Common use of Paired Optional Redemptions Clause in Contracts

Paired Optional Redemptions. (a) On any Business Day, 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 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 and may deliver such shares to the Up-MACRO Tradeable Trust and/or the Down MACRO Tradeable Trust to be exchanged for Up-MACRO and/or Down-MACRO Holding Shares and redeemed in a Paired Optional Redemption in accordance with the terms of the Participants Agreement.

Paired Optional Redemptions. (a) On any Business Day, 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 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 and may deliver such shares to the Up-MACRO Tradeable Trust and/or the Down Down-MACRO Tradeable Trust to be exchanged for Up-MACRO and/or Down-MACRO Holding Shares and redeemed in a Paired Optional Redemption in accordance with the terms of the Participants Agreement.