Common use of Redemptions Clause in Contracts

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the value of the applicable Creation Unit at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act0000 Xxx. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the net asset value of the applicable Creation Unit Fund at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act1000 Xxx. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the net asset value of the applicable Creation Unit Fund at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the value of the applicable Creation Unit at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act0000 Xxx. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the net asset value of the applicable Creation Unit Fund at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the value of the applicable Creation Unit at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act0000 Xxx. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the value of the applicable Creation Unit at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act1000 Xxx. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the value of the applicable Creation Unit at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act1000 Xxx. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the net asset value of the applicable Creation Unit Fund at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 ActInvestment Company Act of 1940, amended. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains reasonably believes (in accordance with Rule 200 of Regulation SHO) that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives the specified names and quantities of a fund’s portfolio securities applicable to a Redemption Order (“Fund Securities Securities”), the value of which exceeds the net asset value of the applicable Creation Unit Fund at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the party for which the Participant Client is acting (whether a customer or otherwise) to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 ActInvestment Company Act of 1940. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units Units, unless it first ascertains or has reasonable grounds to believe that as of the time of the Contractual Settlement Date (i) it owns or its customer, as the case may be, will own outright or has have full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, Shares to be redeemed and that (ii) such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the FundFund on such Contractual Settlement Date. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] , and/or the Trust reasonably believes in good faith that a the Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Trust and/or the Distributor or Transfer Agent/Index Receipt Agent] and/or Trust may, without liability, may reject the Participant’s Redemption OrderOrder without liability. (e) In the event that the Participant receives Fund Securities the value of which exceeds the net asset value of the applicable Creation Unit Fund Shares at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, shall pay to the applicable Fund an amount in cash equal to the difference (or return such Fund Securities to the Fund, unless ) on the parties otherwise agreesame business day it is notified (or cause the Participant client to pay on such day).

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the value of the applicable Creation Unit at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the net asset value of the applicable Creation Unit Fund at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act0000 Xxx. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the net asset value of the applicable Creation Unit Fund at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act0000 Xxx. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the value of the applicable Creation Unit at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust Fund is open for business, as required by Section 22(e) of the 1940 ActInvestment Company Act of 1940. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it or its customer, as the case may be, owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. In the event that the Distributor, the Trust and/or the Transfer Agent reasonably believes that the Participant does not have the requisite number of Shares to be redeemed as a Creation Unit, the Trust and/or the Distributor or the Transfer Agent, upon consultation with the Trust, may reject without liability the Participant’s Redemption Order. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the net asset value of the applicable Creation Unit Fund at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act0000 Xxx. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the net asset value of the applicable Creation Unit Fund at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act0000 Xxx. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the net asset value of the applicable Creation Unit Fund at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 ActInvestment Company Act of 1940. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it or its customer, as the case may be, owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. In the event that the Distributor, the Trust and/or the Transfer Agent reasonably believes that the Participant does not have the requisite number of Shares to be redeemed as a Creation Unit, the Trust and/or the Distributor or the Transfer Agent, upon consultation with the Trust, may reject without liability the Participant’s Redemption Order. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the net asset value of the applicable Creation Unit Fund at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the value of the applicable Creation Unit at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. The Trust reserves the right to verify these representations at its discretion. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the value of the applicable Creation Unit at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act0000 Xxx. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the value of the applicable Creation Unit at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the FundFund on the Contractual Settlement Date. The Trust reserves the right to verify these representations at its discretion. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the value of the applicable Creation Unit at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 ActInvestment Company Act of 1940, as amended. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a the Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Trust and/or the Distributor or Transfer Agent/Index Receipt Agent] and/or Trust , may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the net asset value of the applicable Creation Unit Fund Shares at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act0000 Xxx. (b) The Participant represents represents, covenants and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Fund Shares, and that such Fund Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Fund Shares to the Fund. (c) The Participant understands that Fund Shares of any Fund may be redeemed only when one or more Creation Units are held in its accountthe account of a single Participant. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust may, may reject without liability, reject liability the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the net asset value of the applicable Creation Unit Fund at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree. (f) Notwithstanding anything to the contrary in this Agreement or the Prospectuses, the Participant understands and agrees that residents of certain countries are entitled to receive only cash upon redemption of a Creation Unit.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act0000 Xxx. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the value of the applicable Creation Unit at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the Investment Company Act of 1940, as amended (the “1940 Act”). (b) The Participant represents represents, covenants and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it or its customer, as the case may be, owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Fund Shares, and that such Fund Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Fund Shares to the Fund. (c) The Participant understands that Fund Shares of any Fund may be redeemed only when one or more Creation Units are held in its accountthe account of a single Participant. (d) In The considerations for redemption of Creation Units of the event Fund generally consists of (i) a designated portfolio of in-kind securities that closely approximate the Distributor, [Transfer Agent/Index Receipt Agent] and/or holdings of the Trust reasonably believes Fund (the “Fund Securities”) and (ii) an amount of cash denominated in good faith that a Participant would not U.S. dollars (the “Cash Redemptions Amount”) as described in the Fund Documents and the AP Handbook. The requisite Fund Securities and the Cash Redemption Amount generally will be able to deliver transferred by the requisite number of Shares to be redeemed as a Creation Unit third NSCC Business Day following the date on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] and/or Trust may, without liability, reject the Participant’s Redemption Orderwhich such request for redemption is deemed received. (eg) In Notwithstanding anything to the event that contrary in this Agreement or the Participant receives Fund Securities the value of which exceeds the value of the applicable Creation Unit at the time of redemptionProspectus, the Participant understands and agrees that residents of certain countries are entitled to payreceive only cash upon redemption of a Creation Unit. Accordingly, on the same business day it is notified, or cause the Participant Client is required to pay, confirm that any request it submits for an in-kind redemption has not been submitted on such day, to the applicable Fund an amount behalf of a Beneficial Owner who is a resident of a country requiring that all redemptions be made in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agreecash.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the Investment Company Act of 1940, as amended (the "1940 Act"). (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it or its customer, as the case may be, owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Fund Shares, and that such Fund Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Fund Shares to the Fund. In the event that the Distributor, the Trust and/or the Index Receipt Agent reasonably believes that the Participant does not have the requisite number of Shares to be redeemed as a Creation Unit, the Trust and/or the Distributor or the Index Receipt Agent, upon consultation with the Trust, may reject without liability the Participant's Redemption Order. (c) The Participant understands that Fund Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In Notwithstanding anything to the event that contrary in this Agreement or the Distributor, [Transfer Agent/Index Receipt Agent] and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the value of the applicable Creation Unit at the time of redemptionProspectus, the Participant understands and agrees that residents of certain countries are entitled to payreceive only cash upon redemption of a Creation Unit. Accordingly, on the same business day it is notified, or cause the Participant Client is required to pay, confirm that any request it submits for an in-kind redemption has not been submitted on such day, to the applicable Fund an amount behalf of a Beneficial Owner who is a resident of a country requiring that all redemptions be made in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agreecash.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act0000 Xxx. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the net asset value of the applicable Creation Unit Fund at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree. (f) Notwithstanding anything to the contrary in this Agreement or the Prospectuses, the Participant understands and agrees that residents of certain countries are entitled to receive only cash upon redemption of a Creation Unit. Accordingly, the Participant is required to confirm that any request it submits for an in-kind redemption has not been submitted on behalf of a Beneficial Owner who is a resident of a country requiring that all redemptions be made in cash.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act. (b) The Participant represents and warrants that that, as of the close of the business day on which it will not attempt to place has placed a Redemption Order for the purpose of redeeming any Creation Units unless of any Fund, it first ascertains or any party for which it is acting (whether a customer or otherwise, a “Participant Client”), as the case may be, (i) will own (within the meaning of Rule 200 of Regulation SHO) the requisite number of Shares of the relevant Fund or (ii) will have reasonable grounds to believe that the requisite number of Shares of the relevant Fund can be borrowed (as contemplated by Rule 203(b)(1) of Regulation SHO) such that, in either case, the Participant can make good delivery of the Shares to the Trust on the Contractual Settlement Date of the Redemption Order. In either case, the Participant acknowledges that: (i) it owns outright or, if applicable, its Participant Client, has or has full legal authority will have the authority, right and legal and beneficial right ability to tender for redemption the requisite number of Shares, Shares of the relevant Fund to be redeemed as a Creation Unit on the Contractual Settlement Date; and that (ii) if such Shares submitted for redemption have not been loaned or pledged to another party and or are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude arrangement affecting legal or beneficial ownership of such Shares being submitted for redemption, there are no restrictions precluding the delivery of such Shares to (including borrowed Shares, if any) for redemption, free and clear of liens, on the FundContractual Settlement Date. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a the Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement dateContractual Settlement Date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust maymay require the Participant to deliver or execute supporting documentation evidencing ownership of sufficient Shares, reasonable grounds to believe that the requisite number of Shares of the relevant Fund can be borrowed so that the Participant can make good delivery of the Shares, or its right to deliver sufficient Shares of the relevant Fund in order for the Redemption Order to be in proper form. If such documentation is not satisfactory to the Distributor, the Transfer Agent and/or the Trust, in their reasonable discretion, then the Distributor, the Transfer Agent and/or the Trust may reject, without liability, reject the Participant’s Redemption Order. (ed) In the event that the Participant receives Fund Securities futures the value of which exceeds the net asset value of attributable to the applicable Creation Unit at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities futures to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the value of the applicable Creation Unit at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree. (f) Notwithstanding anything to the contrary in this Agreement or the Prospectuses, the Participant understands and agrees that residents of certain countries are entitled to receive only cash upon redemption of a Creation Unit. Accordingly, the Participant is required to confirm that any request it submits for an in-kind redemption has not been submitted on behalf of a Beneficial Owner who is a resident of a country requiring that all redemptions be made in cash.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act1900 Xxx. (b) The Participant represents represents, covenants and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Fund Shares, and that such Fund Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Fund Shares to the Fund. (c) The Participant understands that Fund Shares of any Fund may be redeemed only when one or more Creation Units are held in its accountthe account of a single Participant. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust may, may reject without liability, reject liability the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the net asset value of the applicable Creation Unit Fund at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree. (f) Notwithstanding anything to the contrary in this Agreement or the Prospectuses, the Participant understands and agrees that residents of certain countries are entitled to receive only cash upon redemption of a Creation Unit.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust Company is open for business, as required by Section 22(e) of the 1940 Act. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust Company reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust Company may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the value of the applicable Creation Unit at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act1000 Xxx. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. The Trust reserves the right to verify these representations at its discretion. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the value of the applicable Creation Unit at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act0000 Xxx. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust may, without liability, reject the Participant’s 's Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the net asset value of the applicable Creation Unit Fund at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 ActInvestment Company Act of 1940, as amended. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a the Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Trust and/or the Distributor or Transfer Agent/Index Receipt Agent] and/or Trust , upon consultation with the Trust, may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the net asset value of the applicable Creation Unit Fund at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives securities in connection with a Redemption Order (“Fund Securities Securities”) the value of which exceeds the value of the applicable Creation Unit at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the value of the applicable Creation Unit at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree. 10.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act1000 Xxx. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the value of the applicable Creation Unit at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree. (f) Notwithstanding anything to the contrary in this Agreement or the Prospectuses, the Participant understands and agrees that residents of certain countries are entitled to receive only cash upon redemption of a Creation Unit. Accordingly, the Participant is required to confirm that any request it submits for an in-kind redemption has not been submitted on behalf of a Beneficial Owner who is a resident of a country requiring that all redemptions be made in cash.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act0000 Xxx. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the value of the applicable Creation Unit at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust Company is open for business, as required by Section 22(e) of the 1940 Act0000 Xxx. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust Company reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust Company may, without liability, reject the Participant’s 's Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the value of the applicable Creation Unit at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act0000 Xxx. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the value of the applicable Creation Unit at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust Fund is open for business, as required by Section 22(e) of the 1940 ActInvestment Company Act of 1940. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that (i) it or its customer, as the case may be, owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of SharesShares and receive the entire proceeds from the redemption, and (ii) that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the FundFund in accordance with the Prospectus and on a “regular way” basis. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust Fund reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust Fund may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the net asset value of the applicable Creation Unit Fund at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client Participant’s customer to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties Fund and Participant otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted to a Fund only on days that the Trust principal securities exchange on which such Fund's ETF Shares are traded is open for business, as required by Section 22(e) of the 1940 Actopen. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units Unit of ETF Shares of any Fund unless it first ascertains that it or its customer, as the case may be, owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Sharesthe Fund's ETF Shares and to the entire proceeds of the redemption, and that such ETF Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such ETF Shares to the Fund. The Participant understands and agrees that in the event ETF Shares (or collateral of equivalent value, if permitted) are not transferred, the Redemption Order trade may be broken by the Fund and the Participant will be solely responsible for all costs incurred by the Fund and/or the Distributor related to breaking the trade. The Distributor will only process Redemption Orders upon verification from the Index Receipt Agent of the Fund's receipt of ETF Shares. (c) The Participant understands that ETF Shares of any Fund may be redeemed only when one or more Creation Units of ETF Shares of a Beneficial Owner are held in its accountthe account of a single Participant. (d) In the event The Participant understands and agrees that the Distributor, [Transfer Agent/Index Receipt Agent] and/or the Trust reasonably believes in good faith that a Participant would not be able residents of Australia and New Zealand are entitled to deliver the requisite number receive only cash upon redemption of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the value of the applicable Creation Unit at the time of redemptionVanguard ETF Shares. Accordingly, the Participant agrees to pay, that it will not tender a redemption request on the same business day it behalf of a Beneficial Owner who is notified, a resident of Australia or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agreeNew Zealand.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act0000 Xxx. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the FundFund on the Contractual Settlement Date. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement dateContractual Settlement Date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the net asset value of the applicable Creation Unit Fund at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agreedifference.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act1000 Xxx. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the value of the applicable Creation Unit at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act1000 Xxx. (b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the value of the applicable Creation Unit at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act. (b) The Participant represents and warrants that that, as of the close of the business day on which it will not attempt to place has placed a Redemption Order for the purpose of redeeming any Creation Units unless of any Fund, it first ascertains or any party for which it is acting (whether a customer or otherwise, a “Participant Client”), as the case may be, (i) will own (within the meaning of Rule 200 of Regulation SHO) the requisite number of Shares of the relevant Fund or (ii) will have reasonable grounds to believe that the requisite number of Shares of the relevant Fund can be borrowed (as contemplated by Rule 203(b)(1) of Regulation SHO) such that, in either case, the Participant makes good delivery of the Shares to the Trust on or prior to the Contractual Settlement Date of the Redemption Order. In either case, the Participant acknowledges that: (i) it owns outright or, if applicable, its Participant Client, has or has will have full legal authority and legal and beneficial right to tender for redemption the requisite number of SharesShares of the relevant Fund to be redeemed as a Creation Unit on the Contractual Settlement Date; (ii) it has or, if applicable, its Participant Client has, full legal authority and that legal right to receive the entire proceeds of the redemption on the Contractual Settlement Date; and (iii) if such Shares submitted for redemption have not been loaned or pledged to another party and are not or the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude arrangement affecting legal or beneficial ownership of such Shares being submitted for redemption, there are no restrictions precluding the delivery of such Shares to (including borrowed Shares, if any) for redemption, free and clear of liens, on the FundContractual Settlement Date. (c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its or a Participant Client’s account. (d) In the event that the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] Agent and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives securities in connection with a Redemption Order (“Fund Securities Securities”) the value of which exceeds the value of the applicable Creation Unit at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

Redemptions. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust a Fund is open for business, as required by Section 22(e) of the Investment Company Act of 1940 as amended (the “1940 Act”). (b) The Participant represents represents, covenants and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it or its customer, as the case may be, owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Fund Shares, and that such Fund Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Fund Shares to the a Fund. (c) The Participant understands that Fund Shares of any Fund may be redeemed only when one or more Creation Units are held in the account of a single Participant or when the Participant reasonably expects that one or more Creation Units will be held in its accountaccount in unencumbered form as of the relevant Contractual Settlement Date. (d) In Notwithstanding anything to the event that the Distributor, [Transfer Agent/Index Receipt Agent] and/or the Trust reasonably believes contrary in good faith that this Agreement or a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, [Transfer Agent/Index Receipt Agent] and/or Trust may, without liability, reject the Participant’s Redemption Order. (e) In the event that the Participant receives Fund Securities the value of which exceeds the value of the applicable Creation Unit at the time of redemptionProspectus, the Participant understands and agrees that residents of certain countries are entitled to payreceive only cash upon redemption of a Creation Unit. Accordingly, on the same business day it is notified, or cause the Participant Client to pay, hereby represents that any Redemption Order it submits for an in-kind redemption has not been submitted on such day, to the applicable Fund an amount behalf of a beneficial owner who is a resident of a country requiring that all redemptions be made in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agreecash.