FORM OF THE CERTIFICATES; DELIVERY AND REGISTRATION OF TRANSFER OF DOWN. MACRO TRADEABLE SHARES Section 2.1 Redemption of Founders' Shares. Concurrently with the first issuance of Down-MACRO Tradeable Shares in accordance with the terms of the Down-MACRO Tradeable Trust Agreement, the portion of the Initial Deposit made into the Down-MACRO Tradeable Trust by the Depositor and the Administrative Agent shall be transferred to each of them in redemption of their respective Founder's Shares and such Founders' Shares shall thereafter be cancelled and shall not be reissued. At no time shall the Initial Deposit be included in the calculation of the Per Share Underlying Value of the Down-MACRO Tradeable Shares or any other calculation performed at any time pursuant to ARTICLE 4 or ARTICLE 8 of this Trust Agreement. The Down-MACRO Holding Shares on deposit from time to time in the Securities Account, all monies on deposit from time to time in the Distribution Account and the Netting Account and the Down-MACRO Holding Trust's rights under the MACRO Licensing Agreement and the NYMEX Sublicensing Agreement (or any Substitute Reference Price Licensing Agreement), shall collectively constitute the assets of the Down-MACRO Tradeable Trust (the "Trust Assets").
Appears in 7 contracts
Samples: Claymore Macroshares Oil Down Tradeable Trust Agreement (MACRO Securities Depositor, LLC), Claymore Macroshares Oil Down Tradeable Trust Agreement (MACROshares Oil Down Holding Trust), Claymore Macroshares Oil Down Tradeable Trust Agreement (MACRO Securities Depositor, LLC)
