Common use of RECEIPT OF CONFIRMATION Clause in Contracts

RECEIPT OF CONFIRMATION. Subject to the conditions that a properly completed telephone or fax Creation Order has been placed by the Participant not later than the Order Cut-Off Time, and other provisions contained in these procedures, the Sponsor will accept the Creation Order on behalf of the Trust and will confirm in writing to the Participant that its Creation Order has been accepted within 45 minutes after the designated Order Cut-Off Time on the Business Day that the Creation Order is received. Once the Creation Order has been approved by the Sponsor, the Sponsor will sign or time-stamp the Creation Order and send that Creation Order to the Transfer Agent. Typically, if a Web-Based Order is submitted, the Sponsor may confirm the order on-line. Alternatively, if the Sponsor prefers to confirm Orders via fax, the Transfer Agent will download and print the Order Form and fax it to the Sponsor for review and approval. Upon receipt of the Order Form signed by the Sponsor, the Transfer Agent will issue an email confirmation to the Participant and the Sponsor to reflect the Order status (approval or cancellation).