Common use of Settlement of Issuances Clause in Contracts

Settlement of Issuances. (a) On the next Business Day after the applicable Issuance Order Date or, in the event that the Issuance Order Date is a Distribution Date or the Business Day following the Distribution Date, on the third Business Day after the Issuance Order Date (such date, the "Issuance Date"), not later than 10:00 a.m. New York City Time, the Authorized Participant directing the Paired Issuance must deliver immediately available funds to the Trustee in an amount equal to (i) the Per Share Underlying Value of Up-MACRO Holding Shares on the Issuance Order Date multiplied by the number of Up-MACRO Holding Shares being created by that Authorized Participant, plus (ii) the Per Share Underlying Value of Down-MACRO Holding Shares on the Issuance Order Date multiplied by the number of Down-MACRO Holding Shares being created by that Authorized Participant, plus (iii) the non-refundable transaction fee described in Section 6.2(d), plus (iv) in the case of any Creation Order placed on a Distribution Date or on the Business Day succeeding a Distribution Date, the Up-MACRO and Down-MACRO Earned Income Accruals for each intervening day between the Issuance Order Date and the Issuance Date, calculated on the basis of the Applicable Reference Price of Crude Oil on the Issuance Order Date. Following the delivery of requisite funds and satisfaction of the procedures and conditions for a Paired Issuance that are specified in the Participants Agreement and no later than the day and time specified in the Participants Agreement, the Trustee, acting together with the Down-MACRO Holding Trustee, each on behalf of its respective Paired Holding Trust and as directed by the Administrative Agent, shall deliver from the applicable Shares Netting Subaccount or, in the event of a Net Par Amount Increase, cause each of the Paired Holding Trusts to issue Paired Holding Shares in the Aggregate Par Amount of such Net Par Amount Increase and to credit the Depository account of the Up-MACRO Tradeable Trust and the Down-MACRO Tradeable Trust or to credit the Depository account of the Authorized Participant who directed such Paired Issuance, as applicable, with such Paired Holding Shares in the Aggregate Par Amount that was specified in the Creation Order.

Settlement of Issuances. (a) On the next Business Day after the applicable Issuance Order Date or, in the event that the Issuance Order Date is a Distribution Date or the Business Day following the Distribution Date, on the third Business Day after the Issuance Order Date (such date, the "Issuance Date"), not later than 10:00 a.m. New York City Time, the Authorized Participant directing the Paired Issuance must deliver immediately available funds to the Trustee in an amount equal to (i) the Per Share Underlying Value of UpDown-MACRO Holding Shares on the Issuance Order Date multiplied by the number of UpDown-MACRO Holding Shares being created by that Authorized Participant, plus (ii) the Per Share Underlying Value of DownUp-MACRO Holding Shares on the Issuance Order Date multiplied by the number of DownUp-MACRO Holding Shares being created by that Authorized Participant, plus (iii) the non-refundable transaction fee described in Section 6.2(d), plus (iv) in the case of any Creation Order placed on a Distribution Date or on the Business Day succeeding a Distribution Date, the UpDown-MACRO and DownUp-MACRO Earned Income Accruals for each intervening day between the Issuance Order Date and the Issuance Date, calculated on the basis of the Applicable Reference Price of Crude Oil on the Issuance Order Date. Following the delivery of requisite funds and satisfaction of the procedures and conditions for a Paired Issuance that are specified in the Participants Agreement and no later than the day and time specified in the Participants Agreement, the Trustee, acting together with the DownUp-MACRO Holding Trustee, each on behalf of its respective Paired Holding Trust and as directed by the Administrative Agent, shall deliver from the applicable Shares Netting Subaccount or, in the event of a Net Par Amount Increase, cause each of the Paired Holding Trusts to issue Paired Holding Shares in the Aggregate Par Amount of such Net Par Amount Increase and to credit the Depository account of the UpDown-MACRO Tradeable Trust and the DownUp-MACRO Tradeable Trust or to credit the Depository account of the Authorized Participant who directed such Paired Issuance, as applicable, with such Paired Holding Shares in the Aggregate Par Amount that was specified in the Creation Order.

Settlement of Issuances. (a) On the next Business Day after the applicable Issuance Order Date or, in the event that the Issuance Order Date is a Distribution Date or the Business Day following the Distribution Date, on the third Business Day after the Issuance Order Date (such date, the "Issuance Date"), not later than 10:00 a.m. New York City Time, the Authorized Participant directing the Paired Issuance must deliver immediately available funds to the Trustee in an amount equal to (i) the Per Share Underlying Value of Up-MACRO Holding Shares Up MacroShares on the related Issuance Order Date multiplied by the number of Up-MACRO Holding Shares Up MacroShares being created by that Authorized Participant, plus (ii) the Per Share Underlying Value of Down-MACRO Holding Shares Down MacroShares on the related Issuance Order Date multiplied by the number of Down-MACRO Holding Shares Down MacroShares being created by that Authorized Participant, plus (iii) the non-refundable transaction fee described in Section 6.2(d), plus (iv) in the case of any Creation Order placed (A) on a Distribution Date or Date, (B) on the Business Day succeeding a Distribution Date or (C) on an Issuance Order Date that is followed by one or more intervening non-Business Days before the Creation Order is settled on the related Issuance Date, the Up-MACRO Up and Down-MACRO Down Earned Income Accruals for each intervening day between the Issuance Order Date and the Issuance Date, calculated on the basis of the Applicable Reference Price of Crude Oil on the Issuance Order Date. Following the delivery of requisite funds and satisfaction of the procedures and conditions for a Paired Issuance that are specified in the Participants Agreement and no later than the day and time specified in the Participants Agreement, the Trustee, acting together with the Down-MACRO Holding Down Trustee, each on behalf of its respective Paired Holding Trust and as directed by the Administrative Agent, shall deliver from the applicable Shares Netting Subaccount or, in the event of a Net Par Amount Increase, cause each of the Paired Holding Trusts to issue Paired Holding Shares in the Aggregate Par Amount of such Net Par Amount Increase and to credit the Depository account of the Up-MACRO Tradeable Trust and the Down-MACRO Tradeable Trust or to credit the Depository account of the Authorized Participant who directed such Paired Issuance, as applicable, with such Paired Holding Shares in the Aggregate Par Amount that was specified in the Creation Order. The Trustee shall obtain the Up MacroShares so credited from the Shares Netting Subaccount or, in the event of a Net Par Amount Increase, by causing each of the Paired Trusts to issue Paired Shares in the Aggregate Par Amount of such Net Par Amount Increase.

Settlement of Issuances. (a) On the next Business Day after the applicable Issuance Order Date or, in the event that the Issuance Order Date is a Distribution Date or the Business Day following the Distribution Date, on the third Business Day after the Issuance Order Date (such date, the "Issuance Date"), not later than 10:00 a.m. New York City Time, the Authorized Participant directing the Paired Issuance must deliver immediately available funds to the Trustee in an amount equal to (i) the Per Share Underlying Value of Up-MACRO Holding Shares Up MacroShares on the related Issuance Order Date multiplied by the number of Up-MACRO Holding Shares Up MacroShares being created by that Authorized Participant, plus (ii) the Per Share Underlying Value of Down-MACRO Holding Shares Down MacroShares on the related Issuance Order Date multiplied by the number of Down-MACRO Holding Shares Down MacroShares being created by that Authorized Participant, plus (iii) the non-refundable transaction fee described in Section 6.2(d), plus (iv) in the case of any Creation Order placed (A) on a Distribution Date or Date, (B) on the Business Day succeeding a Distribution Date or (C) on an Issuance Order Date that is followed by one or more intervening non-Business Days before the Creation Order is settled on the related Issuance Date, the Up-MACRO Down and Down-MACRO Up Earned Income Accruals for each intervening day between the Issuance Order Date and the Issuance Date, calculated on the basis of the Applicable Reference Price of Crude Oil on the Issuance Order Date. Following the delivery of requisite funds and satisfaction of the procedures and conditions for a Paired Issuance that are specified in the Participants Agreement and no later than the day and time specified in the Participants Agreement, the Trustee, acting together with the Down-MACRO Holding Up Trustee, each on behalf of its respective Paired Holding Trust and as directed by the Administrative Agent, shall deliver from the applicable Shares Netting Subaccount or, in the event of a Net Par Amount Increase, cause each of the Paired Holding Trusts to issue Paired Holding Shares in the Aggregate Par Amount of such Net Par Amount Increase and to credit the Depository account of the Up-MACRO Tradeable Trust and the Down-MACRO Tradeable Trust or to credit the Depository account of the Authorized Participant who directed such Paired Issuance, as applicable, with such Paired Holding Shares in the Aggregate Par Amount that was specified in the Creation Order. The Trustee shall obtain the Up MacroShares so credited from the Shares Netting Subaccount or, in the event of a Net Par Amount Increase, by causing each of the Paired Trusts to issue Paired Shares in the Aggregate Par Amount of such Net Par Amount Increase.

Settlement of Issuances. (a) On the next Business Day after the applicable Issuance Order Date or, in the event that the Issuance Order Date is a Distribution Date or the Business Day following the Distribution Date, on the third Business Day after the Issuance Order Date (such date, the "Issuance Date"), not later than 10:00 a.m. New York City Time, the Authorized Participant directing the Paired Issuance must deliver immediately available funds to the Trustee in an amount equal to (i) the Per Share Underlying Value of Up-MACRO Holding Shares Up MacroShares on the Issuance Order Date multiplied by the number of Up-MACRO Holding Shares Up MacroShares being created by that Authorized Participant, plus (ii) the Per Share Underlying Value of Down-MACRO Holding Shares Down MacroShares on the Issuance Order Date multiplied by the number of Down-MACRO Holding Shares Down MacroShares being created by that Authorized Participant, plus (iii) the non-refundable transaction fee described in Section 6.2(d), plus (iv) in the case of any Creation Order placed (A) on a Distribution Date or Date, (B) on the Business Day succeeding a Distribution Date or (C) on an Issuance Order Date that is followed by one or more intervening non-Business Days before the Creation Order is settled on the related Issuance Date, the Up-MACRO Up and Down-MACRO Down Earned Income Accruals for each intervening day between the Issuance Order Date and the Issuance Date, calculated on the basis of the Applicable Reference Price of Crude Oil on the Issuance Order Date. Following the delivery of requisite funds and satisfaction of the procedures and conditions for a Paired Issuance that are specified in the Participants Agreement and no later than the day and time specified in the Participants Agreement, the Trustee, acting together with the Down-MACRO Holding Down Trustee, each on behalf of its respective Paired Holding Trust and as directed by the Administrative Agent, shall deliver from the applicable Shares Netting Subaccount or, in the event of a Net Par Amount Increase, cause each of the Paired Holding Trusts to issue Paired Holding Shares in the Aggregate Par Amount of such Net Par Amount Increase and to credit the Depository account of the Up-MACRO Tradeable Trust and the Down-MACRO Tradeable Trust or to credit the Depository account of the Authorized Participant who directed such Paired Issuance, as applicable, with such Paired Holding Shares in the Aggregate Par Amount that was specified in the Creation Order.

