Common use of Creation Order Clause in Contracts

Creation Order. (a) All orders to create one or more MACRO Units and concurrently exchange them into their respective Tradeable Shares or, in the event that the Authorized Participant instruct otherwise, to create one or more MACRO Units, shall be made in accordance with the terms of the applicable Trust Agreement, this Participants Agreement and the Creation Procedures. Each party will comply with such foregoing terms and procedures to the extent applicable. Each Authorized Participant hereby consents to the use of recorded telephone lines whether or not such use is reflected in the Creation Procedures. The applicable Trustee, the Administrative Agent and the Depositor may issue additional or other procedures from time to time relating to the manner of creation of MACRO Units or creation of MACRO Units and concurrently exchanging all or part of such Holding Shares into Tradeable Shares, which are not related to the Creation Procedures, and each Authorized Participant shall comply with such procedures. (b) Each Authorized Participant acknowledges and agrees on behalf of itself and any party for which it is acting (whether such party is a customer or otherwise) that each order to create a MACRO Unit and concurrently exchange such MACRO Unit into Tradeable Shares or to create a MACRO Unit (a "Creation Order") may not be revoked by such Authorized Participant after the placement and acceptance of such Order with the Administrative Agent. Such order shall be a binding obligation of the Authorized Participant that placed such order. A form of a Creation Order is attached hereto as EXHIBIT B (the "Creation Order Form"). The Creation Order Form shall not be required if such Creation Order is conducted through the electronic facilities of the Administrative Agent; provided, however, that the Administrative Agent, in its sole discretion, may require the use of the Creation Order Form for any reason as an alternative for its electronic facilities. The information required by such electronic facilities shall be substantially similar to the information on the Creation Order Form attached hereto. (c) The Administrative Agent and the Depositor shall each have the absolute right, but shall have no obligation, to reject any Creation Order (i) if the Administrative Agent determines that the Creation Order is not in the required form, (ii) if the Administrative Agent determines that the Authorized Participant or Authorized Participants have deposited an insufficient amount of money with the Trustee, (iii) if the Depositor determines, based upon an opinion of counsel, that such Creation Order would have adverse tax or securities law consequences for one or more of the MACRO Trusts or the holders of any of the MACRO Shares, (iv) the acceptance or fulfillment of which would, in the opinion of counsel to the Depositor acceptable to the Trustee, be unlawful, (v) if the trustee of one of the Paired Holding Trusts or of one of the Tradeable Trusts notifies the other applicable trustees that the Creation Order for additional MACRO Shares made in connection with such order has been or will be rejected by it, by the Depositor or by the Administrative Agent, (vi) if such Creation Order will cause one of the Tradeable Trusts to hold fifty percent or less of the outstanding related Holding Shares or (vii) if circumstances outside the control of the Trustee, the Depositor or the Administrative Agent make it impractical or not feasible to process the Creation Order on the Creation Order Date or the Creation Date. None of the Trustee, the Depositor or the Administrative Agent shall be liable to any Person by reason of the rejection of any Creation Order. (d) The Administrative Agent shall suspend the applicable right of creation (i) for any period during which the AMEX or NYMEX is closed, or trading on the AMEX or the NYMEX is suspended or restricted, (ii) for any period during which an emergency exists as a result of which delivery or acquisition of Eligible Treasuries by the Paired Holding Trusts is not reasonably practicable or (iii) for such other period as the Depositor, the Trustee or the Administrative Agent determines to be necessary for the protection of the Beneficial Owners of any of the MACRO Shares. None of the Trustee, the Depositor or the Administrative Agent shall be liable to any Person or in any way for any loss or damage that may result from any such postponement.

Creation Order. (a) All orders to create one or more MACRO Units and concurrently exchange them into their respective Tradeable Shares or, in the event that the Authorized Participant instruct otherwise, or to create one or more MACRO Units, Units and concurrently exchange all or part of such MACRO Units into Tradeable Shares shall be made in accordance with the terms of the applicable Trust Agreement, this Participants Agreement and the Creation Procedures. Each party will comply with such foregoing terms and procedures to the extent applicable. Each Authorized Participant hereby consents to the use of recorded telephone lines whether or not such use is reflected in the Creation Procedures. The applicable Trustee, the Administrative Agent and the Depositor may issue additional or other procedures from time to time relating to the manner of creation of MACRO Units or creation of MACRO Units and concurrently exchanging all or part of such Holding Shares shares into Tradeable Shares, which are not related to the Creation Procedures, and each Authorized Participant shall comply with such procedures. (b) Each Authorized Participant acknowledges and agrees on behalf of itself and any party for which it is acting (whether such party is a customer or otherwise) that each order to create a MACRO Unit or to create a MACRO Unit and concurrently exchange such MACRO Unit into Tradeable Shares or to create a MACRO Unit (a "Creation Order") may not be revoked by such Authorized Participant after the placement and acceptance of such Order with the Administrative Agent. Such order shall be a binding obligation of the Authorized Participant that placed such order. A form of a Creation Order is attached hereto as EXHIBIT B (the "Creation Order Form"). The Creation Order Form shall not be required if such Creation Order is conducted through the electronic facilities of the Administrative Agent; provided, however, that the Administrative Agent, in its sole discretion, may require the use of the Creation Order Form for any reason as an alternative for its electronic facilities. The information required by such electronic facilities shall be substantially similar to the information on the Creation Order Form attached hereto. (c) The Administrative Agent and the Depositor shall each have the absolute right, but shall have no obligation, to reject any Creation Order (i) if the Administrative Agent determines that the Creation Order is not in the required form, (ii) if the Administrative Agent determines that the Authorized Participant or Authorized Participants have deposited an insufficient amount of money with the Trustee, (iiiii) if the Depositor determines, based upon an opinion of counsel, determines that such Creation Order would have adverse tax or securities law consequences for one or more either of the MACRO Paired Holding Trusts, the Tradeable Trusts or the holders of any of the MACRO Shares, (iviii) the acceptance or fulfillment of which would, in the opinion of counsel to the Depositor acceptable to the Trustee, be unlawful, (viv) if the trustee of one of the Paired Holding Trusts or of one of the Tradeable Trusts notifies the other applicable trustees that the Creation Order for additional MACRO Shares made in connection with such order has been or will be rejected by it, by the Depositor or by the its Administrative Agent, (vi) if such Creation Order will cause one of the Tradeable Trusts to hold fifty percent or less of the outstanding related Holding Shares Agent or (viiv) if circumstances outside the control of the Trustee, the Depositor or the Administrative Agent make it impractical or not feasible to process cause the Creation Order on Paired Holding Trusts to issue additional Paired Holding Shares or one, or both, of the Creation Order Date or the Creation DateTradeable Trusts, as applicable, to issue additional Tradeable Shares . None of the Trustee, the Depositor or the Administrative Agent shall be liable to any Person by reason of the rejection of any Creation Purchase Order. (d) The Administrative Agent shall may, in its sole discretion, and will when so directed by the Depositor, suspend the applicable right of creation (i) for any period during which the AMEX American Stock Exchange is closed other than for customary weekend or NYMEX is closedholiday closings, or trading on the AMEX or the NYMEX is suspended or restricted, (ii) for any period during which an emergency exists as a result of which delivery delivery, disposal or acquisition evaluation of Eligible the Treasuries by the Paired Holding Trusts is not reasonably practicable practicable, (iii) for any period during which, such creation will cause one of the Tradeable Trusts to hold fifty percent or less of the outstanding related Holding Shares; and or (iiiiv) for such other period as the Depositor, the Trustee or the Administrative Agent Depositor determines to be necessary for the protection of the Beneficial Owners of any holders of the MACRO Shares. None of the Trustee, the Depositor or the Administrative Agent shall be liable to any Person or in any way for any loss or damage that may result from any such suspension or postponement.

Creation Order. (a) All orders to create one or more MACRO Units and concurrently exchange them into their respective Tradeable Shares or, in the event that the Authorized Participant instruct otherwise, to create one or more MACRO Units, shall be made in accordance with the terms of the applicable Trust Agreement, this Participants Agreement and the Creation Procedures. Each party will comply with such foregoing terms and procedures to the extent applicable. Each Authorized Participant hereby consents to the use of recorded telephone lines whether or not such use is reflected in the Creation Procedures. The applicable Trustee, the Administrative Agent and the Depositor may issue additional or other procedures from time to time relating to the manner of creation of MACRO Units or creation of MACRO Units and concurrently exchanging all or part of such Holding Shares into Tradeable Shares, which are not related to the Creation Procedures, and each Authorized Participant shall comply with such procedures. (b) Each Authorized Participant acknowledges and agrees on behalf of itself and any party for which it is acting (whether such party is a customer or otherwise) that each order to create a MACRO Unit and concurrently exchange such MACRO Unit into Tradeable Shares or to create a MACRO Unit (a "Creation Order") may not be revoked by such Authorized Participant after the placement and acceptance of such Order with the Administrative Agent. Such order shall be a binding obligation of the Authorized Participant that placed such order. A form of a Creation Order is attached hereto as EXHIBIT B (the "Creation Order Form"). The Creation Order Form shall not be required if such Creation Order is conducted through the electronic facilities of the Administrative Agent; provided, however, that the Administrative Agent, in its sole discretion, may require the use of the Creation Order Form for any reason as an alternative for its electronic facilities. The information required by such electronic facilities shall be substantially similar to the information on the Creation Order Form attached hereto. (c) The Administrative Agent and the Depositor shall each have the absolute right, but shall have no obligation, to reject any Creation Order (i) if the Administrative Agent determines that the Creation Redemption Order is not in the required form, (ii) if the Administrative Agent determines that the Authorized Participant or Authorized Participants have deposited an insufficient amount of money with the Trustee, (iii) if the Depositor determines, based upon an opinion of counsel, determines that such Creation Order would have adverse tax or securities law consequences for one or more of the MACRO Trusts or the holders of any of the MACRO Shares, (iv) if the acceptance or fulfillment of which would, in the opinion of counsel to the Depositor acceptable to the Trustee, be unlawful, (v) if the trustee of one of the Paired Holding Trusts or of one of the Tradeable Trusts notifies the other applicable trustees that the Creation Order for additional MACRO Shares made in connection with such order has been or will be rejected by it, by the Depositor or by the Administrative Agent, Agent (vi) if such Creation Order will cause one of the Tradeable Trusts to hold fifty percent or less of the outstanding related Holding Shares or (vii) if circumstances outside the control of the Trustee, the Depositor or the Administrative Agent make it impractical or not feasible to process the Creation Order on the Creation Order Date or the Creation Date. None of the Trustee, the Depositor or the Administrative Agent shall be liable to any Person by reason of the rejection of any Creation Order. (d) The Administrative Agent shall suspend the applicable right of creation settlement (i) for any period during which the AMEX or NYMEX is closed, or trading on the AMEX or the NYMEX is suspended or restricted, (ii) for any period during which an emergency exists as a result of which delivery or acquisition of Eligible Treasuries by the Paired Holding Trusts is not reasonably practicable or (iii) for such other period as the Depositor, the Trustee or the Administrative Agent determines to be necessary for the protection of the Beneficial Owners of any of the MACRO Shares. None of the Trustee, the Depositor or the Administrative Agent shall be liable to any Person or in any way for any loss or damage that may result from any such postponement.