Common use of Amendment; Waiver of Past Defaults and Termination Clause in Contracts

Amendment; Waiver of Past Defaults and Termination. (a) This Trust Agreement may be amended from time to time by the Depositor and the Trustee without the consent of the Holders of Up-MACRO Holding Shares (i) to cure any ambiguity or to correct or supplement any provision which may be defective or inconsistent with any other provision of this Trust Agreement, the Down-MACRO Holding Trust Agreement, the Up-MACRO Tradeable Trust Agreement or the Down-MACRO Tradeable Trust Agreement, (ii) to modify any provision or add a provision to this Trust Agreement to conform it to the description of the terms of the Up-MACRO Holding Shares contained in the Prospectus, (iii) to add to the covenants, restrictions or obligations of any entity under this Trust Agreement for the benefit of the Holders of the Up-MACRO Holding Shares or to modify any provisions of this Trust Agreement, (iv) to evidence and provide for the acceptance of appointment hereunder of a Successor Trustee, and (v) to comply with any requirements imposed by the Code, or any securities laws; provided that an opinion in form and substance satisfactory to the Depositor that such amendment will not cause the Up-MACRO Holding Trust to be treated as an association taxable as a corporation is delivered in connection with any amendment referenced in clause (iii) or clause (v) above.

Amendment; Waiver of Past Defaults and Termination. (a) This Trust Agreement may be amended from time to time by the Depositor and the Trustee without the consent of the Holders of Up-MACRO Holding Shares (i) to cure any ambiguity or to correct or supplement any provision which may be defective or inconsistent with any other provision of this Trust Agreement, the Down-MACRO Holding Trust Agreement, the Up-MACRO Tradeable Trust Agreement or the Down-MACRO Tradeable Trust Agreement, (ii) to modify any provision or add a provision to this Trust Agreement to conform it to the description of the terms of the Up-MACRO Holding Shares contained in the Prospectus, (iii) to add to the covenants, restrictions or obligations of any entity under this Trust Agreement for the benefit of the Holders of the Up-MACRO Holding Shares or to modify any provisions of this Trust Agreement, (iv) to evidence and provide for the acceptance of appointment hereunder of a Successor Trustee, and (v) to comply with any requirements imposed by the Code, or any securities laws; provided that an opinion in form and substance satisfactory to the Depositor that such amendment will not cause the Up-MACRO Holding Trust to be treated as an association taxable as a corporation is delivered in connection with any amendment referenced in clause (iii) or clause (v) above. This Trust Agreement may also be amended without the consent of the Holders of the Up-MACRO Holding Shares in connection with (i) any Up-MACRO Recapitalization Issuance following an Up-MACRO Recapitalization Event, subject to satisfaction of the Up-MACRO Recapitalization Condition, and (ii) any Down-MACRO Recapitalization Issuance following a Down-MACRO Recapitalization Event, subject to satisfaction of the Down-MACRO Recapitalization Condition.

Amendment; Waiver of Past Defaults and Termination. (a) This Trust Agreement may be amended from time to time by the Depositor and the Trustee without the consent of the Holders of UpDown-MACRO Holding Shares (i) to cure any ambiguity or to correct or supplement any provision which may be defective or inconsistent with any other provision of this Trust Agreement, the DownUp-MACRO Holding Trust Agreement, the UpDown-MACRO Tradeable Trust Agreement or the DownUp-MACRO Tradeable Trust Agreement, (ii) to modify any provision or add a provision to this Trust Agreement to conform it to the description of the terms of the UpDown-MACRO Holding Shares contained in the Prospectus, (iii) to add to the covenants, restrictions or obligations of any entity under this Trust Agreement for the benefit of the Holders of the UpDown-MACRO Holding Shares or to modify any provisions of this Trust Agreement, (iv) to evidence and provide for the acceptance of appointment hereunder of a Successor Trustee, and (v) to comply with any requirements imposed by the Code, or any securities laws; provided that an opinion in form and substance satisfactory to the Depositor that such amendment will not cause the UpDown-MACRO Holding Trust to be treated as an association taxable as a corporation is delivered in connection with any amendment referenced in clause (iii) or clause (v) above.