Common use of Redemption Order Clause in Contracts

Redemption Order. (a) Except as otherwise provided for herein, all orders to exchange Tradeable Shares into Holding Shares and concurrently redeem such Holding Shares as one or more MACRO Units based on the default procedure or to redeem Holding Shares pursuant to instructions submitted by the Authorized Participant for cash or for cash and/or Eligible Treasuries shall be made in accordance with the terms of the applicable Trust Agreements, this Participants Agreement and the Redemption Procedures. Each party will comply with such foregoing terms and procedures to the extent applicable. Each Authorized Participant hereby consents to the use of recorded telephone lines whether or not such use is reflected in the Redemption Procedures. The applicable Trustee, the Administrative Agent and the Depositor may issue additional or other procedures from time to time relating to the manner of exchanging Tradeable Shares and concurrently redeeming such shares as part of one or more MACRO Units or redeeming Paired Holding Shares consisting of one or more MACRO Units which are not related to the Redemption Procedures, and each Authorized Participant shall comply with such procedures. (b) Each Authorized Participant acknowledges and agrees on behalf of itself and any party for which it is acting (whether such party is a customer or otherwise) that each order to exchange Tradeable Shares into Holding Shares and concurrently redeem such Holding Shares or to redeem Holding Shares as one or more MACRO Units for cash or for cash and/or Eligible Treasuries (a "Redemption Order") may not be revoked by such Authorized Participant after the placement and acceptance of such order with the Administrative Agent. Such Orders shall be a binding obligation of the Authorized Participant that placed such Order. A form of Redemption Order is attached hereto as EXHIBIT C (a "Redemption Order Form"). The Redemption Order Form shall not be required if such Redemption Order is conducted through the electronic facilities of the Administrative Agent; provided, however, that the Administrative Agent, in its sole discretion, may require the use of the Redemption Order Form for any reason as an alternative for its electronic facilities. The information required by such electronic facilities shall be substantially similar to the information on the Redemption Order Form attached hereto. (c) The Administrative Agent and the Depositor shall each have the absolute right but shall have no obligation to reject any Redemption Order (i) if the Administrative Agent determines that the Redemption Order is not in the required form, (ii) if the Administrative Agent determines that the Authorized Participant or Authorized Participants have deposited an insufficient number of shares with the Trustee, (iii) if the Depositor has determined, based upon an opinion of counsel, and advised the Trustee and the Administrative Agent that such Redemption Order would have adverse tax or securities laws consequences to one or more of the MACRO Trusts or any of the holders of the MACRO Shares, (iv) if the acceptance of the Redemption Order would, in the opinion of counsel to the Depositor, be unlawful, (v) if the trustee of one of the Paired Holding Trusts notifies the trustee of the other Paired Holding Trust that the related Redemption Order will be rejected by it, by the Depositor or by the Administrative Agent, (vi) if such Redemption Order will cause one or both of the Tradeable Trusts to hold fifty percent or less of the related outstanding Holding Shares or (vii) if circumstances outside the control of the Trustee, the Depositor or the Administrative Agent make it impractical or not feasible to process the Redemption Order on the Redemption Order Date or on the Order Date. None of the Trustee, the Depositor or the Administrative Agent shall be liable to any Person by reason of the rejection of any Redemption Order. (d) The Administrative Agent shall suspend the right of redemption or postpone the applicable settlement date, (i) for any period during which the AMEX or the NYMEX is closed, or trading on the AMEX or the NYMEX is suspended or restricted, (ii) for any period during which an emergency exists as a result of which delivery or acquisition of Eligible Treasuries by the paired Holding Trusts is not reasonably practicable, (iii) if any such redemption would cause the Up-MACRO or Down-MACRO Investment Amount to equal less than 10 million dollars or (iv) for such other period as the Depositor, the Trustee or the Administrative Agent determines to be necessary for the protection of the Beneficial Owners of any of the MACRO Shares. Neither the Depositor, the Administrative Agent nor the Trustee shall be liable to any Person or in any way for any loss or damages that may result from any such suspension or postponement.

