Paired Optional Redemptions Clause Samples
Paired Optional Redemptions. (a) On any Price Determination Day occurring after the Closing Date but prior to the Final Scheduled Termination Date or an Early Termination Date, any Authorized Participant may direct the redemption of Paired Holding Shares by delivering a Redemption Order to the Administrative Agent and satisfying the conditions set forth in this Section 6.1 (such redemption, a "Paired Optional Redemption"). The Authorized Participant directing the Paired Optional Redemption must be the Beneficial Owner of the Paired Holding Shares or the Up-MACRO and Down-MACRO Tradeable Shares which are being tendered for redemption, as shown on the records of the Depository. Only Authorized Participants may direct Paired Optional Redemptions. Up-MACRO Holding Shares will be redeemed at their Per Share Underlying Value, as calculated on the Redemption Order Date on which the related Redemption Order was delivered; 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.
(b) Subject to the procedures and requirements specified in the Participants Agreement, the redeeming Authorized Participants may effect a Paired Optional Redemption by delivering a Redemption Order to the Administrative Agent on any day that is a Price Determination Day (such date, a "Redemption Order Date") not later than the earlier of (i) half an hour prior to the end of trading in the Light Sweet Crude Oil Futures Contracts or prior to the time as of which any Substitute Reference Oil Price is determined by the Applicable Reference Price Provider and (ii) the unanticipated close of trading of the Light Sweet Crude Oil Futures Contracts or of the Substitute Reference Oil Price. Any Redemption Order received by the Administrative Agent after the time specified in the foregoing sentence will automatically be cancelled. Following the Redemption Order Date, the redeeming Authorized Participant must transfer to the Trustee, not later than the date and time specified in the Participants Agreement, (i) the requisite number of Paired Holding Shares constituting at least one MACRO Unit or integral multiples thereof or the requisite number of Tradeable Shares which upon their ex...
Paired Optional Redemptions. (a) On any Business Day, up to the last Business Day preceding the Final Scheduled Termination Date, one or more Authorized Participants may direct the redemption of Paired Holding Shares by delivering a Redemption Order to the Administrative Agent (such redemption, a "Paired Optional Redemption") and satisfying the conditions set forth in this Section 6.1. The Authorized Participants directing the Paired Optional Redemption must be the registered holders of the Paired Holding Shares and/or the Up-MACRO and/or Down-MACRO Tradeable Shares which are being tendered for redemption, as shown on the records of the Depository.
(b) To effectuate a Paired Optional Redemption, the redeeming Authorized Participants must place a Redemption Order on the applicable Redemption Date not later than the earlier of (i) 2:00 p.m. New York City Time, and (ii) half an hour before the end of trading in the futures contracts from which the Applicable Reference Price of Crude Oil is derived, which shall be the Light Sweet Crude Oil Futures Contract unless and until a Substitute Reference Oil Price is selected by the Depositor and the Administrative Agent or the shareholders. On the next Business Day that follows the Redemption Date, the redeeming Authorized Participant must transfer to the Trustee by 10:00 a.m. New York City Time the requisite number of Paired Holding Shares constituting at least one MACRO Unit or integral multiples thereof or the requisite number of Tradeable Shares and Holding Shares which together, upon the exchange of the Tradeable Shares to their related Holding Shares will constitute at least one MACRO Unit or integral multiples thereof, plus any applicable Redemption Cash Component, and provide written or electronic evidence of such deposit to the Administrative Agent in accordance with the Participants Agreement.
Paired Optional Redemptions. 43 Section 6.2
Paired Optional Redemptions. Section 6.2 Cancellation of a Redemption Order.............................................................44 Section 6.3 Redemptions on Early Termination Date and Final Scheduled Termination Date.....................44 Section 6.4 Settlement of the Settlement Contracts and Adjustment to the Aggregate Amount of the Income Distribution Agreement...........................................................44 Section 6.5 Settlement.....................................................................................45