Common use of Settlement of Redemptions Clause in Contracts

Settlement of Redemptions. On the Business Day after the applicable Redemption Order Date or, in the event that the Redemption Order Date is a Distribution Date or the Business Day following the Distribution Date, on the third Business Day after the Redemption Order Date (such date, the "Redemption Date"), not later than 10:00 a.m. New York City Time, the Authorized Participant directing the Paired Optional Redemption must deliver (i) to the Trustee's account at the Depository the Paired Holding Shares or the Tradeable Shares being tendered for redemption which together form at least one MACRO Unit or integral multiples thereof, (ii) to the Trustee in immediately available funds, the applicable Redemption Cash Component, if the Authorized Participant has been notified that a Redemption Cash Component is required, and (iii) to the Trustee in immediately available funds, the non-refundable transaction fee described in Section 6.1(e). Following receipt by the Administrative Agent of electronic confirmation of the requisite tender of shares and receipt by the Trustee of the applicable Redemption Cash Component, if any, and the transaction fee, and satisfaction of the procedures and conditions for a Paired Optional Redemption that are specified in the Participants Agreement, and no later than the day and time specified in the Participants Agreement, the Trustee, acting together with the Down-MACRO Holding Trustee, each on behalf of its respective Paired Holding Trust and as directed by the Administrative Agent, shall cause each of the Paired Holding Trusts to deliver a Final Distribution in an amount equal to the Per Share Underlying Value, as of the relevant Redemption Order Date, of each Up-MACRO Holding Share and each Down-MACRO Holding Share tendered for redemption, which will include, in the event that the Redemption Order Date and the Redemption Date occur on non-consecutive days, a sum equal to the Up-MACRO Earned Income Accruals and the Down-MACRO Earned Income Accruals (each calculated on the basis of the Applicable Reference Price of Oil on the Redemption Order Date) for the intervening non-Business Days between the Redemption Order Date and the Redemption Date; provided, that, in the case of any Redemption Order placed on a Distribution Date or on the Business Day succeeding a Distribution Date, such Final Distribution will also include Up-MACRO and Down-MACRO Earned Income Accruals for each intervening day between the Redemption Order Date and the Redemption Date calculated on the basis of the Applicable Reference Price of Crude Oil on the Redemption Order Date. Such Final Distribution will be delivered:

Settlement of Redemptions. On the Business Day after the applicable Redemption Order Date or, in the event that the Redemption Order Date is a Distribution Date or the Business Day following the Distribution Date, on the third Business Day after the Redemption Order Date (such date, the "Redemption Date"), not later than 10:00 a.m. New York City Time, the Authorized Participant directing the Paired Optional Redemption must deliver (i) to the Trustee's account at the Depository the Paired Holding Shares or the Tradeable Shares being tendered for redemption which together form at least one MACRO Unit or integral multiples thereof, (ii) to the Trustee in immediately available funds, the applicable Redemption Cash Component, if the Authorized Participant has been notified that a Redemption Cash Component is required, and (iii) to the Trustee in immediately available funds, the non-refundable transaction fee described in Section 6.1(e). Following receipt by the Administrative Agent of electronic confirmation of the requisite tender of shares and receipt by the Trustee of the applicable Redemption Cash Component, if any, and the transaction fee, and satisfaction of the procedures and conditions for a Paired Optional Redemption that are specified in the Participants Agreement, and no later than the day and time specified in the Participants Agreement, the Trustee, acting together with the DownUp-MACRO Holding Trustee, each on behalf of its respective Paired Holding Trust and as directed by the Administrative Agent, shall cause each of the Paired Holding Trusts to deliver a Final Distribution in an amount equal to the Per Share Underlying Value, as of the relevant Redemption Order Date, of each UpDown-MACRO Holding Share and each DownUp-MACRO Holding Share tendered for redemption, which will include, in the event that the Redemption Order Date and the Redemption Date occur on non-consecutive days, a sum equal to the UpDown-MACRO Earned Income Accruals and the DownUp-MACRO Earned Income Accruals (each calculated on the basis of the Applicable Reference Price of Oil on the Redemption Order Date) for the intervening non-Business Days between the Redemption Order Date and the Redemption Date; provided, that, in the case of any Redemption Order placed on a Distribution Date or on the Business Day succeeding a Distribution Date, such Final Distribution will also include UpDown-MACRO and DownUp-MACRO Earned Income Accruals for each intervening day between the Redemption Order Date and the Redemption Date calculated on the basis of the Applicable Reference Price of Crude Oil on the Redemption Order Date. Such Final Distribution will be delivered:

