Common use of Redemptions by Trustee; Purchases by Depositors Clause in Contracts

Redemptions by Trustee; Purchases by Depositors. Any ----------------------------------------------- Unit tendered for redemption by a Unitholder or his duly authorized attorney to the Trustee at its unit investment trust office by the registered holder thereof pursuant to the Redemption Form, shall be redeemed by the Trustee on the third Business Day following the day on which tender for redemption is made (such third Business Day being herein called the "Redemption Date"). Subject to payment by such Unitholder of any tax or other governmental charges which may be imposed thereon, such redemption is to be made by payment on the Redemption Date of cash equivalent to the Unit Value determined by the Trustee as of the Evaluation Time on the date of tender, multiplied by the number of Units being tendered for redemption (herein called the "Redemption Price"). Units received for redemption by the Trustee on any day after the Evaluation Time will be held by the Trustee until the next day on which the New York Stock Exchange is open for trading and will be deemed to have been tendered on such day for redemption at the Redemption Price computed on that day. The Trustee may in its discretion, and shall when so directed by the Depositors 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 is closed other than customary weekend and holiday closings or during which trading on the New York Stock Exchange is restricted; (2) for any period during which an emergency exists as a result of which disposal by the Trust of the Securities is not reasonably practicable or it is not reasonably practicable fairly to determine in accordance herewith the value of the Securities; or (3) for such other periods as the Securities and Exchange Commission may by order permit, and the Trustee shall not be liable to any person or in any way for any loss or damage which may result from any such suspension or postponement. Not later than the close of business on the day of tender of a Unit for redemption by a Unitholder other than the Depositors, the Trustee shall notify the Depositors of such tender. The Depositors shall have the right to purchase such Unit by notifying the Trustee of their election to make such purchase as soon as practicable thereafter, but in no event subsequent to the close of business on the Business Day on which such Unit was tendered for redemption. Such purchase shall be made by payment for such Unit by the Depositors to the Unitholder not later than the close of business on the Redemption Date of an amount equal to the Redemption Price which would otherwise be payable by the Trustee to such Unitholder. Any Unit so purchased by the Depositors may, at the option of the Depositors, be tendered to the Trustee for redemption at the corporate trust office of the Trustee in the manner provided in the first paragraph of this Section 5.2. If the Depositors do not elect to purchase any Unit tendered to the Trustee for redemption, or if a Unit is being tendered by the Depositors for redemption, that portion of the Redemption Price which represents dividends shall be withdrawn from the Income Account to the extent funds are available. The balance paid on any redemption, including accrued dividends, if any, shall be withdrawn from the Principal Account to the extent that funds are available for such purpose. If such available balance shall be insufficient, the Trustee shall sell such Securities from among those designated on the current list for such purpose by the Portfolio Supervisor as provided below and in the manner, in its discretion, as it shall deem advisable or necessary in order to fund the Principal Account for purposes of such redemption. Sales of Securities by the Trustee shall be made in such manner as the Trustee shall determine, subject to any minimum amount limitations on sale which shall have been specified by the Depositors and agreed to by the Trustee. In the event that funds are withdrawn from the Principal Account or Securities are sold for payment of any portion of the Redemption Price representing accrued dividends, the Principal Account shall be reimbursed when sufficient funds are next available in the Income Account for such funds so applied. The Depositors shall maintain with the Trustee a current list of Securities designated to be sold for the purpose of redemption of Units tendered for redemption and not purchased by the Depositors, and for payment of expenses hereunder, provided that if the Depositors shall for any reason fail to maintain such a list, the Trustee, in its sole discretion, may designate a current list of Securities for such purposes. The net proceeds of any sales of Securities from such list representing principal shall be credited to the Principal Account and the proceeds of such sales representing accrued interest shall be credited to the Income Account. Neither the Trustee nor the Depositors shall be liable or responsible in any way for depreciation or loss incurred by reason of any sale of Securities made pursuant to this Section 5.2. Units redeemed pursuant to this Section 5.2 shall be canceled by the Trustee and the Units tendered by Redemption Forms shall be terminated by such redemptions. If the related Prospectus for the Trust so provides, a Unitholder who tenders for redemption Units in an aggregate amount of at least the amount specified in the Prospectus may request, at the time of tender, to receive an "In Kind Distribution" in lieu of cash. Such In Kind Distribution shall consist of (i) such Unitholder's pro rata portion of each of the Securities, to the extent of whole shares, and (ii) cash equal to such Unitholder's pro rata portion of the Income and Principal Accounts follows: (x) a pro rata portion of the net proceeds of sale of the Securities representing any fractional shares included in such Unitholder's pro rata share of the Securities and (y) such other cash as may properly be included in such Unitholder's pro rata share of the sum of the cash balances of the Income and Principal Accounts in an amount equal to the Redemption Price on the date of tender less amounts specified in clauses (i) and (ii)(x) of this sentence. The Trustee shall distribute the Unitholder's Securities to the account of the Unitholder's bank or broker dealer at the DTC. An In Kind Distribution shall be reduced by customary transfer and registration charges incurred by the Trustee.

