Redemption Unit definition
Examples of Redemption Unit in a sentence
The Sponsor from time to time may, but shall have no obligation to, establish procedures with respect to redemption of Baskets of Shares in lot sizes smaller than the Redemption Unit and permitting the Redemption Distribution to be in a form, and delivered in a manner, other than that specified in this Article IX.
The Sponsor from time to time may, but shall have no obligation to, establish procedures with respect to redemption of baskets of Shares in lot sizes smaller than the Redemption Unit and permitting the Redemption Distribution to be in a form, and delivered in a manner, other than that specified in Section 9.1.
Each holder of a Redemption Unit, on request to the Trust in accordance with procedures the Trustees establish, shall be entitled to require the Trust to redeem such holder’s Redemption Unit Shares standing in the holder’s name on the Trust’s books at a redemption price per share equal to an amount determined by the Trustees in accordance with applicable laws.
Except as provided in the next two paragraphs, the Deposit Securities representing a Redemption Unit will be issued concurrently with the transfer of good title to Fund of the required aggregation of iShares through the NSCC's Continuous Net Settlement (CNS) system and the delivery of the Cash Component less the purchase transaction fee through the DTC.
The Mandatory Redemption Unit Price shall be increased by an amount equal to 9% per annum, compounding quarterly, which amount shall cumulate and accrue on a daily basis during the period from the date that the Mandatory Redemption Closing would have otherwise occurred pursuant to Section 7.4(d) through and including the date of the actual Mandatory Redemption Closing (such amount, the “Additional Interest”).
Notwithstanding the foregoing, when and under such conditions as the Sponsor may from time to time determine, the Sponsor shall be authorized to cause the delivery of the Redemption Distribution notwithstanding that a Redemption Unit has not been credited to the Trust’s or the applicable Fund’s account at the Depository if the Authorized Participant has collateralized its obligation to deliver the Redemption Unit on such terms as the Sponsor may, in its sole discretion, from time to time agree.
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 Trustees shall have the unrestricted power to alter the number of Shares constituting a Redemption Unit by resolution adopted by them, at any time.
E`ach holder of a Redemption Unit shall have the option to elect to have all or any of such holder’s Class A Preferred Units which were issued by the Company on the Issue Date redeemed by the Company at the Redemption Date.