Common use of REDEMPTION OF UNITS; SALE OF SECURITIES Clause in Contracts

REDEMPTION OF UNITS; SALE OF SECURITIES. (a) Any Unitholder may cause any of his Units to be redeemed by the Trustee, subject to the terms of this Section 5.02, by making a written request to the Trustee at its principal trust office, and, in the case of Units evidenced by a Certificate, by tendering such Certificate to the Trustee at such office, properly endorsed or accompanied by a written instrument or instruments of transfer in form satisfactory to the Trustee. Unitholders must sign such written request, and such Certificate or transfer instrument, exactly as their name appears on the records of the Trustee and on any Certificate representing the Units to be redeemed. Such signature must be guaranteed by a participant in the Securities Transfer Agents Medallion Program ("STAMP") or such other signature guarantee program in addition to, or in substitution for, STAMP, as may be accepted by the Trustee. Such redemption shall be made by the Trustee on the third business day following the day on which request for redemption is received by the Trustee, (such date being herein called the "Redemption Date"). Subject to payment by such Unitholder of any tax or other governmental charges which may be imposed thereon and subject to payments in the form of In Kind Distributions (as defined below), such redemption is to be made by payment on the Redemption Date of cash equal to the Unit Value (determined on the basis of the Trust Fund Evaluation made in accordance with Section 5.01) multiplied by the number of Units being redeemed (herein called the "Redemption Price"). The portion of the Redemption Price which represents dividends shall be withdrawn from the Income Account of the affected Trust Fund to the extent available. The balance paid on any redemption shall be withdrawn from the Capital Account of the affected Trust Fund to the extent that funds are available for such purpose. If such available balance shall be insufficient, the Trustee shall sell from such Trust Fund such Securities from among those designated for such purpose by the Depositor as the Trustee in its discretion, shall deem advisable or necessary. In the event that funds are withdrawn from the Capital Account or Securities are sold for payment of any portion of the Redemption Price representing declared but unpaid dividends, the Capital Account shall be reimbursed when sufficient funds are next available in the Income Account for such funds so applied.

REDEMPTION OF UNITS; SALE OF SECURITIES. (a) Any Unitholder may cause any of his Units to be redeemed by the Trustee, subject to the terms of this Section 5.02, by making a written request to the Trustee at its principal trust office, and, in the case of Units evidenced by a Certificate, by tendering such Certificate to the Trustee at such office, properly endorsed or accompanied by a written instrument or instruments of transfer in form satisfactory to the Trustee. Unitholders must sign such written request, and such Certificate or transfer instrument, exactly as their name appears on the records of the Trustee and on any Certificate representing the Units to be redeemed. Such signature must be guaranteed by a participant in the Securities Transfer Agents Medallion Program ("STAMP") or such other signature guarantee program in addition to, or in substitution for, STAMP, as may be accepted by the Trustee. Such redemption shall be made by the Trustee on the third business day following the day on which request for redemption is received by the Trustee, (such date being herein called the "Redemption DateREDEMPTION DATE"). Subject to payment by such Unitholder of any tax or other governmental charges which may be imposed thereon and subject to payments in the form of In Kind Distributions (as defined below), such redemption is to be made by payment on the Redemption Date of cash equal to the Unit Value (determined on the basis of the Trust Fund Evaluation made in accordance with Section 5.01) multiplied by the number of Units being redeemed (herein called the "Redemption PriceREDEMPTION PRICE"). The portion of the Redemption Price which represents dividends shall be withdrawn from the Income Account of the affected Trust Fund to the extent available. The balance paid on any redemption shall be withdrawn from the Capital Account of the affected Trust Fund to the extent that funds are available for such purpose. If such available balance shall be insufficient, the Trustee shall sell from such Trust Fund such Securities from among those designated for such purpose by the Depositor as the Trustee in its discretion, shall deem advisable or necessary. In the event that funds are withdrawn from the Capital Account or Securities are sold for payment of any portion of the Redemption Price representing declared but unpaid dividends, the Capital Account shall be reimbursed when sufficient funds are next available in the Income Account for such funds so applied. The Trustee may in its discretion, and shall when so directed by the Depositor in writing, suspend the right of redemption or postpone the date of payment of the Redemption Price for more than three business days following the day on which tender for redemption is made (1) for any period during which the New York Stock Exchange, Inc. is closed other than customary weekend and holiday closings; (2) for any period during which (i) trading on the New York Stock Exchange, Inc. is restricted or (ii) an emergency exists as a result of which disposal by the Trust Fund of the Securities is not reasonably practicable or it is not reasonably practicable fairly to determine in accordance herewith the value of the Securities for the purposes of any Trust Fund Evaluation; or (3) for such other period as the Securities and Exchange Commission may by order permit. No later than the close of business on the day of tender of any Unit for redemption by a Unitholder other than the Depositor, the Trustee shall notify the Depositor of such tender. The Depositor shall have the right to purchase such Units by notifying the Trustee of its election to make such purchase as soon as practicable thereafter but in no event subsequent to the close of business on the second business day after the day on which such Units were tendered for redemption. Such purchase shall be made by payment for such Units by the Depositor to the Unitholder not later than the close of business on the Redemption Date of any amount not less than the Redemption Price which would otherwise be payable by the Trustee to such Unitholder. Any Unit so purchased by the Depositor may at the option of the Depositor be tendered to the Trustee for redemption in the manner provided in the first paragraph of this Section 5.02. Notwithstanding anything to the contrary in this Section 5.02, if offered by the terms of the Prospectus, any Unitholder may, if such Unitholder tenders at least that number of Units set forth in the Prospectus for redemption and makes such tender on or prior to the date provided in the Prospectus, request at the time of tender to receive from the Trustee in lieu of cash such Unitholder's pro rata share of each Security then held by the Trust Fund. Such tendering Unitholder will receive his pro rata number of whole shares of each of the Securities comprising the portfolio of the Trust Fund and cash from the Capital Account equal to the value of the fractional shares to which such tendering Unitholder is entitled. Such pro rata share of each Security and the related cash equal to the value of the fractional shares to which such tendering Unitholder is entitled is referred to herein as an "IN KIND DISTRIBUTION". An In Kind Distribution will be made by the Trustee through the distribution of each of the Securities in book-entry form to the account of the Unitholder's bank or broker-dealer at Depository Trust Company. If funds in the Capital Account are insufficient to cover the required cash distribution to the tendering Unitholder, the Trustee may sell Securities according to the criteria discussed above. The Depositor shall deliver a current list of Securities in each Trust Fund to be sold for the purpose of redemption of Units tendered for redemption and for payment of expenses hereunder. If at any such time the Depositor shall for any reason fail to deliver such a list, the Trustee, in its sole discretion, may designate a current list of Securities in each Trust Fund for such purposes. The net proceeds of any sale of Securities shall be credited to the Capital Account of such Trust Fund. Except as provided in Article VII and Article VIII, neither the Depositor nor the Trustee shall be liable or responsible in any way for depreciation or loss incurred by reason of any sale or designation of Securities made pursuant to this Section 5.02. Any Certificates evidencing Units redeemed pursuant to this Section 5.02 shall be cancelled by the Trustee and the Unit or Units evidenced by such Certificates shall be extinguished by such redemptions.

