PAYMENTS FOR SALES OR REDEMPTIONS OF SHARES. The Custodian shall receive from the distributor of the Shares or from the Transfer Agent, as the case may be, and deposit into the account of the appropriate Portfolio such payments as are received for Shares, in Creation Unit aggregations, thereof issued or sold from time to time by the Fund. The StateR:\DOMESTIC\CLIENTS\USAA\Custody\ETFStreet: Limited- A &AccessR Custody Agreement\USAA Custodian Agreement with ETF Trust v6.doc Custodian will provide timely notification to the Fund on behalf of each such Portfolio and the Transfer Agent of any receipt by it of payments for Shares of such Portfolio. From such funds and securities as may be available for the purpose, the Custodian shall, upon receipt of instructions from the distributor of the Shares or from the Transfer Agent, as the case may be, make funds and securities available for payment to, or in accordance with the instructions of those persons with whom the Trust, on behalf of the Portfolio(s), has contracted to engage in Creation Unit transactions in Shares of which the Custodian has been notified ("Authorized Participants") who have delivered to the Transfer Agent proper instructions for the redemption or repurchase of their Shares, in Creation Unit aggregations, which shall have been accepted by the Transfer Agent, the applicable Fund Securities (or such securities in lieu thereof as may be designated by an investment adviser of the Fund in accordance with the Prospectus) for such Portfolio and the Cash Redemption Amount, if applicable, less any applicable Transaction Fee imposed by the Trust on redemptions of Creation Unit aggregations ("Redemption Transaction Fee"). The Custodian will transfer the applicable Fund Securities to or on the order of the Authorized Participant. Any cash redemption payment (less any applicable Redemption Transaction Fee) due to the Authorized Participant on redemption shall be effected through the Depository Trust Corporation ("DTC") system or through wire transfer in the case of redemptions effected outside of the DTC system.
PAYMENTS FOR SALES OR REDEMPTIONS OF SHARES. The Custodian shall receive from the distributor for the Shares or from the Transfer Agent and deposit into the account of the appropriate Portfolio such payments as are received for Shares thereof issued or sold from time to time by the Fund. The Custodian will provide timely notification to the Fund on behalf of each such Portfolio and the Transfer Agent of any receipt by it of payments for Shares of such Portfolio. From such funds as may be available for the purpose, the Custodian shall, upon receipt of instructions from the Transfer Agent, make funds available for payment to holders of Shares who have delivered to the Transfer Agent a request for redemption of their Shares. In connection with the redemption of Shares, the Custodian is authorized upon receipt of instructions from the Transfer Agent to wire funds to or through a commercial bank designated by the redeeming shareholders. In connection with the redemption of Shares, the Custodian shall honor checks drawn on the Custodian by a holder of Shares, which checks have been furnished by the Fund to the holder of Shares, when presented to the Custodian in accordance with such procedures and controls as are mutually agreed upon from time to time between the Fund and the Custodian.
PAYMENTS FOR SALES OR REDEMPTIONS OF SHARES