Redemptions by Trustee; Purchases by Depositors. Any ----------------------------------------------- Unit Certificate tendered for redemption by a Unitholder or his duly authorized attorney to the Trustee at its unit investment corporate trust office office, or any Plan Unit tendered to the Trustee for redemption by the registered holder thereof pursuant to the Redemption Form, shall be redeemed by the Trustee on the third Business Day business day following the day on which tender for redemption is made (such third Business Day business day being herein called the "Redemption Date"). Subject to payment by such Unitholder of any tax or other governmental charges which may be imposed thereon, such redemption is to be made by payment on the Redemption Date of cash equivalent to the Net Asset Value per Unit Value or Plan Unit determined by the Trustee as of the Evaluation Time on the date of tender, multiplied by the number of Units being tendered for redemption (herein called the "Redemption Price"). Units received for redemption by the Trustee on any day after the Evaluation Time will be held by the Trustee until the next day on which the New York Stock Exchange is open for trading and will be deemed to have been tendered on such day for redemption at the Redemption Price computed on that day. The Trustee may in its discretion, and shall when so directed by the Depositors in writing, suspend the right of redemption or postpone the date of payment of the Redemption Price for more than three Business Days business days following the day on which tender for redemption is made: (1) for any period during which the New York Stock Exchange is closed other than customary weekend and holiday closings or during which trading on the New York Stock Exchange is restricted; (2) for any period during which an emergency exists as a result of which disposal by the Trust of the Securities is not reasonably practicable or it is not reasonably practicable fairly to determine in accordance herewith the value of the Securities; or (3) for such other periods as the Securities and Exchange Commission may by order permit, and the Trustee shall not be liable to any person or in any way for any loss or damage which may result from any such suspension or postponement. Not later than the close of business on the day of tender of a Unit for redemption by a Unitholder other than the Depositors, the Trustee shall notify the Depositors of such tender. The Depositors shall have the right to purchase such Unit or Plan Unit tendered by such Redemption Form by notifying the Trustee of their election to make such purchase as soon as practicable thereafter, but in no event subsequent to the close of business on the Business Day business day on which such Unit was tendered for redemption. Such purchase shall be made by payment for such Unit or Plan Unit by the Depositors to the Unitholder or Plan Unit holder not later than the close of business on the Redemption Date of an amount equal to the Redemption Price which would otherwise be payable by the Trustee to such UnitholderUnitholder or Plan Unit holder. Any Unit or Plan Unit so purchased by the Depositors may, at the option of the Depositors, be tendered to the Trustee for redemption at the corporate trust office of the Trustee in the manner provided in the first paragraph of this Section 5.2. If the Depositors do not elect to purchase any Unit or Plan Unit tendered to the Trustee for redemption, or if a Unit or Plan Unit is being tendered by the Depositors for redemption, that portion of the Redemption Price which represents dividends shall be withdrawn from the Income Account to the extent funds are available. The balance paid on any redemption, including accrued dividends, if any, shall be withdrawn from the Principal Account to the extent that funds are available for such purpose. If such available balance shall be insufficient, the Trustee shall sell such Securities from among those designated on the current list for such purpose by the Portfolio Supervisor as provided below and in the manner, in its discretion, as it shall deem advisable or necessary in order to fund the Principal Account for purposes of such redemption. Sales of Securities by the Trustee shall be made in such manner as the Trustee shall determine, subject to any minimum face amount limitations on sale which shall have been specified by the Depositors and agreed to by the Trustee. In the event that funds are withdrawn from the Principal Account or Securities are sold for payment of any portion of the