Common use of Designation of Authorized Persons Clause in Contracts

Designation of Authorized Persons. Concurrently with the execution of each applicable Participants Agreement and from time to time thereafter, each Authorized Participant shall deliver to the Administrative Agent, with copies to the applicable Trustee, notarized and duly certified as appropriate by its secretary or other duly authorized official, a certificate in the form of EXHIBIT A setting forth the names and signatures of all persons authorized to give instructions relating to activity contemplated hereby or by any other notice, request or instruction given on behalf of each Authorized Participant (each, an "Authorized Person"). The Administrative Agent may accept and rely upon such certificate as conclusive evidence of the facts set forth therein and shall consider such certificate to be in full force and effect until the Administrative Agent receives a superseding certificate bearing a subsequent date. Once such a certificate has been delivered by an Authorized Participant in connection with the execution of any Participants Agreement, such Authorized Participant shall not be required to deliver similar certificates in connection with the subsequent execution of additional Participants Agreements so long as it confirms to the Administrative Agent that all information contained in the original certificate continues to be true and correct. Upon the termination or revocation of authority of any Authorized Person by the Authorized Participant, the Authorized Participant shall give immediate written notice of such fact to the Administrative Agent and such notice shall be effective upon receipt by the Administrative Agent. It shall be the sole responsibility of each Authorized Participant to ensure that the Administrative Agent has a true and correct list of such Authorized Participant's Authorized Persons and the Administrative Agent shall have no liability for any Orders accepted by it in reliance on inaccurate information contained in any certificate delivered by an Authorized Participant pursuant hereto. The Administrative Agent shall issue to each Authorized Person a unique personal identification number (the "PIN Number") by which such Authorized Person shall be identified and which shall be used as authentication for Orders placed by that Authorized Person. The Administrative Agent shall provide to the applicable Depositor and the applicable Trustee, if so requested, a list of the Authorized Persons and their corresponding PIN Numbers and shall promptly update such list upon any changes thereto. The PIN Number shall be kept confidential by the Authorized Participant and shall only be provided to the Authorized Person and the applicable Depositor. If, after issuance, the Authorized Person's PIN Number is changed, the new PIN Number shall become effective within two Business Days after the new PIN Number has been issued to the Authorized Person.

Appears in 4 contracts

Samples: Participants Agreement (MacroShares $100 Oil Down Trust), Participants Agreement (MACRO Securities Depositor, LLC), Participants Agreement (MACRO Securities Depositor, LLC)

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Designation of Authorized Persons. Concurrently with the execution of each applicable Participants Agreement and from time to time thereafterAgreement, each Authorized Participant shall deliver to the Administrative Agent, with copies to the applicable Trustee, notarized and duly certified as appropriate by its secretary or other duly authorized officialperson, a certificate in the form of EXHIBIT A A-1 setting forth the names and signatures of all persons authorized to give instructions relating to activity contemplated hereby or by any other notice, request or instruction given on behalf of each Authorized Participant (each, an "Authorized Person"). The Administrative Agent may accept and rely upon such certificate as conclusive evidence of the facts set forth therein and shall consider such certificate to be in full force and effect until the Administrative Agent receives a superseding certificate bearing a subsequent date. After such certificate is accepted by the Administrative Agent, the Authorized Participant may authorize additional Authorized Persons to give instructions relating to any activity contemplated hereby or any other notice, request or instruction on behalf of the Authorized Participant by delivering to the Administrative Agent, with copies to the applicable Trustee, an addendum to the certificate described above in the form of EXHIBIT A-2. Once such a certificate (and, if applicable, addendum(s)) has been delivered by an Authorized Participant in connection with the execution of any Participants Agreement, such Authorized Participant shall not be required to deliver similar certificates (or addendum(s)) in connection with the subsequent execution of additional Participants Agreements so long as it confirms to the Administrative Agent that all information contained in the original then-current certificate (and, if applicable, addendum(s)) continues to be true and correct. Upon the termination or revocation of authority of any Authorized Person by the Authorized Participant, the Authorized Participant shall give immediate give, as promptly as practicable under the circumstances, written notice of such fact to the Administrative Agent and such notice shall be effective upon receipt by the Administrative Agent. It shall be the sole responsibility of each Authorized Participant to ensure that the Administrative Agent has a true and correct list of such Authorized Participant's Authorized Persons and the Administrative Agent shall have no liability for any Orders accepted by it in reliance on inaccurate information contained in any certificate delivered by an Authorized Participant pursuant hereto. The Administrative Agent shall issue to each Authorized Person a unique personal identification number (the "PIN Number") by which such Authorized Person shall be identified and which shall be used as authentication for Orders placed by that Authorized Person. The Administrative Agent shall provide to the applicable Depositor and the applicable Trustee, if so requested, a list of the Authorized Persons and their corresponding PIN Numbers and shall promptly update such list upon any changes thereto. The PIN Number shall be kept confidential by the Authorized Participant and shall only be provided to the Authorized Person and the applicable Depositor. If, after issuance, the Authorized Person's PIN Number is changed, the new PIN Number shall become effective on a date mutually agreed upon by the Authorized Participant and the Administrative Agent, which shall be no later than within two Business Days after the new PIN Number has been issued to the Authorized Person.

Appears in 2 contracts

Samples: Participants Agreement (MacroShares Housing Depositor, LLC), Participants Agreement (MacroShares Major Metro Housing Up Trust)

Designation of Authorized Persons. Concurrently with the execution of each applicable Participants Agreement and from time to time thereafter, each Authorized Participant shall deliver to the Administrative Agent, with copies to the applicable Trustee, notarized and duly certified as appropriate by its secretary or other duly authorized official, a certificate in the form of EXHIBIT A setting forth the names and signatures of all persons authorized to give instructions relating to activity contemplated hereby or by any other notice, request or instruction given on behalf of each Authorized Participant (each, an "Authorized Person"). The Administrative Agent may accept and rely upon such certificate as conclusive evidence of the facts set forth therein and shall consider such certificate to be in full force and effect until the Administrative Agent receives a superseding certificate bearing a subsequent date. Once such a certificate has been delivered by an Authorized Participant in connection with the execution of any Participants Agreement, such Authorized Participant shall not be required to deliver similar certificates in connection with the subsequent execution of additional Participants Agreements so long as it confirms to the Administrative Agent that all information contained in the original certificate continues to be true and correct. Upon the termination or revocation of authority of any Authorized Person by the Authorized Participant, the Authorized Participant shall give immediate written notice of such fact to the Administrative Agent and such notice shall be effective upon receipt by the Administrative Agent. It shall be the sole responsibility of each Authorized Participant to ensure that the Administrative Agent has a true and correct list of such Authorized Participant's ’s Authorized Persons and the Administrative Agent shall have no liability for any Orders accepted by it in reliance on inaccurate information contained in any certificate delivered by an Authorized Participant pursuant hereto. The Administrative Agent shall issue to each Authorized Person a unique personal identification number (the "PIN Number") by which such Authorized Person shall be identified and which shall be used as authentication for Orders placed by that Authorized Person. The Administrative Agent shall provide to the applicable Depositor and the applicable Trustee, if so requested, a list of the Authorized Persons and their corresponding PIN Numbers and shall promptly update such list upon any changes thereto. The PIN Number shall be kept confidential by the Authorized Participant and shall only be provided to the Authorized Person and the applicable Depositor. If, after issuance, the Authorized Person's ’s PIN Number is changed, the new PIN Number shall become effective within two Business Days after the new PIN Number has been issued to the Authorized Person.

Appears in 1 contract

Samples: Participants Agreement (MacroShares Major Metro Housing Up Trust)

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Designation of Authorized Persons. Concurrently with the execution of each applicable Participants Agreement and from time to time thereafter, each Authorized Participant shall deliver to the Administrative Agent, with copies to the applicable Trustee, notarized and duly certified as appropriate by its secretary or other duly authorized official, a certificate in the form of EXHIBIT A setting forth the names and signatures of all persons authorized to give instructions relating to activity contemplated hereby or by any other notice, request or instruction given on behalf of each Authorized Participant (each, an "Authorized Person"). The Administrative Agent may accept and rely upon such certificate as conclusive evidence of the facts set forth therein and shall consider such certificate to be in full force and effect until the Administrative Agent receives a superseding certificate bearing a subsequent date. Once such a certificate has been delivered by an Authorized Participant in connection with the execution of any Participants Agreement, such Authorized Participant shall not be required to deliver similar certificates in connection with the subsequent execution of additional Participants Agreements so long as it confirms to the Administrative Agent that all information contained in the original certificate continues to be true and correct. Upon the termination or revocation of authority of any Authorized Person by the Authorized Participant, the Authorized Participant shall give immediate prompt written notice of such fact to the Administrative Agent and such notice shall be effective upon receipt by the Administrative Agent. It shall be the sole responsibility of each Authorized Participant to ensure that the Administrative Agent has a true and correct list of such Authorized Participant's Authorized Persons and the Administrative Agent shall have no liability for any Orders accepted by it in reliance on inaccurate information contained in any certificate delivered by an Authorized Participant pursuant hereto. The Administrative Agent shall issue to each Authorized Person a unique personal identification number (the "PIN Number") by which such Authorized Person shall be identified and which shall be used as authentication for Orders placed by that Authorized Person. The Administrative Agent shall provide to the applicable Depositor and the applicable Trustee, if so requested, a list of the Authorized Persons and their corresponding PIN Numbers and shall promptly update such list upon any changes thereto. The PIN Number shall be kept confidential by the Authorized Participant and shall only be provided to the Authorized Person and the applicable Depositor. If, after issuance, the Authorized Person's PIN Number is changed, the new PIN Number shall become effective within two Business Days after the new PIN Number has been issued to the Authorized Person.

Appears in 1 contract

Samples: Participants Agreement (MacroShares $100 Oil Down Trust)

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