REDEMPTION OF UNITS; SALE OF SECURITIES. (a) Any Unitholder may cause any of his Units to be redeemed by the Trustee, subject to the terms of this Section 5.02, by making a written request to the Trustee at its principal trust office, and, in the case of Units evidenced by a Certificate, by tendering such Certificate to the Trustee at such office, properly endorsed or accompanied by a written instrument or instruments of transfer in form satisfactory to the Trustee. Unitholders must sign such written request, and such Certificate or transfer instrument, exactly as their name appears on the records of the Trustee and on any Certificate representing the Units to be redeemed. Such signature must be guaranteed by a participant in the Securities Transfer Agents Medallion Program ("STAMP") or such other signature guarantee program in addition to, or in substitution for, STAMP, as may be accepted by the Trustee. Such redemption shall be made by the Trustee on the third business day following the day on which request for redemption is received by the Trustee, (such date being herein called the "Redemption DateREDEMPTION DATE"). Subject to payment by such Unitholder of any tax or other governmental charges which may be imposed thereon and subject to payments in the form of In Kind Distributions (as defined below), such redemption is to be made by payment on the Redemption Date of cash equal to the Unit Value (determined on the basis of the Trust Fund Evaluation made in accordance with Section 5.01) multiplied by the number of Units being redeemed (herein called the "Redemption PriceREDEMPTION PRICE"). The portion of the Redemption Price which represents dividends shall be withdrawn from the Income Account of the affected Trust Fund to the extent available. The balance paid on any redemption shall be withdrawn from the Capital Account of the affected Trust Fund to the extent that funds are available for such purpose. If such available balance shall be insufficient, the Trustee shall sell from such Trust Fund such Securities from among those designated for such purpose by the Depositor as the Trustee in its discretion, shall deem advisable or necessary. In the event that funds are withdrawn from the Capital Account or Securities are sold for payment of any portion of the Redemption Price representing declared but unpaid dividends, the Capital Account shall be reimbursed when sufficient funds are next available in the Income Account for such funds so applied. The Trustee may in its discretion, and shall when so directed by the Depositor in writing, suspend the right of redemption or postpone the date of payment of the Redemption Price for more than three business days following the day on which tender for redemption is made (1) for any period during which the New York Stock Exchange, Inc. is closed other than customary weekend and holiday closings; (2) for any period during which (i) trading on the New York Stock Exchange, Inc. is restricted or (ii) an emergency exists as a result of which disposal by the Trust Fund of the Securities is not reasonably practicable or it is not reasonably practicable fairly to determine in accordance herewith the value of the Securities for the purposes of any Trust Fund Evaluation; or (3) for such other period as the Securities and Exchange Commission may by order permit. No later than the close of business on the day of tender of any Unit for redemption by a Unitholder other than the Depositor, the Trustee shall notify the Depositor of such tender. The Depositor shall have the right to purchase such Units by notifying the Trustee of its election to make such purchase as soon as practicable thereafter but in no event subsequent to the close of business on the second business day after the day on which such Units were tendered for redemption. Such purchase shall be made by payment for such Units by the Depositor to the Unitholder not later than the close of business on the Redemption Date of any amount not less than the Redemption Price which would otherwise be payable by the Trustee to such Unitholder. Any Unit so purchased by the Depositor may at the option of the Depositor be tendered to the Trustee for redemption in the manner provided in the first paragraph of this Section 5.02. Notwithstanding anything to the contrary in this Section 5.02, if offered by the terms of the Prospectus, any Unitholder may, if such Unitholder tenders at least that number of Units set forth in the Prospectus for redemption and makes such tender on or prior to the date provided in the Prospectus, request at the time of tender to receive from the Trustee in lieu of cash such Unitholder's pro rata share of each Security then held by the Trust Fund. Such tendering Unitholder will receive his pro rata number of whole shares of each of the Securities comprising the portfolio of the Trust Fund and cash from the Capital Account equal to the value of the fractional shares to which such tendering Unitholder is entitled. Such pro rata share of each Security and the related cash equal to the value of the fractional shares to which such tendering Unitholder is entitled is referred to herein as an "IN KIND DISTRIBUTION." An In Kind Distribution will be made by the Trustee through the distribution of each of the Securities in book-entry form to the account of the Unitholder's bank or broker-dealer at Depository Trust Company. If funds in the Capital Account are insufficient to cover the required cash distribution to the tendering Unitholder, the Trustee may sell Securities according to the criteria discussed above. The Depositor shall deliver a current list of Securities in each Trust Fund to be sold for the purpose of redemption of Units tendered for redemption and for payment of expenses hereunder. If at any such time the Depositor shall for any reason fail to deliver such a list, the Trustee, in its sole discretion, may designate a current list of Securities in each Trust Fund for such purposes. The net proceeds of any sale of Securities shall be credited to the Capital Account of such Trust Fund. Except as provided in Article VII and Article VIII, neither the Depositor nor the Trustee shall be liable or responsible in any way for depreciation or loss incurred by reason of any sale or designation of Securities made pursuant to this Section 5.02. Any Certificates evidencing Units redeemed pursuant to this Section 5.02 shall be cancelled by the Trustee and the Unit or Units evidenced by such Certificates shall be extinguished by such redemptions.