Settlement of Issuances. (a) On the next Business Day after the applicable Issuance Order Date or, in the event that the Issuance Order Date is a Distribution Date or the Business Day following the Distribution Date, on the third Business Day after the Issuance Order Date (such date, the "Issuance Date"), not later than 10:00 a.m. New York City Time, the Authorized Participant directing the Paired Issuance must deliver immediately available funds to the Trustee in an amount equal to (i) the Per Share Underlying Value of Up-MACRO Holding Shares Down MacroShares on the related Issuance Order Valuation Date multiplied by the number of Up-MACRO Holding Shares Down MacroShares being created by that Authorized Participant, plus (ii) the Per Share Underlying Value of Down-MACRO Holding Shares Up MacroShares on the related Issuance Order Valuation Date multiplied by the number of Down-MACRO Holding Shares Up MacroShares being created by that Authorized Participant, plus (iii) the non-refundable transaction fee described in Section 6.2(d), plus plus, for Creation Orders placed during the first six calendar months after the Closing Date (iv) from the Closing Date until October 31, 2009), the applicable IPO Incentive Fee. For the avoidance of doubt, this Per Share Underlying Value will include, in the case of any Creation Order placed (A) on a Distribution Date or Date, (B) on the Business Day succeeding a Distribution Date, or (C) on an Issuance Order Date that is followed by one or more intervening non-Business Days before the Up-MACRO Creation Order is settled on the related Issuance Date, the Down and Down-MACRO Up Earned Income Accruals for each intervening day between the Issuance Order Date and the Issuance Date, Date calculated on the basis of the Applicable Reference Price Value of Crude Oil the Index on the Issuance Order Dateeach of these intervening days. Following the delivery of requisite funds and satisfaction of the procedures and conditions for a Paired Issuance that are specified in the Participants Agreement Agreements and no later than the day and time specified in the Participants AgreementAgreements, the Trustee, acting together with the Down-MACRO Holding Up Trustee, each on behalf of its respective Paired Holding Trust and as directed by the Administrative Agent, shall deliver from the applicable Shares Netting Subaccount or, in the event of a Net Par Amount Increase, cause each of the Paired Holding Trusts to issue Paired Holding Shares in the Aggregate Par Amount of such Net Par Amount Increase and to credit the Depository account of the Up-MACRO Tradeable Trust and the Down-MACRO Tradeable Trust or to credit the Depository account of the Authorized Participant who directed such Paired Issuance, as applicable, with such Paired Holding Shares in the Aggregate Par Amount that was specified in the Creation Order. The Trustee shall obtain the Down MacroShares so credited from the Shares Netting Subaccount or, in the event of a Net Par Amount Increase, by causing each of the Paired Trusts to issue Paired Shares in the Aggregate Par Amount of such Net Par Amount Increase.

Settlement of Issuances. (a) On the next Business Day after the applicable Issuance Order Date or, in the event that the Issuance Order Date is a Distribution Date or the Business Day following the Distribution Date, on the third Business Day after the Issuance Order Date (such date, the "Issuance Date"), not later than 10:00 a.m. New York City Time, the Authorized Participant directing the Paired Issuance must deliver immediately available funds to the Trustee in an amount equal to (i) the Per Share Underlying Value of Up-MACRO Holding Shares Up MacroShares on the related Issuance Order Valuation Date multiplied by the number of Up-MACRO Holding Shares Up MacroShares being created by that Authorized Participant, plus (ii) the Per Share Underlying Value of Down-MACRO Holding Shares Down MacroShares on the related Issuance Order Valuation Date multiplied by the number of Down-MACRO Holding Shares Down MacroShares being created by that Authorized Participant, plus (iii) the non-refundable transaction fee described in Section 6.2(d), plus plus, for Creation Orders placed during the first six calendar months after the Closing Date (iv) from the Closing Date until October 31, 2009), the applicable IPO Incentive Fee. For the avoidance of doubt, this Per Share Underlying Value will include, in the case of any Creation Order placed (A) on a Distribution Date or Date, (B) on the Business Day succeeding a Distribution Date, or (C) on an Issuance Order Date that is followed by one or more intervening non-Business Days before the Up-MACRO Creation Order is settled on the related Issuance Date, the Up and Down-MACRO Down Earned Income Accruals for each intervening day between the Issuance Order Date and the Issuance Date, Date calculated on the basis of the Applicable Reference Price Value of Crude Oil the Index on the Issuance Order Dateeach of these intervening days. Following the delivery of requisite funds and satisfaction of the procedures and conditions for a Paired Issuance that are specified in the Participants Agreement Agreements and no later than the day and time specified in the Participants AgreementAgreements, the Trustee, acting together with the Down-MACRO Holding Down Trustee, each on behalf of its respective Paired Holding Trust and as directed by the Administrative Agent, shall deliver from the applicable Shares Netting Subaccount or, in the event of a Net Par Amount Increase, cause each of the Paired Holding Trusts to issue Paired Holding Shares in the Aggregate Par Amount of such Net Par Amount Increase and to credit the Depository account of the Up-MACRO Tradeable Trust and the Down-MACRO Tradeable Trust or to credit the Depository account of the Authorized Participant who directed such Paired Issuance, as applicable, with such Paired Holding Shares in the Aggregate Par Amount that was specified in the Creation Order. The Trustee shall obtain the Up MacroShares so credited from the Shares Netting Subaccount or, in the event of a Net Par Amount Increase, by causing each of the Paired Trusts to issue Paired Shares in the Aggregate Par Amount of such Net Par Amount Increase.

Settlement of Issuances. (a) On the next Business Day after the applicable Issuance Order Date or, in the event that the Issuance Order Date is a Distribution Date or the Business Day following the Distribution Date, on the third Business Day after the Issuance Order Date (such date, the "Issuance Date"), not later than 10:00 a.m. New York City Time, the Authorized Participant directing the Paired Issuance must deliver immediately available funds to the Trustee in an amount equal to (i) the Per Share Underlying Value of Up-MACRO Holding Shares Down MacroShares on the Issuance Order Date multiplied by the number of Up-MACRO Holding Shares Down MacroShares being created by that Authorized Participant, plus (ii) the Per Share Underlying Value of Down-MACRO Holding Shares Up MacroShares on the Issuance Order Date multiplied by the number of Down-MACRO Holding Shares Up MacroShares being created by that Authorized Participant, plus (iii) the non-refundable transaction fee described in Section 6.2(d), plus (iv) in the case of any Creation Order placed (A) on a Distribution Date or Date, (B) on the Business Day succeeding a Distribution Date or (C) on an Issuance Order Date that is followed by one or more intervening non-Business Days before the Creation Order is settled on the related Issuance Date, the Up-MACRO Down and Down-MACRO Up Earned Income Accruals for each intervening day between the Issuance Order Date and the Issuance Date, calculated on the basis of the Applicable Reference Price of Crude Oil on the Issuance Order Date. Following the delivery of requisite funds and satisfaction of the procedures and conditions for a Paired Issuance that are specified in the Participants Agreement and no later than the day and time specified in the Participants Agreement, the Trustee, acting together with the Down-MACRO Holding Up Trustee, each on behalf of its respective Paired Holding Trust and as directed by the Administrative Agent, shall deliver from the applicable Shares Netting Subaccount or, in the event of a Net Par Amount Increase, cause each of the Paired Holding Trusts to issue Paired Holding Shares in the Aggregate Par Amount of such Net Par Amount Increase and to credit the Depository account of the Up-MACRO Tradeable Trust and the Down-MACRO Tradeable Trust or to credit the Depository account of the Authorized Participant who directed such Paired Issuance, as applicable, with such Paired Holding Shares in the Aggregate Par Amount that was specified in the Creation Order.

