Common use of Outside the Clearing Process Clause in Contracts

Outside the Clearing Process. 1. The following transactions shall be handled Outside the Clearing Process: (i) any purchase or redemption of Creation Units that the Trust, its Distributor or another authorized agent shall instruct Bank to settle Outside the Clearing Process; and (ii) any security issue that is part of a Creation Deposit or redemption of Creation Units and that according to NSCC rules is deemed to be ineligible for the Clearing Process, including securities that are not eligible to be settled through DTC. 2. All such transactions shall be effected by Bank on a delivery versus payment and receive versus payment basis through DTC and according to DTC’s rules, and the Trust or the ETF Series shall provide to Bank the information and terms that are necessary to settle each transaction, including the cash value of each security settlement, unless the Trust or the ETF Series Instruction is that delivery is to be made free of payment; provided, however, that any security that is not DTC eligible shall be settled as a window delivery pursuant to street practice. All such transactions shall be effected by Bank as Custodian and subject to the terms of the Custody Agreement.

Outside the Clearing Process. 1. The following transactions shall be handled Outside the Clearing Process: (ia) any purchase or redemption of Creation Units that the Trust, the Fund or its Distributor or another authorized agent shall instruct Bank to settle Outside the Clearing Process; and (iib) any security issue that is part of a Creation Deposit or redemption of Creation Units and that according to NSCC rules is deemed to be ineligible for the Clearing Process, including securities that are not eligible to be settled through DTC. 2. All such transactions shall be effected by Bank on a delivery versus payment and receive versus payment basis through DTC and according to DTC’s 's rules, and the Trust or the ETF Series Fund shall provide to Bank the information and terms that are necessary to settle each transaction, including the cash value of each security settlement, unless the Trust or the ETF Series Fund Instruction is that delivery is to be made free of payment; provided, however, that any security that is not DTC eligible shall be settled as a window delivery pursuant to street practice. All such transactions shall be effected by Bank as Custodian and subject to the terms of the Custody Agreement.

Outside the Clearing Process. 1. The following transactions shall be handled Outside the Clearing Process: (i) any purchase issuance or redemption of Creation Units that the Trust, its Distributor or another authorized agent shall instruct Bank to settle Outside the Clearing Process; and (ii) any security issue that is part of a Creation Deposit or redemption of Creation Units and that according to NSCC rules is deemed to be ineligible for the Clearing Process, including securities that are not eligible to be settled through DTC. 2. All such transactions shall be effected by Bank on a delivery versus payment and receive versus payment basis through DTC and according to DTC’s rules, and the Trust or the ETF Series shall provide to Bank the information and terms that are necessary to settle each transaction, including the cash value of each security settlement, unless the Trust or the ETF Series Instruction is that delivery is to be made free of payment; provided, however, that any security that is not DTC eligible shall be settled as a window delivery pursuant to street practice. All such transactions shall be effected by Bank as Custodian and subject to the terms of the Custody Agreement.

Outside the Clearing Process. 1. The following transactions shall be handled Outside the Clearing Process: (i) any purchase issuance or redemption of Creation Units that the Trust, its Distributor or another authorized agent shall instruct Bank to settle Outside the Clearing Process; and (ii) any security issue that is part of a Creation Deposit or redemption of Creation Units and that according to NSCC rules is deemed to be ineligible for the Clearing Process, including securities that are not eligible to be settled through DTC.. ETF Agency Services Agreement – March 2010 version 2. All such transactions shall be effected by Bank on a delivery versus payment and receive versus payment basis through DTC and according to DTC’s rules, and the Trust or the ETF Series shall provide to Bank the information and terms that are necessary to settle each transaction, including the cash value of each security settlement, unless the Trust or the ETF Series Instruction is that delivery is to be made free of payment; provided, however, that any security that is not DTC eligible shall be settled as a window delivery pursuant to street practice. All such transactions shall be effected by Bank as Custodian and subject to the terms of the Custody Agreement.