Redemption Price representing accrued dividends, the Principal Account shall be reimbursed when sufficient funds are next available in the Income Account for such funds so applied. The Depositors shall maintain with the Trustee a current list of Securities designated to be sold for the purpose of redemption of Units or Plan Units tendered for redemption and not purchased by the Depositors, and for payment of expenses hereunder, provided that if the Depositors shall for any reason fail to maintain such a list, the Trustee, in its sole discretion, may designate a current list of Securities for such purposes. The net proceeds of any sales of Securities from such list representing principal shall be credited to the Principal Account and the proceeds of such sales representing accrued interest shall be credited to the Income Account. Neither the Trustee nor the Depositors shall be liable or responsible in any way for depreciation or loss incurred by reason of any sale of Securities made pursuant to this Section 5.2. Units redeemed pursuant to this Section 5.2 shall be canceled by the Trustee and the Units or Plan Units tendered by Redemption Forms shall be terminated by such redemptions. If the related Prospectus prospectus for the Trust so provides, a Unitholder who tenders for redemption Units in an aggregate amount of at least the amount specified in the Prospectus prospectus may request, at the time of tender, to receive an "In Kind Distribution" Distribution in lieu of cash. Such In Kind Distribution shall consist of (i) such Unitholder's pro rata portion of each of the Securities, to the extent of whole shares, and (ii) cash equal to such Unitholder's pro rata portion of the Income and Principal Accounts follows: (x) a pro rata portion of the net proceeds of sale of the Securities representing any fractional shares included in such Unitholder's pro rata share of the Securities and (y) such other cash as may properly be included in such Unitholder's pro rata share of the sum of the cash balances of the Income and Principal Accounts in an amount equal to the Redemption Price on the date of tender less amounts specified in clauses (i) and (ii)(x) of this sentence. The Trustee shall distribute the Unitholder's Securities to the account of the Unitholder's bank or broker dealer at the DTC. An In Kind Distribution shall be reduced by customary transfer and registration charges incurred by the Trustee.

Redemptions by Trustee; Purchases by Depositors. Any ----------------------------------------------- Unit tendered for redemption by a Unitholder or his duly authorized attorney to the Trustee at its unit investment trust office by the registered holder thereof pursuant to the Redemption Form, shall be redeemed by the Trustee on the third Business Day business day following the day on which tender for redemption is made (such third Business Day business day being herein called the "Redemption Date"). Subject to payment by such Unitholder of any tax or other governmental charges which may be imposed thereon, such redemption is to be made by payment on the Redemption Date of cash equivalent to the Net Asset Value per Unit Value determined by the Trustee as of the Evaluation Time on the date of tender, multiplied by the number of Units being tendered for redemption (herein called the "Redemption Price"). Units received for redemption by the Trustee on any day after the Evaluation Time will be held by the Trustee until the next day on which the New York Stock Exchange is open for trading and will be deemed to have been tendered on such day for redemption at the Redemption Price computed on that day. The Trustee may in its discretion, and shall when so directed by the Depositors in writing, suspend the right of redemption or postpone the date of payment of the Redemption Price for more than three Business Days business days following the day on which tender for redemption is made: (1) for any period during which the New York Stock Exchange is closed other than customary weekend and holiday closings or during which trading on the New York Stock Exchange is restricted; (2) for any period during which an emergency exists as a result of which disposal by the Trust of the Securities is not reasonably practicable or it is not reasonably practicable fairly to determine in accordance herewith the value of the Securities; or (3) for such other periods as the Securities and Exchange Commission may by order permit, and the Trustee shall not be liable to any person or in any way for any loss or damage which may result from any such suspension or postponement. Not later than the close of business on the day of tender of a Unit for redemption by a Unitholder other than the Depositors, the Trustee shall notify the Depositors of such tender. The Depositors shall have the right to purchase such Unit by notifying the Trustee of their election to make such purchase as soon as practicable thereafter, but in no event subsequent to the close of business on the Business Day business day on which such Unit was tendered for redemption. Such purchase shall be made by payment for such Unit by the Depositors to the Unitholder not later than the close of business on the Redemption Date of an amount equal to the Redemption Price which would otherwise be payable by the Trustee to such Unitholder. Any Unit so purchased by the Depositors may, at the option of the Depositors, be tendered to the Trustee for redemption at the corporate trust office of the Trustee in the manner provided in the first paragraph of this Section 5.2. If the Depositors do not elect to purchase any Unit tendered to the Trustee for redemption, or if a Unit is being tendered by the Depositors for redemption, that portion of the Redemption Price which represents dividends shall be withdrawn from the Income Account to the extent funds are available. The balance paid on any redemption, including accrued dividends, if any, shall be withdrawn from the Principal Account to the extent that funds are available for such purpose. If such available balance shall be insufficient, the Trustee shall sell such Securities from among those designated on the current list for such purpose by the Portfolio Supervisor as provided below and in the manner, in its discretion, as it shall deem advisable or necessary in order to fund the Principal Account for purposes of such redemption. Sales of Securities by the Trustee shall be made in such manner as the Trustee shall determine, subject to any minimum amount limitations on sale which shall have been specified by the Depositors and agreed to by the Trustee. In the event that funds are withdrawn from the Principal Account or Securities are sold for payment of any portion of the Redemption Price representing accrued dividends, the Principal Account shall be reimbursed when sufficient funds are next available in the Income Account for such funds so applied. The Depositors shall maintain with the Trustee a current list of Securities designated to be sold for the purpose of redemption of Units tendered for redemption and not purchased by the Depositors, and for payment of expenses hereunder, provided that if the Depositors shall for any reason fail to maintain such a list, the Trustee, in its sole discretion, may designate a current list of Securities for such purposes. The net proceeds of any sales of Securities from such list representing principal shall be credited to the Principal Account and the proceeds of such sales representing accrued interest shall be credited to the Income Account. Neither the Trustee nor the Depositors shall be liable or responsible in any way for depreciation or loss incurred by reason of any sale of Securities made pursuant to this Section 5.2. Units redeemed pursuant to this Section 5.2 shall be canceled by the Trustee and the Units tendered by Redemption Forms shall be terminated by such redemptions. If the related Prospectus for the Trust so provides, a Unitholder who tenders for redemption Units in an aggregate amount of at least the amount specified in the Prospectus may request, at the time of tender, to receive an "In Kind Distribution" Distribution in lieu of cash. Such In Kind Distribution shall consist of (i) such Unitholder's pro rata portion of each of the Securities, to the extent of whole shares, and (ii) cash equal to such Unitholder's pro rata portion of the Income and Principal Accounts follows: (x) a pro rata portion of the net proceeds of sale of the Securities representing any fractional shares included in such Unitholder's pro rata share of the Securities and (y) such other cash as may properly be included in such Unitholder's pro rata share of the sum of the cash balances of the Income and Principal Accounts in an amount equal to the Redemption Price on the date of tender less amounts specified in clauses (i) and (ii)(x) of this sentence. The Trustee shall distribute the Unitholder's Securities to the account of the Unitholder's bank or broker dealer at the DTC. An In Kind Distribution shall be reduced by customary transfer and registration charges incurred by the Trustee.

