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time, a Participating Trust may, as of any Valuation Date, request to <br />withdraw any number of Units of any Class of the Fund in which it has <br />invested and has an interest, <br />Unless the Plan Fiduciary specifies a different Valuation Date, withdrawals <br />will normally be effective no later than the Valuation Date following the date <br />on which the Trustee receives the withdrawal instructions, provided that the <br />Trustee receives such withdrawal instructions on or before 12:00 p.rn, <br />Eastern Time on such date. If the Trustee receives withdrawal instructions <br />after 12:00 p.m., such withdrawal shall normally be effective no later than <br />two (2) Business Days following the Trustees receipt of such withdrawal <br />instructions. <br />3.06 Distributions upon Withdrawal. Upon the withdrawal of Units of any Class <br />of a Fund by a Participating Trust, subject to the provisions of Section 3.07 <br />below, the Trustee shall distribute from such Fund to the Participating Trust <br />making such withdrawal a sum arrived at by multiplying the number of Units <br />withdrawn by the value of each Unit of such Class of such Fund as of the close <br />of business on the effective date of the withdrawal. <br />Such sum shall be distributed in cash or in-kind, or partly in cash and partly <br />in-kind (including, but not limited to, an in-kind distribution of beneficial <br />interests in a Liquidating Account or Dedicated Account), as the Trustee in its <br />sole discretion determines. Distributions to individual participants in a <br />Participating Plan will normally be paid in cash, but the Trustee reserves the <br />right to pay such distributions in-kind, in whole or in part, to the extent <br />permitted under applicable law. The Trustee shall determine the value of any <br />asset that is distributed in-kind in accordance with the procedures set forth <br />in Section 5.02 as of the close of business on the effective date of the <br />withdrawal. <br />Distributions shall be paid within a reasonable time following the effective <br />date of the applicable withdrawal. The Trustee may, however, delay <br />distribution of any withdrawal for up to an additional ninety (90) calendar <br />days in the event that the Trustee determines, in good faith and in its <br />discretion, that an earlier distribution may have an adverse impact on the <br />Fund. Further, any distribution payment may be delayed if the Trustee <br />determines that it cannot reasonably make such distribution payment on <br />account of an order, directive, or other interference by an official or agency of <br />any government, or on account of any other cause reasonably beyond its <br />control, including, but not limited to, illiquid markets or illiquid securities. If <br />a distribution is delayed, if permitted under applicable law, the Participating <br />DBII 806241819 .7- <br />