Common use of Creation Units Clause in Contracts

Creation Units. To effect the redemption of a Creation Unit of an Index Fund, the Participant agrees on behalf of itself and any Participant Client to deliver to the Fund the requisite number of iShares comprising the number of Creation Units being redeemed. Except when aggregated in Creation Units, iShares of any Index Fund are not redeemable. The Fund may permit the Participant to redeem a Creation Unit when the Participant is unable to deliver all or part of a Creation Unit. Proceeds of a redemption of a Creation Unit shall consist of Fund Securities and an specified amount of cash as determined by the Fund in its sole discretion ("Cash Redemption Amount"), less a redemption transaction fee. In certain circumstances, the Participant may be required to pay the Index Fund cash to the extent that the Fund Securities have a value greater than the net asset value of the iShares.

Creation Units. To effect the redemption of a Creation Unit of an Index FundSeries, the Participant agrees on behalf of itself and any Participant Client to deliver to the Fund the requisite number of iShares comprising the number of Creation Units being redeemed. Except when aggregated in Creation Units, iShares of any Index Fund Series are not redeemable. The Fund may permit the Participant to redeem a Creation Unit when the Participant is unable to deliver all or part of a Creation Unit. Proceeds of a redemption of a Creation Unit shall consist of Fund Securities and an specified amount of cash as determined by the Fund in its sole discretion ("Cash Redemption Amount"), less a redemption transaction fee. In certain circumstances, the Participant may be required to pay the Index Fund Series cash to the extent that the Fund Securities have a value greater than the net asset value of the iShares.