Common use of Distributions on Book-Entry Certificates Clause in Contracts

Distributions on Book-Entry Certificates. All distributions on the Up-MACRO Holding Shares shall be made to the Depository or its nominee, Cede & Co., as the registered owner of all Up-MACRO Holding Shares. The Trustee and the Depositor expect that the Depository or its nominee, upon receipt of any distributions made in respect of the Up-MACRO Holding Shares, shall credit immediately the DTC Participants' accounts with payments in amounts proportionate to their respective beneficial interests in the Up-MACRO Holding Shares as shown on the records of the Depository or its nominee. The Trustee and the Depositor also expect that payments by DTC Participants to Indirect Participants and Beneficial Owners held through such DTC Participants and Indirect Participants will be governed by standing instructions and customary practices, as is now the case with securities held for the accounts of customers in bearer form or registered in a "street name," and shall be the responsibility of such DTC Participants and Indirect Participants. None of the Trustee, the Depositor or the Administrative Agent shall have any responsibility or liability for any aspects of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership interests in the Up-MACRO Holding Shares, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests or for any other aspect of the relationship between the Depository and the DTC Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants or Indirect Participants or between or among the Depository, any Beneficial Owner and any Person by or through which such Beneficial Owner is considered to own Up-MACRO Holding Shares.

Distributions on Book-Entry Certificates. All distributions on the Up-MACRO Holding Tradeable Shares shall be made to the Depository or its nominee, Cede & Co., as the registered owner of all Up-MACRO Holding Tradeable Shares. The Trustee and the Depositor expect that the Depository or its nominee, upon receipt of any distributions made in respect of the Up-MACRO Holding Tradeable Shares, shall credit immediately the DTC Participants' accounts with payments in amounts proportionate to their respective beneficial interests in the Up-MACRO Holding Tradeable Shares as shown on the records of the Depository or its nominee. The Trustee and the Depositor also expect that payments by DTC Participants to Indirect Participants and Beneficial Owners held through such DTC Participants and Indirect Participants will be governed by standing instructions and customary practices, as is now the case with securities held for the accounts of customers in bearer form or registered in a "street name," and shall be the responsibility of such DTC Participants and Indirect Participants. None of the Trustee, the Depositor or the Administrative Agent shall have any responsibility or liability for any aspects of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership interests in the Up-MACRO Holding Tradeable Shares, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests or for any other aspect of the relationship between the Depository and the DTC Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants or Indirect Participants or between or among the Depository, any Beneficial Owner and any Person by or through which such Beneficial Owner is considered to own Up-MACRO Holding Tradeable Shares.

Distributions on Book-Entry Certificates. All distributions on the UpDown-MACRO Holding Tradeable Shares shall be made to the Depository or its nominee, Cede & Co., as the registered owner of all UpDown-MACRO Holding Tradeable Shares. The Trustee and the Depositor expect that the Depository or its nominee, upon receipt of any distributions made in respect of the UpDown-MACRO Holding Tradeable Shares, shall credit immediately the DTC Participants' accounts with payments in amounts proportionate to their respective beneficial interests in the UpDown-MACRO Holding Tradeable Shares as shown on the records of the Depository or its nominee. The Trustee and the Depositor also expect that payments by DTC Participants to Indirect Participants and Beneficial Owners held through such DTC Participants and Indirect Participants will be governed by standing instructions and customary practices, as is now the case with securities held for the accounts of customers in bearer form or registered in a "street name," and shall be the responsibility of such DTC Participants and Indirect Participants. None of the Trustee, the Depositor or the Administrative Agent shall have any responsibility or liability for any aspects of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership interests in the UpDown-MACRO Holding Tradeable Shares, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests or for any other aspect of the relationship between the Depository and the DTC Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants or Indirect Participants or between or among the Depository, any Beneficial Owner and any Person by or through which such Beneficial Owner is considered to own UpDown-MACRO Holding Tradeable Shares.

Distributions on Book-Entry Certificates. All distributions on the UpDown-MACRO Holding Shares shall be made to the Depository or its nominee, Cede & Co., as the registered owner of all UpDown-MACRO Holding Shares. The Trustee and the Depositor expect that the Depository or its nominee, upon receipt of any distributions made in respect of the UpDown-MACRO Holding Shares, shall credit immediately the DTC Participants' accounts with payments in amounts proportionate to their respective beneficial interests in the UpDown-MACRO Holding Shares as shown on the records of the Depository or its nominee. The Trustee and the Depositor also expect that payments by DTC Participants to Indirect Participants and Beneficial Owners held through such DTC Participants and Indirect Participants will be governed by standing instructions and customary practices, as is now the case with securities held for the accounts of customers in bearer form or registered in a "street name," and shall be the responsibility of such DTC Participants and Indirect Participants. None of the Trustee, the Depositor or the Administrative Agent shall have any responsibility or liability for any aspects of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership interests in the UpDown-MACRO Holding Shares, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests or for any other aspect of the relationship between the Depository and the DTC Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants or Indirect Participants or between or among the Depository, any Beneficial Owner and any Person by or through which such Beneficial Owner is considered to own UpDown-MACRO Holding Shares.

Distributions on Book-Entry Certificates. All distributions on the Up-MACRO Holding Shares Up MacroShares shall be made to the Depository or its nominee, Cede & Co., as the registered owner of all Up-MACRO Holding SharesUp MacroShares. The Trustee and the Depositor expect that the Depository or its nominee, upon receipt of any distributions made in respect of the Up-MACRO Holding SharesUp MacroShares, shall credit immediately the DTC Participants' accounts with payments in amounts proportionate to their respective beneficial interests in the Up-MACRO Holding Shares Up MacroShares as shown on the records of the Depository or its nominee. The Trustee and the Depositor also expect that payments by DTC Participants to Indirect Participants and Beneficial Owners held through such DTC Participants and Indirect Participants will be governed by standing instructions and customary practices, as is now the case with securities held for the accounts of customers in bearer form or registered in a "street name," and shall be the responsibility of such DTC Participants and Indirect Participants. None of the Trustee, the Depositor or the Administrative Agent shall have any responsibility or liability for any aspects of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership interests in the Up-MACRO Holding SharesUp MacroShares, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests or for any other aspect of the relationship between the Depository and the DTC Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants or Indirect Participants or between or among the Depository, any Beneficial Owner and any Person by or through which such Beneficial Owner is considered to own Up-MACRO Holding SharesUp MacroShares.

Distributions on Book-Entry Certificates. All distributions on the Up-MACRO Holding Shares Down MacroShares shall be made to the Depository or its nominee, Cede & Co., as the registered owner of all Up-MACRO Holding SharesDown MacroShares. The Trustee and the Depositor expect that the Depository or its nominee, upon receipt of any distributions made in respect of the Up-MACRO Holding SharesDown MacroShares, shall credit immediately the DTC Participants' accounts with payments in amounts proportionate to their respective beneficial interests in the Up-MACRO Holding Shares Down MacroShares as shown on the records of the Depository or its nominee. The Trustee and the Depositor also expect that payments by DTC Participants to Indirect Participants and Beneficial Owners held through such DTC Participants and Indirect Participants will be governed by standing instructions and customary practices, as is now the case with securities held for the accounts of customers in bearer form or registered in a "street name," and shall be the responsibility of such DTC Participants and Indirect Participants. None of the Trustee, the Depositor or the Administrative Agent shall have any responsibility or liability for any aspects of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership interests in the Up-MACRO Holding SharesDown MacroShares, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests or for any other aspect of the relationship between the Depository and the DTC Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants or Indirect Participants or between or among the Depository, any Beneficial Owner and any Person by or through which such Beneficial Owner is considered to own Up-MACRO Holding SharesDown MacroShares.

Distributions on Book-Entry Certificates. All distributions Distributions on the UpDown-MACRO Holding Shares pursuant to Section 5.2 and Section 6.1 shall be made to the Depository or its nominee, Cede & Co., as the registered owner of all UpDown-MACRO Holding Shares. The Trustee and the Depositor expect that the Depository or its nominee, upon receipt of any payment of distributions made in respect of the UpDown-MACRO Holding Shares, shall credit immediately the DTC Participants' Participant's accounts with payments in amounts proportionate to their respective beneficial interests in the UpDown-MACRO Holding Shares as shown on the records of the Depository or its nominee. The Trustee and the Depositor also expect that payments by DTC Participants to Indirect Participants and Beneficial Owners held through such DTC Participants and Indirect Participants will be governed by standing instructions and customary practices, as is now the case with securities held for the accounts of customers in bearer form or registered in a "street name," and shall be the responsibility of such DTC Participants and Indirect Participants. None of Neither the Trustee, Trustee nor the Depositor or the Administrative Agent shall will have any responsibility or liability for any aspects of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership interests in the UpDown-MACRO Holding Shares, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests or for any other aspect of the relationship between the Depository and the DTC Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants or Indirect Participants or between or among the Depository, any Beneficial Owner and any Person person by or through which such Beneficial Owner is considered to own UpDown-MACRO Holding Shares.

Distributions on Book-Entry Certificates. All distributions Distributions on the Up-MACRO Holding Shares pursuant to Section 5.2 and Section 6.1 shall be made to the Depository or its nominee, Cede & Co., as the registered owner of all Up-MACRO Holding Shares. The Trustee and the Depositor expect that the Depository or its nominee, upon receipt of any payment of distributions made in respect of the Up-MACRO Holding Shares, shall credit immediately the DTC Participants' Participant's accounts with payments in amounts proportionate to their respective beneficial interests in the Up-MACRO Holding Shares as shown on the records of the Depository or its nominee. The Trustee and the Depositor also expect that payments by DTC Participants to Indirect Participants and Beneficial Owners held through such DTC Participants and Indirect Participants will be governed by standing instructions and customary practices, as is now the case with securities held for the accounts of customers in bearer form or registered in a "street name," and shall be the responsibility of such DTC Participants and Indirect Participants. None of Neither the Trustee, Trustee nor the Depositor or the Administrative Agent shall will have any responsibility or liability for any aspects of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership interests in the Up-MACRO Holding Shares, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests or for any other aspect of the relationship between the Depository and the DTC Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants or Indirect Participants or between or among the Depository, any Beneficial Owner and any Person person by or through which such Beneficial Owner is considered to own Up-MACRO Holding Shares.