Redemptions by Trustee; Purchases by Depositors. Any ----------------------------------------------- Unit tendered for redemption by a Unitholder or his duly authorized attorney to the Trustee at its unit investment trust office by the registered holder thereof pursuant to the Redemption Form, shall be redeemed by the Trustee on the third Business Day following the day on which tender for redemption is made (such third Business Day being herein called the "Redemption Date"). Subject to payment by such Unitholder of any tax or other governmental charges which may be imposed thereon, such redemption is to be made by payment on the Redemption Date of cash equivalent to the Unit Value determined by the Trustee as of the Evaluation Time on the date of tender, multiplied by the number of Units being tendered for redemption (herein called the "Redemption Price"). Units received for redemption by the Trustee on any day after the Evaluation Time will be held by the Trustee until the next day on which the New York Stock Exchange is open for trading and will be deemed to have been tendered on such day for redemption at the Redemption Price computed on that day. The Trustee may in its discretion, and shall when so directed by the Depositors 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 is closed other than customary weekend and holiday closings or during which trading on the New York Stock Exchange is restricted; (2) for any period during which an emergency exists as a result of which disposal by the Trust of the Securities is not reasonably practicable or it is not reasonably practicable fairly to determine in accordance herewith the value of the Securities; or (3) for such other periods as the Securities and Exchange Commission may by order permit, and the Trustee shall not be liable to any person or in any way for any loss or damage which may result from any such suspension or postponement. Not later than the close of business on the day of tender of a Unit for redemption by a Unitholder other than the Depositors, the Trustee shall notify the Depositors of such tender. The Depositors shall have the right to purchase such Unit by notifying the Trustee of their election to make such purchase as soon as practicable thereafter, but in no event subsequent to the close of business on the Business Day on which such Unit was tendered for redemption. Such purchase shall be made by payment for such Unit by the Depositors to the Unitholder not later than the close of business on the Redemption Date of an amount equal to the Redemption Price which would otherwise be payable by the Trustee to such Unitholder. Any Unit so purchased by the Depositors may, at the option of the Depositors, be tendered to the Trustee for redemption at the corporate trust office of the Trustee in the manner provided in the first paragraph of this Section 5.2. If the Depositors do not elect to purchase any Unit tendered to the Trustee for redemption, or if a Unit is being tendered by the Depositors for redemption, that portion of the Redemption Price which represents dividends shall be withdrawn from the Income Account to the extent funds are available. The balance paid on any redemption, including accrued dividends, if any, shall be withdrawn from the Principal Account to the extent that funds are available for such purpose. If such available balance shall be insufficient, the Trustee shall sell such Securities from among those designated on the current list for such purpose by the Portfolio Supervisor as provided below and in the manner, in its discretion, as it shall deem advisable or necessary in order to fund the Principal Account for purposes of such redemption. Sales of Securities by the Trustee shall be made in such manner as the Trustee shall determine, subject to any minimum amount limitations on sale which shall have been specified by the Depositors and agreed to by the Trustee. In the event that funds are withdrawn from the Principal Account or Securities are sold for payment of any portion of the Redemption Price representing accrued dividends, the Principal Account shall be reimbursed when sufficient funds are next available in the Income Account for such funds so applied. The Depositors shall maintain with the Trustee a current list of Securities designated to be sold for the purpose of redemption of Units tendered for redemption and not purchased by the Depositors, and for payment of expenses hereunder, provided that if the Depositors shall for any reason fail to maintain such a list, the Trustee, in its sole discretion, may designate a current list of Securities for such purposes. The net proceeds of any sales of Securities from such list representing principal shall be credited to the Principal Account and the proceeds of such sales representing accrued interest shall be credited to the Income Account. Neither the Trustee nor the Depositors shall be liable or responsible in any way for depreciation or loss incurred by reason of any sale of Securities made pursuant to this Section 5.2. Units redeemed pursuant to this Section 5.2 shall be canceled by the Trustee and the Units tendered by Redemption Forms shall be terminated by such redemptions. If the related Prospectus for the Trust so provides, a Unitholder who tenders for redemption Units in an aggregate amount of at least the amount specified in the Prospectus may request, at the time of tender, to receive an "In Kind Distribution" in lieu of cash. Such In Kind Distribution shall consist of (i) such Unitholder's pro rata portion of each of the Securities, to the extent of whole shares, and (ii) cash equal to such Unitholder's pro rata portion of the Income and Principal Accounts follows: (x) a pro rata portion of the net proceeds of sale of the Securities representing any fractional shares included in such Unitholder's pro rata share of the Securities and (y) such other cash as may properly be included in such Unitholder's pro rata share of the sum of the cash balances of the Income and Principal Accounts in an amount equal to the Redemption Price on the date of tender less amounts specified in clauses (i) and (ii)(x) of this sentence. The Trustee shall distribute the Unitholder's Securities to the account of the Unitholder's bank or broker dealer at the DTC. An In Kind Distribution shall be reduced by customary transfer and registration charges incurred by the Trustee.and