Creation and Redemption Procedures Sample Clauses
The 'Creation and Redemption Procedures' clause defines the processes by which shares or units of a fund or similar investment vehicle can be issued (created) or withdrawn (redeemed) by investors. Typically, this clause outlines the steps investors must follow to request the creation or redemption of shares, including any required documentation, timing, and applicable fees. For example, it may specify cut-off times for submitting requests or detail how settlement of funds will occur. The core function of this clause is to ensure a clear, standardized process for entering and exiting the investment, thereby reducing confusion and operational risk for both the fund and its investors.
Creation and Redemption Procedures. (a) Concurrent with the execution of this Agreement and from time to time thereafter, AP shall deliver to the Administrator and HMSL, and HMSL shall deliver to AP, duly certified as appropriate by its secretary or other duly authorised official, a certificate substantially in the form set out in Schedule 3 setting forth the names and signatures of all persons approved to give instructions relating to activity contemplated hereby or by any other notice, request or instruction given on behalf of AP or HMSL (each such person an “Approved Person”).
(b) Each of AP and HMSL will comply with the creation procedures set out in Schedule 4 and the redemption procedures set out in the Trust Instrument and the Conditions and, in relation to Application Orders and Redemption Orders (but subject to Clause 7(i)), the provisions of Schedule 5, and any transfer of Bullion to be made pursuant to any Application or Redemption Notice will be made in accordance with those procedures and the Conditions.
(c) To the extent that in relation to Application Orders and Redemption Orders certain provisions of Schedule 4 or the Trust Instrument and the Conditions are expressed in Schedule 5 not to apply, such provisions shall not apply thereto but subject thereto Schedule 4 and the Trust Instrument and the Conditions (respectively) apply to Application Orders and Redemption Orders as they do to other Applications and Redemption Notices. HMSL will (subject to Clause 7(i)) use its reasonable endeavours to make the System available on each Business Day but shall not have any liability to AP for any failure by HMSL or its agents to maintain the availability or utility of the System. AP agrees to comply with its obligations under the AP User Guide and to operate the System in accordance with the AP User Guide. In the event of any conflict between the AP User Guide and the provisions of this Agreement, the provisions of this Agreement shall prevail.
(d) The following provisions relating to the System shall apply:
(i) AP shall following execution hereof notify HMSL by means of a duly executed authorisation letter in the form from time to time prescribed by HMSL or otherwise in a form reasonably satisfactory to HMSL and in each case completed to the reasonable satisfaction of HMSL, of the names of its employees (“Authorised Users”) who are to have access to the Website, the authorisation level applicable to that Authorised User (as described in the AP User Guide), each internet protocol (IPv4 ...
Creation and Redemption Procedures. The Custodian undertakes to the Trust that the Custodian will adhere to the Creation and Redemption Procedures, provided that the Trustee shall use its reasonable efforts to provide the Custodian with prior notice of any amendment to the Creation and Redemption Procedures and, if the amendment relates to the Custodian’s duties, such amendment will only be made after consultation with the Custodian. If the amendment would have a material adverse effect on the Custodian’s ability to adhere to the Creation and Redemption Procedures (in the Custodian’s reasonable opinion), such amendment may not be made without the Custodian’s prior written consent (which consent will not be unreasonably withheld or delayed) unless such amendment or modification is required by applicable law or the Rules.
Creation and Redemption Procedures adopted by the Sponsor and the Trust (each as defined below) as of [·], 2013
Creation and Redemption Procedures. (a) Concurrent with the execution of this Agreement and from time to time thereafter, AP shall deliver to the Administrator and CSL, and CSL shall deliver to AP, duly certified as appropriate by its secretary or other duly authorised official, a certificate in the form of Schedule 3 setting forth the names and signatures of all persons approved to give instructions relating to activity contemplated hereby or by any other notice, request or instruction given on behalf of AP or CSL (each such person an “Approved Person”).
(b) Each of AP and CSL will comply with the creation procedures set out in Schedule 4 and the redemption procedures set out in the Trust Instrument and the Conditions and, in relation to Settlement Application Orders, Agreed Application Orders, Settlement Redemption Orders and Agreed Redemption Orders, the provisions of Schedule 5, and any payment to be made pursuant to any Application or Redemption Notice will be made in accordance with those procedures and the Conditions.
Creation and Redemption Procedures. Adopted by the Sponsor and Trustee (each as defined below) as of ___________, 2017
Creation and Redemption Procedures. Scope of Procedures and Overview
Creation and Redemption Procedures. You and the Sponsor may amend or modify the Creation and Redemption Procedures from time to time upon reasonable advance notice and, if the amendment or modification relates to our duties, after consultation with us, provided that, if the amendment or modification would have a material adverse effect on our ability to adhere to the Creation and Redemption Procedures (in our reasonable opinion), such amendment or modification may not be made without our prior written consent (which consent will not be unreasonably withheld or delayed) unless such amendment or modification is required by applicable law.
Creation and Redemption Procedures. Adopted by the Sponsor and Trustee (each as defined below) as of June o 2009
Creation and Redemption Procedures. Adopted by the Sponsor and Trustee (each as defined below) as of December 11, 2020.
Creation and Redemption Procedures. (a) The Custodian represents and warrants to the Trust, on a continuing basis, that the Custodian will use its best efforts to adhere to the Creation and Redemption Procedures.
(b) The Trust and the Sponsor may amend or modify the Creation and Redemption Procedures from time to time upon reasonable advance notice to the Custodian and, if the amendment or modification relates to the Custodian’s duties, after consultation with the Custodian, provided that, if the amendment or modification would have a material adverse effect on the Custodian’s ability to adhere to the Creation and Redemption Procedures (in the Custodian’s reasonable opinion), such amendment or modification may not be made without the Custodian’s prior written consent (which consent will not be unreasonably withheld or delayed) unless such amendment or modification is required by applicable law.