Common use of Contractual Settlement Clause in Contracts

Contractual Settlement. (a) For Domestic Funds: Except as provided below, the iShares must be ------------------- delivered through the National Securities Clearing Corporation (NSCC) to a Depository Trust Company (DTC) account maintained at the applicable custodian of Fund on or before the Contractual Settlement Date (defined below). The Fund will make available on the Contractual Settlement Date, the Cash Component next determined after acceptance of the Redemption Order, less the applicable purchase transaction fee (as described in the Prospectus as "the Normal Clearing Process"). The "Contractual Settlement Date" is the date upon which all of the required iShares must be delivered to the fund and, the Deposit Securities, Cash Component less any fees are delivered by the Fund to the Participant (ordinarily trade date + three business days). Except as provided in the next two paragraphs, the Deposit Securities representing a Redemption Unit will be issued concurrently with the transfer of good title to Fund of the required aggregation of iShares through the NSCC's Continuous Net Settlement (CNS) system and the delivery of the Cash Component less the purchase transaction fee through the DTC. The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a "cash in lieu" amount ) to be added to the Cash Component to replace any Deposit Security which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the Clearing Process (discussed below) and will be at the expense of Fund and will affect the value of all Fund shares; but BGFA, subject to the approval of the Board, may adjust the "Transaction Fee" within the parameters described below to protect ongoing shareholders. Any settlement outside the "Normal Clearing Process" is subject to additional requirements and fees as discussed in the Statement of Additional Information.

Contractual Settlement. (a) For Domestic Funds: Except as provided below, the iShares Deposit Securities must be ------------------- delivered through the National Securities Clearing Corporation (NSCC) to a Depository Trust Company (DTC) account maintained at the applicable custodian of Fund on or before the Contractual Settlement Date (defined below). The Fund will Participant must also make available on or before the Contractual Settlement Date, by means satisfactory to Fund, immediately available or same day funds estimated by Fund to be sufficient to pay the Cash Component next determined after acceptance of the Redemption Purchase Order, less together with the applicable purchase transaction fee (as described in the Prospectus as "the Normal Clearing Process"). Any excess funds will be returned following settlement of the issue of the Creation Unit of iShares. The "Contractual Settlement Date" is the earlier of (i) date upon which all of the required iShares must be delivered to the fund and, the Deposit Securities, the Cash Component less and any fees other cash amounts which may be due are delivered by the to Fund to the Participant and (ordinarily ii) trade date + three business days). Except as provided in the next two paragraphs, the Deposit Securities representing a Redemption Creation Unit of iShares of an Index Series will be issued concurrently with the transfer of good title to Fund of the required aggregation portfolio of iShares Deposit Securities through the NSCC's Continuous Net Settlement (CNS) system and the delivery payment of the Cash Component less and the purchase transaction fee through the DTC. The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a "cash in lieu" amount ) to be added to the Cash Component to replace any Deposit Security which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the Clearing Process (discussed below) and will be at the expense of Fund and will affect the value of all Fund shares; but BGFA, subject to the approval of the Board, may adjust the "Transaction Fee" within the parameters described below to protect ongoing shareholders. Any settlement outside the "Normal Clearing Process" is subject to additional requirements and fees as discussed in the Statement of Additional Information.

