Common use of Establishment of the Netting Account Clause in Contracts

Establishment of the Netting Account. (a) The Trustee shall establish and maintain in the name of the Trustee, on behalf of the Up-MACRO Holding Trust and for the benefit of the Holders of the Up-MACRO Holding Shares, an Eligible Deposit Account bearing a designation that the funds deposited therein are held for the benefit of the Holders of the Up-MACRO Holding Shares (the "Netting Account"), which shall consist of the Cash Netting Subaccount and the Share Netting Subaccount. (b) The Netting Account shall initially be established with the Trustee. The Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in the Netting Account and in all proceeds thereof. The Netting Account shall be under the sole dominion and control of the Trustee for the benefit of the Holders of the Up-MACRO Holding Shares. (c) On any Issuance Date that is also a Redemption Date, the Trustee shall deposit all cash received from the Authorized Participants who directed the Paired Issuance into a subaccount of the Netting Account (the "Cash Netting Subaccount") and shall distribute such funds as follows: (i) On any Issuance Date that was also a Redemption Date, in the event of a Net Par Amount Decrease, all cash deposited and, in the event of a Net Par Amount Increase, the difference between the aggregate funds delivered by Authorized Participants in connection with such Paired Issuances and the Net Par Amount Increase that will result after giving effect thereto will be delivered by the Trustee, at the direction of the Administrative Agent pursuant to Section 6.4 of this Trust Agreement, to the Authorized Participants who directed Paired Optional Redemptions as part of the Final Distribution on the Up-MACRO Holding Shares that is required to be made on such Redemption Date. (ii) On any Issuance Date that was also a Redemption Date, the Trustee shall withdraw funds from the Cash Netting Subaccount in an amount equal to the Net Par Amount Increase that occurred on such Issuance Date and it shall invest such funds in Eligible Treasuries, on behalf of the Up-MACRO Holding Trust and at the direction of the Administrative Agent. Pending such investment, such funds will be deposited into the Distribution Account. (d) On any Issuance Date that is also a Redemption Date, the Trustee shall credit all Up-MACRO Holding Shares to be redeemed to a subaccount of the Netting Account (the "Share Netting Subaccount") and shall net such Up-MACRO Holding Shares against the Up-MACRO Holding Shares to be issued as follows: (i) if there is a positive difference between the number of shares to be redeemed and the number of shares to be issued, the Trustee shall cancel the number of Up-MACRO Holding Shares equal to such positive difference and deliver all remaining Up-MACRO Holding Shares credited to the Share Netting Account to the Authorized Participants who directed the issuance of such shares; or (ii) if there is a positive difference between the number of shares to be issued and the number of shares to be redeemed, the Trustee shall cause the Up-MACRO Holding Trust to issue new Up-MACRO Holding Shares in the amount of such positive difference and deliver such newly-issued Up-MACRO Holding Shares and all Up-MACRO Holding Shares credited to the Share Netting Account to the Authorized Participants who directed the issuance of such shares. (e) No cash and no Up-MACRO Holding Shares shall remain on deposit in the Netting Account at the end of each Business Day.

Establishment of the Netting Account. (a) The Trustee shall establish and maintain in the name of the Trustee, on behalf of the UpDown-MACRO Holding Trust and for the benefit of the Holders of the UpDown-MACRO Holding Shares, an Eligible Deposit Account bearing a designation that the funds deposited therein are held for the benefit of the Holders of the UpDown-MACRO Holding Shares (the "Netting Account"), which shall consist of the Cash Netting Subaccount and the Share Netting Subaccount. (b) The Netting Account shall initially be established with the Trustee. The Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in the Netting Account and in all proceeds thereof. The Netting Account shall be under the sole dominion and control of the Trustee for the benefit of the Holders of the UpDown-MACRO Holding Shares. (c) On any Issuance Date that is also a Redemption Date, the Trustee shall deposit all cash received from the Authorized Participants who directed the Paired Issuance into a subaccount of the Netting Account (the "Cash Netting Subaccount") and shall distribute such funds as follows: (i) On any Issuance Date that was also a Redemption Date, in the event of a Net Par Amount Decrease, all cash deposited and, in the event of a Net Par Amount Increase, the difference between the aggregate funds delivered by Authorized Participants in connection with such Paired Issuances and the Net Par Amount Increase that will result after giving effect thereto will be delivered by the Trustee, at the direction of the Administrative Agent pursuant to Section 6.4 of this Trust Agreement, to the Authorized Participants who directed Paired Optional Redemptions as part of the Final Distribution on the UpDown-MACRO Holding Shares that is required to be made on such Redemption Date. (ii) On any Issuance Date that was also a Redemption Date, the Trustee shall withdraw funds from the Cash Netting Subaccount in an amount equal to the Net Par Amount Increase that occurred on such Issuance Date and it shall invest such funds in Eligible Treasuries, on behalf of the UpDown-MACRO Holding Trust and at the direction of the Administrative Agent. Pending such investment, such funds will be deposited into the Distribution Account. (d) On any Issuance Date that is also a Redemption Date, the Trustee shall credit all UpDown-MACRO Holding Shares to be redeemed to a subaccount of the Netting Account (the "Share Netting Subaccount") and shall net such UpDown-MACRO Holding Shares against the UpDown-MACRO Holding Shares to be issued as follows: (i) if there is a positive difference between the number of shares to be redeemed and the number of shares to be issued, the Trustee shall cancel the number of UpDown-MACRO Holding Shares equal to such positive difference and deliver all remaining UpDown-MACRO Holding Shares credited to the Share Netting Account to the Authorized Participants who directed the issuance of such shares; or (ii) if there is a positive difference between the number of shares to be issued and the number of shares to be redeemed, the Trustee shall cause the UpDown-MACRO Holding Trust to issue new UpDown-MACRO Holding Shares in the amount of such positive difference and deliver such newly-issued UpDown-MACRO Holding Shares and all UpDown-MACRO Holding Shares credited to the Share Netting Account to the Authorized Participants who directed the issuance of such shares. (e) No cash and no UpDown-MACRO Holding Shares shall remain on deposit in the Netting Account at the end of each Business Day.

Establishment of the Netting Account. (a) The Trustee shall establish and maintain in the name of the Trustee, on behalf of the UpDown-MACRO Holding Tradeable Trust and for the benefit of the Holders of the UpDown-MACRO Holding Tradeable Shares, an Eligible Deposit Account bearing a designation that the funds securities deposited therein are held for the benefit of the Holders of the UpDown-MACRO Holding Tradeable Shares (the "Netting Account"), which shall consist of the Cash Netting Subaccount and the Share Netting Subaccount. (b) The Netting Account shall initially be established with the Trustee. The Trustee shall possess all right, title and interest in and to all funds the securities on deposit from time to time in the Netting Account and in all proceeds thereofAccount. The Netting Account shall be under the sole dominion and control of the Trustee for the benefit of the Holders of the UpDown-MACRO Holding Tradeable Shares. (c) On any Issuance Date that is also a the Redemption Date, the Trustee shall deposit all cash received from Issuance Date or the Authorized Participants who directed Business Day following the Paired Issuance into a subaccount of the Netting Account (the "Cash Netting Subaccount") and shall distribute such funds as follows: Business Day in which an Exchange Order was submitted, on which (i) On any Issuance Date that was also both a Redemption DateOrder in which Tradeable Shares are submitted and an Issuance Order in which Tradeable Shares are requested, are to be executed, (ii) both a Redemption Order in the event of a Net Par Amount Decrease, all cash deposited and, in the event of a Net Par Amount Increase, the difference between the aggregate funds delivered by Authorized Participants in connection with such Paired Issuances which Tradeable Shares are submitted and the Net Par Amount Increase that will result after giving effect thereto will be delivered by the Trustee, at the direction of the Administrative Agent an Exchange Order pursuant to Section 6.4 of this Trust Agreement, to the Authorized Participants who directed Paired Optional Redemptions as part of the Final Distribution on the Up6.3 in which Down-MACRO Holding Tradeable Shares that is required are requested, are to be made on such Redemption Date. executed