Settlement of Redemptions. On the Business Day after the applicable Redemption Order Date or, in the event that the Redemption Order Date is a Distribution Date or the Business Day following the Distribution Date, on the third Business Day after the Redemption Order Date (such date, the "Redemption Date"), not later than 10:00 a.m. New York City Time, the Authorized Participant directing the Paired Optional Redemption must deliver (i) to the Trustee's account at the Depository the Paired Holding Shares or the Tradeable Shares being tendered for redemption which together form at least one MACRO MacroShares Unit or integral multiples thereof, (ii) to the Trustee in immediately available funds, the applicable Redemption Cash Component, if the Authorized Participant has been notified that a Redemption Cash Component is required, and (iii) to the Trustee in immediately available funds, the non-refundable transaction fee described in Section 6.1(e). Following receipt by the Administrative Agent of electronic confirmation of the requisite tender of shares and receipt by the Trustee of the applicable Redemption Cash Component, if any, and the transaction fee, and satisfaction of the procedures and conditions for a Paired Optional Redemption that are specified in the Participants Agreement, and no later than the day and time specified in the Participants Agreement, the Trustee, acting together with the Down-MACRO Holding Down Trustee, each on behalf of its respective Paired Holding Trust and as directed by the Administrative Agent, shall cause each of the Paired Holding Trusts to deliver a Final Distribution in an amount equal to the Per Share Underlying Value, as of the relevant Redemption Order Date, of each Up-MACRO Holding Share Up MacroShare and each Down-MACRO Holding Share Down MacroShare tendered for redemption, which . Such Final Distribution will include, (x) in the event that the Redemption Order Date and the Redemption Date occur on non-consecutive days, a sum equal to the Up-MACRO Up Earned Income Accruals and the Down-MACRO Down Earned Income Accruals (each calculated on the basis of the Applicable Reference Price of Oil on the Redemption Order Date) for the intervening non-Business Days between the Redemption Order Date and the Redemption Date; provided, that, and (y) in the case of any Redemption Order placed on a Distribution Date or on the Business Day succeeding a Distribution Date, such Final Distribution will also include Up-MACRO the Up and Down-MACRO Down Earned Income Accruals for each intervening day between the Redemption Order Date and the Redemption Date calculated on the basis of the Applicable Reference Price of Crude Oil on the Redemption Order Date. Such Final Distribution will be delivered:

Settlement of Redemptions. On the Business Day after the applicable Redemption Order Date or, in the event that the Redemption Order Date is a Distribution Date or the Business Day following the Distribution Date, on the third Business Day after the Redemption Order Date (such date, the "Redemption Date"), not later than 10:00 a.m. New York City Time, the Authorized Participant directing the Paired Optional Redemption must deliver (i) to the Trustee's account at the Depository the Paired Holding Shares or the Tradeable Shares being tendered for redemption which together form at least one MACRO MacroShares Unit or integral multiples thereof, (ii) to the Trustee in immediately available funds, the applicable Redemption Cash Component, if the Authorized Participant has been notified that a Redemption Cash Component is required, and (iii) to the Trustee in immediately available funds, the non-refundable transaction fee described in Section 6.1(e). Following receipt by the Administrative Agent of electronic confirmation of the requisite tender of shares and receipt by the Trustee of the applicable Redemption Cash Component, if any, and the transaction fee, and satisfaction of the procedures and conditions for a Paired Optional Redemption that are specified in the Participants Agreement, and no later than the day and time specified