Common use of For International Funds Clause in Contracts

For International Funds. Except as provided below, iShares must be ------------------------ delivered to an account maintained at the applicable local subcustodian of Fund on or before the business day immediately following the date on which the redemption order was placed. The Fund will also make available on the Contractual Settlement Date, immediately available or same day funds sufficient to pay the Cash Component next determined after acceptance of the Purchase Order, less the applicable redemption transaction fee (as described in the Prospectus). The "Contractual Settlement Date" is the earlier of (i) the date upon which all of the Deposit Securities are delivered to Participant and (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction where the any of securities of the iShares Series are customarily traded. Deliveries of redemption proceeds by the iShares Series generally will be made within three Business Days. Due to the schedule of holidays in certain countries, however, the delivery of in-kind redemption proceeds may take longer than three Business Days after the day on which the Redemption Order is placed Except as provided in the next two paragraphs, the Deposit Securities will not be issued until the transfer of good title to Fund of the required iShares aggregation has been completed. When the subcustodian confirms to Custodian that the required iShares (or, when permitted in the sole discretion of Fund, the cash value thereof) have been delivered to the account of the relevant subcustodian, Custodian shall notify Distributor and Adviser, and Fund will issue and cause the delivery of the Deposit Securities. Fund may in its sole discretion 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 for other similar reasons. If Adviser notifies Distributor that a "cash in lieu" amount will be delivered, Distributor will notify Participant and Participant shall receive, 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 Fund. In the event that an aggregation of iShares is incomplete on the settlement date for a Redemption Unit of iShares, the Fund will issue the Deposit Securities notwithstanding such deficiency in reliance on the undertaking of Participant to deliver the missing iShares 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 least equal to 125% of the value of the missing iShares. The parties hereto agree that the delivery of such collateral shall be made in accordance with the iShares Cash Collateral Settlement Procedures, which such procedures shall be provided to Participant by Distributor upon request. The parties hereto further agree that Fund may purchase the missing iShares at any time and Participant agrees to accept liability for any shortfall between the cost to Fund of purchasing such securities and the value of the collateral, which may be sold by Fund at such time, and in such manner, as Fund may determine in its sole discretion.

For International Funds. Except as provided below, iShares Deposit Securities ------------------------ must be ------------------------ delivered to an account maintained at the applicable local subcustodian of Fund on or before the business day immediately following the date on which the redemption order was placedContractual 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 Purchase Order, less together with the applicable redemption purchase transaction fee (as described in the Prospectus). 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) the date upon which all of the required Deposit Securities Securities, the Cash Component and any other cash amounts which may be due are delivered to Participant Fund and (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction where the any of securities of the iShares Series are customarily traded. Deliveries of redemption proceeds by the iShares Series generally will be made within three Business Days. Due to the schedule of holidays in certain countries, however, the delivery of in-kind redemption proceeds may take longer than three Business Days after the day on which the Redemption Order is placed Except as provided in the next two paragraphs, the Deposit Securities a Creation Unit of iShares will not be issued until the transfer of good title to Fund of the required iShares aggregation has portfolio of Deposit Securities and the payment of the Cash Component and the purchase transaction fee have been completed. When the subcustodian confirms to Custodian that the required iShares securities included in the Portfolio Deposit (or, when permitted in the sole discretion of Fund, the cash value thereof) have been delivered to the account of the relevant subcustodian, Custodian shall notify Distributor and Adviser, and Fund will issue and cause the delivery of the Deposit SecuritiesCreation Unit of iShares. Fund may in its sole discretion 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 for other similar reasons. If Adviser notifies Distributor that a "cash in lieu" amount will be deliveredaccepted, Distributor will notify Participant and Participant shall receivedeliver, 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 Fund. Any excess funds will be returned following settlement of the issue of the Creation Unit of iShares. In the event that an aggregation of iShares a Portfolio Deposit is incomplete on the settlement date for a Redemption Creation Unit of iSharesiShares because certain or all of the Deposit Securities are missing, the Fund will issue the Deposit Securities a Creation Unit of iShares notwithstanding such deficiency in reliance on the undertaking of Participant to deliver the missing iShares 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 least equal to 125% of the value of the missing iSharesDeposit Securities. The parties hereto agree that the delivery of such collateral shall be made in accordance with the iShares Cash Collateral Settlement Procedures, which such procedures shall be provided to Participant by Distributor upon request. The parties hereto further agree that Fund may purchase the missing iShares Deposit Securities at any time and Participant agrees to accept liability for any shortfall between the cost to Fund of purchasing such securities and the value of the collateral, which may be sold by Fund at such time, and in such manner, as Fund may determine in its sole discretion.