Common use of Paired Optional Redemptions Clause in Contracts

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. (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 Trustee and 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 which are being tendered for redemption on the records of the Depository. Alternatively, the Authorized Participants directing the Paired Optional Redemption may be holders of Up-MACRO and/or Down-MACRO Tradeable Shares which are being tendered and may deliver such shares to the Up-MACRO Tradeable Trust and/or the Down-MACRO Tradeable Trust to be exchanged for redemption, as shown on Up-MACRO and/or Down-MACRO Holding Shares and redeemed in a Paired Optional Redemption in accordance with the records terms of the DepositoryParticipants Agreement. (b) To effectuate a Paired Optional Redemption, the redeeming Authorized Participants which are registered holders of Paired Holding Shares, must place a Redemption Order on the applicable Redemption Date not later than the earlier of (i) 2:00 p.m. 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. a.m., New York City Time 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. In the event that the redeeming Authorized Participants wish to present Tradeable Shares for redemption, such Authorized Participants must transfer the requisite number of Down-MACRO and Up-MACRO Tradeable Shares equivalent to one or more MACRO Units of Paired Holding Shares plus any applicable Redemption Cash Component, to the Trustee by 10:00 a.m. New York City Time, on the third Business Day following the Redemption Date.

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 Trustee and 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 which are being tendered for redemption on the records of the Depository. Alternatively, the Authorized Participants directing the Paired Optional Redemption may be holders of Up-MACRO and/or Down-MACRO Tradeable Shares which are being tendered and may deliver such shares to the Up-MACRO Tradeable Trust and/or the Down MACRO Tradeable Trust to be exchanged for redemption, as shown on Up-MACRO and/or Down-MACRO Holding Shares and redeemed in a Paired Optional Redemption in accordance with the records terms of the DepositoryParticipants Agreement. (b) To effectuate a Paired Optional Redemption, the redeeming Authorized Participants which are registered holders of Paired Holding Shares, must place a Redemption Order on the applicable Redemption Date not later than the earlier of (i) 2:00 p.m. 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. a.m., New York City Time 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. In the event that the redeeming Authorized Participants wish to present Tradeable Shares for redemption, such Authorized Participants must transfer the requisite number of Up-MACRO and Down-MACRO Tradeable Shares equivalent to one or more MACRO Units of Paired Holding Shares plus any applicable Redemption Cash Component, to the Trustee by 10:00 a.m. New York City Time, on the third Business Day following the Redemption Date.

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 UpDown-MACRO and/or DownUp-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. 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. a.m., New York City Time 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.