Common use of Orders and Settlement Clause in Contracts

Orders and Settlement. The parties agree that orders to purchase and redeem Shares by the Programs shall be effected on each Business Day as provided in this Section 4. Shareholder Servicing Agreement (for Program Sponsors or Administrators) Servicer shall transmit to the Trust or its designee(s) orders to purchase or redeem Shares of the Funds for accounts that have been or are to be opened with the Trust for the Programs. Solely for purposes of processing purchase and redemption orders from the Programs as described in this Section 4, the Administrator and Servicer agree that Servicer shall be the designee of the Trust’s transfer agent, and receipt of an order in proper form by such designee shall constitute receipt by the Trust subject to the terms and conditions specified in this Section. Purchases for the Programs shall be made and redemptions for the Programs shall ordinarily be made at the net asset value determined as of the Close of Trading on the Business Day that an order to purchase or redeem shares is received by Servicer, provided that (a) Servicer receives orders from participants and other authorized persons under the Programs at a time prior to the Close of Trading on that Business Day; (b) orders transmitted to the Trust are received by the Trust and its transfer agent by 9:00 a.m. Eastern Time on the next following Business Day; and (c) the Trust may, to the extent it deems necessary, delay redemption of the Shares of a Fund to the extent permitted under the 1940 Act. Orders from participants and other authorized persons under the Programs received by Servicer after the Close of Trading on a Business Day shall be treated as if received on the next following Business Day.