Common use of NOTES FOR TRUSTEE (CREATION T) Clause in Contracts

NOTES FOR TRUSTEE (CREATION T). C1.5.1 If an Authorized Participant has placed its Purchase Order with the Trustee on CREATION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of Canadian Dollars that must be deposited in the Deposit Account no later than 9:30 a.m. NYC time on CREATION T+2. C2 CREATION T+1 C2.1 On CREATION T+1 the Trustee notifies the Authorized Participant of the final amount of Canadian Dollars that must be deposited in the Deposit Account (the “Basket Canadian Dollars Amount”) no later than 9:30 a.m. NYC and Toronto time on CREATION T+2 for creation of the Baskets on that day. C2.2 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an authenticated electronic message (SWIFT MT210) to the Depository indicating the total Canadian Dollar amount that the Depository will receive from the Authorized Participant on CREATION T+2. C3 CREATION T+2 C3.1 By 9:30 a.m. NYC and Toronto time, the Depository has received each Authorized Participant’s wire transfer of the Basket Canadian Dollars Amount in the Deposit Account. C3.2 As of 9:30 a.m. NYC and Toronto time, the Depository notifies the Trustee that the Basket Canadian Dollars Amount has been transferred into the Deposit Account by an authenticated electronic message (SWIFT MT910). C3.3 Prior to the delivery of the Baskets on CREATION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge). C3.4 At 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket Canadian Dollars Amount to the Deposit Account, the Trustee authorizes the creation and issuance of the Baskets ordered by each Authorized Participant on CREATION T for which the Trustee has received confirmation from the Depository of receipt of the Basket Canadian Dollars Amount. C3.5 By 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket Canadian Dollars Amount to the Deposit Account, the Trustee notifies its transfer agent service desk that it has authorized the creation and issuance of Baskets in the number specified, and to increase the number of Shares outstanding accordingly. By 11:00 a.m. NYC time, following receipt of the notice from the Trustee that it has authorized the creation and issuance of Shares in the number specified, the Trustee’s transfer agent service desk increases the number of Shares outstanding, and notifies the Trustee and the Trustee’s DTC operations desk that an increased number of Shares is now outstanding and available for release in accordance with the Trustee’s instructions. C3.6 By 11:00 a.m. NYC time, following receipt of notice from the Trustee’s transfer agent service desk that the number of Shares now outstanding has been increased, the Trustee notifies its DTC operations desk to release the increased number of Shares through DTC to the DTC participant accounts of the Authorized Participants scheduled to receive Baskets on CREATION T+2 for whom the Trustee has received confirmation from the Depository that the Basket Canadian Dollars Amount has been received into the Deposit Account. C3.7 Following the close of business (usually 4:00 p.m. Toronto time) on CREATION T+2, the Depository makes appropriate entries in its books and records to reflect the creation of Baskets. C3.8 Following the close of business (usually 4:00 p.m. Toronto time) on CREATION T+2, the Depository Canadian Dollars system updates account records, recording the movements of Canadian Dollars in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. Toronto time) on CREATION T+2. C3.9 Following the close of business (usually 4:00 p.m. Toronto time) on CREATION T+2, the Depository Canadian Dollars system automatically generates authenticated electronic messages constituting a statement of the activity affecting the Deposit Account (SWIFT MT940 or SWIFT MT950), (received only by the Trustee).