Common use of Redemption of Founders' Shares Clause in Contracts

Redemption of Founders' Shares. Concurrently with the first issuance of Up-MACRO Tradeable Shares in accordance with the terms of the Up-MACRO Tradeable Trust Agreement, the portion of the Initial Deposit made into the Up-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 Up-MACRO Tradeable Shares or any other calculation performed at any time pursuant to Article 4 or Article 8 of this Trust Agreement. The Up-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 Up-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 Up-MACRO Tradeable Trust (the "Trust Assets").

Redemption of Founders' Shares. Concurrently with the first issuance of Up-MACRO Tradeable Shares in accordance with the terms of the Up-MACRO Tradeable this Trust Agreement, the portion of the Initial Deposit made into the Up-MACRO Tradeable Trust by the Depositor and the Administrative Agent shall be Claymore Securities, Inc. was 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 Up-MACRO Tradeable Shares or any other calculation performed at any time pursuant to Article 4 or Article 8 of this Trust Agreement. The Up-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 Up-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 Up-MACRO Tradeable Trust (the "Trust Assets").

Redemption of Founders' Shares. Concurrently with the first issuance of UpDown-MACRO Tradeable Shares in accordance with the terms of the Up-MACRO Tradeable this Trust Agreement, the portion of the Initial Deposit made into the UpDown-MACRO Tradeable Trust by the Depositor and the Administrative Agent shall be Claymore Securities, Inc. was 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 UpDown-MACRO Tradeable Shares or any other calculation performed at any time pursuant to Article ARTICLE 4 or Article ARTICLE 8 of this Trust Agreement. The UpDown-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 UpDown-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 UpDown-MACRO Tradeable Trust (the "Trust Assets").

Redemption of Founders' Shares. Concurrently with the first issuance of UpDown-MACRO Tradeable Shares in accordance with the terms of the UpDown-MACRO Tradeable Trust Agreement, the portion of the Initial Deposit made into the UpDown-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 UpDown-MACRO Tradeable Shares or any other calculation performed at any time pursuant to Article 4 0 or Article 8 0 of this Trust Agreement. The UpDown-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 UpDown-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 UpDown-MACRO Tradeable Trust (the "Trust Assets").

Redemption of Founders' Shares. Concurrently with the first issuance of UpDown-MACRO Tradeable Shares in accordance with the terms of the Up-MACRO Tradeable this Trust Agreement, the portion of the Initial Deposit made into the UpDown-MACRO Tradeable Trust by the Depositor and the Administrative Agent shall be Claymore Securities, Inc. was 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 UpDown-MACRO Tradeable Shares or any other calculation performed at any time pursuant to Article 4 0 or Article 8 0 of this Trust Agreement. The UpDown-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 UpDown-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 UpDown-MACRO Tradeable Trust (the "Trust Assets").