Common use of REDEMPTION PROCESS Clause in Contracts

REDEMPTION PROCESS. On any Business Day, an Authorized Participant may submit a Redemption Order, substantially in the form of EXHIBIT 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 Business Day (such Business Day, "T" and any number added to T shall refer to such day plus the number of 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 MACRO Units. 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 the following: o the Transaction Fee for the MACRO Units being redeemed 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 consisting of one or more 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, (such amount, the "The Redemption Cash Component Amount"), which is an amount equal to the excess of the fair market value of the Treasuries delivered by the Trustee to the Authorized Participant over the aggregate Underlying Value of the Paired Holding Shares being redeemed due to minimum denominations on the Treasuries on deposit in the Paired Holding Trusts. Upon the satisfaction of the conditions set forth below, the Trustee, on behalf of the applicable MACRO Trusts and written instruction from the Authorized Participant, shall (i) in the event that only Paired Holding Shares were tendered for redemption, 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+1 to an account designated by the Authorized Participant (ii) in the event that Tradeable Shares, or a combination of Holding Shares and Tradeable Shares were tendered as 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 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 MACRO Units being redeemed. Attachment A-14 REDEMPTION PROCEDURES REDEMPTION T (REDEMPTION ORDER DATE)

REDEMPTION PROCESS. On any Business DayPrice Determination Day on and after September 30th, 2008, an Authorized Participant may submit a Redemption Order, substantially in the form of EXHIBIT D 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 Business Price Determination Day (such Business Price Determination Day, "T," and any number added to T shall refer to such day plus the number of Business Price Determination 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 MACRO 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: o · the Transaction Fee for the MACRO Units MacroShares being redeemed and for the Tradeable Shares, if any, being exchanged and concurrently redeemed as communicated by the Administrative Agent in accordance with these Proceduresredeemed; o · Paired Holding Shares consisting of which constitute one or more MACRO MacroShares 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 fair market value purchase price of the Eligible Treasuries delivered by the Trustee to the Authorized Participant over the aggregate Underlying Value of funds to which the Paired Holding Shares being redeemed Authorized Participant is eligible due to minimum denominations on the Eligible Treasuries on deposit in the Paired Holding Trusts. Upon the satisfaction of the conditions set forth belowabove, the Trustee, on behalf of the applicable MACRO Trusts Paired Trust and written instruction as instructed by the Administrative Agent, shall deliver cash from the Authorized Participantapplicable Netting Account or, shall (i) in the event that only Paired Holding Shares were tendered for redemptionthe 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 prior to 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 on T+1 to an account designated by the Authorized Participant (ii) in the event that Tradeable Sharesand, or a combination of Holding Shares and Tradeable Shares were tendered as 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 instructed by the Authorized Participant and (iii) 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 MACRO MacroShares Units being redeemed. Attachment A-14 A-7 REDEMPTION PROCEDURES REDEMPTION T ORDER DATE (REDEMPTION ORDER DATET)

REDEMPTION PROCESS. On any Business DayDay on and after September 30th, 2008, an Authorized Participant may submit a Redemption Order, substantially in the form of EXHIBIT D 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 Business Day (such Business Day, "T," and any number added to T shall refer to such day plus the number of 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 MACRO MacroShares Units. Any Redemption Order that is placed after the Order Cut-off Time shall be void and may be resubmitted on the next Business Day based on the Underlying Value on the last calendar day preceding such 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: o · the Transaction Fee for the MACRO Units MacroShares being redeemed and for the Tradeable Shares, if any, being exchanged and concurrently redeemed as communicated by the Administrative Agent in accordance with these Proceduresredeemed; o · Paired Holding Shares consisting of which constitute one or more MACRO MacroShares 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 fair market value purchase price of the Eligible Treasuries delivered by the Trustee to the Authorized Participant over the aggregate Underlying Value of funds to which the Paired Holding Shares being redeemed Authorized Participant is eligible due to minimum denominations on the Eligible Treasuries on deposit in the Paired Holding Trusts. Upon the satisfaction of the conditions set forth belowabove, the Trustee, on behalf of the applicable MACRO Trusts Paired Trust and written instruction as instructed by the Administrative Agent, shall deliver cash from the Authorized Participantapplicable Netting Account or, shall (i) in the event that only Paired Holding Shares were tendered for redemptionthe 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 prior to 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 on T+1 to an account designated by the Authorized Participant (ii) in the event that Tradeable Sharesand, or a combination of Holding Shares and Tradeable Shares were tendered as 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 instructed by the Authorized Participant and (iii) 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 MACRO MacroShares Units being redeemed. Attachment A-14 A-17 REDEMPTION PROCEDURES REDEMPTION T ORDER DATE (REDEMPTION ORDER DATET)

REDEMPTION PROCESS. On any Business DayDay on and after September 30th, 2008, an Authorized Participant may submit a Redemption Order, substantially in the form of EXHIBIT D 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 Business Day (such Business Day, "T," and any number added to T shall refer to such day plus the number of 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 MACRO MacroShares Units. Any Redemption Order that is placed after the Order Cut-off Time shall be void and may be resubmitted on the next Business Day based on the Underlying Value on the last calendar day preceding such 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: o · the Transaction Fee for the MACRO Units MacroShares being redeemed and for the Tradeable Shares, if any, being exchanged and concurrently redeemed as communicated by the Administrative Agent in accordance with these Proceduresredeemed; o · Paired Holding Shares consisting of which constitute one or more MACRO MacroShares 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 fair market value purchase price of the Eligible Treasuries delivered by the Trustee to the Authorized Participant over the aggregate Underlying Value of funds to which the Paired Holding Shares being redeemed Authorized Participant is eligible due to minimum denominations on the Eligible Treasuries on deposit in the Paired Holding Trusts. Upon the satisfaction of the conditions set forth belowabove, the Trustee, on behalf of the applicable MACRO Trusts Paired Trust and written instruction as instructed by the Administrative Agent, shall deliver cash from the Authorized Participantapplicable Netting Account or, shall (i) in the event that only Paired Holding Shares were tendered for redemptionthe 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 prior to 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 on T+1 to an account designated by the Authorized Participant (ii) in the event that Tradeable Sharesand, or a combination of Holding Shares and Tradeable Shares were tendered as 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 instructed by the Authorized Participant and (iii) 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 MACRO MacroShares Units being redeemed. Attachment A-14 REDEMPTION PROCEDURES REDEMPTION T (REDEMPTION ORDER DATEDATE (T)

REDEMPTION PROCESS. On any Business DayPrice Determination Day on and after September 30th, 2008, an Authorized Participant may submit a Redemption Order, substantially in the form of EXHIBIT D 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 Business Price Determination Day (such Business Price Determination Day, "T," and any number added to T shall refer to such day plus the number of Business Price Determination 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 MACRO 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: o · the Transaction Fee for the MACRO Units MacroShares being redeemed and for the Tradeable Shares, if any, being exchanged and concurrently redeemed as communicated by the Administrative Agent in accordance with these Proceduresredeemed; o · Paired Holding Shares consisting of which constitute one or more MACRO MacroShares 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 fair market value purchase price of the Eligible Treasuries delivered by the Trustee to the Authorized Participant over the aggregate Underlying Value of funds to which the Paired Holding Shares being redeemed Authorized Participant is eligible due to minimum denominations on the Eligible Treasuries on deposit in the Paired Holding Trusts. Upon the satisfaction of the conditions set forth belowabove, the Trustee, on behalf of the applicable MACRO Trusts Paired Trust and written instruction as instructed by the Administrative Agent, shall deliver cash from the Authorized Participantapplicable Netting Account or, shall (i) in the event that only Paired Holding Shares were tendered for redemptionthe 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 prior to 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 on T+1 to an account designated by the Authorized Participant (ii) in the event that Tradeable Sharesand, or a combination of Holding Shares and Tradeable Shares were tendered as 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 instructed by the Authorized Participant and (iii) 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 MACRO MacroShares Units being redeemed. Attachment A-14 REDEMPTION PROCEDURES REDEMPTION T (REDEMPTION ORDER DATEDATE (T)