Common use of No Affiliation Clause in Contracts

No Affiliation. The Trustee is not an Affiliated Person with respect to the Depositor, either of the Paired Holding Trusts, either of the Tradeable Trusts, the Administrative Agent, either Marketing Agent or any Authorized Participant, and it is not an Affiliated Person with respect to any Person who is an Affiliated Person with respect to any of the foregoing entities; further, the Trustee does not, and will not for so long as it acts as Trustee hereunder, offer or provide credit or credit enhancement to any of the MACRO Trusts except to the extent that the Trustee provides overdraft liquidity in the normal course of the Trustee's custody services to the Up-MACRO Holding Trust, including overdrafts.

No Affiliation. The Trustee is not an Affiliated Person with respect to the Depositor, either of the Paired Holding Trusts, either of the Tradeable Trusts, the Administrative Agent, either Marketing Agent or any Authorized Participant, and it is not an Affiliated Person with respect to any Person who is an Affiliated Person with respect to any of the foregoing entities; further, the Trustee does not, and will not for so long as it acts as Trustee hereunder, offer or provide credit or credit enhancement to any of the MACRO Trusts except to with the extent that the Trustee provides overdraft liquidity exception of extensions of credit incurred in the normal course of the Trustee's custody services to the Up-MACRO Holding Trust, including overdrafts.