Common use of REDEMPTION PROCESS Clause in Contracts

REDEMPTION PROCESS. On any Price Determination Day on and after September 30th, 2008, an Authorized Participant may submit a Redemption Order, substantially in the form of EXHIBIT C to the Participants Agreement (or to the extent that such order is electronic, such order shall include the information set forth on such exhibit), to the Administrative Agent by the Order Cut-Off Time on such Price Determination Day (such Price Determination Day, "T," and any number added to T shall refer to such day plus the number of Price Determination Days following such day) to redeem Paired Shares consisting of one or more MacroShares Units. Any Redemption Order that is placed after the Order Cut-off Time shall be void and may be resubmitted on the next Price Determination Day based on the Underlying Value on the last calendar day preceding such Price Determination Day. In connection with the Redemption Order, the Authorized Participant shall have on deposit in its Participant Custodian Account and available to the Trustee by 10:00 a.m. New York City time on T+1 or, if T is an X or an X+1 Date, on T+3 the following: · the Transaction Fee for the MacroShares being redeemed; · Paired Shares which constitute one or more MacroShares Units; and · the Redemption Cash Component, if needed (such amount, the "Redemption Cash Component Amount"), which is an amount equal to the excess of the purchase price of the Eligible Treasuries delivered by the Trustee to the Authorized Participant over the funds to which the Authorized Participant is eligible due to minimum denominations on the Eligible Treasuries on deposit in the Paired Trusts. Upon the satisfaction of the conditions set forth above, the Trustee, on behalf of the applicable Paired Trust and as instructed by the Administrative Agent, shall deliver cash from the applicable Netting Account or, in the event that the amount of cash in the applicable Netting Account is insufficient, deliver cash and/or Eligible Treasuries pursuant to the applicable Trust Agreement to the redeeming Authorized Participant to fill the Redemption Order on T+1 (or on T+3 if T is an X or an X+1 Date) by 3:00 p.m. New York City time to an account designated by the Authorized Participant and, as instructed by the Administrative Agent on a Net Daily Basis, adjust the notional amount of the Income Distribution Agreement and, if required, cancel the Settlement Contracts associated with the MacroShares Units being redeemed. Attachment A-7 REDEMPTION PROCEDURES REDEMPTION ORDER DATE (T)

REDEMPTION PROCESS. On any Price Determination Business Day on and after September 30th, 2008, an Authorized Participant may submit a Redemption Order, substantially in the form of EXHIBIT C to the Participants Agreement (or to the extent that such order is electronic, such order shall include the information set forth on such exhibit), to the Administrative Agent by the Order Cut-Off Time on such Price Determination Business Day (such Price Determination Business Day, "T," and any number added to T shall refer to such day plus the number of Price Determination Business Days following such day) to redeem Paired Shares consisting of one or more MacroShares Units. Any Redemption Order that is placed after the Order Cut-off Time shall be void and may be resubmitted on the next Price Determination Business Day based on the Underlying Value on the last calendar day preceding such Price Determination Business Day. In connection with the Redemption Order, the Authorized Participant shall have on deposit in its Participant Custodian Account and available to the Trustee by 10:00 a.m. New York City time on T+1 or, if T is an X or an X+1 Date, on T+3 the following: · the Transaction Fee for the MacroShares being redeemed; · Paired Shares which constitute one or more MacroShares Units; and · the Redemption Cash Component, if needed (such amount, the "Redemption Cash Component Amount"), which is an amount equal to the excess of the purchase price of the Eligible Treasuries delivered by the Trustee to the Authorized Participant over the funds to which the Authorized Participant is eligible due to minimum denominations on the Eligible Treasuries on deposit in the Paired Trusts. Upon the satisfaction of the conditions set forth above, the Trustee, on behalf of the applicable Paired Trust and as instructed by the Administrative Agent, shall deliver cash from the applicable Netting Account or, in the event that the amount of cash in the applicable Netting Account is insufficient, deliver cash and/or Eligible Treasuries pursuant to the applicable Trust Agreement to the redeeming Authorized Participant to fill the Redemption Order on T+1 (or on T+3 if T is an X or an X+1 Date) by 3:00 p.m. New York City time to an account designated by the Authorized Participant and, as instructed by the Administrative Agent on a Net Daily Basis, adjust the notional amount of the Income Distribution Agreement and, if required, cancel the Settlement Contracts associated with the MacroShares Units being redeemed. Attachment A-7 A-17 REDEMPTION PROCEDURES REDEMPTION ORDER DATE (T)

REDEMPTION PROCESS. On any Price Determination Day on and after September 30th, 2008Business Day, an Authorized Participant may submit a Redemption Order, substantially in the form of EXHIBIT C D to the Participants Agreement (or to the extent that such order is electronic, such order shall include the information set forth on such exhibit), to the Administrative Agent by the Order Cut-Off Time on such Price Determination Business Day (such Price Determination Business Day, "T," and any number added to T shall refer to such day plus the number of Price Determination Business Days following such day) to redeem Paired Holding Shares consisting of at least one MACRO Unit or integral thereof and/or to exchange 50,000 existing Tradeable Shares or an integral multiple thereof for their related Holding Shares and redeem such Holding Shares as part of one or more MacroShares MACRO Units. Any Redemption Order that is placed after the Order Cut-off Time shall be void and may be resubmitted on the next Price Determination Day based on the Underlying Value on the last calendar day preceding such Price Determination Day. In connection with the Redemption Order, the Authorized Participant shall have on deposit in its Participant Custodian Account and available to the Trustee by 10:00 a.m. New York City time on T+1 or, if T is an X or an X+1 Date, on T+3 the following: · o the Transaction Fee for the MacroShares MACRO Units being redeemedredeemed and for the Tradeable Shares, if any, being exchanged and concurrently redeemed as communicated by the Administrative Agent in accordance with these Procedures; · o Paired Holding Shares which constitute consisting of one or more MacroShares MACRO Units; o 50,000 or an integral multiple thereof of either Up-MACRO Tradeable Shares or Down-MACRO Tradeable Shares or both, which shall be exchanged into their related Holding Shares and · concurrently redeemed, together with additional Holding Shares, if needed, as part of one or more MACRO Units (the "Tradeable Share Deposit"); and o The Redemption Cash Component, if needed needed, (such amount, the "The Redemption Cash Component Amount"), which is an amount equal to the excess of the purchase price fair market value of the Eligible Treasuries delivered by the Trustee to the Authorized Participant over the funds to which aggregate Underlying Value of the Authorized Participant is eligible Paired Holding Shares being redeemed due to minimum denominations on the Eligible Treasuries on deposit in the Paired Holding Trusts. Upon the satisfaction of the conditions set forth abovebelow, the Trustee, on behalf of the applicable Paired Trust MACRO Trusts and as instructed by written instruction from the Administrative AgentAuthorized Participant, shall deliver cash from the applicable Netting Account or, (i) in the event that the amount of cash in the applicable Netting Account is insufficientonly Paired Holding Shares were tendered for redemption, deliver cash and/or Eligible Treasuries pursuant to the applicable Trust Agreement to the redeeming Authorized Participant to fill the Redemption Order on T+1 (or on T+3 if T is an X or an X+1 Date) by prior to 3:00 p.m. New York City time on T+1 to an account designated by the Authorized Participant and(ii) in the event that Tradeable Shares, or a combination of Holding Shares and Tradeable Shares were tendered as instructed part of the Redemption Order, deliver cash and/or Treasuries to the redeeming Authorized Participant to fill the Redemption Order prior to 3:00 p.m. New York City time on T+3 to an account designated by the Administrative Agent Authorized Participant and (iii) on a Net Daily Basis, adjust the notional amount of the Income Distribution Agreement and, if required, cancel the Settlement Contracts associated with the MacroShares MACRO Units being redeemed. Attachment A-7 A-14 REDEMPTION PROCEDURES REDEMPTION T (REDEMPTION ORDER DATE (TDATE)