in the Participants Agreement, the Trustee, acting together with the Down-MACRO Holding Up Trustee, each on behalf of its respective Paired Holding Trust and as directed by the Administrative Agent, shall cause each of the Paired Holding Trusts to deliver a Final Distribution in an amount equal to the Per Share Underlying Value, as of the relevant Redemption Order Date, of each Up-MACRO Holding Share Down MacroShare and each Down-MACRO Holding Share Up MacroShare tendered for redemption, which . Such Final Distribution will include, (x) in the event that the Redemption Order Date and the Redemption Date occur on non-consecutive days, a sum equal to the Up-MACRO Down Earned Income Accruals and the Down-MACRO Up Earned Income Accruals (each calculated on the basis of the Applicable Reference Price of Oil on the Redemption Order Date) for the intervening non-Business Days between the Redemption Order Date and the Redemption Date; provided, that, and (y) in the case of any Redemption Order placed on a Distribution Date or on the Business Day succeeding a Distribution Date, such Final Distribution will also include Up-MACRO the Down and Down-MACRO Up Earned Income Accruals for each intervening day between the Redemption Order Date and the Redemption Date calculated on the basis of the Applicable Reference Price of Crude Oil on the Redemption Order Date. Such Final Distribution will be delivered:

Settlement of Redemptions. On the Business Day after the applicable Redemption Order Date or, in the event that the Redemption Order Date is a Distribution Date or the Business Day following the Distribution Date, on the third Business Day after the Redemption Order Date (such date, the "Redemption Date"), not later than 10:00 a.m. New York City Time, the Authorized Participant directing the Paired Optional Redemption must deliver (i) to the Trustee's account at the Depository the Paired Holding Shares or the Tradeable Shares being tendered for redemption which together form at least one MACRO MacroShares Unit or integral multiples thereof, (ii) to the Trustee in immediately available funds, the applicable Redemption Cash Component, if the Authorized Participant has been notified that a Redemption Cash Component is required, and (iii) to the Trustee in immediately available funds, the non-refundable transaction fee described in Section 6.1(e). Following receipt by the Administrative Agent of electronic confirmation of the requisite tender of shares and receipt by the Trustee of the applicable Redemption Cash Component, if any, and the transaction fee, and satisfaction of the procedures and conditions for a Paired Optional Redemption that are specified in the Participants AgreementAgreements, and no later than the day and time specified in the Participants AgreementAgreements, the Trustee, acting together with the Down-MACRO Holding Down Trustee, each on behalf of its respective Paired Holding Trust and as directed by the Administrative Agent, shall cause each of the Paired Holding Trusts to deliver a Final Distribution in an amount equal to the Per Share Underlying Value, as of the relevant Redemption Order Valuation Date, of each Up-MACRO Holding Share Up MacroShare and each Down-MACRO Holding Share Down MacroShare tendered for redemption. For the avoidance of doubt, which such Per Share Underlying Value will include, in the event case of a Redemption Order placed (A) on a Distribution Date, (b) on the Business Day that the follows a Distribution Date, or (C) on a Redemption Order Date and the Redemption Date occur on non-consecutive days, a sum equal to the Up-MACRO Earned Income Accruals and the Down-MACRO Earned Income Accruals (each calculated on the basis of the Applicable Reference Price of Oil on the Redemption Order Date) for the that is followed by one or more intervening non-Business Days between before the Redemption Order Date and is settled on the related Redemption Date; provided, that, in the case of any Redemption Order placed on a Distribution Date or on the Business Day succeeding a Distribution Date, such Final Distribution will also include Up-MACRO Up and Down-MACRO Down Earned Income Accruals for each intervening day between the Redemption Order Date and the Redemption Date Date, calculated on the basis of the Applicable Reference Price Value of Crude Oil the Index on the Redemption Order Dateeach such intervening day. Such The Final Distribution will be delivered:

Settlement of Redemptions. On the Business Day after the applicable Redemption Order Date or, in the event that the Redemption Order Date is a Distribution Date or the Business Day following the Distribution Date, on the third Business Day after the Redemption Order Date (such date, the "Redemption Date"), not later than 10:00 a.m. New York City Time, the Authorized Participant directing the Paired Optional Redemption must deliver (i) to the Trustee's account at the Depository the Paired Holding Shares or the Tradeable Shares being tendered for redemption which together form at least one MACRO MacroShares Unit or integral multiples thereof, (ii) to the Trustee in immediately available funds, the applicable Redemption Cash Component, if the Authorized Participant has been notified that a Redemption Cash Component is required, and (iii) to the Trustee in immediately available funds, the non-refundable transaction fee described in Section 6.1(e). Following receipt by the Administrative Agent of electronic confirmation of the requisite tender of shares and receipt by the Trustee of the applicable Redemption Cash Component, if any, and the transaction fee, and satisfaction of the procedures and conditions for a Paired Optional Redemption that are specified in the Participants AgreementAgreements, and no later than the day and time specified in the Participants AgreementAgreements, the Trustee, acting together with the Down-MACRO Holding Up Trustee, each on behalf of its respective Paired Holding Trust and as directed by the Administrative Agent, shall cause each of the Paired Holding Trusts to deliver a Final Distribution in an amount equal to the Per Share Underlying Value, as of the relevant Redemption Order Valuation Date, of each Up-MACRO Holding Share Down MacroShare and each Down-MACRO Holding Share Up MacroShare tendered for redemption. For the avoidance of doubt, which such Per Share Underlying Value will include, in the event case of a Redemption Order placed (A) on a Distribution Date, (b) on the Business Day that the follows a Distribution Date, or (C) on a Redemption Order Date and the Redemption Date occur on non-consecutive days, a sum equal to the Up-MACRO Earned Income Accruals and the Down-MACRO Earned Income Accruals (each calculated on the basis of the Applicable Reference Price of Oil on the Redemption Order Date) for the that is followed by one or more intervening non-Business Days between before the Redemption Order Date and is settled on the related Redemption Date; provided, that, in the case of any Redemption Order placed on a Distribution Date or on the Business Day succeeding a Distribution Date, such Final Distribution will also include Up-MACRO Down and Down-MACRO Up Earned Income Accruals for each intervening day between the Redemption Order Date and the Redemption Date Date, calculated on the basis of the Applicable Reference Price Value of Crude Oil the Index on the Redemption Order Dateeach such intervening day. Such The Final Distribution will be delivered:

Settlement of Redemptions. On the Business Day after the applicable Redemption Order Date or, in the event that the Redemption Order Date is a Distribution Date or the Business Day following the Distribution Date, on the third Business Day after the Redemption Order Date (such date, the "Redemption Date"), not later than 10:00 a.m. New York City Time, the Authorized Participant directing the Paired Optional Redemption must deliver (i) to the Trustee's account at the Depository the Paired Holding Shares or the Tradeable Shares being tendered for redemption which together form at least one MACRO MacroShares Unit or integral multiples thereof, (ii) to the Trustee in immediately available funds, the applicable Redemption Cash Component, if the Authorized Participant has been notified that a Redemption Cash Component is required, and (iii) to the Trustee in immediately available funds, the non-refundable transaction fee described in Section 6.1(e). Following receipt by the Administrative Agent of electronic confirmation of the requisite tender of shares and receipt by the Trustee of the applicable Redemption Cash Component, if any, and the transaction fee, and satisfaction of the procedures and conditions for a Paired Optional Redemption that are specified in the Participants AgreementAgreements, and no later than the day and time specified in the Participants AgreementAgreements, the Trustee, acting together with the Down-MACRO Holding Down Trustee, each on behalf of its respective Paired Holding Trust and as directed by the Administrative Agent, shall cause each of the Paired Holding Trusts to deliver a Final Distribution in an amount equal to the Per Share Underlying Value, as of the relevant Redemption Order Valuation Date, of each Up-MACRO Holding Share Up MacroShare and each Down-MACRO Holding Share Down MacroShare tendered for redemption. For the avoidance of doubt, which such Per Share Underlying Value will include, in the event case of a Redemption Order placed (A) on