Common use of Book-Entry Interests Clause in Contracts

Book-Entry Interests. (a) Certificates for Up-MACRO Tradeable Shares will be issued only in the form of one or more fully registered, global Certificates (each, a "Global Certificate"), to be held by the Trustee, as custodian for DTC (the initial Clearing Agency) and shall be authenticated and executed by the Trustee. Such Global Certificates shall initially be registered on the books and records of the Trust in the name of Cede & Co., the nominee of DTC, and no Beneficial Owner will receive a definitive certificate representing such Beneficial Owner's interests in such Global Certificates. Such Certificate shall bear the following legend: UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUIRED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. (b) So long as the Certificates are in global form, the Trust and the Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Trust Agreement (including the payment of Distributions on the Global Certificates and receiving approvals, votes, instructions or consents hereunder) as the Holder of the Up-MACRO Tradeable Shares and the sole Holder of the Global Certificates and shall have no obligation to the Beneficial Owners. (c) To the extent that the provisions of this Section 9.3 conflict with any other provisions of this Trust Agreement, the provisions of this Section 9.3 shall control. (d) The rights of the Beneficial Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between such Beneficial Owners and the Clearing Agency and/or the Clearing Agency Participants, and the Clearing Agency shall receive and transmit payments of Distributions on the Global Certificates to such Clearing Agency Participants. The Clearing Agency will make book entry transfers among the Clearing Agency Participants; provided, however, that solely for the purposes of determining whether the Beneficial Owners of the requisite amount of Up-MACRO Tradeable Shares have voted on any matter provided for in this Trust Agreement, the Trustee may conclusively rely on, and shall be fully protected in relying on, any written instrument (including a proxy) delivered to the Trustee by the Clearing Agency setting forth the Beneficial Owners' votes or instructions or assigning the right to vote or instruct on any matter to any other Persons either in whole or in part. (e) A Global Certificate will be exchangeable for Up-MACRO Tradeable Shares registered in the names of persons other than DTC or its nominee or a successor Clearing Agency or its nominee only if (i) DTC or such successor Clearing Agency, as applicable, notifies the Trust that it is unwilling or unable to continue as a Clearing Agency for such Global Certificate and no successor Clearing Agency will have been appointed by the Trust within 90 days of such notice, (ii) DTC or such successor Clearing Agency, as applicable, at any time, ceases to be a clearing agency registered under the Exchange Act at which time DTC or such successor Clearing Agency, as applicable, is required to be so registered to act as such clearing agency and no successor Clearing Agency shall have been appointed, (iii) subject to obtaining an opinion of a nationally recognized tax counsel with experience in such matters that there will be no adverse income or franchise tax consequences under the laws of New York or general corporation or unincorporated business tax consequences under the laws of the City of New York upon the issuance of the Up-MACRO Tradeable Shares in certificated form, the Trust determines that such Global Certificate will be so exchangeable by the Trust within 90 days, or (iv) the Depositor voluntarily elects to discontinue the use of the book-entry transfer system. Any Global Certificate that is exchangeable pursuant to the preceding sentence shall be exchangeable for Up-MACRO Tradeable Shares registered in such names as DTC or any successor Clearing Agency or the Trust, as applicable, shall direct. (f) If the Global Certificates are exchanged pursuant to Section 9.3(e), Distributions may, at the Trust's option, be paid by check mailed to the persons entitled thereto as shown on the register maintained by the Transfer Agent; provided, however, a Holder of $5,000,000 or more in Aggregate Par Amount of Up-MACRO Tradeable Shares shall be entitled to received Distributions, if any, on any Distribution Payment Date by wire transfer of immediately available funds if appropriate wire transfer instructions have been received in writing by the Trust not less than 15 days prior to such Distribution Payment Date. Any such wire transfer instructions received by the Trust will remain in effect until revoked by such Holder.

Book-Entry Interests. (a) Certificates for Up-MACRO Tradeable Shares will be issued only in the form of one or more fully registered, global Certificates (each, a "Global Certificate"), to be held by the Trustee, as custodian for DTC (the initial Clearing Agency) and shall be authenticated and executed by the Trustee. Such Global Certificates shall initially be registered on the books and records of the Trust in the name of Cede & Co., the nominee of DTC, and no Beneficial Owner will receive a definitive certificate representing such Beneficial Owner's interests in such Global Certificates. Such Certificate shall bear the following legend: UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUIRED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. (b) So long as the Certificates are in global form, the Trust and the Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Trust Agreement (including the payment of Distributions on the Global Certificates and receiving approvals, votes, instructions or consents hereunder) as the Holder of the Up-MACRO Tradeable Shares and the sole Holder of the Global Certificates and shall have no obligation to the Beneficial Owners. (c) To the extent that the provisions of this Section 9.3 conflict with any other provisions of this Trust Agreement, the provisions of this Section 9.3 shall control. (d) The rights of the Beneficial Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between such Beneficial Owners and the Clearing Agency and/or the Clearing Agency Participants, and the Clearing Agency shall receive and transmit payments of Distributions on the Global Certificates to such Clearing Agency Participants. The Clearing Agency will make book entry transfers among the Clearing Agency Participants; provided, however, that solely for the purposes of determining whether the Beneficial Owners of the requisite amount of Up-MACRO Tradeable Shares have voted on any matter provided for in this Trust Agreement, the Trustee may conclusively rely on, and shall be fully protected in relying on, any written instrument (including a proxy) delivered to the Trustee by the Clearing Agency setting forth the Beneficial Owners' votes or instructions or assigning the right to vote or instruct on any matter to any other Persons either in whole or in part. (e) A Global Certificate will be exchangeable for Up-MACRO Tradeable Shares registered in the names of persons other than DTC or its nominee or a successor Clearing Agency or its nominee only if (i) DTC or such successor Clearing Agency, as applicable, notifies the Trust that it is unwilling or unable to continue as a Clearing Agency for such Global Certificate and no successor Clearing Agency will have been appointed by the Trust within 90 days of such notice, (ii) DTC or such successor Clearing Agency, as applicable, at any time, ceases to be a clearing agency registered under the Exchange Act at which time DTC or such successor Clearing Agency, as applicable, is required to be so registered to act as such clearing agency and no successor Clearing Agency shall have been appointed, (iii) subject to obtaining an opinion of a nationally recognized tax counsel with experience in such matters that there will be no adverse income or franchise tax consequences under the laws of New York or general corporation or unincorporated business tax consequences under the laws of the City of New York upon the issuance of the Up-MACRO Tradeable Shares in certificated form, the Trust determines that such Global Certificate will be so exchangeable by the Trust within 90 days, or (iv) the Depositor voluntarily elects to discontinue the use of the book-entry transfer system. Any Global Certificate that is exchangeable pursuant to the preceding sentence shall be exchangeable for Up-MACRO Tradeable Shares registered in such names as DTC or any successor Clearing Agency or the Trust, as applicable, shall direct. (f) If the Global Certificates are exchanged pursuant to Section 9.3(e), Distributions may, at the Trust's option, be paid by check mailed to the persons entitled thereto as shown on the register maintained by the Transfer Agent; provided, however, a Holder of $5,000,000 or more in Aggregate Par Amount of Up-MACRO Tradeable Shares shall be entitled to received Distributions, if any, on any Distribution Payment Date by wire transfer of immediately available funds if appropriate wire transfer instructions have been received in writing by the Trust not less than 15 days prior to such Distribution Payment Date. Any such wire transfer instructions received by the Trust will remain in effect until revoked by such Holder.

Book-Entry Interests. (a) Certificates for UpDown-MACRO Tradeable Shares will be issued only in the form of one or more fully registered, global Certificates (each, a "Global Certificate"), to be held by the Trustee, as custodian for DTC (the initial Clearing Agency) and shall be authenticated and executed by the Trustee. Such Global Certificates shall initially be registered on the books and records of the Trust in the name of Cede & Co., the nominee of DTC, and no Beneficial Owner will receive a definitive certificate representing such Beneficial Owner's interests in such Global Certificates. Such Certificate shall bear the following legend: UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUIRED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. (b) So long as the Certificates are in global form, the Trust and the Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Trust Agreement (including the payment of Distributions on the Global Certificates and receiving approvals, votes, instructions or consents hereunder) as the Holder of the Up-MACRO Tradeable Shares and the sole Holder of the Global Certificates and shall have no obligation to the Beneficial Owners. (c) To the extent that the provisions of this Section 9.3 conflict with any other provisions of this Trust Agreement, the provisions of this Section 9.3 shall control. (d) The rights of the Beneficial Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between such Beneficial Owners and the Clearing Agency and/or the Clearing Agency Participants, and the Clearing Agency shall receive and transmit payments of Distributions on the Global Certificates to such Clearing Agency Participants. The Clearing Agency will make book entry transfers among the Clearing Agency Participants; provided, however, that solely for the purposes of determining whether the Beneficial Owners of the requisite amount of Up-MACRO Tradeable Shares have voted on any matter provided for in this Trust Agreement, the Trustee may conclusively rely on, and shall be fully protected in relying on, any written instrument (including a proxy) delivered to the Trustee by the Clearing Agency setting forth the Beneficial Owners' votes or instructions or assigning the right to vote or instruct on any matter to any other Persons either in whole or in part. (e) A Global Certificate will be exchangeable for Up-MACRO Tradeable Shares registered in the names of persons other than DTC or its nominee or a successor Clearing Agency or its nominee only if (i) DTC or such successor Clearing Agency, as applicable, notifies the Trust that it is unwilling or unable to continue as a Clearing Agency for such Global Certificate and no successor Clearing Agency will have been appointed by the Trust within 90 days of such notice, (ii) DTC or such successor Clearing Agency, as applicable, at any time, ceases to be a clearing agency registered under the Exchange Act at which time DTC or such successor Clearing Agency, as applicable, is required to be so registered to act as such clearing agency and no successor Clearing Agency shall have been appointed, (iii) subject to obtaining an opinion of a nationally recognized tax counsel with experience in such matters that there will be no adverse income or franchise tax consequences under the laws of New York or general corporation or unincorporated business tax consequences under the laws of the City of New York upon the issuance of the Up-MACRO Tradeable Shares in certificated form, the Trust determines that such Global Certificate will be so exchangeable by the Trust within 90 days, or (iv) the Depositor voluntarily elects to discontinue the use of the book-entry transfer system. Any Global Certificate that is exchangeable pursuant to the preceding sentence shall be exchangeable for Up-MACRO Tradeable Shares registered in such names as DTC or any successor Clearing Agency or the Trust, as applicable, shall direct. (f) If the Global Certificates are exchanged pursuant to Section 9.3(e), Distributions may, at the Trust's option, be paid by check mailed to the persons entitled thereto as shown on the register maintained by the Transfer Agent; provided, however, a Holder of $5,000,000 or more in Aggregate Par Amount of Up-MACRO Tradeable Shares shall be entitled to received Distributions, if any, on any Distribution Payment Date by wire transfer of immediately available funds if appropriate wire transfer instructions have been received in writing by the Trust not less than 15 days prior to such Distribution Payment Date. Any such wire transfer instructions received by the Trust will remain in effect until revoked by such Holder.

Book-Entry Interests. (a) Certificates for UpDown-MACRO Tradeable Shares will be issued only in the form of one or more fully registered, global Certificates (each, a "Global Certificate"), to be held by the Trustee, as custodian for DTC (the initial Clearing Agency) and shall be authenticated and executed by the Trustee. Such Global Certificates shall initially be registered on the books and records of the Trust in the name of Cede & Co., the nominee of DTC, and no Beneficial Owner will receive a definitive certificate representing such Beneficial Owner's interests in such Global Certificates. Such Certificate shall bear the following legend: UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUIRED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. (b) So long as the Certificates are in global form, the Trust and the Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Trust Agreement (including the payment of Distributions on the Global Certificates and receiving approvals, votes, instructions or consents hereunder) as the Holder of the UpDown-MACRO Tradeable Shares and the sole Holder of the Global Certificates and shall have no obligation to the Beneficial Owners. (c) To the extent that the provisions of this Section 9.3 conflict with any other provisions of this Trust Agreement, the provisions of this Section 9.3 shall control. (d) The rights of the Beneficial Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between such Beneficial Owners and the Clearing Agency and/or the Clearing Agency Participants, and the Clearing Agency shall receive and transmit payments of Distributions on the Global Certificates to such Clearing Agency Participants. The Clearing Agency will make book entry transfers among the Clearing Agency Participants; provided, however, that solely for the purposes of determining whether the Beneficial Owners of the requisite amount of UpDown-MACRO Tradeable Shares have voted on any matter provided for in this Trust Agreement, the Trustee may conclusively rely on, and shall be fully protected in relying on, any written instrument (including a proxy) delivered to the Trustee by the Clearing Agency setting forth the Beneficial Owners' votes or instructions or assigning the right to vote or instruct on any matter to any other Persons either in whole or in part. (e) A Global Certificate will be exchangeable for UpDown-MACRO Tradeable Shares registered in the names of persons other than DTC or its nominee or a successor Clearing Agency or its nominee only if (i) DTC or such successor Clearing Agency, as applicable, notifies the Trust that it is unwilling or unable to continue as a Clearing Agency for such Global Certificate and no successor Clearing Agency will have been appointed by the Trust within 90 days of such notice, (ii) DTC or such successor Clearing Agency, as applicable, at any time, ceases to be a clearing agency registered under the Exchange Act at which time DTC or such successor Clearing Agency, as applicable, is required to be so registered to act as such clearing agency and no successor Clearing Agency shall have been appointed, (iii) subject to obtaining an opinion of a nationally recognized tax counsel with experience in such matters that there will be no adverse income or franchise tax consequences under the laws of New York or general corporation or unincorporated business tax consequences under the laws of the City of New York upon the issuance of the UpDown-MACRO Tradeable Shares in certificated form, the Trust determines that such Global Certificate will be so exchangeable by the Trust within 90 days, or (iv) the Depositor voluntarily elects to discontinue the use of the book-entry transfer system. Any Global Certificate that is exchangeable pursuant to the preceding sentence shall be exchangeable for UpDown-MACRO Tradeable Shares registered in such names as DTC or any successor Clearing Agency or the Trust, as applicable, shall direct. (f) If the Global Certificates are exchanged pursuant to Section 9.3(e), Distributions may, at the Trust's option, be paid by check mailed to the persons entitled thereto as shown on the register maintained by the Transfer Agent; provided, however, a Holder of $5,000,000 or more in Aggregate Par Amount of UpDown-MACRO Tradeable Shares shall be entitled to received Distributions, if any, on any Distribution Payment Date by wire transfer of immediately available funds if appropriate wire transfer instructions have been received in writing by the Trust not less than 15 days prior to such Distribution Payment Date. Any such wire transfer instructions received by the Trust will remain in effect until revoked by such Holder.