Common use of Payment of License Fees Clause in Contracts

Payment of License Fees. On each Distribution Payment Date, each Holding Trust will pay to Licensor, as payment in full for the Licenses granted hereunder, a fee equal to, for each day during each Calculation Period, the Up-MACRO Asset Amount or the Down-MACRO Asset Amount as applicable, as of the preceding day, multiplied by the Annual Fee Rate divided by 365 or 366 depending on the number of days in the current year (the "Licensing Fee"). The Tradeable Trusts shall pay no royalty directly to Licensor, however the Licenses granted hereunder to each of the Tradeable Trusts are subject to the payment of Licensing Fees by both of the Holding Trusts.