or (iiiii) On any both an Issuance Date that was also a Redemption DateOrder in which Tradeable Shares are requested and an Exchange Order pursuant to Section 6.3 in which Down-MACRO Tradeable Shares are submitted, are to be executed, the Trustee shall withdraw funds from the Cash Netting Subaccount in an amount equal to the Net Par Amount Increase that occurred on net such Issuance Date and it shall invest such funds in Eligible Treasuries, on behalf of the UpDown-MACRO Holding Trust and at the direction of the Administrative Agent. Pending such investment, such funds will be deposited into the Distribution Account. (d) On any Issuance Date that is also a Redemption Date, the Trustee shall credit all Up-MACRO Holding Tradeable Shares to be redeemed to a subaccount of and/or exchanged against the Netting Account (the "Share Netting Subaccount") and shall net such UpDown-MACRO Holding Shares against the Up-MACRO Holding Tradeable Shares to be issued and/or exchanged as follows: (i) if there is a positive difference between the number of shares to be redeemed and/or exchanged and the number of shares to be issuedissued and/or exchanged, the Trustee shall cancel the number of UpDown-MACRO Holding Tradeable Shares equal to such positive difference and deliver all remaining UpDown-MACRO Holding Tradeable Shares credited to the Share Netting Account to the Authorized Participants who directed the issuance or exchange, as applicable, of such shares; or (ii) if there is a positive difference between the number of shares to be issued and/or exchanged and the number of shares to be redeemedredeemed and/or exchanged, the Trustee shall cause the UpDown-MACRO Holding Tradeable Trust to issue new UpDown-MACRO Holding Tradeable Shares in the amount of such positive difference and deliver such newly-issued UpDown-MACRO Holding Tradeable Shares and all UpDown-MACRO Holding Tradeable Shares credited to the Share Netting Account to the Authorized Participants who directed the issuance of such shares. (eiii) No cash and no UpDown-MACRO Holding Tradeable Shares shall remain on deposit in the Netting Account at the end of each Business Day.

Establishment of the Netting Account. (a) The Trustee shall establish and maintain in the name of the Trustee, on behalf of the Up-MACRO Holding Up Trust and for the benefit of the Holders of the Up-MACRO Holding SharesUp MacroShares, an Eligible Deposit Account bearing a designation that the funds deposited therein are held for the benefit of the Holders of the Up-MACRO Holding Shares Up MacroShares (the "Netting Account"), which shall consist of the Cash Netting Subaccount and the Share Netting Subaccount. (b) The Netting Account shall initially be established with the Trustee. The Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in the Netting Account and in all proceeds thereof. The Netting Account shall be under the sole dominion and control of the Trustee for the benefit of the Holders of the Up-MACRO Holding SharesUp MacroShares. (c) On any Issuance Date that is also a Redemption Date, the Trustee shall deposit all cash received from the Authorized Participants who directed the Paired Issuance into a subaccount of the Netting Account (the "Cash Netting Subaccount") and shall distribute such funds as follows: (i) On any Issuance Date that was also a Redemption Date, in the event of a Net Par Amount Decrease, all cash deposited and, in the event of a Net Par Amount Increase, the difference between the aggregate funds delivered by Authorized Participants in connection with such Paired Issuances and the Net Par Amount Increase that will result after giving effect thereto will be delivered by the Trustee, at the direction of the Administrative Agent pursuant to Section 6.4 of this Trust Agreement, to the Authorized Participants who directed Paired Optional Redemptions as part of the Final Distribution on the Up-MACRO Holding Shares Up MacroShares that is required to be made on such Redemption Date. (ii) On any Issuance Date that was also a Redemption Date, the Trustee shall withdraw funds from the Cash Netting Subaccount in an amount equal to the Net Par Amount Increase that occurred on such Issuance Date and it shall invest such funds in Eligible Treasuries, on behalf of the Up-MACRO Holding Up Trust and at the direction of the Administrative Agent. Pending such investment, such funds will be deposited into the Distribution Account. (d) On any Issuance Date that is also a Redemption Date, the Trustee shall credit all Up-MACRO Holding Shares Up MacroShares to be redeemed to a subaccount of the Netting Account (the "Share Netting Subaccount") and shall net such Up-MACRO Holding Shares Up MacroShares against the Up-MACRO Holding Shares Up MacroShares to be issued as follows: (i) if there is a positive difference between the number of shares to be redeemed and the number of shares to be issued, the Trustee shall cancel the number of Up-MACRO Holding Shares Up MacroShares equal to such positive difference and deliver all remaining Up-MACRO Holding Shares Up MacroShares credited to the Share Netting Account to the Authorized Participants who directed the issuance of such shares; or (ii) if there is a positive difference between the number of shares to be issued and the number of shares to be redeemed, the Trustee shall cause the Up-MACRO Holding Up Trust to issue new Up-MACRO Holding Shares Up MacroShares in the amount of such positive difference and deliver such newly-issued Up-MACRO Holding Shares Up MacroShares and all Up-MACRO Holding Shares Up MacroShares credited to the Share Netting Account to the Authorized Participants who directed the issuance of such shares. (e) No cash and no Up-MACRO Holding Shares Up MacroShares shall remain on deposit in the Netting Account at the end of each Business Day.

Establishment of the Netting Account. (a) The Trustee shall establish and maintain in the name of the Trustee, on behalf of the Up-MACRO Holding Down Trust and for the benefit of the Holders of the Up-MACRO Holding SharesDown MacroShares, an Eligible Deposit Account bearing a designation that the funds deposited therein are held for the benefit of the Holders of the Up-MACRO Holding Shares Down MacroShares (the "Netting Account"), which shall consist of the Cash Netting Subaccount and the Share Netting Subaccount. (b) The Netting Account shall initially be established with the Trustee. The Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in the Netting Account and in all proceeds thereof. The Netting Account shall be under the sole dominion and control of the Trustee for the benefit of the Holders of the Up-MACRO Holding SharesDown MacroShares. (c) On any Issuance Date that is also a Redemption Date, the Trustee shall deposit all cash received from the Authorized Participants who directed the Paired Issuance into a subaccount of the Netting Account (the "Cash Netting Subaccount") and shall distribute such funds as follows: (i) On any Issuance Date that was also a Redemption Date, in the event of a Net Par Amount Decrease, all cash deposited and, in the event of a Net Par Amount Increase, the difference between the aggregate funds delivered by Authorized Participants in connection with such Paired Issuances and the Net Par Amount Increase that will result after giving effect thereto will be delivered by the Trustee, at the direction of the Administrative Agent pursuant to Section 6.4 of this Trust Agreement, to the Authorized Participants who directed Paired Optional Redemptions as part of the Final Distribution on the Up-MACRO Holding Shares Down MacroShares that is required to be made on such Redemption Date. (ii) On any Issuance Date that was also a Redemption Date, the Trustee shall withdraw funds from the Cash Netting Subaccount in an amount equal to the Net Par Amount Increase that occurred on such Issuance Date and it shall invest such funds in Eligible Treasuries, on behalf of the Up-MACRO Holding Down Trust and at the direction of the Administrative Agent. Pending such investment, such funds will be deposited into the Distribution Account. (d) On any Issuance Date that is also a Redemption Date, the Trustee shall credit all Up-MACRO Holding Shares Down MacroShares to be redeemed to a subaccount of the Netting Account (the "Share Netting Subaccount") and shall net such Up-MACRO Holding Shares Down MacroShares against the Up-MACRO Holding Shares Down MacroShares to be issued as follows: (i) if there is a positive difference between the number of shares to be redeemed and the number of shares to be issued, the Trustee shall cancel the number of Up-MACRO Holding Shares Down MacroShares equal to such positive difference and deliver all remaining Up-MACRO Holding Shares Down MacroShares credited to the Share Netting Account to the Authorized Participants who directed the issuance of such shares; or (ii) if there is a positive difference between the number of shares to be issued and the number of shares to be redeemed, the Trustee shall cause the Up-MACRO Holding Down Trust to issue new Up-MACRO Holding Shares Down MacroShares in the amount of such positive difference and deliver such newly-issued Up-MACRO Holding Shares Down MacroShares and all Up-MACRO Holding Shares Down MacroShares credited to the Share Netting Account to the Authorized Participants who directed the issuance of such shares. (e) No cash and no Up-MACRO Holding Shares Down MacroShares shall remain on deposit in the Netting Account at the end of each Business Day.

