Common use of Procedures for Orders Clause in Contracts

Procedures for Orders. The procedures for the placement and execution of Purchase Orders and Redemption Orders (“Procedures”) are described in the Prospectus for each Fund or in the Participant Supplement or both and, pursuant to Section 17 below, are incorporated herein by reference. The Participant agrees that all Orders shall be placed and executed in proper form, including in accordance with such Procedures. Orders received in proper form shall be processed at the NAV of the relevant Fund next determined after such Order is received, as determined by the Distributor in its sole discretion. The Participant acknowledges and agrees that different Funds may determine their NAVs at different times and may establish different Procedures, including regarding the time that Orders are placed by the Participant. The Distributor reserves the right to amend the Procedures at any time, and the Participant agrees to comply with such amended Procedures, provided that the Distributor makes commercially reasonable efforts to provide notice to the Participant of any such amendments. The Parties acknowledge and agree that amended Procedures shall not apply retroactively (i.e., to Orders submitted prior to such time as the Distributor has made commercially reasonable efforts to provide notice of the amended Procedure(s)), unless required by applicable Law.

Procedures for Orders. The procedures for the placement and execution of Purchase Orders and Redemption Orders (“Procedures”) are described in the Prospectus for each Fund or in the Participant Supplement or both and, pursuant to Section 17 below, are incorporated herein by reference. The Participant agrees that all Orders shall be placed and executed in proper form, including in accordance with such Procedures, as determined by the Trust and/or Distributor in their sole discretion. Orders received in proper form shall be processed at the NAV of the relevant Fund next determined after such Order is received, as determined by the Distributor in its sole discretion. The Participant acknowledges and agrees that different Funds may determine their NAVs at different times and may establish different Procedures, including regarding the time that Orders are placed by the Participant. The Distributor reserves the right to amend the Form of Authorized Participant Agreement Procedures at any time, and the Participant agrees to comply with such amended Procedures, provided that the Distributor makes commercially reasonable efforts to provide notice to the Participant of any such amendments. The Parties acknowledge and agree that amended Procedures shall not apply retroactively (i.e., to Orders submitted prior to such time as the Distributor has made commercially reasonable efforts to provide notice of the amended Procedure(s)), unless required by applicable Law.