Redemption Order. The AP submitting a request to redeem shall submit such requests containing the information required by the Transfer Agent in the following manner: (a) Except in writing transmitted by facsimile; (b) through Transfer Agent’s electronic order entry system, as otherwise provided such may be made available and constituted from time to time, the use of which shall be subject to the terms and conditions of the Electronic Services Agreement, incorporated herein by reference; or (c) by telephone to the Transfer Agent Representative and the Distributor, as applicable, according to the procedures set forth below. The request so transmitted (either in writing or electronic form) is hereinafter referred to as the “Submission” or the “Redemption Order” as applicable, and the Business Day on which a Submission is made is hereinafter referred to as the “Transmittal Date”. NOTE THAT IF THE TELEPHONIC METHOD OF REQUESTING A REDEMPTION IS USED, THE TELEPHONE CALL IN WHICH THE REQUEST NUMBER IS ISSUED INITIATES THE REQUEST PROCESS BUT DOES NOT ALONE CONSTITUTE THE REQUEST. A REQUEST IS ONLY COMPLETED AND PROCESSED UPON RECEIPT OF THE SUBMISSION. Redemption Orders for hereinCreation Units of Shares may be initiated only on days that the Listing Exchange, all orders to exchange Tradeable Shares into Holding Shares the Chicago Board of Trade and concurrently redeem such Holding Shares as one or more MACRO Units based on the default procedure or to redeem Holding Shares pursuant to instructions submitted by the Authorized Participant New York Stock Exchange are open for cash or for cash and/or Eligible Treasuries shall trading. Redemption Orders may only be made in accordance with whole Creation Units of Shares of each Fund. To begin a telephonic Redemption Order, the terms AP must telephone the Administrator. This telephone call must be made by an Authorized Person of the AP and answered by the Administrator before the applicable Trust Agreements, this Participants Agreement and Order Cutoff Time. Upon verifying the Redemption Procedures. Each party will comply with such foregoing terms and procedures to the extent applicable. Each Authorized Participant hereby consents to the use of recorded telephone lines whether or not such use is reflected in the Redemption Procedures. The applicable Trustee, the Administrative Agent and the Depositor may issue additional or other procedures from time to time relating to the manner of exchanging Tradeable Shares and concurrently redeeming such shares as part of one or more MACRO Units or redeeming Paired Holding Shares consisting of one or more MACRO Units which are not related to the Redemption Procedures, and each Authorized Participant shall comply with such procedures. (b) Each Authorized Participant acknowledges and agrees on behalf of itself and any party for which it is acting (whether such party is a customer or otherwise) that each order to exchange Tradeable Shares into Holding Shares and concurrently redeem such Holding Shares or to redeem Holding Shares as one or more MACRO Units for cash or for cash and/or Eligible Treasuries (a "Redemption Order") may not be revoked by such Authorized Participant after the placement and acceptance of such order with the Administrative Agent. Such Orders shall be a binding obligation authenticity of the Authorized Participant that placed such Order. A form of Redemption Order is attached hereto AP (as EXHIBIT C (a "Redemption Order Form"). The Redemption Order Form shall not be required if such Redemption Order is conducted through the electronic facilities of the Administrative Agent; provided, however, that the Administrative Agent, in its sole discretion, may require determined by the use of the appropriate PIN Number), the Administrator will request that the AP place the Redemption Order Form for any reason as an alternative for its electronic facilitiesOrder. The information required by such electronic facilities shall be substantially similar To do so, the AP must provide the appropriate ticker symbols when referring to a Fund. After the information on AP has placed the Redemption Order, the Administrator will read the Redemption Order Form attached hereto. (c) back to the AP. The Administrative Agent and the Depositor shall each have the absolute right but shall have no obligation to reject any Redemption Order (i) if the Administrative Agent determines AP then must affirm that the Redemption Order is not in has been taken correctly by the required form, (ii) if Administrator. If the Administrative Agent determines AP affirms that the Authorized Participant or Authorized Participants have deposited an insufficient number of shares with the Trustee, (iii) if the Depositor has determined, based upon an opinion of counsel, and advised the Trustee and the Administrative Agent that such Redemption Order would have adverse tax or securities laws consequences to one or more of has been taken correctly, the MACRO Trusts or any of the holders of the MACRO Shares, (iv) if the acceptance of the Redemption Order would, in the opinion of counsel Administrator will issue a confirmation number to the DepositorAP. A Fund’s Order Cutoff Time will not be later than 5:30 PM Eastern Standard Time. Redemption Orders for the Funds, be unlawfulif accepted, (v) will receive the next Business Day’s NAV per Creation Unit if the trustee of one of the Paired Holding Trusts notifies the trustee of the other Paired Holding Trust that the related Redemption Order will be rejected by it, by the Depositor or by the Administrative Agent, (vi) if such Redemption Order will cause one or both of the Tradeable Trusts to hold fifty percent or less of the related outstanding Holding Shares or (vii) if circumstances outside the control of the Trustee, the Depositor or the Administrative Agent make it impractical or not feasible to process the Redemption Order on the Redemption Order Date or on the Order Date. None of the Trustee, the Depositor or the Administrative Agent shall be liable to any Person by reason of the rejection of any Redemption Order. (d) The Administrative Agent shall suspend the right of redemption or postpone submitted before the applicable settlement date, (i) for any period during which the AMEX or the NYMEX is closed, or trading on the AMEX or the NYMEX is suspended or restricted, (ii) for any period during which an emergency exists as a result of which delivery or acquisition of Eligible Treasuries by the paired Holding Trusts is not reasonably practicable, (iii) if any such redemption would cause the Up-MACRO or Down-MACRO Investment Amount to equal less than 10 million dollars or (iv) for such other period as the Depositor, the Trustee or the Administrative Agent determines to be necessary for the protection of the Beneficial Owners of any of the MACRO Shares. Neither the Depositor, the Administrative Agent nor the Trustee shall be liable to any Person or in any way for any loss or damages that may result from any such suspension or postponementOrder Cutoff Time.

Redemption Order. (a) Except as otherwise provided for herein, all orders to redeem one or more MACRO Units upon a deposit of Paired Holding Shares consisting of one or more MACRO Units into cash and/or Treasuries and/or exchange Tradeable Shares into Holding Shares and concurrently redeem such Holding Shares shares as part of one or more MACRO Units based on the default procedure or to redeem Holding upon a deposit of Tradeable Shares pursuant to instructions submitted by the Authorized Participant for cash or for cash and/or Eligible Treasuries shall be made in accordance with the terms of the applicable Trust Agreements, this Participants Agreement and the Redemption Exchange Procedures. Each party will comply with such foregoing terms and procedures to the extent applicable. Each Authorized Participant hereby consents to the use of recorded telephone lines whether or not such use is reflected in the Redemption Procedures. The applicable Trustee, the Administrative Agent and the Depositor may issue additional or other procedures from time to time relating to the manner of redeeming of Paired Holding Shares consisting of one or more MACRO Units or exchanging Tradeable Shares and concurrently redeeming such shares as part of one or more MACRO Units or redeeming Paired Holding Shares consisting of one or more MACRO Units a MACRO-Unit which are not related to the Redemption Procedures, and each Authorized Participant shall comply with such procedures. (b) Each Authorized Participant acknowledges and agrees on behalf of itself and any party for which it is acting (whether such party is a customer or otherwise) that each order to redeem Paired Holding Shares and/or exchange Tradeable Shares into Holding Shares and concurrently redeem such shares as part of a MACRO Unit upon a deposit of the related Holding Shares or to redeem Holding Shares as one or more MACRO Units for cash or for cash and/or Eligible Treasuries (a "Redemption Order," and, together with a Creation Order and an Exchange Order, each an "Order") may not be revoked by such Authorized Participant after the placement and acceptance of such order with the Administrative Agent. Such Orders shall be a binding obligation of the Authorized Participant that placed such Order. A form of Redemption Order is attached hereto as EXHIBIT C D (a an "Redemption Order Form"). The Redemption Order Form shall not be required if such Redemption Order is conducted through the electronic facilities of the Administrative Agent; provided, however, that the Administrative Agent, in its sole discretion, may require the use of the Redemption Order Form for any reason as an alternative for its electronic facilities. The information required by such electronic facilities shall be substantially similar to the information on the Redemption Order Form attached hereto. (c) The Administrative Agent and the Depositor shall each have the absolute right but shall have no obligation to reject any Redemption Order (i) if the Administrative Agent determines that the Redemption Order is not in the required form, (ii) if the Administrative Agent determines that the Authorized Participant or Authorized Participants have deposited an insufficient number of shares with the Trustee, (iiiii) if the Depositor has determined, based upon an opinion of counsel, determined and advised the Trustee and the Administrative Agent that such Redemption Order would have adverse tax or securities laws consequences to one or more of the MACRO Trusts or any of the holders of the MACRO Shares, (iviii) if the acceptance of the Redemption Order which would, in the opinion of counsel to the Depositor, be unlawful, (viv) if the trustee of one of the Paired Holding Trusts notifies the trustee of the other Paired Holding Trust paired trust that the related Redemption Order will be rejected by it, by the Depositor or by the its Administrative Agent, (vi) if such Redemption Order will cause one or both of the Tradeable Trusts to hold fifty percent or less of the related outstanding Holding Shares Agent or (viiv) if circumstances outside the control of the Trustee, the Depositor or the Administrative Agent make it impractical or not feasible to process the Redemption Order on the Redemption Order Date a redemption of Holding Shares and/or an exchange of Tradeable Shares and concurrently redeeming such shares as part of one or on the Order Datemore MACRO Units. None of the Trustee, the Depositor or the Administrative Agent shall be liable to any Person by reason of the rejection of any Redemption Order. (d) The Administrative Agent shall may, in its sole and absolute discretion, and will when so directed by the Depositor suspend the right of redemption redeem or postpone the applicable settlement date, (i) for any period during which the AMEX American Stock Exchange is closed other than for customary weekend or the NYMEX is closedholiday closings, or trading on the AMEX or the NYMEX is suspended or restricted, (ii) for any period during which an emergency exists as a result of which delivery of cash and/or Treasuries, or acquisition the redemption of Eligible Treasuries by the paired Holding Trusts is or Tradeable Shares are not reasonably practicable, (iii) for any period during which, such redemption will cause the one or both of the Tradeable Trusts to hold fifty percent or less of their related outstanding Holding Shares, (iv) if any such redemption would cause the Up-MACRO or Down-MACRO Investment Amount to equal less than 10 million dollars or (ivv) for such other period as the Depositor, the Trustee or the Administrative Agent Depositor determines to be necessary for the protection of any of the Beneficial Owners of any MACRO Trusts or the holders of the MACRO Shares. Neither the Depositor, the Administrative Agent nor the Trustee shall be liable to any Person or in any way for any loss or damages that may result from any such suspension or postponement.

Redemption Order. The AP submitting a request to redeem shall submit such requests containing the information required by the Transfer Agent in the following manner: (a) Except in writing transmitted by facsimile; (b) through Transfer Agent’s electronic order entry system, as otherwise provided such may be made available and constituted from time to time, the use of which shall be subject to the terms and conditions of the Electronic Services Agreement, incorporated herein by reference; or (c) by telephone to the Transfer Agent Representative and the Distributor, as applicable, according to the procedures set forth below. The request so transmitted (either in writing or electronic form) is hereinafter referred to as the “Submission” or the “Redemption Order” as applicable, and the Business Day on which a Submission is made is hereinafter referred to as the “Transmittal Date”. NOTE THAT IF THE TELEPHONIC METHOD OF REQUESTING A REDEMPTION IS USED, THE TELEPHONE CALL IN WHICH THE REQUEST NUMBER IS ISSUED INITIATES THE REQUEST PROCESS BUT DOES NOT ALONE CONSTITUTE THE REQUEST. A REQUEST IS ONLY COMPLETED AND PROCESSED UPON RECEIPT OF THE SUBMISSION. Redemption Orders for hereinCreation Units of Shares may be initiated only on days that the Listing Exchange, all orders to exchange Tradeable Shares into Holding Shares the Chicago Board of Trade and concurrently redeem such Holding Shares as one or more MACRO Units based on the default procedure or to redeem Holding Shares pursuant to instructions submitted by the Authorized Participant New York Stock Exchange are open for cash or for cash and/or Eligible Treasuries shall trading. Redemption Orders may only be made in accordance with whole Creation Units of Shares of each Fund. To begin a telephonic Redemption Order, the terms AP must telephone the Administrator. This telephone call must be made by an Authorized Person of the AP and answered by the Administrator before the applicable Trust Agreements, this Participants Agreement and Order Cutoff Time. Upon verifying the Redemption Procedures. Each party will comply with such foregoing terms and procedures to the extent applicable. Each Authorized Participant hereby consents to the use of recorded telephone lines whether or not such use is reflected in the Redemption Procedures. The applicable Trustee, the Administrative Agent and the Depositor may issue additional or other procedures from time to time relating to the manner of exchanging Tradeable Shares and concurrently redeeming such shares as part of one or more MACRO Units or redeeming Paired Holding Shares consisting of one or more MACRO Units which are not related to the Redemption Procedures, and each Authorized Participant shall comply with such procedures. (b) Each Authorized Participant acknowledges and agrees on behalf of itself and any party for which it is acting (whether such party is a customer or otherwise) that each order to exchange Tradeable Shares into Holding Shares and concurrently redeem such Holding Shares or to redeem Holding Shares as one or more MACRO Units for cash or for cash and/or Eligible Treasuries (a "Redemption Order") may not be revoked by such Authorized Participant after the placement and acceptance of such order with the Administrative Agent. Such