Common use of Optional Exchange Clause in Contracts

Optional Exchange. (a) The terms and conditions, if any, upon which Certificates of any Series (or Class within such Series) may be exchanged for a pro rata portion of the Underlying Securities of the related Trust will be specified in the related Series Supplement; provided, however, that any right of exchange shall be exercisable only to the extent that the Depositor provides upon the Trustee's request an opinion of Counsel that (i) such exchange would not be inconsistent with the Depositor's and the Trustee's continued satisfaction of the applicable requirements for exemption under Rule 3a-7 (or other applicable rule or exemption) under the Investment Company Act of 1940, as amended, and all applicable rules, regulations and interpretations thereunder and (ii) such exchange would not affect the characterization of the Trust as a "grantor trust" for federal income tax purposes. Such terms may relate to, but are not limited to, the following:

Optional Exchange. (a) The terms and conditions, if any, upon which Certificates of any Series (or Class within such Series) may be exchanged for a pro rata portion of the Underlying Securities Term Assets of the related Trust will be specified in the related Series Supplement; provided, however, provided that any right of exchange shall be exercisable only to the extent that the Depositor provides upon the Trustee's request an opinion Opinion of Counsel that (i) such exchange would not be inconsistent with the Depositor's and the TrusteeTrust's continued satisfaction of the applicable requirements for exemption under Rule 3a-7 (or other applicable rule or exemption) under the Investment Company Act of 1940, as amended, and all applicable rules, regulations and interpretations thereunder and (ii) such exchange would not affect the characterization of cause the Trust to fail to qualify as a "grantor trust" trust for federal income tax purposes. Such terms may relate to, but are not limited to, the following:

Optional Exchange. (a) The terms and conditions, if ----------------- any, upon which Certificates of any Series (or Class within such Series) may be exchanged for a pro rata portion of the Underlying Securities of the related Trust will be specified in the related Series Supplement; provided, however, that any right of exchange shall be exercisable only to the extent that the Depositor provides upon the Trustee's request an opinion Opinion of Counsel that (i) such exchange would not be inconsistent with the Depositor's and the Trustee's continued satisfaction of the applicable requirements for exemption under Rule 3a-7 (or other applicable rule or exemption) under the Investment Company Act of 1940, as amended, and all applicable rules, regulations and interpretations thereunder and (ii) such exchange would not affect the characterization of the Trust as a "grantor trust" for federal income tax purposes. Such terms may relate to, but are not limited to, the following:

Optional Exchange. (a) The terms and conditions, ----------------- if any, upon which Certificates of any Series (or Class within such Series) may be exchanged for a pro rata portion of the Underlying Securities of the related Trust will be specified in the related Series Supplement; provided, however, that any right of exchange shall be exercisable only to the extent that the Depositor provides upon the Trustee's request an opinion of Counsel that (i) such exchange would not be inconsistent with the Depositor's and the Trustee's continued satisfaction of the applicable requirements for exemption under Rule 3a-7 (or other applicable rule or exemption) under the Investment Company Act of 1940, as amended, and all applicable rules, regulations and interpretations thereunder and (ii) such exchange would not affect the characterization of the Trust as a "grantor trust" for federal income tax purposes. Such terms may relate to, but are not limited to, the following:

Optional Exchange. (a) The terms and conditions, if any, upon which Certificates of any Series (or Class within such Series) may be exchanged for a pro rata portion of the Underlying Securities Deposited Assets of the related Trust will be specified in the related Series Supplement; provided, however, PROVIDED that any right of exchange shall be exercisable only to the extent that the Depositor provides provides, upon the Trustee's request written request, an opinion Opinion of Counsel that (i) such exchange would not be inconsistent with the Depositor's and the TrusteeTrust's continued satisfaction of the applicable requirements for exemption under Rule 3a-7 (or other applicable rule or exemption) under the Investment Company Act of 1940, as amended, and all applicable rules, regulations and interpretations thereunder and (ii) such exchange would not affect the characterization of the Trust as a "grantor trust" for federal income tax purposes. Such terms may relate to, but are not limited to, the following:

Optional Exchange. (a) The terms and conditions, if any, upon which Certificates of any Series (or Class within such Series) may be exchanged for a pro rata portion of the Underlying Securities of the related Trust will be specified in the related Series Supplement; provided, however, provided that any right of exchange shall be exercisable only to the extent that the Depositor Trustor provides upon the Trustee's request an opinion Opinion of Counsel that (i) such exchange would not be inconsistent with the DepositorTrustor's and the TrusteeTrust's continued satisfaction of the applicable requirements for exemption under Rule 3a-7 (or other applicable rule or exemption) under the Investment Company Act of 1940, as amended, and all applicable rules, regulations and interpretations thereunder and (ii) s such exchange would not affect the characterization of cause the Trust to be taxable as a "grantor trust" corporation for federal income tax purposes. Such terms may relate to, but are not limited to, the following:

Optional Exchange. (a) The terms and conditions, if any, upon which Certificates of any Series (or Class within such Series) may be exchanged for a pro rata portion of the Underlying Securities Deposited Assets of the related Trust will be specified in the related Series Supplement; provided, however, provided that any right of exchange shall be exercisable only to the extent that the Depositor provides upon the Trustee's request an opinion Opinion of Counsel that (i) such exchange would not be inconsistent with the Depositor's and the TrusteeTrust's continued satisfaction of the applicable requirements for exemption under Rule 3a-7 (or other applicable rule or exemption) under the Investment Company Act of 1940, as amended, and all applicable rules, regulations and interpretations thereunder and (ii) such exchange would not affect the characterization of the Trust as a "grantor trust" for federal income tax purposes. Such terms may relate to, but are not limited to, the following:

Optional Exchange. (a) The terms and conditions, if any, upon which Certificates of any Series (or Class within such Series) may be exchanged for a pro rata portion of the Underlying Securities of the related Trust will be specified in the related Series Supplement; provided, however, provided that any right of exchange shall be exercisable only to the extent that the Depositor provides upon the Trustee's request an opinion Opinion of Counsel that (i) such exchange would not be inconsistent with the Depositor's ’s and the Trustee's Trust’s continued satisfaction of the applicable requirements for exemption under Rule 3a-7 (or other applicable rule or exemption) under the Investment Company Act of 1940, as amended, and all applicable rules, regulations and interpretations thereunder and (ii) s such exchange would not affect the characterization of cause the Trust to be taxable as a "grantor trust" corporation for federal income tax purposes. Such terms may relate to, but are not limited to, the following:

Optional Exchange. (a) The terms and conditions, if any, upon which Certificates of any Series (or Class within such Series) may be exchanged for a pro rata portion of the Underlying Securities of the related Trust will be specified in the related Series Supplement; provided, however, provided that any right of exchange shall be exercisable only to the extent that the Depositor provides upon the Trustee's ’s request an opinion Opinion of Counsel that (i) such exchange would not be inconsistent with the Depositor's ’s and the Trustee's Trust’s continued satisfaction of the applicable requirements for exemption under Rule 3a-7 (or other applicable rule or exemption) under the Investment Company Act of 1940, as amended, and all applicable rules, regulations and interpretations thereunder and (ii) such exchange would not affect the characterization of cause the Trust to be taxable as a "grantor trust" corporation for federal income tax purposes. Such terms may relate to, but are not limited to, the following:

Optional Exchange. (a) The terms and conditions, if any, upon which Certificates of any Series (or Class within such Series) may be exchanged for a pro rata portion of the Underlying Securities of the related Trust will be specified in the related Series Supplement; provided, however, provided that any right of exchange shall be exercisable only to the extent that the Depositor provides upon the Trustee's request an opinion Opinion of Counsel that (i) such exchange would not be inconsistent with the Depositor's and the TrusteeTrust's continued satisfaction of the applicable requirements for exemption under Rule 3a-7 (or other applicable rule or exemption) under the Investment Company Act of 1940, as amended, and all applicable rules, regulations and interpretations thereunder and (ii) such exchange would not affect the characterization of cause the Trust to be taxable as a "grantor trust" corporation for federal income tax purposes. Such terms may relate to, but are not limited to, the following:

Optional Exchange. (a) The terms and conditions, if any, upon which Certificates of any Series (or Class within such Series) may be exchanged for a pro rata portion of the Underlying Securities of the related Trust will be specified in the related Series Supplement; provided, however, provided that any right of exchange shall be exercisable only to the extent that the Depositor provides upon the Trustee's ’s request an opinion Opinion of Counsel that (i) such exchange would not be inconsistent with the Depositor's ’s and the Trustee's Trust’s continued satisfaction of the applicable requirements for exemption under Rule 3a-7 3a 7 (or other applicable rule or exemption) under the Investment Company Act of 1940, as amended, and all applicable rules, regulations and interpretations thereunder and (ii) such exchange would not affect the characterization of cause the Trust to fail to qualify as either a grantor trust or a partnership (other than a publicly traded partnership treated as a "grantor trust" corporation) for U.S. federal income tax purposes. Such terms may relate to, but are not limited to, the following:

Optional Exchange. (a) The terms and conditions, if any, upon which Certificates of any Series (or Class within such Series) may be exchanged for a pro rata portion of the Underlying Securities of the related Trust will be specified in the related Series Supplement; provided, however, provided that any right of exchange shall be exercisable only to the extent that the Depositor Trustor provides upon the Trustee's ’s request an opinion Opinion of Counsel that (i) such exchange would not be inconsistent with the Depositor's Trustor’s and the Trustee's Trust’s continued satisfaction of the applicable requirements for exemption under Rule 3a-7 (or other applicable rule or exemption) under the Investment Company Act of 1940, as amended, and all applicable rules, regulations and interpretations thereunder and (ii) s such exchange would not affect the characterization of cause the Trust to be taxable as a "grantor trust" corporation for federal income tax purposes. Such terms may relate to, but are not limited to, the following:

Optional Exchange. (a) The terms and ----------------- conditions, if any, upon which Certificates of any Series (or Class within such Series) may be exchanged for a pro rata portion of the Underlying Securities of the related Trust will be specified in the related Series Supplement; provided, however, that any right of exchange shall be exercisable only to the extent that the Depositor provides upon the Trustee's request an opinion Opinion of Counsel that (i) such exchange would not be inconsistent with the Depositor's and the Trustee's continued satisfaction of the applicable requirements for exemption under Rule 3a-7 (or other applicable rule or exemption) under the Investment Company Act of 1940, as amended, and all applicable rules, regulations and interpretations thereunder and (ii) such exchange would not affect the characterization of the Trust as a "grantor trust" for federal income tax purposes. Such terms may relate to, but are not limited to, the following:

Optional Exchange. (a) The terms and conditions, if any, upon which Certificates of any Series (or Class within such Series) held by any Certificateholder may be exchanged for a pro rata portion of the Underlying Securities of the related Trust will be specified in the related Series Supplement; provided, however, that any right of exchange shall be exercisable only to the extent that the Depositor provides upon the Trustee's request an opinion of Counsel that (i) such exchange would not be inconsistent with the Depositor's and the Trustee's continued satisfaction of the applicable requirements for exemption under Rule 3a-7 (or other applicable rule or exemption) under the Investment Company Act of 1940Act, as amended, and all applicable rules, regulations and interpretations thereunder and (ii) such exchange would not affect the characterization of the Trust as a "grantor trust" for federal income tax purposes, and (iii) such exchange would not cause the Trust to be treated as an association or publicly traded partnership, taxable as a corporation for federal income tax purposes. Such The terms and conditions of such exchange may relate toinclude, but are not limited towithout limitation, the following:

Optional Exchange. (a) The terms and conditions, if any, upon which Certificates of any Series (or Class within such Series) may be exchanged for a pro rata portion of the Underlying Securities of the related Trust will be specified in the related Series Supplement; provided, however, provided that any right of exchange shall be exercisable only to the extent that the Depositor provides upon the Trustee's request an opinion Opinion of Counsel that (i) such exchange would not be inconsistent with the Depositor's and the TrusteeTrust's continued satisfaction of the applicable requirements for exemption under Rule 3a-7 (or other applicable rule or exemption) under the Investment Company Act of 1940, as amended, and all applicable rules, regulations and interpretations thereunder and (ii) such exchange would not affect the characterization of cause the Trust to fail to qualify as a "grantor trust" trust for federal income tax purposes. Such terms may relate to, but are not limited to, the following:

Optional Exchange. (a) The terms and conditions, if any, ----------------- upon which Certificates of any Series (or Class within such Series) may be exchanged for a pro rata portion of the Underlying Securities of the related Trust will be specified in the related Series Supplement; provided, however, that any right of exchange shall be exercisable only to the extent that the Depositor provides upon the Trustee's request an opinion of Counsel that (i) such exchange would not be inconsistent with the Depositor's and the Trustee's continued satisfaction of the applicable requirements for exemption under Rule 3a-7 (or other applicable rule or exemption) under the Investment Company Act of 1940, as amended, and all applicable rules, regulations and interpretations thereunder and (ii) such exchange would not affect the characterization of the Trust as a "grantor trust" for federal income tax purposes. Such terms may relate to, but are not limited to, the following:

Optional Exchange. (a) The terms and conditions, if any, upon which Certificates of any Series (or Class within such Series) may be exchanged for a pro rata portion of the Underlying Securities of the related Trust will be specified in the related Series Supplement; provided, however, provided that any right of exchange shall be exercisable only to the extent that the Depositor Trustor provides upon the Trustee's ’s request an opinion Opinion of Counsel that (i) such exchange would not be inconsistent with the Depositor's Trustor’s and the Trustee's Trust’s continued satisfaction of the applicable requirements for exemption under Rule 3a-7 3a 7 (or other applicable rule or exemption) under the Investment Company Act of 1940, as amended, and all applicable rules, regulations and interpretations thereunder and (ii) such exchange would not affect the characterization of cause the Trust to fail to qualify as either a grantor trust or a partnership (other than a publicly traded partnership treated as a "grantor trust" corporation) for U.S. federal income tax purposes. Such terms may relate to, but are not limited to, the following:

Optional Exchange. (a) The terms and conditions, if any, upon which Certificates of any Series (or Class within such Series) may be exchanged for a pro rata portion of the Underlying Securities of the related Trust will be specified in the related Series Supplement; provided, however, provided that any right of exchange shall be exercisable only to the extent that the Depositor Trustor provides upon the Trustee's request an opinion Opinion of Counsel that (i) such exchange would not be inconsistent with the DepositorTrustor's and the TrusteeTrust's continued satisfaction of the applicable requirements for exemption under Rule 3a-7 (or other applicable rule or exemption) under the Investment Company Act of 1940, as amended, and all applicable rules, regulations and interpretations thereunder and (ii) such exchange would not affect the characterization of cause the Trust to be taxable as a "grantor trust" corporation for federal income tax purposes. Such terms may relate to, but are not limited to, the following:

Optional Exchange. (a) The terms and conditions, if any, upon which Certificates of any Series (or Class within such Series) may be exchanged for a pro rata portion of the Underlying Securities of the related Trust will be specified in the related Series Supplement; provided, however, provided that any right of exchange shall be exercisable only to the extent that the Depositor provides upon the Trustee's ’s request an opinion Opinion of Counsel that (i) such exchange would not be inconsistent with the Depositor's ’s and the Trustee's Trust’s continued satisfaction of the applicable requirements for exemption under Rule 3a-7 (or other applicable rule or exemption) under the Investment Company Act of 1940, as amended, and all applicable rules, regulations and interpretations thereunder and (ii) s such exchange would not affect the characterization of cause the Trust to be taxable as a "grantor trust" corporation for federal income tax purposes. Such terms may relate to, but are not limited to, the following:

Optional Exchange. (a) The terms and conditions, if any, upon which Certificates of any Series (or Class within such Series) may be exchanged for a pro rata portion of the Underlying Securities Term Assets of the related Trust will be specified in the related Series Supplement; provided, however, provided that any right of exchange shall be exercisable only to the extent that the Depositor provides upon the Trustee's ’s request an opinion Opinion of Counsel that (i) such exchange would not be inconsistent with the Depositor's ’s and the Trustee's Trust’s continued satisfaction of the applicable requirements for exemption under Rule 3a-7 3a 7 (or other applicable rule or exemption) under the Investment Company Act of 1940, as amended, and all applicable rules, regulations and interpretations thereunder and (ii) such exchange would not affect the characterization of cause the Trust to fail to qualify as either a grantor trust or a partnership (other than a publicly traded partnership treated as a "grantor trust" corporation) for U.S. federal income tax purposes. Such terms may relate to, but are not limited to, the following:

Optional Exchange. (a) The terms and conditions, if any, upon which Certificates of any Series (or Class within such Series) may be exchanged for a pro rata portion of the Underlying Securities of the related Trust will be specified in the related Series Supplement; provided, however, that any right of exchange shall be exercisable only to the extent that the Depositor provides upon the Trustee's ’s request an opinion Opinion of Counsel that (i) such exchange would not be inconsistent with the Depositor's ’s and the Trustee's ’s continued satisfaction of the applicable requirements for exemption under Rule 3a-7 (or other applicable rule or exemption) under the Investment Company Act of 1940, as amended, and all applicable rules, regulations and interpretations thereunder and (ii) such exchange would not affect the characterization of the Trust as a "“grantor trust" ” for federal income tax purposes. Such terms may relate to, but are not limited to, the following: