Common use of Redemption of Creation Units Clause in Contracts

Redemption of Creation Units. (a) The following procedures, except to the extent otherwise provided in the Participant Agreement for each Authorized Participant, which may be amended from time to time in accordance with the provisions of such Participant Agreement (and any such amendment will not constitute an amendment of this Trust Agreement), apply to the redemption of Creation Units. (i) On any Business Day, an Authorized Participant may submit a request to redeem one or more Creation Units standing to the credit of the Authorized Participant on the records of DTC in kind (such request, a “Redemption Order”) in the manner provided in the Participant Agreement. Redemption Orders will be processed only from Authorized Participants with respect to which a Participant Agreement is in full force and effect. (ii) Any Redemption Order is subject to rejection by the Sponsor at its sole discretion as set forth in the Participant Agreement. (iii) After accepting an Authorized Participant’s Redemption Order, the Sponsor (or its delegate or agent) will deliver (or cause to be delivered) the redemption distribution to fill an Authorized Participant’s Redemption Order in the manner provided in the Participant Agreement, but only if the Sponsor (or its delegate or agent) has received (A) the non-refundable transaction or other fees due for such Redemption Order, unless waived by the Sponsor in its sole discretion, and (B) notice that the Fund’s account at DTC has been credited with all Shares comprising the Creation Units being tendered for redemption. (b) The procedures set forth in this Section 2.10 may be changed from time-to-time at the sole discretion of the Sponsor.

Redemption of Creation Units. (a) The following procedures, except to the extent otherwise provided in the Participant Agreement for each Authorized Participant, which may be amended from time to time in accordance with the provisions of such Participant Agreement (and any such amendment will not constitute an amendment of this Trust Agreement), apply to the redemption of Creation Units. (i) On any Business Day, an Authorized Participant may submit a request to redeem one or more Creation Units standing to the credit of the Authorized Participant on the records of DTC in kind (such request, a “Redemption Order”) in the manner provided in the Participant Agreement. Redemption Orders will be processed only from Authorized Participants with respect to which a Participant Agreement is in full force and effect. (ii) Any Redemption Order is subject to rejection by the Sponsor at its sole discretion as set forth in the Participant Agreement. (iii) After accepting an Authorized Participant’s Redemption Order, the Sponsor (or its delegate or agent) will deliver (or cause to be delivered) the redemption distribution to fill an Authorized Participant’s Redemption Order in the manner provided in the Participant Agreement, but only if the Sponsor (or its delegate or agent) has received (A) the non-refundable transaction or other fees fee due for such Redemption Order, unless waived by the Sponsor in its sole discretion, discretion and (B) notice that the FundSponsor’s account at DTC has been credited with all Shares comprising the Creation Units being tendered for redemption. (b) The procedures set forth in this Section 2.10 may be changed from time-to-time at the sole discretion of the Sponsor.