Common use of Redemption of Founders' Shares Clause in Contracts

Redemption of Founders' Shares. Concurrently with the first Paired Issuance of Paired Shares in accordance with the terms of this Trust Agreement and the terms of the Up Trust Agreement, the portion of the Initial Deposit made into the Down Trust by the Depositor and the Administrative Agent shall be transferred to each of them in redemption of their respective Founders’ 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 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 Down Trust's rights under the Master Agreement, the schedule related thereto and the confirmations thereto constituting the Income Distribution Agreement and the Settlement Contracts, the SNIR Service Agreement, the MacroShares Licensing Agreement, the Standard & Poor's Sublicensing Agreement and the Listing Agency Agreement, shall collectively constitute the assets of the Down Trust (the "Trust Assets").

Redemption of Founders' Shares. Concurrently with the first Paired Issuance of Paired Shares in accordance with the terms of this Trust Agreement and the terms of the Up Down Trust Agreement, the portion of the Initial Deposit made into the Down Up Trust by the Depositor and the Administrative Agent shall be transferred to each of them in redemption of their respective Founders’ 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 Down 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 Down Up Trust's rights under the Master Agreement, the schedule related thereto and the confirmations thereto constituting the Income Distribution Agreement and the Settlement Contracts, the SNIR Service Agreement, the MacroShares Licensing Agreement, the Standard & Poor's Sublicensing Agreement and the Listing Agency Agreement, shall collectively constitute the assets of the Down Up Trust (the "Trust Assets").

Redemption of Founders' Shares. Concurrently with the first Paired Issuance of Paired Shares in accordance with the terms of this Trust Agreement and the terms of the Up Down Trust Agreement, the portion of the Initial Deposit made into the Down Up Trust by the Depositor and the Administrative Agent shall be transferred to each of them in redemption of their respective Founders’ 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 Down 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 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 Down Up Trust's rights under the Master AgreementAgreement and related schedule thereto, the schedule related thereto and the confirmations thereto constituting the Income Distribution Agreement and Agreement, the Settlement Contracts, the SNIR Service Agreement, the MacroShares Licensing Agreement, the Standard & Poor's Sublicensing Agreement and the Listing Agency Agreement, shall collectively constitute the assets of the Down Up Trust (the "Trust Assets").

Redemption of Founders' Shares. Concurrently with the first Paired Issuance of Paired Shares in accordance with the terms of this Trust Agreement and the terms of the Up Down Trust Agreement, the portion of the Initial Deposit made into the Down Up Trust by the Depositor and the Administrative Agent shall be transferred to each of them in redemption of their respective Founders’ 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 Down 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 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 Down Up Trust's rights under the Master Agreement, the schedule related thereto and the confirmations thereto constituting the Income Distribution Agreement and the Settlement Contracts, the SNIR Service Agreement, the MacroShares Licensing Agreement, and the Standard & Poor's NYMEX Sublicensing Agreement and the Listing Agency (or any Substitute Reference Price Licensing Agreement), shall collectively constitute the assets of the Down Up Trust (the "Trust Assets").