Contractual Settlement. (a) For Domestic Funds: Except as provided below, the iShares Deposit Securities must be ------------------- delivered through the National Securities Clearing Corporation (NSCC) to a Depository Trust Company (DTC) an account maintained at the applicable custodian local subcustodian of the Fund on or before the Contractual Settlement Date (defined below). The Fund will Participant must also make available on or before the Contractual Settlement Date, by means satisfactory to the Fund, immediately available or same day funds estimated by the Fund to be sufficient to pay the Cash Component next determined after acceptance of the Redemption Purchase Order, less together with the applicable purchase transaction fee (as described in the Prospectus as "Prospectus). Any excess funds will be returned following settlement of the Normal Clearing Process")issue of the Creation Unit of WEBS. The "Contractual Settlement Date" is the earlier of (i) the date upon which all of the required iShares must Deposit Securities, the Cash Component and any other cash amounts which may be due are delivered to the fund and, Fund and (ii) the Deposit Securities, Cash Component less any fees last day for settlement on the customary settlement cycle in the jurisdiction where the securities of the applicable Index Series are delivered by the Fund to the Participant (ordinarily trade date + three business days)customarily traded. Except as provided in the next two paragraphs, the Deposit Securities representing a Redemption Creation Unit of WEBS of an Index Series will not be issued concurrently with until the transfer of good title to the Fund of the portfolio of Deposit Securities and the payment of the Cash Component and the purchase transaction fee have been completed. When the subcustodian confirms to the Custodian that the required aggregation securities included in the Portfolio Deposit (or, when permitted in the sole discretion of iShares through the NSCC's Continuous Net Settlement (CNSFund, the cash value thereof) system have been delivered to the account of the relevant subcustodian, the Custodian shall notify the Distributor and the Adviser, and the Fund will issue and cause the delivery of the Cash Component less the purchase transaction fee through the DTCCreation Unit of WEBS. The Trust reserves Distributor will then transmit a confirmation of acceptance to the right to Participant. The Fund may in its sole discretion permit or require the substitution of an amount of cash (i.e., a "cash in lieu" amount amount) to be added to the Cash Component to replace any Deposit Security which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through other similar reasons. If the Clearing Process, or which may not be eligible for transfer through Adviser notifies the systems of DTC and hence not eligible for transfer through the Clearing Process (discussed below) and Distributor that a "cash in lieu" amount will be accepted, the Distributor will notify the Participant and the Participant shall deliver, on behalf of itself or the party on whose behalf it is acting, the "cash in lieu" amount, with any appropriate adjustments as advised by the Fund. Any excess funds will be returned following settlement of the issue of the Creation Unit of WEBS. In the event that a Portfolio Deposit is incomplete on the settlement date for a Creation Unit of WEBS because certain Deposit Securities are missing, the Fund may, in its sole discretion, issue a Creation Unit of WEBS notwithstanding such deficiency in reliance on the undertaking of the Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by such Participant's delivery and maintenance of collateral consisting of cash or Short-Term Investments (as defined in the Prospectus) having a value at the expense least equal to 105% of Fund and will affect the value of all the missing Deposit Securities. The parties hereto agree that the Fund shares; but BGFA, subject may purchase the missing Deposit Securities at any time and the Participant agrees to accept liability for any shortfall between the cost to the approval Fund of purchasing such securities and the value of the Boardcollateral, which may adjust be sold by the "Transaction Fee" within Fund at such time, and in such manner, as the parameters described below to protect ongoing shareholders. Any settlement outside the "Normal Clearing Process" is subject to additional requirements and fees as discussed Fund may determine in the Statement of Additional Informationits sole discretion.

Contractual Settlement. (a) For Domestic Funds: Except as provided below, the iShares Creation Units of a Fund must be ------------------- delivered through the National Securities Clearing Corporation (NSCC) NSCC to a Depository Trust Company (DTC) DTC account maintained at the applicable custodian of Fund on or before the Contractual Settlement Date (defined below). The Fund Trust will make available on the Contractual Settlement Date, the Cash Component next determined after acceptance of the Redemption Order, less the applicable purchase transaction fee (as described in the Prospectus as "the Normal Clearing Process")Transaction Fee. The "“Contractual Settlement Date" ” is the date upon which all of the required iShares shares must be delivered to the fund Trust and, the Deposit Securities, Cash Component less any fees are delivered by the Fund Trust to the Participant AP (ordinarily trade date plus three (t + three business days3) Business Days). Except as provided in the next two paragraphs, the Deposit Securities representing a Redemption Unit Creation Units will be issued concurrently with the transfer of good title to Fund Trust of the required aggregation number of iShares shares through the NSCC's Continuous Net Settlement (CNS) system and the delivery of the Cash Component less the purchase transaction fee Transaction Fee through the DTC. The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a "“cash in lieu" ” amount ) to be added to the Cash Component to replace any Deposit Security with respect to a Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process (discussed below) and will be at the expense of the Fund and will affect the value of all Fund sharesshares of such Fund; but BGFA, subject to the approval of the Board, Trust may adjust the "Transaction Fee" Fee within the parameters described below to protect ongoing shareholders. Any settlement outside the "Normal CNS Clearing Process" Process is subject to additional requirements and fees as discussed in the Statement Prospectus. In the event that the number of Additional Informationshares is insufficient on the settlement date for Creation Units, the Trust may deliver the Deposit Securities notwithstanding such deficiency in reliance on the undertaking of the AP to deliver the missing shares as soon as possible, which undertaking shall be secured by such the AP's delivery and maintenance of collateral consisting of cash having a value at least equal to 105% of the value of the missing shares. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP by Distributor upon request. The parties hereto further agree that Trust may purchase the missing shares at any time and the AP agrees to accept liability for any shortfall between the cost to the Trust of purchasing such securities and the value of the collateral, which may be sold by Trust at such time, and in such manner, as Trust may determine in its sole discretion.