a Distribution Date, (B) on the Business Day that the follows a Distribution Date, or (C) on a Redemption Order Date and the Redemption Date occur on non-consecutive days, a sum equal to the Up-MACRO Earned Income Accruals and the Down-MACRO Earned Income Accruals (each calculated on the basis of the Applicable Reference Price of Oil on the Redemption Order Date) for the that is followed by one or more intervening non-Business Days between before the Redemption Order Date and is settled on the related Redemption Date; provided, that, in the case of any Redemption Order placed on a Distribution Date or on the Business Day succeeding a Distribution Date, such Final Distribution will also include Up-MACRO Up and Down-MACRO Down Earned Income Accruals for each intervening day between the Redemption Order Date and the Redemption Date Date, calculated on the basis of the Applicable Reference Price Value of Crude Oil the Index on the Redemption Order Dateeach such intervening day. Such The Final Distribution will be delivered:

Settlement of Redemptions. On the Business Day after the applicable Redemption Order Date or, in the event that the Redemption Order Date is a Distribution Date or the Business Day following the Distribution Date, on the third Business Day after the Redemption Order Date (such date, the "Redemption Date"), not later than 10:00 a.m. New York City Time, the Authorized Participant directing the Paired Optional Redemption must deliver (i) to the Trustee's account at the Depository the Paired Holding Shares or the Tradeable Shares being tendered for redemption which together form at least one MACRO MacroShares Unit or integral multiples thereof, (ii) to the Trustee in immediately available funds, the applicable Redemption Cash Component, if the Authorized Participant has been notified that a Redemption Cash Component is required, and (iii) to the Trustee in immediately available funds, the non-refundable transaction fee described in Section 6.1(e). Following receipt by the Administrative Agent of electronic confirmation of the requisite tender of shares and receipt by the Trustee of the applicable Redemption Cash Component, if any, and the transaction fee, and satisfaction of the procedures and conditions for a Paired Optional Redemption that are specified in the Participants AgreementAgreements, and no later than the day and time specified in the Participants AgreementAgreements, the Trustee, acting together with the Down-MACRO Holding Up Trustee, each on behalf of its respective Paired Holding Trust and as directed by the Administrative Agent, shall cause each of the Paired Holding Trusts to deliver a Final Distribution in an amount equal to the Per Share Underlying Value, as of the relevant Redemption Order Valuation Date, of each Up-MACRO Holding Share Down MacroShare and each Down-MACRO Holding Share Up MacroShare tendered for redemption. For the avoidance of doubt, which such Per Share Underlying Value will include, in the event case of a Redemption Order placed (A) on a Distribution Date, (B) on the Business Day that the follows a Distribution Date, or (C) on a Redemption Order Date and the Redemption Date occur on non-consecutive days, a sum equal to the Up-MACRO Earned Income Accruals and the Down-MACRO Earned Income Accruals (each calculated on the basis of the Applicable Reference Price of Oil on the Redemption Order Date) for the that is followed by one or more intervening non-Business Days between before the Redemption Order Date and is settled on the related Redemption Date; provided, that, in the case of any Redemption Order placed on a Distribution Date or on the Business Day succeeding a Distribution Date, such Final Distribution will also include Up-MACRO Down and Down-MACRO Up Earned Income Accruals for each intervening day between the Redemption Order Date and the Redemption Date Date, calculated on the basis of the Applicable Reference Price Value of Crude Oil the Index on the Redemption Order Dateeach such intervening day. Such The Final Distribution will be delivered:

