Common use of TAKING DELIVERY OF DEPOSIT SECURITIES Clause in Contracts

TAKING DELIVERY OF DEPOSIT SECURITIES. The Deposit Securities constituting in-kind redemption proceeds will be delivered to the appropriate foreign account which must be indicated in the Participant's Standing Redemption Instructions or indicated on Alternative Delivery Instructions attached to a Redemption Order. Alternative Delivery Instructions supersede and replace the Participant's Standing Redemption Instructions only with respect to the Redemption Order to which it is attached. An Authorized Person of the Participant may amend the Participant's Standing Redemption Instructions from time to time in writing to the Distributor and the Fund in a form approved by the Fund (see Annex VI hereto). A redeeming Beneficial Owner or Participant acting on behalf of such Beneficial Owner must maintain appropriate securities broker-dealer, bank or other custody arrangements in each jurisdiction in which any of the Deposit Securities are customarily traded, to which account such Deposit Securities will be delivered. If neither the redeeming beneficial owner nor the Participant acting on behalf of such redeeming Beneficial Owner has appropriate arrangements to take delivery of the Deposit Securities in the applicable foreign jurisdiction and it is not possible to make other such arrangements, or if it is not possible to effect deliveries of the Deposit Securities in such jurisdiction, the Beneficial Owner will be required to receive its redemption proceeds in cash. In such case, the investor will receive a cash payment equal to the net asset value of its shares based on the net asset value of WEBS of the relevant Index Series next determined after the Redemption Order is received in proper form (minus a redemption transaction fee and additional variable charge for cash redemptions as specified in the Prospectus, to offset the Fund's brokerage and other transaction costs associated with the disposition of Deposit Securities of the Index Series). Redemptions of WEBS for Deposit Securities will be subject to compliance with applicable United States federal and state securities laws and each Index Series (whether or not it otherwise permits cash redemptions) reserves the right to redeem Creation Units for cash to the extent that the Index Series could not lawfully deliver specific Deposit Securities upon redemptions or could not do so without first registering the Deposit Securities under such laws.

TAKING DELIVERY OF DEPOSIT SECURITIES. The Deposit Securities constituting in-kind redemption proceeds will be delivered to the appropriate foreign account which must be indicated in the Participant's ’s Standing Redemption Instructions or indicated on Alternative Delivery Instructions attached to a Redemption Order. Alternative Delivery Instructions supersede and replace the Participant's ’s Standing Redemption Instructions only with respect to the Redemption Order to which it is attached. An Authorized Person of the Participant may amend the Participant's ’s Standing Redemption Instructions from time to time in writing to the Distributor and the Fund Trust in a form approved by the Fund Trust (see Annex VI hereto). A redeeming Beneficial Owner or Participant acting on behalf of such Beneficial Owner must maintain appropriate securities broker-dealer, bank or other custody arrangements in each jurisdiction in which any of the Deposit Securities are customarily traded, to which account such Deposit Securities will be delivered. If neither the redeeming beneficial owner nor the Participant acting on behalf of such redeeming Beneficial Owner has appropriate arrangements to take delivery of the Deposit Securities in the applicable foreign jurisdiction and it is not possible to make other such arrangements, or if it is not possible to effect deliveries of the Deposit Securities in such jurisdiction, the Beneficial Owner will be required to receive its redemption proceeds in cash. In such case, the investor will receive a cash payment equal to the net asset value of its shares based on the net asset value of WEBS shares of the relevant Index Series Fund next determined after the Redemption Order is received in proper form (minus a redemption transaction fee and additional variable charge for cash redemptions as specified in the Prospectus, to offset the Fund's Trust’s brokerage and other transaction costs associated with the disposition of Deposit Securities of the Index SeriesFund). Redemptions of WEBS shares for Deposit Securities will be subject to compliance with applicable United States federal and state securities laws and each Index Series Fund (whether or not it otherwise permits cash redemptions) reserves the right to redeem Creation Units for cash to the extent that the Index Series Fund could not lawfully deliver specific Deposit Securities upon redemptions or could not do so without first registering the Deposit Securities under such laws.