Contractual Settlement. (a) For Domestic Funds: Except as provided below, the iShares Deposit Securities must be ------------------- delivered through the National Securities Clearing Corporation (NSCC) NSCC to a Depository Trust Company (DTC) DTC account maintained at the applicable custodian Custodian of Fund the Trust on or before the Contractual Settlement Date (defined below). The Fund will AP must also make available on or before the Contractual Settlement Date, by means satisfactory to Trust, immediately available or same day funds estimated by Trust to be sufficient to pay the Cash Component next determined after acceptance of the Redemption Purchase Order, less together with the applicable purchase transaction fee (as described in Transaction Fee. Any excess funds will be returned following settlement of the Prospectus as "issue of the Normal Clearing Process")Creation Units of the Trust. The "“Contractual Settlement Date" ” is the earlier of (i) date upon which all of the required iShares must be delivered to the fund and, the Deposit Securities, the Cash Component less and any fees other cash amounts which may be due are delivered by the Fund to the Participant Trust and (ordinarily ii) trade date + plus three business days)(t +3) Business Days. Except as provided in the next two paragraphs, the Deposit Securities representing a Redemption Unit Creation Units of any Fund will be issued concurrently with the transfer of good title to Fund Trust of the required aggregation portfolio of iShares Deposit Securities through the NSCC's Continuous Net Settlement (“CNS”) system and the delivery payment of the Cash Component less and the purchase transaction fee Transaction Fee through the DTC. The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a "“cash in lieu" amount ” amount) to be added to the Cash Component to replace any Deposit Security which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process (discussed below) and will be at the expense of the Fund and will affect the value of all Fund shares; but BGFA, subject to the approval shares of the Board, such Fund. The Trust may adjust the "“Transaction Fee" ” within the parameters described below to protect ongoing shareholders. Any In the event that a deposit made in consideration for Creation Units is incomplete on the settlement outside date because certain or all of the "Normal Clearing Process" Deposit Securities are missing, the Trust may issue a Creation Unit notwithstanding such deficiency in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP's delivery and maintenance of collateral consisting of cash having a value at least equal to 105% of the value of the missing Deposit Securities, marked to market daily. The parties hereto further agree that the Company may purchase the missing Deposit Securities at any time and the AP agrees to accept liability for any shortfall between the cost to the Company of purchasing such securities and the value of the collateral, provided that such cost is subject to additional requirements and fees as discussed in reasonable under the Statement of Additional Informationcircumstances.

Contractual Settlement. (a) For Domestic Funds: Except as provided below, the iShares Deposit Securities must be ------------------- delivered through the National Securities Clearing Corporation (NSCC) to a Depository Trust Company (DTC) an account maintained at the applicable custodian local subcustodian of the Fund on or before the Contractual Settlement Date (defined below). The Fund will Participant must also make available on or before the Contractual Settlement Date, by means satisfactory to the Fund, immediately available or same day funds estimated by the Fund to be sufficient to pay the Cash Component next determined after acceptance of the Redemption Purchase Order, less together with the applicable purchase transaction fee (as described in the Prospectus as "Prospectus). Any excess funds will be returned following settlement of the Normal Clearing Process")issue of the Creation Unit of WEBS. The "Contractual Settlement Date" is the earlier of (i) the date upon which all of the required iShares must Deposit Securities, the Cash Component and any other cash amounts which may be due are delivered to the fund and, Fund and (ii) the Deposit Securities, Cash Component less any fees last day for settlement on the customary settlement cycle in the jurisdiction where the securities of the applicable Index Series are delivered by the Fund to the Participant (ordinarily trade date + three business days)customarily traded. Except as provided in the next two paragraphs, the Deposit Securities representing a Redemption Creation Unit of WEBS of an Index Series will not be issued concurrently with until the transfer of good title to the Fund of the portfolio of Deposit Securities and the payment of the Cash Component and the purchase transaction fee have been completed. When the subcustodian confirms to the Custodian that the required aggregation securities included in the Portfolio Deposit (or, when permitted in the sole discretion of iShares through the NSCC's Continuous Net Settlement (CNSFund, the cash value thereof) system have been delivered to the account of the relevant subcustodian, the Custodian shall notify the Distributor and the Adviser, and the Fund will issue and cause the delivery of the Cash Component less the purchase transaction fee through the DTCCreation Unit of WEBS. The Trust reserves Distributor will then transmit a confirmation of acceptance to the right to Participant. The Fund may in its sole discretion permit or require the substitution of an amount of cash (i.e., a "cash in lieu" amount amount) to be added to the Cash Component to replace any Deposit Security which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through other similar reasons. If the Clearing Process, or which may not be eligible for transfer through Adviser notifies the systems of DTC and hence not eligible for transfer through the Clearing Process (discussed below) and Distributor that a "cash in lieu" amount will be accepted, the Distributor will notify the Participant and the Participant shall deliver, on behalf of itself or the party on whose behalf it is acting, the "cash in lieu" amount, with any appropriate adjustments as advised by the Fund. Any excess funds will be returned following settlement of the issue of the Creation Unit of WEBS. In the event that a Portfolio Deposit is incomplete on the settlement date or a Creation Unit of WEBS because certain Deposit Securities are missing, the Fund may, in its sole discretion, issue a Creation Unit of WEBS notwithstanding such deficiency in reliance on the undertaking of the Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by such Participant's delivery and maintenance of collateral consisting of cash or Short-Term Investments (as defined in the Prospectus) having a value at the expense least equal to 105% of Fund and will affect the value of all the missing Deposit Securities. The parties hereto agree that the Fund shares; but BGFA, subject may purchase the missing Deposit Securities at any time and the Participant agrees to accept liability for any shortfall between the cost to the approval Fund of purchasing such securities and the value of the Boardcollateral, which may adjust be sold by the "Transaction Fee" within Fund at such time, and in such manner, as the parameters described below to protect ongoing shareholders. Any settlement outside the "Normal Clearing Process" is subject to additional requirements and fees as discussed Fund may determine in the Statement of Additional Informationits sole discretion.

Contractual Settlement. (a) For Domestic Funds: Except as provided below, the iShares Deposit Securities must be ------------------- delivered through the National Securities Clearing Corporation (NSCC) to a Depository Trust Company (DTC) an account maintained at the applicable custodian local subcustodian of Fund the Trust on or before the Contractual Settlement Date (defined below). The Fund will Participant must also make available on or before the Contractual Settlement Date, by means satisfactory to the Trust, immediately available or same day funds estimated by the Trust to be sufficient to pay the Cash Component next determined after acceptance of the Redemption Purchase Order, less together with the applicable purchase transaction fee (as described in the Prospectus as "the Normal Clearing Process"Prospectus). Any excess funds will be returned following settlement of the issue of the Creation Unit of a Fund’s shares. The "“Contractual Settlement Date" ” is the earlier of (i) the date upon which all of the required iShares must Deposit Securities, the Cash Component and any other cash amounts which may be due are delivered to the fund and, Trust and (ii) the Deposit Securities, Cash Component less any fees last day for settlement on the customary settlement cycle in the jurisdiction where the securities of the applicable Fund are delivered by the Fund to the Participant (ordinarily trade date + three business days)customarily traded. Except as provided in the next two paragraphs, the Deposit Securities representing a Redemption Creation Unit of shares of a Fund will not be issued concurrently with until the transfer of good title to Fund the Trust of the portfolio of Deposit Securities and the payment of the Cash Component and the purchase transaction fee have been completed. When the subcustodian confirms to the Custodian that the required aggregation securities included in the Portfolio Deposit (or, when permitted in the sole discretion of iShares through the NSCC's Continuous Net Settlement (CNSTrust, the cash value thereof) system have been delivered to the account of the relevant subcustodian, the Custodian shall notify the Distributor and the Adviser, and the Trust will issue and cause the delivery of the Cash Component less Creation Unit of shares of the purchase transaction fee through Fund. The Distributor will then transmit a confirmation of acceptance to the DTCParticipant. The Trust reserves the right to may in its sole discretion permit or require the substitution of an amount of cash (i.e., a "“cash in lieu" amount ” amount) to be added to the Cash Component to replace any Deposit Security which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through other similar reasons. If the Clearing Process, or which may not be eligible for transfer through Adviser notifies the systems of DTC and hence not eligible for transfer through the Clearing Process (discussed below) and Distributor that a “cash in lieu” amount will be accepted, the Distributor will notify the Participant and the Participant shall deliver, on behalf of itself or the party on whose behalf it is acting, the “cash in lieu” amount, with any appropriate adjustments as advised by the Trust. Any excess funds will be returned following settlement of the issue of the Creation Unit of shares. In the event that a Portfolio Deposit is incomplete on the settlement date for a Creation Unit of shares because certain or all of the Deposit Securities are missing, the Trust will issue a Creation Unit of shares notwithstanding such deficiency in reliance on the undertaking of the Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by such Participant’s delivery and maintenance of collateral consisting of cash having a value at the expense least equal to[ ]% of Fund and will affect the value of all the missing Deposit Securities marked to market daily. The parties hereto further agree that the Fund shares; but BGFA, subject may purchase the missing Deposit Securities at any time and the AP agrees to accept liability for any shortfall between the cost to the approval Fund of purchasing such securities and the value of the Boardcollateral, which may adjust be sold by the "Transaction Fee" within Fund at such time, and in such manner, as the parameters described below to protect ongoing shareholders. Any settlement outside the "Normal Clearing Process" is subject to additional requirements and fees as discussed Fund may determine in the Statement of Additional Informationits sole discretion.

Contractual Settlement. (a) For Domestic Funds: Except as provided below, the iShares Deposit Securities must be ------------------- delivered through the National Securities Clearing Corporation (NSCC) to a Depository Trust Company (DTC) an account maintained at the applicable custodian local subcustodian of the Fund on or before the Contractual Settlement Date (defined below). The Fund will Participant must also make available on or before the Contractual Settlement Date, by means satisfactory to the Fund, immediately available or same day funds estimated by the Fund to be sufficient to pay the Cash Component next determined after acceptance of the Redemption Purchase Order, less together with the applicable purchase transaction fee (as described in the Prospectus as "Prospectus). Any excess funds will be returned following settlement of the Normal Clearing Process")issue of the Creation Unit of WEBS. The "Contractual Settlement Date" is the earlier of (i) the date upon which all of the required iShares must Deposit Securities, the Cash Component and any other cash amounts which may be due are delivered to the fund and, Fund and (ii) the Deposit Securities, Cash Component less any fees last day for settlement on the customary settlement cycle in the jurisdiction where the securities of the applicable Index Series are delivered by the Fund to the Participant (ordinarily trade date + three business days)customarily traded. Except as provided in the next two paragraphs, the Deposit Securities representing a Redemption Creation Unit of WEBS of an Index Series will not be issued concurrently with until the transfer of good title to the Fund of the portfolio of Deposit Securities and the payment of the Cash Component and the purchase transaction fee have been completed. When the subcustodian confirms to the Custodian that the required aggregation securities included in the Portfolio Deposit (or, when permitted in the sole discretion of iShares through the NSCC's Continuous Net Settlement (CNSFund, the cash value thereof) system have been delivered to the account of the relevant subcustodian, the Custodian shall notify the Distributor and the Adviser, and the Fund will issue and cause the delivery of the Cash Component less the purchase transaction fee through the DTCCreation Unit of WEBS. The Trust reserves Distributor will then transmit a confirmation of acceptance to the right to Participant. The Fund may in its sole discretion permit or require the substitution of an amount of cash (i.e., a "cash in lieu" amount amount) to be added to the Cash Component to replace any Deposit Security which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through other similar reasons. If the Clearing Process, or which may not be eligible for transfer through Adviser notifies the systems of DTC and hence not eligible for transfer through the Clearing Process (discussed below) and Distributor that a "cash in lieu" amount will be accepted, the Distributor will notify the Participant and the Participant shall deliver, on behalf of itself or the party on whose behalf it is acting, the "cash in lieu" amount, with any appropriate adjustments as advised by the Fund. Any excess funds will be returned following settlement of the issue of the Creation Unit of WEBS. In the event that a Portfolio Deposit is incomplete on the settlement date for a Creation Unit of WEBS because certain or all of the Deposit Securities are missing, the Fund will issue a Creation Unit of WEBS notwithstanding such deficiency in reliance on the undertaking of the Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by such Participant's delivery and maintenance of collateral consisting of cash having a value at the expense least equal to 125% of Fund and will affect the value of all Fund shares; but BGFAthe missing Deposit Securities. The parties hereto agree that the delivery of such collateral shall be made in accordance with the WEBS Cash Collateral Settlement Procedures, subject which such procedures shall be provided to the approval Participant by the Distributor upon request. The parties hereto further agree that the Fund may purchase the missing Deposit Securities at any time and the Participant agrees to accept liability for any shortfall between the cost to the Fund of purchasing such securities and the value of the Boardcollateral, which may adjust be sold by the "Transaction Fee" within Fund at such time, and in such manner, as the parameters described below to protect ongoing shareholders. Any settlement outside the "Normal Clearing Process" is subject to additional requirements and fees as discussed Fund may determine in the Statement of Additional Informationits sole discretion.