Common use of Form of Shares Clause in Contracts

Form of Shares. The Down-MACRO Holding Shares shall be evidenced by one or more global certificates substantially in the form set forth in Exhibit A attached hereto, with appropriate insertions, modifications and omissions as hereinafter provided (each such certificate, a "Global Certificate"). No Down-MACRO Holding Shares shall be entitled to any benefits under this Trust Agreement or be valid or obligatory for any purpose unless a Global Certificate evidencing those Down-MACRO Holding Shares has been executed by the Trustee by the manual or facsimile signature of a duly authorized signatory of the Trustee and countersigned by the manual or facsimile signature of a duly authorized officer of the Depositor. The Trustee shall maintain books on which the registered ownership of each Global Certificate and transfers, if any, of such registered ownership shall be recorded. Global Certificates evidencing the Down-MACRO Holding Shares bearing the manual or facsimile signature of a duly authorized signatory of the Trustee and the manual or facsimile signature of a duly authorized officer of the Depositor, if applicable, who was, at the time such Global Certificates were executed, a proper signatory of the Trustee or the Depositor, as applicable, shall bind the Trustee, notwithstanding that such signatory has ceased to hold such office prior to the delivery of such Global Certificates. The Global Certificates may be endorsed with or have incorporated in the text thereof such legends or recitals or modifications not inconsistent with the provisions of this Trust Agreement as may be required by the Trustee or required to comply with any applicable law or regulations promulgated thereunder or with the rules and regulations of any securities exchange upon which the Down-MACRO Holding Shares may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which the Down-MACRO Holding Shares are subject. The Founders' Shares and the beneficial ownership thereof by the Depositor and the Administrative Agent shall be recorded on the books and records maintained by the Trustee on behalf of the Down-MACRO Holding Trust and no physical certificates shall be issued in respect of such Founders' Shares. Concurrently with the first Paired Issuance of Paired Holding Shares, the Founders' Shares shall be cancelled and shall not thereafter be reissued.

Form of Shares. The DownUp-MACRO Holding Shares shall be evidenced by one or more global certificates substantially in the form set forth in Exhibit A attached hereto, with appropriate insertions, modifications and omissions as hereinafter provided (each such certificate, a "Global Certificate"). No DownUp-MACRO Holding Shares shall be entitled to any benefits under this Trust Agreement or be valid or obligatory for any purpose unless a Global Certificate evidencing those DownUp-MACRO Holding Shares has been executed by the Trustee by the manual or facsimile signature of a duly authorized signatory of the Trustee and countersigned by the manual or facsimile signature of a duly authorized officer of the Depositor. The Trustee shall maintain books on which the registered ownership of each Global Certificate and transfers, if any, of such registered ownership shall be recorded. Global Certificates evidencing the DownUp-MACRO Holding Shares bearing the manual or facsimile signature of a duly authorized signatory of the Trustee and the manual or facsimile signature of a duly authorized officer of the Depositor, if applicable, who was, at the time such Global Certificates were executed, a proper signatory of the Trustee or the Depositor, as applicable, shall bind the Trustee, notwithstanding that such signatory has ceased to hold such office prior to the delivery of such Global Certificates. The Global Certificates may be endorsed with or have incorporated in the text thereof such legends or recitals or modifications not inconsistent with the provisions of this Trust Agreement as may be required by the Trustee or required to comply with any applicable law or regulations promulgated thereunder or with the rules and regulations of any securities exchange upon which the DownUp-MACRO Holding Shares may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which the DownUp-MACRO Holding Shares are subject. The Founders' Shares and the beneficial ownership thereof by the Depositor and the Administrative Agent shall be recorded on the books and records maintained by the Trustee on behalf of the DownUp-MACRO Holding Trust and no physical certificates shall be issued in respect of such Founders' Shares. Concurrently with the first Paired Issuance of Paired Holding Shares, the Founders' Shares shall be cancelled and shall not thereafter be reissued.

Form of Shares. The DownUp-MACRO Holding Tradeable Shares shall be evidenced by one or more global certificates substantially in the form set forth in Exhibit A attached hereto, with appropriate insertions, modifications and omissions as hereinafter provided (each such certificate, a "Global Certificate"). No DownUp-MACRO Holding Tradeable Shares shall be entitled to any benefits under this Trust Agreement or be valid or obligatory for any purpose unless a Global Certificate evidencing those DownUp-MACRO Holding Tradeable Shares has been executed by the Trustee by the manual or facsimile signature of a duly authorized signatory of the Trustee and countersigned by the manual or facsimile signature of a duly authorized officer of the Depositor. The Trustee shall maintain books on which the registered ownership of each Global Certificate and transfers, if any, of such registered ownership shall be recorded. Global Certificates evidencing the DownUp-MACRO Holding Tradeable Shares bearing the manual or facsimile signature of a duly authorized signatory of the Trustee and the manual or facsimile signature of a duly authorized officer of the Depositor, if applicable, who was, at the time such Global Certificates were executed, a proper signatory of the Trustee or the Depositor, as applicable, shall bind the Trustee, notwithstanding that such signatory has ceased to hold such office prior to the delivery of such Global Certificates. The Global Certificates may be endorsed with or have incorporated in the text thereof such legends or recitals or modifications not inconsistent with the provisions of this Trust Agreement as may be required by the Trustee or required to comply with any applicable law or regulations promulgated thereunder or with the rules and regulations of any securities exchange upon which the DownUp-MACRO Holding Tradeable Shares may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which the DownUp-MACRO Holding Tradeable Shares are subject. The Founders' Shares and the beneficial ownership thereof by the Depositor and the Administrative Agent shall be recorded on the books and records maintained by the Trustee on behalf of the DownUp-MACRO Holding Tradeable Trust and no physical certificates shall be issued in respect of such Founders' Shares. Concurrently with the first Paired Issuance issuance of Paired Holding Up-MACRO Tradeable Shares, the Founders' Shares shall be cancelled and shall not thereafter be reissued.

Form of Shares. The Down-MACRO Holding Tradeable Shares shall be evidenced by one or more global certificates substantially in the form set forth in Exhibit A attached hereto, with appropriate insertions, modifications and omissions as hereinafter provided (each such certificate, a "Global Certificate"). No Down-MACRO Holding Tradeable Shares shall be entitled to any benefits under this Trust Agreement or be valid or obligatory for any purpose unless a Global Certificate evidencing those Down-MACRO Holding Tradeable Shares has been executed by the Trustee by the manual or facsimile signature of a duly authorized signatory of the Trustee and countersigned by the manual or facsimile signature of a duly authorized officer of the Depositor. The Trustee shall maintain books on which the registered ownership of each Global Certificate and transfers, if any, of such registered ownership shall be recorded. Global Certificates evidencing the Down-MACRO Holding Tradeable Shares bearing the manual or facsimile signature of a duly authorized signatory of the Trustee and the manual or facsimile signature of a duly authorized officer of the Depositor, if applicable, who was, at the time such Global Certificates were executed, a proper signatory of the Trustee or the Depositor, as applicable, shall bind the Trustee, notwithstanding that such signatory has ceased to hold such office prior to the delivery of such Global Certificates. The Global Certificates may be endorsed with or have incorporated in the text thereof such legends or recitals or modifications not inconsistent with the provisions of this Trust Agreement as may be required by the Trustee or required to comply with any applicable law or regulations promulgated thereunder or with the rules and regulations of any securities exchange upon which the Down-MACRO Holding Tradeable Shares may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which the Down-MACRO Holding Tradeable Shares are subject. The Founders' Shares and the beneficial ownership thereof by the Depositor and the Administrative Agent shall be recorded on the books and records maintained by the Trustee on behalf of the Down-MACRO Holding Tradeable Trust and no physical certificates shall be issued in respect of such Founders' Shares. Concurrently with the first Paired Issuance issuance of Paired Holding Down-MACRO Tradeable Shares, the Founders' Shares shall be cancelled and shall not thereafter be reissued.

Form of Shares. The Down-MACRO Holding Shares Up MacroShares shall be evidenced by one or more global certificates substantially in the form set forth in Exhibit A attached hereto, with appropriate insertions, modifications and omissions as hereinafter provided (each such certificate, a "Global Certificate"). No Down-MACRO Holding Shares Up MacroShares shall be entitled to any benefits under this Trust Agreement or be valid or obligatory for any purpose unless a Global Certificate evidencing those Down-MACRO Holding Shares Up MacroShares has been executed by the Trustee by the manual or facsimile signature of a duly authorized signatory of the Trustee and countersigned by the manual or facsimile signature of a duly authorized officer of the Depositor. The Trustee shall maintain books on which the registered ownership of each Global Certificate and transfers, if any, of such registered ownership shall be recorded. Global Certificates evidencing the Down-MACRO Holding Shares Up MacroShares bearing the manual or facsimile signature of a duly authorized signatory of the Trustee and the manual or facsimile signature of a duly authorized officer of the Depositor, if applicable, who was, at the time such Global Certificates were executed, a proper signatory of the Trustee or the Depositor, as applicable, shall bind the Trustee, notwithstanding that such signatory has ceased to hold such office prior to the delivery of such Global Certificates. The Global Certificates may be endorsed with or have incorporated in the text thereof such legends or recitals or modifications not inconsistent with the provisions of this Trust Agreement as may be required by the Trustee or required to comply with any applicable law or regulations promulgated thereunder or with the rules and regulations of any securities exchange upon which the Down-MACRO Holding Shares Up MacroShares may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which the Down-MACRO Holding Shares Up MacroShares are subject. The Founders' Shares and the beneficial ownership thereof by the Depositor and the Administrative Agent shall be recorded on the books and records maintained by the Trustee on behalf of the Down-MACRO Holding Up Trust and no physical certificates shall be issued in respect of such Founders' Shares. Concurrently with the first Paired Issuance of Paired Holding Shares, the Founders' Shares shall be cancelled and shall not thereafter be reissued.

Form of Shares. The Down-MACRO Holding Shares Down MacroShares shall be evidenced by one or more global certificates substantially in the form set forth in Exhibit A attached hereto, with appropriate insertions, modifications and omissions as hereinafter provided (each such certificate, a "Global Certificate"). No Down-MACRO Holding Shares Down MacroShares shall be entitled to any benefits under this Trust Agreement or be valid or obligatory for any purpose unless a Global Certificate evidencing those Down-MACRO Holding Shares Down MacroShares has been executed by the Trustee by the manual or facsimile signature of a duly authorized signatory of the Trustee and countersigned by the manual or facsimile signature of a duly authorized officer of the Depositor. The Trustee shall maintain books on which the registered ownership of each Global Certificate and transfers, if any, of such registered ownership shall be recorded. Global Certificates evidencing the Down-MACRO Holding Shares Down MacroShares bearing the manual or facsimile signature of a duly authorized signatory of the Trustee and the manual or facsimile signature of a duly authorized officer of the Depositor, if applicable, who was, at the time such Global Certificates were executed, a proper signatory of the Trustee or the Depositor, as applicable, shall bind the Trustee, notwithstanding that such signatory has ceased to hold such office prior to the delivery of such Global Certificates. The Global Certificates may be endorsed with or have incorporated in the text thereof such legends or recitals or modifications not inconsistent with the provisions of this Trust Agreement as may be required by the Trustee or required to comply with any applicable law or regulations promulgated thereunder or with the rules and regulations of any securities exchange upon which the Down-MACRO Holding Shares Down MacroShares may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which the Down-MACRO Holding Shares Down MacroShares are subject. The Founders' Shares and the beneficial ownership thereof by the Depositor and the Administrative Agent shall be recorded on the books and records maintained by the Trustee on behalf of the Down-MACRO Holding Down Trust and no physical certificates shall be issued in respect of such Founders' Shares. Concurrently with the first Paired Issuance of Paired Holding Shares, the Founders' Shares shall be cancelled and shall not thereafter be reissued.

Form of Shares. The DownUp-MACRO Holding Tradeable Shares shall be evidenced by one or more global certificates substantially in the form set forth in Exhibit A attached hereto, with appropriate insertions, modifications and omissions as hereinafter provided (each such certificate, a "Global Certificate"). No DownUp-MACRO Holding Tradeable Shares shall be entitled to any benefits under this Trust Agreement or be valid or obligatory for any purpose unless a Global Certificate evidencing those DownUp-MACRO Holding Tradeable Shares has been executed by the Trustee by the manual or facsimile signature of a duly authorized signatory of the Trustee and countersigned by the manual or facsimile signature of a duly authorized officer of the Depositor. The Trustee shall maintain books on which the registered ownership of each Global Certificate and transfers, if any, of such registered ownership shall be recorded. Global Certificates evidencing the DownUp-MACRO Holding Tradeable Shares bearing the manual or facsimile signature of a duly authorized signatory of the Trustee and the manual or facsimile signature of a duly authorized officer of the Depositor, if applicable, who was, at the time such Global Certificates were executed, a proper signatory of the Trustee or the Depositor, as applicable, shall bind the Trustee, notwithstanding that such signatory has ceased to hold such office prior to the delivery of such Global Certificates. The Global Certificates may be endorsed with or have incorporated in the text thereof such legends or recitals or modifications not inconsistent with the provisions of this Trust Agreement as may be required by the Trustee or required to comply with any applicable law or regulations promulgated thereunder or with the rules and regulations of any securities exchange upon which the DownUp-MACRO Holding Tradeable Shares may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which the DownUp-MACRO Holding Tradeable Shares are subject. The Founders' Shares and the beneficial ownership thereof by the Depositor and the Administrative Agent Claymore Securities, Inc. shall be recorded on the books and records maintained by the Trustee on behalf of the DownUp-MACRO Holding Tradeable Trust and no physical certificates shall be issued in respect of such Founders' Shares. Concurrently with the first Paired Issuance issuance of Paired Holding Up-MACRO Tradeable Shares, the Founders' Shares shall be cancelled and shall not thereafter be reissued.

