Common use of Exchange Order Clause in Contracts

Exchange Order. (a) All orders to exchange Holding Shares into their related Tradeable Shares or exchange Tradeable Shares into their related Holding Shares shall be made in accordance with the terms of the applicable Trust Agreements, this Participants Agreement and the Exchange 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 Exchange Procedures. The Trustee, the Administrative Agent and the Depositor may issue additional or other procedures from time to time relating to the manner of exchanging Holding Shares or exchanging Tradeable Shares, which are not related to the Exchange 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 exchange Holding Shares or to exchange Tradeable Shares (an "Exchange Order," and together with a Creation Order and a Redemption Order, each an "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 an Exchange Order is attached hereto as EXHIBIT D (the "Exchange Order Form"). The Exchange Order Form shall not be required if such Exchange 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 Exchange 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 Exchange 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 Exchange Order (i) if the Administrative Agent determines that the Exchange Order is not in the required form, (ii) if the Administrative Agent determines that the Authorized Participant or Authorized Participants have deposited an insufficient number of shares with the Trustee, (iii) if the Depositor determines, based upon an opinion of counsel, that such Exchange 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 or (v) if circumstances outside the control of the Trustee, the Depositor or the Administrative Agent make it impractical or not feasible to cause the Tradeable Trusts 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 Exchange Order. (d) The Administrative Agent shall suspend the right of exchange (i) for any period during which the AMEX or the NYMEX is closed, or trading on the AMEX or the NYMEX is suspended or restricted (ii) if such Exchange Order will cause one of the Tradeable Trusts to hold fifty percent or less of the outstanding related Holding Shares 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 suspension.

Exchange Order. (a) All orders to exchange Holding Shares into their related Tradeable Shares or exchange Tradeable Shares into for their related Holding Shares shall be made in accordance with the terms of the applicable Trust Agreements, this Participants Agreement and the Exchange 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 Exchange Procedures. The Trustee, the Administrative Agent and the Depositor may issue additional or other procedures from time to time relating to the manner of exchanging Holding Shares or exchanging Tradeable Shares, which are not related to the Exchange 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 exchange Holding Shares or to exchange Tradeable Shares (an "Exchange Order," and together with a Creation Order and a Redemption Order, each an "Exchane 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 an a Exchange Order is attached hereto as EXHIBIT D C (the "Exchange Order Form"). The Exchange Order Form shall not be required if such Exchange 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 Exchange 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 Exchange 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 Exchange Order (i) if the Administrative Agent determines that the Exchange Order is not in the required form, (ii) if the Administrative Agent determines that the Authorized Participant or Authorized Participants have deposited an insufficient number of shares with the Trustee, (iiiii) if the Depositor determines, based upon an opinion of counsel, determines that such Exchange Order would have adverse tax or securities law consequences for one or more either of the MACRO 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 or (viv) if circumstances outside the control of the Trustee, the Depositor or the Administrative Agent make it impractical or not feasible to cause the Tradeable Trusts 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 Exchange Redemption Order. (d) The Administrative Agent shall may, in its sole discretion, and will when so directed by the Depositor, suspend the right of exchange (i) for any period during which the AMEX American Stock Exchange is closed other than for customary weekend or the NYMEX is closedholiday closings, or trading on the AMEX or the NYMEX is suspended or restricted restricted, (ii) if for any period during which an emergency exists as a result of which delivery, disposal or evaluation of Holding or Tradeable Shares is not reasonably practicable, (iii) for any period during which, such Exchange Order exchange will cause one of the Tradeable Trusts to hold fifty percent or less of the outstanding related Holding Shares 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 suspensionsuspension or postponement.

Exchange Order. (a) All orders to exchange Holding Shares into their related Tradeable Shares or exchange Tradeable Shares into their related Holding Shares shall be made in accordance with the terms of the applicable Trust Agreements, this Participants Agreement and the Exchange 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 Exchange Procedures. The Trustee, the Administrative Agent and the Depositor may issue additional or other procedures from time to time relating to the manner of exchanging Holding Shares or exchanging Tradeable Shares, which are not related to the Exchange 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 exchange Holding Shares or to exchange Tradeable Shares (an "Exchange Order," and together with a Creation Order and a Redemption Order, each an "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 an Exchange Order is attached hereto as EXHIBIT D (the "Exchange Order Form"). The Exchange Order Form shall not be required if such Exchange 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 Exchange 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 Exchange 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 Exchange Order (i) if the Administrative Agent determines that the Exchange 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 number of shares with the Trustee, (iii) if the Depositor determines, based upon an opinion of counsel, determines that such Exchange 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 unlawful, (v) if such Exchange Order will cause one of the Tradeable Trusts to hold fifty percent or less of the outstanding related Holding Shares or (vvi) if circumstances outside the control of the Trustee, the Depositor or the Administrative Agent make it impractical or not feasible to cause the Tradeable Trusts 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 Exchange Order. (d) The Administrative Agent shall suspend the right of exchange (i) for any period during which the AMEX or the NYMEX is closed, or trading on the AMEX or the NYMEX is suspended or restricted or (ii) if such Exchange Order will cause one of the Tradeable Trusts to hold fifty percent or less of the outstanding related Holding Shares 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 suspension.