Orders shall be a binding obligation authenticity of the Authorized Participant that placed such Order. A form of Redemption Order is attached hereto AP (as EXHIBIT C (a "Redemption Order Form"). The Redemption Order Form shall not be required if such Redemption Order is conducted through the electronic facilities of the Administrative Agent; provided, however, that the Administrative Agent, in its sole discretion, may require determined by the use of the appropriate PIN Number), the Administrator will request that the AP place the Redemption Order Form for any reason as an alternative for its electronic facilitiesOrder. The information required by such electronic facilities shall be substantially similar To do so, the AP must provide the appropriate ticker symbols when referring to a Fund. After the information on AP has placed the Redemption Order, the Administrator will read the Redemption Order Form attached hereto. (c) back to the AP. The Administrative Agent and the Depositor shall each have the absolute right but shall have no obligation to reject any Redemption Order (i) if the Administrative Agent determines AP then must affirm that the Redemption Order is not in has been taken correctly by the required form, (ii) if Administrator. If the Administrative Agent determines AP affirms that the Authorized Participant or Authorized Participants have deposited an insufficient number of shares with the Trustee, (iii) if the Depositor has determined, based upon an opinion of counsel, and advised the Trustee and the Administrative Agent that such Redemption Order would have adverse tax or securities laws consequences to one or more of has been taken correctly, the MACRO Trusts or any of the holders of the MACRO Shares, (iv) if the acceptance of the Redemption Order would, in the opinion of counsel Administrator will issue a confirmation number to the DepositorAP. A Fund’s Order Cutoff Time will not be later than 5:30 PM Eastern Standard Time. Redemption Orders for the Funds, be unlawfulif accepted, (v) will receive the next Business Day’s NAV per Creation Unit if the trustee of one of the Paired Holding Trusts notifies the trustee of the other Paired Holding Trust that the related Redemption Order will be rejected by it, by the Depositor or by the Administrative Agent, (vi) if such Redemption Order will cause one or both of the Tradeable Trusts to hold fifty percent or less of the related outstanding Holding Shares or (vii) if circumstances outside the control of the Trustee, the Depositor or the Administrative Agent make it impractical or not feasible to process the Redemption Order on the Redemption Order Date or on the Order Date. None of the Trustee, the Depositor or the Administrative Agent shall be liable to any Person by reason of the rejection of any Redemption Order. (d) The Administrative Agent shall suspend the right of redemption or postpone submitted before the applicable settlement dateOrder Cutoff Time. PLEASE NOTE: A REDEMPTION ORDER REQUEST IS NOT COMPLETE UNTIL THE CONFIRMATION NUMBER IS ISSUED BY THE ADMINISTRATOR. WITH RESPECT TO EACH FUND, (i) for any period during which the AMEX or the NYMEX is closedAN ORDER FOR FUND SHARES CANNOT BE CANCELED BY THE AP AFTER THE CONFIRMATION NUMBER HAS BEEN ISSUED. INCOMING TELEPHONE CALLS ARE QUEUED AND WILL BE HANDLED IN THE SEQUENCE RECEIVED. ACCORDINGLY, or trading on the AMEX or the NYMEX is suspended or restrictedTHE AP SHOULD NOT HANG UP AND REDIAL. CALLS THAT ARE IN PROGRESS AT THE CUTOFF TIME ARE VALID AND THE ORDER WILL BE TAKEN. PLEASE NOTE THAT “IN PROGRESS” IS DEFINED AS AN AP ACTUALLY SPEAKING WITH AN ADMINISTRATOR. FOR CALLS THAT ARE PLACED BEFORE THE CUTOFF TIME THAT ARE IN THE HOLDING QUEUE UNANSWERED BY STAFF AT OR AFTER THE CUTOFF TIME, (ii) for any period during which an emergency exists as a result of which delivery or acquisition of Eligible Treasuries by the paired Holding Trusts is not reasonably practicable, (iii) if any such redemption would cause the Up-MACRO or Down-MACRO Investment Amount to equal less than 10 million dollars or (iv) for such other period as the Depositor, the Trustee or the Administrative Agent determines to be necessary for the protection of the Beneficial Owners of any of the MACRO SharesWILL BE VERBALLY DENIED. Neither the Depositor, the Administrative Agent nor the Trustee shall be liable to any Person or in any way for any loss or damages that may result from any such suspension or postponementINCOMING CALLS THAT ARE RECEIVED AFTER THE CUTOFF TIME WILL NOT BE ANSWERED BY THE ADMINISTRATOR. ALL TELEPHONE CALLS WILL BE RECORDED.