Establishment of the Netting Account. (a) The Trustee shall establish and maintain in the name of the Trustee, on behalf of the Up-MACRO Holding Tradeable Trust and for the benefit of the Holders of the Up-MACRO Holding Tradeable Shares, an Eligible Deposit Account bearing a designation that the funds securities deposited therein are held for the benefit of the Holders of the Up-MACRO Holding Tradeable Shares (the "Netting Account"), which shall consist of the Cash Netting Subaccount and the Share Netting Subaccount. (b) The Netting Account shall initially be established with the Trustee. The Trustee shall possess all right, title and interest in and to all funds the securities on deposit from time to time in the Netting Account and in all proceeds thereofAccount. The Netting Account shall be under the sole dominion and control of the Trustee for the benefit of the Holders of the Up-MACRO Holding Tradeable Shares. (c) On any Issuance Date that is also a the Redemption Date, the Trustee shall deposit all cash received from Issuance Date or the Authorized Participants who directed Business Day following the Paired Issuance into a subaccount of the Netting Account (the "Cash Netting Subaccount") and shall distribute such funds as follows: Business Day on which an Exchange Order was submitted, on which (i) On any Issuance Date that was also both a Redemption DateOrder in which Tradeable Shares are submitted and an Issuance Order in which Tradeable Shares are requested, are to be executed, (ii) both a Redemption Order in the event of a Net Par Amount Decrease, all cash deposited and, in the event of a Net Par Amount Increase, the difference between the aggregate funds delivered by Authorized Participants in connection with such Paired Issuances which Tradeable Shares are submitted and the Net Par Amount Increase that will result after giving effect thereto will be delivered by the Trustee, at the direction of the Administrative Agent an Exchange Order pursuant to Section 6.4 of this Trust Agreement, to the Authorized Participants who directed Paired Optional Redemptions as part of the Final Distribution on the 6.3 in which Up-MACRO Holding Tradeable Shares that is required are requested, are to be made on such Redemption Date. executed or (iiiii) On any both an Issuance Date that was also a Redemption DateOrder in which Tradeable Shares arerequested and an Exchange Order pursuant to Section 6.3 in which Up-MACRO Tradeable Shares are submitted, are to be executed, the Trustee shall withdraw funds from the Cash Netting Subaccount in an amount equal to the Net Par Amount Increase that occurred on such Issuance Date and it shall invest such funds in Eligible Treasuries, on behalf of the Up-MACRO Holding Trust and at the direction of the Administrative Agent. Pending such investment, such funds will be deposited into the Distribution Account. (d) On any Issuance Date that is also a Redemption Date, the Trustee shall credit all Up-MACRO Holding Shares to be redeemed to a subaccount of the Netting Account (the "Share Netting Subaccount") and shall net such Up-MACRO Holding Tradeable Shares to be redeemed and/or exchanged against the Up-MACRO Holding Tradeable Shares to be issued and/or exchanged as follows: (i) if there is a positive difference between the number of shares to be redeemed and/or exchanged and the number of shares to be issuedissued and/or exchanged, the Trustee shall cancel the number of Up-MACRO Holding Tradeable Shares equal to such positive difference and deliver all remaining Up-MACRO Holding Tradeable Shares credited to the Share Netting Account to the Authorized Participants who directed the issuance or exchange, as applicable, of such shares; or (ii) if there is a positive difference between the number of shares to be issued and/or exchanged and the number of shares to be redeemedredeemed and/or exchanged, the Trustee shall cause the Up-MACRO Holding Tradeable Trust to issue new Up-MACRO Holding Tradeable Shares in the amount of such positive difference and deliver such newly-issued Up-MACRO Holding Tradeable Shares and all Up-MACRO Holding Tradeable Shares credited to the Share Netting Account to the Authorized Participants who directed the issuance of such shares. (eiii) No cash and no Up-MACRO Holding Tradeable Shares shall remain on deposit in the Netting Account at the end of each Business Day.

