Common use of Outside the Trust’s Clearing Process—Creation Orders Clause in Contracts

Outside the Trust’s Clearing Process—Creation Orders. After the Transfer Agent has received notification of a Submission from the Participant for a creation order for Shares outside the Trust’s Clearing Process which has been received in proper form (as described in the Prospectus) by the Transfer Agent, the Transfer Agent shall initiate procedures to transfer the requisite Shares through DTC and the DTC Participants and the Cash Component, if any, through the Federal Reserve Bank wire system so as to be received by the creator no later than on the second (2nd) Business Day (or in the case of (i) PowerShares Japan Currency Hedged Low Volatility Portfolio, no later than the third (3rd) Business Day and (ii) PowerShares India Portfolio, no later than the first (1st) Business Day) following the Business Day on which the Submission is received in proper form (as described in the Prospectus) by the Transfer Agent.