Common use of Outside the CNS Clearing Process Clause in Contracts

Outside the CNS Clearing Process. (a) In general, the Cash making up a Creation Unit must be delivered to an account maintained at the applicable local Subcustodian on or before the International Contractual Settlement Date (defined below). The “International Contractual Settlement Date” will be the earlier of: (i) the date upon which the Cash is delivered to the Fund; and (ii) t trade date plus three (T +3) business days. Except as provided in the next two paragraphs, a Creation Unit will not be issued outside of the CNS Clearing Process until the transfer of good title to the Fund of the Cash and applicable fees have been completed. When the Subcustodian confirms to the Fund’s Custodian that the Cash has been delivered to the account of the relevant Subcustodian, the Custodian shall cause the delivery of the Creation Unit.

Outside the CNS Clearing Process. (a) In general, the Cash making up a Creation Unit must be delivered to an account maintained at the applicable local Subcustodian on or before the International Contractual Settlement Date (defined below). The “International Contractual Settlement Date” will be the earlier of: (i) the date upon which the Cash is delivered to the Fund; and (ii) t the trade date plus three (T +3) business days. Except as provided in the next two paragraphs, a Creation Unit will not be issued outside of the CNS Clearing Process until the transfer of good title to the Fund of the Cash and applicable fees have been completed. When the Subcustodian confirms to the Fund’s Custodian that the Cash has been delivered to the account of the relevant Subcustodian, the Custodian shall cause the delivery of the Creation Unit.