Establishment of the Netting Account. (a) The Trustee shall establish and maintain in the name of the Trustee, on behalf of the Up-MACRO Holding Tradeable Trust and for the benefit of the Holders of the Up-MACRO Holding Tradeable Shares, an Eligible Deposit Account bearing a designation that the funds securities deposited therein are held for the benefit of the Holders of the Up-MACRO Holding Tradeable Shares (the "Netting Account"), which shall consist of the Cash Netting Subaccount and the Share Netting Subaccount. (b) The Netting Account shall initially be established with the Trustee. The Trustee shall possess all right, title and interest in and to all funds the securities on deposit from time to time in the Netting Account and in all proceeds thereofAccount. The Netting Account shall be under the sole dominion and control of the Trustee for the benefit of the Holders of the Up-MACRO Holding Tradeable Shares. (c) On any Issuance Date that is also a the Redemption Date, the Trustee shall deposit all cash received from Issuance Date or the Authorized Participants who directed Business Day following the Paired Issuance into a subaccount of the Netting Account (the "Cash Netting Subaccount") and shall distribute such funds as follows: Business Day on which an Exchange Order was submitted, on which (i) On any Issuance Date that was also both a Redemption DateOrder in which Tradeable Shares are submitted and an Issuance Order in which Tradeable Shares are requested, are to be executed, (ii) both a Redemption Order in the event of a Net Par Amount Decrease, all cash deposited and, in the event of a Net Par Amount Increase, the difference between the aggregate funds delivered by Authorized Participants in connection with such Paired Issuances which Tradeable Shares are submitted and the Net Par Amount Increase that will result after giving effect thereto will be delivered by the Trustee, at the direction of the Administrative Agent an Exchange Order pursuant to Section 6.4 of this Trust Agreement, to the Authorized Participants who directed Paired Optional Redemptions as part of the Final Distribution on the 6.3 in which Up-MACRO Holding Tradeable Shares that is required are requested, are to be made on such Redemption Date. executed or (iiiii) On any both an Issuance Date that was also a Redemption DateOrder in which Tradeable Shares are requested and an Exchange Order pursuant to Section 6.3 in which Up-MACRO Tradeable Shares are submitted, are to be executed, the Trustee shall withdraw funds from the Cash Netting Subaccount in an amount equal to the Net Par Amount Increase that occurred on such Issuance Date and it shall invest such funds in Eligible Treasuries, on behalf of the Up-MACRO Holding Trust and at the direction of the Administrative Agent. Pending such investment, such funds will be deposited into the Distribution Account. (d) On any Issuance Date that is also a Redemption Date, the Trustee shall credit all Up-MACRO Holding Shares to be redeemed to a subaccount of the Netting Account (the "Share Netting Subaccount") and shall net such Up-MACRO Holding Tradeable Shares to be redeemed and/or exchanged against the Up-MACRO Holding Tradeable Shares to be issued and/or exchanged as follows: (i) if there is a positive difference between the number of shares to be redeemed and/or exchanged and the number of shares to be issuedissued and/or exchanged, the Trustee shall cancel the number of Up-MACRO Holding Tradeable Shares equal to such positive difference and deliver all remaining Up-MACRO Holding Tradeable Shares credited to the Share Netting Account to the Authorized Participants who directed the issuance or exchange, as applicable, of such shares; or (ii) if there is a positive difference between the number of shares to be issued and/or exchanged and the number of shares to be redeemedredeemed and/or exchanged, the Trustee shall cause the Up-MACRO Holding Tradeable Trust to issue new Up-MACRO Holding Tradeable Shares in the amount of such positive difference and deliver such newly-issued Up-MACRO Holding Tradeable Shares and all Up-MACRO Holding Tradeable Shares credited to the Share Netting Account to the Authorized Participants who directed the issuance of such shares. (eiii) No cash and no Up-MACRO Holding Tradeable Shares shall remain on deposit in the Netting Account at the end of each Business Day.

Establishment of the Netting Account. (a) The Trustee shall establish and maintain in the name of the Trustee, on behalf of the Up-MACRO Holding Tradeable Trust and for the benefit of the Holders of the Up-MACRO Holding Tradeable Shares, an Eligible Deposit Account bearing a designation that the funds securities deposited therein are held for the benefit of the Holders of the Up-MACRO Holding Tradeable Shares (the "Netting Account"), which shall consist of the Cash Netting Subaccount and the Share Netting Subaccount. (b) The Netting Account shall initially be established with the Trustee. The Trustee shall possess all right, title and interest in and to all funds the securities on deposit from time to time in the Netting Account and in all proceeds thereofAccount. The Netting Account shall be under the sole dominion and control of the Trustee for the benefit of the Holders of the Up-MACRO Holding Tradeable Shares. (c) On any Issuance Date that is also a the Redemption Date, the Trustee shall deposit all cash received from Issuance Date or the Authorized Participants who directed Business Day following the Paired Issuance into a subaccount of the Netting Account (the "Cash Netting Subaccount") and shall distribute such funds as follows: Business Day in which an Exchange Order was submitted, on which (i) On any Issuance Date that was also both a Redemption DateOrder in which Tradeable Shares are submitted and an Issuance Order in which Tradeable Shares are requested, are to be executed, (ii) both a Redemption Order in the event of a Net Par Amount Decreasewhich Tradeable Shares are submitted and an Exchange Order Pursuant to Section 6.3 in which Up-MACRO Tradeable Shares are requested, all cash deposited and, are to be executed or (iii) both an Issuance Order in the event of a Net Par Amount Increase, the difference between the aggregate funds delivered by Authorized Participants in connection with such Paired Issuances which Tradeable Shares are requested and the Net Par Amount Increase that will result after giving effect thereto will be delivered by the Trustee, at the direction of the Administrative Agent an Exchange Order pursuant to Section 6.4 of this Trust Agreement, to the Authorized Participants who directed Paired Optional Redemptions as part of the Final Distribution on the 6.3 in which Up-MACRO Holding Tradeable Shares that is required are submitted, are to be made on such Redemption Date. (ii) On any Issuance Date that was also a Redemption Dateexecuted, the Trustee shall withdraw funds from the Cash Netting Subaccount in an amount equal to the Net Par Amount Increase that occurred on such Issuance Date and it shall invest such funds in Eligible Treasuries, on behalf of the Up-MACRO Holding Trust and at the direction of the Administrative Agent. Pending such investment, such funds will be deposited into the Distribution Account. (d) On any Issuance Date that is also a Redemption Date, the Trustee shall credit all Up-MACRO Holding Shares to be redeemed to a subaccount of the Netting Account (the "Share Netting Subaccount") and shall net such Up-MACRO Holding Tradeable Shares to be redeemed and/or exchanged against the Up-MACRO Holding Tradeable Shares to be issued and/or exchanged as follows: (i) if there is a positive difference between the number of shares to be redeemed and/or exchanged and the number of shares to be issuedissued and/or exchanged, the Trustee shall cancel the number of Up-MACRO Holding Tradeable Shares equal to such positive difference and deliver all remaining Up-MACRO Holding Tradeable Shares credited to the Share Netting Account to the Authorized Participants who directed the issuance or exchange, as applicable, of such shares; or (ii) if there is a positive difference between the number of shares to be issued and/or exchanged and the number of shares to be redeemedredeemed and/or exchanged, the Trustee shall cause the Up-MACRO Holding Tradeable Trust to issue new Up-MACRO Holding Tradeable Shares in the amount of such positive difference and deliver such newly-issued Up-MACRO Holding Tradeable Shares and all Up-MACRO Holding Tradeable Shares credited to the Share Netting Account to the Authorized Participants who directed the issuance of such shares. (eiii) No cash and no Up-MACRO Holding Tradeable Shares shall remain on deposit in the Netting Account at the end of each Business Day.