Settlement of Redemptions. On the Business Day after the applicable Redemption Order Date or, in the event that the Redemption Order Date is a Distribution Date or the Business Day following the Distribution Date, on the third Business Day after the Redemption Order Date (such date, the "Redemption Date"), not later than 10:00 a.m. New York City Time, the Authorized Participant directing the Paired Optional Redemption must deliver (i) to the Trustee's account at the Depository the Paired Holding Shares or the Tradeable Shares being tendered for redemption which together form at least one MACRO Unit or integral multiples thereof, (ii) to the Trustee in immediately available funds, the applicable Redemption Cash Component, if the Authorized Participant has been notified that a Redemption Cash Component is required, and (iii) to the Trustee in immediately available funds, the non-refundable transaction fee described in Section 6.1(e). Following receipt by the Administrative Agent of electronic confirmation of the requisite tender of shares and receipt by the Trustee of the applicable Redemption Cash Component, if any, and the transaction fee, and satisfaction of the procedures and conditions for a Paired Optional Redemption that are specified in the Participants Agreement, and no later than the day and time specified in the Participants Agreement, the Trustee, acting together with the Down-MACRO Holding Trustee, each on behalf of its respective Paired Holding Trust and as directed by the Administrative Agent, shall cause each of the Paired Holding Trusts to deliver a Final Distribution in an amount equal to the Per Share Underlying Value, as of the relevant Redemption Order Date, of each Up-MACRO Holding Share and each Down-MACRO Holding Share tendered for redemption, which will include, in the event that the Redemption Order Date and the Redemption Date occur on non-non consecutive days, a sum equal to the Up-MACRO Earned Income Accruals and the Down-MACRO Earned Income Accruals (each calculated on the basis of the Applicable Reference Price of Oil on the Redemption Order Date) for the intervening non-Business Days between the Redemption Order Date and the Redemption Date; provided, that, in the case of any Redemption Order placed on a Distribution Date or on the Business Day succeeding a Distribution Date, such Final Distribution will also include Up-MACRO and Down-MACRO Earned Income Accruals for each intervening day between the Redemption Order Date and the Redemption Date calculated on the basis of the Applicable Reference Price of Crude Oil on the Redemption Order Date. Such Final Distribution will be delivered:

Settlement of Redemptions. On the Business Day after the applicable Redemption Order Date or, in the event that the Redemption Order Date is a Distribution Date or the Business Day following the Distribution Date, on the third Business Day after the Redemption Order Date (such date, the "Redemption Date"), not later than 10:00 a.m. New York City Time, the Authorized Participant directing the Paired Optional Redemption must deliver (i) to the Trustee's account at the Depository the Paired Holding Shares or the Tradeable Shares being tendered for redemption which together form at least one MACRO Macro Unit or integral multiples thereof, (ii) to the Trustee in immediately available funds, the applicable Redemption Cash Component, if the Authorized Participant has been notified that a Redemption Cash Component is required, and (iii) to the Trustee in immediately available funds, the non-refundable transaction fee described in Section 6.1(e). Following receipt by the Administrative Agent of electronic confirmation of the requisite tender of shares and receipt by the Trustee of the applicable Redemption Cash Component, if any, and the transaction fee, and satisfaction of the procedures and conditions for a Paired Optional Redemption that are specified in the Participants Agreement, and no later than the day and time specified in the Participants Agreement, the Trustee, acting together with the Down-MACRO Holding Down Trustee, each on behalf of its respective Paired Holding Trust and as directed by the Administrative Agent, shall cause each of the Paired Holding Trusts to deliver a Final Distribution in an amount equal to the Per Share Underlying Value, as of the relevant Redemption Order Date, of each Up-MACRO Holding Share Up MacroShares and each Down-MACRO Holding Share Down MacroShares tendered for redemption, which will include, in the event that the Redemption Order Date and the Redemption Date occur on non-consecutive days, a sum equal to the Up-MACRO Up Earned Income Accruals and the Down-MACRO Down Earned Income Accruals [(each calculated on the basis of the Applicable Reference Price Value of Oil Medical Inflation on the Redemption Order Date) )] for the intervening non-Business Days between the Redemption Order Date and the Redemption Date; provided, that, in the case of any Redemption Order placed on a Distribution Date or on the Business Day succeeding a Distribution Date, such Final Distribution will also include Up-MACRO and Down-MACRO Down Earned Income Accruals for each intervening day between the Redemption Order Date and the Redemption Date calculated on the basis of the Applicable Reference Price Value of Crude Oil Medical Inflation on the Redemption Order Date. Such Final Distribution will be delivered: