Common use of Redemption of Founders' Shares Clause in Contracts

Redemption of Founders' Shares. Concurrently with the first Paired Issuance of Paired Holding Shares in accordance with the terms of this Trust Agreement and the terms of the Down-MACRO Holding Trust Agreement, the portion of the Initial Deposit made into the Up-MACRO Holding 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 Up-MACRO Asset Amount or any other calculation performed at any time pursuant to Article 4 or Article 8 of this Trust Agreement. The Securities Account and the Eligible Treasuries on deposit therein, from time to time, the Distribution Account, the Fee Payment Account and the Netting Account and all monies and any other assets on deposit from time to time therein, the Up-MACRO Holding Trust's rights under the Master Agreement and related schedule thereto, the Income Distribution Agreement, the Settlement Contracts, the SNIR Service Agreement, the MACRO Licensing Agreement, and the NYMEX Sublicensing Agreement (or any Substitute Reference Price Licensing Agreement), shall collectively constitute the assets of the Up-MACRO Holding Trust (the "Trust Assets").

Redemption of Founders' Shares. Concurrently with the first Paired Issuance of Paired Holding Shares in accordance with the terms of this Trust Agreement and the terms of the DownUP-MACRO Holding Trust Agreement, the portion of the Initial Deposit made into the UpDown-MACRO Holding 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 UpDown-MACRO Asset Amount or any other calculation performed at any time pursuant to Article ARTICLE 4 or Article ARTICLE 8 of this Trust Agreement. The Securities Account and the Eligible Treasuries on deposit therein, from time to time, the Distribution Account, the Fee Payment Account and the Netting Account and all monies and any other assets on deposit from time to time therein, the UpDown-MACRO Holding Trust's rights under the Master Agreement and related schedule thereto, the Income Distribution Agreement, the Settlement Contracts, the SNIR Service Agreement, the MACRO Licensing Agreement, and the NYMEX Sublicensing Agreement (or any Substitute Reference Price Licensing Agreement), shall collectively constitute the assets of the UpDown-MACRO Holding Trust (the "Trust Assets").

Redemption of Founders' Shares. Concurrently with the first Paired Issuance of Paired Holding Shares in accordance with the terms of this Trust Agreement and the terms of the Down-MACRO Holding Down Trust Agreement, the portion of the Initial Deposit made into the Up-MACRO Holding Up 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 Up-MACRO Up Asset Amount or any other calculation performed at any time pursuant to Article 4 or Article 8 of this Trust Agreement. The Securities Account and the Eligible Treasuries on deposit therein, from time to time, the Distribution Account, the Fee Payment Account and the Netting Account and all monies and any other assets on deposit from time to time therein, the Up-MACRO Holding Up Trust's rights under the Master Agreement Agreement, the schedule related thereto and related schedule thereto, the confirmations thereto constituting the Income Distribution Agreement, Agreement and the Settlement Contracts, the SNIR Service Agreement, the MACRO MacroShares Licensing Agreement, and the NYMEX Sublicensing Agreement (or any Substitute Reference Price Licensing Agreement), shall collectively constitute the assets of the Up-MACRO Holding Up Trust (the "Trust Assets").

Redemption of Founders' Shares. Concurrently with the first Paired Issuance of Paired Holding Shares in accordance with the terms of this Trust Agreement and the terms of the Down-MACRO Holding Up Trust Agreement, the portion of the Initial Deposit made into the Up-MACRO Holding Down 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 Up-MACRO Down Asset Amount or any other calculation performed at any time pursuant to Article 4 or Article 8 of this Trust Agreement. The Securities Account and the Eligible Treasuries on deposit therein, from time to time, the Distribution Account, the Fee Payment Account and the Netting Account and all monies and any other assets on deposit from time to time therein, the Up-MACRO Holding Down Trust's rights under the Master Agreement Agreement, the schedule related thereto and related schedule thereto, the confirmations thereto constituting the Income Distribution Agreement, Agreement and the Settlement Contracts, the SNIR Service Agreement, the MACRO MacroShares Licensing Agreement, and the NYMEX Sublicensing Agreement (or any Substitute Reference Price Licensing Agreement), shall collectively constitute the assets of the Up-MACRO Holding Down Trust (the "Trust Assets").