Redemption Order. (a) Except as otherwise provided for herein, all orders to exchange Tradeable Shares into Holding Shares and concurrently redeem such Holding Shares as one or more MACRO Units based on the default procedure or to redeem Holding Shares pursuant to instructions submitted by the Authorized Participant for cash or for cash and/or Eligible Treasuries shall be made in accordance with the terms of the applicable Trust Agreements, this Participants Agreement and the Redemption Procedures. Each party will comply with such foregoing terms and procedures to the extent applicable. Each Authorized Participant hereby consents to the use of recorded telephone lines whether or not such use is reflected in the Redemption Procedures. The applicable Trustee, the Administrative Agent and the Depositor may issue additional or other procedures from time to time relating to the manner of exchanging Tradeable Shares and concurrently redeeming such shares as part of one or more MACRO Units or redeeming Paired Holding Shares consisting of one or more MACRO Units which are not related to the Redemption Procedures, and each Authorized Participant shall comply with such procedures. (b) Each Authorized Participant acknowledges and agrees on behalf of itself and any party for which it is acting (whether such party is a customer or otherwise) that each order to exchange Tradeable Shares into Holding Shares and concurrently redeem such Holding Shares or to redeem Holding Shares as one or more MACRO Units for cash or for cash and/or Eligible Treasuries (a "Redemption Order") may not be revoked by such Authorized Participant after the placement and acceptance of such order with the Administrative Agent. Such Orders shall be a binding obligation of the Authorized Participant that placed such Order. A form of Redemption Order is attached hereto as EXHIBIT C (a "Redemption Order Form"). The Redemption Order Form shall not be required if such Redemption Order is conducted through the electronic facilities of the Administrative Agent; provided, however, that the Administrative Agent, in its sole discretion, may require the use of the Redemption Order Form for any reason as an alternative for its electronic facilities. The information required by such electronic facilities shall be substantially similar to the information on the Redemption Order Form attached hereto. (c) The Administrative Agent and the Depositor shall each have the absolute right but shall have no obligation to reject any Redemption Order (i) if the Administrative Agent determines that the Redemption Order is not in the required form, (ii) if the Administrative Agent determines that the Authorized Participant or Authorized Participants have deposited an insufficient number of shares with the Trustee, (iii) if the Depositor has determined, based upon an opinion of counsel, determined and advised the Trustee and the Administrative Agent that such Redemption Order would have adverse tax or securities laws consequences to one or more of the MACRO Trusts or any of the holders of the MACRO Shares, (iv) if the acceptance of the Redemption Order would, in the opinion of counsel to the Depositor, be unlawful, (v) if the trustee of one of the Paired Holding Trusts notifies the trustee of the other Paired Holding Trust that the related Redemption Order will be rejected by it, by the Depositor or by the Administrative Agent, (vi) if such Redemption Order will cause one or both of the Tradeable Trusts to hold fifty percent or less of the related outstanding Holding Shares or (vii) if circumstances outside the control of the Trustee, the Depositor or the Administrative Agent make it impractical or not feasible to process the Redemption Order on the Redemption Order Date or on the Order Date. None of the Trustee, the Depositor or the Administrative Agent shall be liable to any Person by reason of the rejection of any Redemption Order. (d) The Administrative Agent shall suspend the right of redemption or postpone the applicable settlement date, (i) for any period during which the AMEX or the NYMEX is closed, or trading on the AMEX or the NYMEX is suspended or restricted, (ii) for any period during which an emergency exists as a result of which delivery or acquisition of Eligible Treasuries by the paired Holding Trusts is not reasonably practicable, (iii) if any such redemption would cause the Up-MACRO or Down-MACRO Investment Amount to equal less than 10 million dollars or (iv) for such other period as the Depositor, the Trustee or the Administrative Agent determines to be necessary for the protection of the Beneficial Owners of any of the MACRO Shares. Neither the Depositor, the Administrative Agent nor the Trustee shall be liable to any Person or in any way for any loss or damages that may result from any such suspension or postponement.