Form of Shares. The Down-MACRO Holding Shares Up MacroShares shall be evidenced by one or more global certificates substantially in the form set forth in Exhibit A attached hereto, with appropriate insertions, modifications and omissions as hereinafter provided (each such certificate, a "Global Certificate"). No Down-MACRO Holding Shares Up MacroShare shall be entitled to any benefits under this Trust Agreement or be valid or obligatory for any purpose unless a Global Certificate evidencing those Down-MACRO Holding Shares Up MacroShares has been executed by the Trustee by the manual or facsimile signature of a duly authorized signatory of the Trustee and countersigned by the manual or facsimile signature of a duly authorized officer of the Depositor. The Trustee shall maintain books on which the registered ownership of each Global Certificate and transfers, if any, of such registered ownership shall be recorded. Global Certificates evidencing the Down-MACRO Holding Shares Up MacroShares bearing the manual or facsimile signature of a duly authorized signatory of the Trustee and the manual or facsimile signature of a duly authorized officer of the Depositor, if applicable, who was, at the time such Global Certificates were executed, a proper signatory of the Trustee or the Depositor, as applicable, shall bind the Trustee, notwithstanding that such signatory has ceased to hold such office prior to the delivery of such Global Certificates. The Global Certificates may be endorsed with or have incorporated in the text thereof such legends or recitals or modifications not inconsistent with the provisions of this Trust Agreement as may be required by the Trustee or required to comply with any applicable law or regulations promulgated thereunder or with the rules and regulations of any securities exchange upon which the Down-MACRO Holding Shares Up MacroShares may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which the Down-MACRO Holding Shares Up MacroShares are subject. The Founders' Shares and the beneficial ownership thereof by the Depositor and the Administrative Agent shall be recorded on the books and records maintained by the Trustee on behalf of the Down-MACRO Holding Up Trust and no physical certificates shall be issued in respect of such Founders' Shares. Concurrently with the first Paired Issuance of Paired Holding Shares, the Founders' Shares shall be cancelled and shall not thereafter be reissued.

Form of Shares. The Down-MACRO Holding Tradeable Shares shall be evidenced by one or more global certificates substantially in the form set forth in Exhibit A attached hereto, with appropriate insertions, modifications and omissions as hereinafter provided (each such certificate, a "Global Certificate"). No Down-MACRO Holding Tradeable Shares shall be entitled to any benefits under this Trust Agreement or be valid or obligatory for any purpose unless a Global Certificate evidencing those Down-MACRO Holding Tradeable Shares has been executed by the Trustee by the manual or facsimile signature of a duly authorized signatory of the Trustee and countersigned by the manual or facsimile signature of a duly authorized officer of the Depositor. The Trustee shall maintain books on which the registered ownership of each Global Certificate and transfers, if any, of such registered ownership shall be recorded. Global Certificates evidencing the Down-MACRO Holding Tradeable Shares bearing the manual or facsimile signature of a duly authorized signatory of the Trustee and the manual or facsimile signature of a duly authorized officer of the Depositor, if applicable, who was, at the time such Global Certificates were executed, a proper signatory of the Trustee or the Depositor, as applicable, shall bind the Trustee, notwithstanding that such signatory has ceased to hold such office prior to the delivery of such Global Certificates. The Global Certificates may be endorsed with or have incorporated in the text thereof such legends or recitals or modifications not inconsistent with the provisions of this Trust Agreement as may be required by the Trustee or required to comply with any applicable law or regulations promulgated thereunder or with the rules and regulations of any securities exchange upon which the Down-MACRO Holding Tradeable Shares may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which the Down-MACRO Holding Tradeable Shares are subject. The Founders' Shares and the beneficial ownership thereof by the Depositor and the Administrative Agent Claymore Securities, Inc. shall be recorded on the books and records maintained by the Trustee on behalf of the Down-MACRO Holding Tradeable Trust and no physical certificates shall be issued in respect of such Founders' Shares. Concurrently with the first Paired Issuance issuance of Paired Holding Down-MACRO Tradeable Shares, the Founders' Shares shall be cancelled and shall not thereafter be reissued.