundTrust, pending delivery of the missing Deposit Securities to the extent necessary to maintain an amount of cash on deposit with the Trust at least equal to 115% of the daily marked to market value of the missing Deposit Securities. To the extent that the missing Deposit Securities are not received by 2:00pm Eastern Time 1:00 p.m. on the third Business Day following the following the day on which the Purchase Order purchase order is deemed received by the NFS, Distributor or in the event a xxxx-to-mark xx market payment is not made within one business day Business Day following notification by NFS the Distributor that such a payment is required, the Trust may use the cash on deposit to purchase the missing Deposit Securities. The Participant will be liable to the Trust for the costs incurred by the Trust in connection with any such purchases. These costs are will be deemed to include the amount by which the actual purchase price of the Deposit Securities exceeds the market value of such Deposit Securities on the day the purchase order was deemed received by NFS the Distributor plus the brokerage and related transaction costs associated with such purchases. The Trust will return any unused portion of the Additional Cash Deposit once all of the missing Deposit Securities have been properly received by the Custodian or purchased by the Trust and deposited into the Trust. The Trust shall charge and the Participant agrees to pay to the Trust the Transaction Fee prescribe In addition, a transaction fee of $4,000 will be charged in the Prospectus applicable to creation or redemption orders through the Clearing Process, and such additional fee as may be prescribed pursuant to the Prospectus applicable to creation and or redemption outside the Clearing Processall cases. The delivery of ETF shares Creation Units of Select Sector SPDR Funds so created will occur no later than the third Business Day following the day on which the Purchase Order purchase order is deemed received by NFS.the Distributor. 8 ATTACHMENT B The following individuals are Authorized Persons pursuant to Section 6 of the Participant Agreement between ALPS Mutual Funds Services, Inc., State Street Bank and Trust Company and [ ]: By: _________________________________________

Appears in 1 contract

Samples: Participant Agreement (Sector SPDR Trust)

AutoNDA by SimpleDocs

Creation of Creation Units Prior to Receipt of Deposit Securities. Creation Units of the Fund streetTRACKS(R) Funds may be created in advance of receipt by the Trust of all or a portion of the applicable Deposit Securities, provided that the Participant deposits an initial deposit of cash with the Trust having a value greater than the net asset value of the Creation Unit shares on the date the Purchase Order order is placed in proper form. In addition to available Deposit Securities, cash must be deposited in an amount equal to the sum of (i) the Cash Component Component, plus (ii) 115% of the market value of the undelivered Deposit Securities. Securities (the "Additional Cash Deposit"). The Purchase Order order shall be deemed to be received on the business day in Business Day on which the Purchase Order order is placed, placed provided that the Purchase Order order is placed in proper form prior to the closing of the Nasdaq (or NYSE, if Nasdaq is not open on that day) on that 4:00 p.m. eastern time such date and federal funds in the appropriate amount are deposited with the Trust's Custodian by 11am Eastern Time 11:00 a.m. eastern time the following business dayBusiness Day. If the Purchase Order order is not placed in proper form by 3:00pm Eastern Time 4:00 p.m. eastern time or federal funds in the appropriate amount are not received by 11am Eastern Time 11:00 a.m. eastern time the next business dayBusiness Day, then the Purchase Order order may be deemed to be rejected and the Participant investor shall be liable to the Fund Trust for any losses, if any, resulting therefrom. An additional amount of cash will shall be required to be deposited with the FundTrust, pending delivery of the missing Deposit Securities to the extent necessary to maintain an amount of cash on deposit with the Trust at least equal to 115% of the daily marked to market value of the missing Deposit Securities. To the extent that the missing Deposit Securities are not received by 2:00pm Eastern Time 1:00 p.m. eastern time on the third Business Day following the following the day on which the Purchase Order purchase order is deemed received by the NFS, Distributor or in the event a xxxx-to-xxxx to market payment is not made within one business day Business Day following notification by NFS the Distributor that such a payment is required, the Trust may use the cash on deposit to purchase the missing Deposit Securities. The Participant will be liable to the Trust for the costs incurred by the Trust in connection with any such purchases. These costs are will be deemed to include the amount by which the actual purchase price of the Deposit Securities exceeds the market value of such Deposit Securities on the day the purchase order was deemed received by NFS the Distributor plus the brokerage and related transaction costs associated with such purchases. The Trust will return any unused portion of the Additional Cash Deposit once all of the missing Deposit Securities have been properly received by the Custodian or purchased by the Trust and deposited into the Trust. The Trust shall charge and the Participant agrees to pay to the Trust the Transaction Fee prescribe prescribed in the Prospectus applicable to creation or redemption orders through the Clearing Process, or the Transaction Fee and such additional fee as may be prescribed pursuant to the Prospectus applicable to creation and or redemption outside the Clearing Process. The delivery of ETF shares Creation Units of the streetTRACKS(R) Funds so created will occur no later than the third Business Day following the day on which the Purchase Order purchase order is deemed received by NFSthe Distributor.

Appears in 1 contract

Samples: Participant Agreement (Streettracks Series Trust)

Creation of Creation Units Prior to Receipt of Deposit Securities. Creation CREATION Units of the each Fund may be created in advance of receipt by the Trust of all or a portion of the applicable Deposit Securities, provided that the Participant deposits an initial deposit of cash with the Trust having a value greater than the net asset value of the Creation Unit shares on the date the Purchase Order order is placed in proper form. form In addition to available Deposit Securities, cash must be deposited in an amount equal to the sum of (i) the Cash Component Component, plus (ii) 115% of the market value of the undelivered Deposit Securities. Securities (the "Additional Cash Deposit"). The Purchase Order order shall be deemed to be received on the business day in Business Day on which the Purchase Order order is placed, placed provided that the Purchase Order order is placed in proper form prior to the closing of the Nasdaq (or NYSE, if Nasdaq is not open on that day) on that 4:00 p m.. eastern time such date and federal funds in the appropriate amount are deposited with the Trust's Custodian by 11am Eastern Time 11:00 am. eastern time the following business day. Business Day If the Purchase Order order is not placed in proper form by 3:00pm Eastern Time 4:00 p m: eastern time or federal funds in the appropriate amount are not received by 11am Eastern Time 11:00 a m. eastern time the next business dayBusiness Day, then the Purchase Order order may be deemed to be rejected and the Participant investor shall be liable to the Fund Trust for any losses, if any, resulting therefrom. An additional amount of cash will shall be required to be deposited with the FundTrust, pending delivery of the missing Deposit Securities to the extent necessary to maintain an amount of cash on deposit with the Trust at least equal to 115% of the daily marked to market value of the missing Deposit Securities. Securities To the extent that the missing Deposit Securities are not received by 2:00pm Eastern Time 1:00 p m eastern time on the third Business Day following the following the day on which the Purchase Order purchase order is deemed received by the NFS, Distributor or in the event a xxxx-to-xxxx to market payment is not made within one business day Business Day following notification by NFS the Distributor that such a payment is required, the Trust may use the cash on deposit to purchase the missing Deposit Securities. The Participant will be liable to the Trust for the costs incurred by the Trust in connection with any such purchases. These costs are will be deemed to include the amount by which the actual purchase price of the Deposit Securities exceeds the market value of such Deposit Securities on the day the purchase order was deemed received by NFS the Distributor plus the brokerage and related transaction costs associated with such purchases. The Trust will return any unused portion of the Additional Cash Deposit once all of the missing Deposit Securities have been properly received by the Custodian or purchased by the Trust and deposited into the Trust. The Trust shall charge and the Participant agrees to pay to the Trust the Transaction Fee prescribe prescribed in the Prospectus applicable to creation or redemption orders through the Clearing Process, and such or the Transaction Fee AND SUCH additional fee as may be prescribed pursuant to the Prospectus applicable to creation and or redemption outside the Clearing Process. Process The delivery of ETF shares Creation Units of each Fund so created will occur no later than the third Business Day following the day on which the Purchase Order purchase order is deemed received by NFSthe Distributor.

Appears in 1 contract

Samples: Participant Agreement (Rydex Etf Trust)

Creation of Creation Units Prior to Receipt of Deposit Securities. Creation Units of the Fund streetTRACKS(SM) Funds may be created in advance of receipt by the Trust of all or a portion of the applicable Deposit Securities, provided that the Participant deposits an initial deposit of cash with the Trust having a value greater than the net asset value of the Creation Unit shares on the date the Purchase Order order is placed in proper form. In addition to available Deposit Securities, cash must be deposited in an amount equal to the sum of (i) the Cash Component Component, plus (ii) 115% of the market value of the undelivered Deposit Securities. Securities (the "Additional Cash Deposit"). The Purchase Order order shall be deemed to be received on the business day in Business Day on which the Purchase Order order is placed, placed provided that the Purchase Order order is placed in proper form prior to the closing of the Nasdaq (or NYSE, if Nasdaq is not open on that day) on that 4:00 p.m. eastern time such date and federal funds in the appropriate amount are deposited with the Trust's Custodian by 11am Eastern Time 11:00 a.m. eastern time the following business dayBusiness Day. If the Purchase Order order is not placed in proper form by 3:00pm Eastern Time 4:00 p.m. eastern time or federal funds in the appropriate amount are not received by 11am Eastern Time 11:00 a.m. eastern time the next business dayBusiness Day, then the Purchase Order order may be deemed to be rejected and the Participant investor shall be liable to the Fund Trust for any losses, if any, resulting therefrom. An additional amount of cash will shall be required to be deposited with the FundTrust, pending delivery of the missing Deposit Securities to the extent necessary to maintain an amount of cash on deposit with the Trust at least equal to 115% of the daily marked to market 8 value of the missing Deposit Securities. To the extent that the missing Deposit Securities are not received by 2:00pm Eastern Time 1:00 p.m. eastern time on the third Business Day following the following the day on which the Purchase Order purchase order is deemed received by the NFS, Distributor or in the event a xxxx-to-mark xx market payment is not made within one business day Business Day following notification by NFS the Distributor that such a payment is required, the Trust may use the cash on deposit to purchase the missing Deposit Securities. The Participant will be liable to the Trust for the costs incurred by the Trust in connection with any such purchases. These costs are will be deemed to include the amount by which the actual purchase price of the Deposit Securities exceeds the market value of such Deposit Securities on the day the purchase order was deemed received by NFS the Distributor plus the brokerage and related transaction costs associated with such purchases. The Trust will return any unused portion of the Additional Cash Deposit once all of the missing Deposit Securities have been properly received by the Custodian or purchased by the Trust and deposited into the Trust. The Trust shall charge and the Participant agrees to pay to the Trust the Transaction Fee prescribe In addition, a transaction fee of $_____________ will be charged in the Prospectus applicable to creation or redemption orders through the Clearing Process, and such additional fee as may be prescribed pursuant to the Prospectus applicable to creation and or redemption outside the Clearing Processall cases. The delivery of ETF shares Creation Units of the streetTRACKS(SM) Funds so created will occur no later than the third Business Day following the day on which the Purchase Order purchase order is deemed received by NFS.the Distributor. 9 ATTACHMENT B The following individuals are Authorized Persons pursuant to Section 6 of the Participant Agreement between State Street Capital Markets, LLC, State Street Bank and Trust Company and [ ]. [ ]

Appears in 1 contract

Samples: Participant Agreement (Index Exchange Listed Securities Trust)

Creation of Creation Units Prior to Receipt of Deposit Securities. Creation Units of the Fund may be created in advance of receipt by the Trust of all or a portion of the applicable Deposit Securities, provided that the Participant deposits an initial deposit of cash with the Trust having a value greater than the net asset value of the Creation Unit shares on the date the Purchase Order order is placed in proper form. In addition to available Deposit Securities, cash must be deposited in an amount equal to the sum of (i) the Cash Component Component, plus (ii) 115% of the market value of the undelivered Deposit Securities. Securities (the "Additional Cash Deposit"). The Purchase Order order shall be deemed to be received on the business day in Business Day on which the Purchase Order order is placed, placed provided that the Purchase Order order is placed in proper form prior to the closing of the Nasdaq (or NYSE, if Nasdaq is not open on that day) on that 4:00 p.m. eastern time such date and federal funds in the appropriate amount are deposited with the Trust's Custodian by 11am Eastern Time 11:00 a.m. eastern time the following business dayBusiness Day. If the Purchase Order order is not placed in proper form by 3:00pm Eastern Time 4:00 p.m. eastern time or federal funds in the appropriate amount are not received by 11am Eastern Time 11:00 a.m. eastern time the next business dayBusiness Day, then the Purchase Order order may be deemed to be rejected and the Participant investor shall be liable to the Fund Trust for any losses, if any, resulting therefrom. An additional amount of cash will shall be required to be deposited with the FundTrust, pending delivery of the missing Deposit Securities to the extent necessary to maintain an amount of cash on deposit with the Trust at least equal to 115% of the daily marked to market value of the missing Deposit Securities. To the extent that the missing Deposit Securities are not received by 2:00pm Eastern Time 1:00 p.m. eastern time on the third Business Day following the following the day on which the Purchase Order purchase order is deemed received by the NFS, Distributor or in the event a xxxx-to-xxxx to market payment is not made within one business day Business Day following notification by NFS the Distributor that such a payment is required, the Trust may use the cash on deposit to purchase the missing Deposit Securities. The Participant will be liable to the Trust for the costs incurred by the Trust in connection with any such purchases. These costs are will be deemed to include the amount by which the actual purchase price of the Deposit Securities exceeds the market value of such Deposit Securities on the day the purchase order was deemed received by NFS the Distributor plus the brokerage and related transaction costs associated with such purchases. The Trust will return any unused portion of the Additional Cash Deposit once all of the missing Deposit Securities have been properly received by the Custodian or purchased by the Trust and deposited into the Trust. The Trust shall charge and the Participant agrees to pay to the Trust the Transaction Fee prescribe In addition, a transaction fee of $4,000 will be charged in the Prospectus applicable to creation or redemption orders through the Clearing Process, and such additional fee as may be prescribed pursuant to the Prospectus applicable to creation and or redemption outside the Clearing Processall cases. The delivery of ETF shares Creation Units so created will occur no later than the third Business Day following the day on which the Purchase Order purchase order is deemed received by NFSthe Distributor.

Appears in 1 contract

Samples: Participant Agreement (Voskian Funds Trust)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!