Settlement of Issuances. (a) On the next Business Day after the applicable Issuance Order Date or, in the event that the Issuance Order Date is a Distribution Date or the Business Day following the Distribution Date, on the third Business Day after the Issuance Order Date (such date, the "Issuance Date"), not later than 10:00 a.m. New York City Time, the Authorized Participant directing the Paired Issuance must deliver immediately available funds to the Trustee in an amount equal to (i) the Per Share Underlying Value of Up-MACRO Holding Shares Down MacroShares on the related Issuance Order Valuation Date multiplied by the number of Up-MACRO Holding Shares Down MacroShares being created by that Authorized Participant, plus (ii) the Per Share Underlying Value of Down-MACRO Holding Shares Up MacroShares on the related Issuance Order Valuation Date multiplied by the number of Down-MACRO Holding Shares Up MacroShares being created by that Authorized Participant, plus (iii) the non-refundable transaction fee described in Section 6.2(d). For the avoidance of doubt, plus (iv) this Per Share Underlying Value will include, in the case of any Creation Order placed (A) on a Distribution Date or Date, (B) on the Business Day succeeding a Distribution Date, or (C) on an Issuance Order Date that is followed by one or more intervening non-Business Days before the Up-MACRO Creation Order is settled on the related Issuance Date, the Down and Down-MACRO Up Earned Income Accruals for each intervening day between the Issuance Order Date and the Issuance Date, Date calculated on the basis of the Applicable Reference Price Value of Crude Oil the Index on the Issuance Order Dateeach of these intervening days. Following the delivery of requisite funds and satisfaction of the procedures and conditions for a Paired Issuance that are specified in the Participants Agreement Agreements and no later than the day and time specified in the Participants AgreementAgreements, the Trustee, acting together with the Down-MACRO Holding Up Trustee, each on behalf of its respective Paired Holding Trust and as directed by the Administrative Agent, shall deliver from the applicable Shares Netting Subaccount or, in the event of a Net Par Amount Increase, cause each of the Paired Holding Trusts to issue Paired Holding Shares in the Aggregate Par Amount of such Net Par Amount Increase and to credit the Depository account of the Up-MACRO Tradeable Trust and the Down-MACRO Tradeable Trust or to credit the Depository account of the Authorized Participant who directed such Paired Issuance, as applicable, with such Paired Holding Shares in the Aggregate Par Amount that was specified in the Creation Order. The Trustee shall obtain the Down MacroShares so credited from the Shares Netting Subaccount or, in the event of a Net Par Amount Increase, by causing each of the Paired Trusts to issue Paired Shares in the Aggregate Par Amount of such Net Par Amount Increase.

Settlement of Issuances. (a) On the next Business Day after the applicable Issuance Order Date or, in the event that the Issuance Order Date is a Distribution Date or the Business Day following the Distribution Date, on the third Business Day after the Issuance Order Date (such date, the "Issuance Date"), not later than 10:00 a.m. New York City Time, the Authorized Participant directing the Paired Issuance must deliver immediately available funds to the Trustee in an amount equal to (i) the Per Share Underlying Value of Up-MACRO Holding Shares Down MacroShares on the related Issuance Order Valuation Date multiplied by the number of Up-MACRO Holding Shares Down MacroShares being created by that Authorized Participant, plus (ii) the Per Share Underlying Value of Down-MACRO Holding Shares Up MacroShares on the related Issuance Order Valuation Date multiplied by the number of Down-MACRO Holding Shares Up MacroShares being created by that Authorized Participant, plus (iii) the non-refundable transaction fee described in Section 6.2(d), plus (iv) plus, the Launch Cost Recovery Fee for each Up and Down MacroShare being created, subject to Section 6.2(e). For the avoidance of doubt, this Per Share Underlying Value will include, in the case of any Creation Order placed (A) on a Distribution Date or Date, (B) on the Business Day succeeding a Distribution Date, or (C) on an Issuance Order Date that is followed by one or more intervening non-Business Days before the Up-MACRO Creation Order is settled on the related Issuance Date, the Down and Down-MACRO Up Earned Income Accruals for each intervening day between the Issuance Order Date and the Issuance Date, Date calculated on the basis of the Applicable Reference Price Value of Crude Oil the Index on the Issuance Order Dateeach of these intervening days. Following the delivery of requisite funds and satisfaction of the procedures and conditions for a Paired Issuance that are specified in the Participants Agreement Agreements and no later than the day and time specified in the Participants AgreementAgreements, the Trustee, acting together with the Down-MACRO Holding Up Trustee, each on behalf of its respective Paired Holding Trust and as directed by the Administrative Agent, shall deliver from the applicable Shares Netting Subaccount or, in the event of a Net Par Amount Increase, cause each of the Paired Holding Trusts to issue Paired Holding Shares in the Aggregate Par Amount of such Net Par Amount Increase and to credit the Depository account of the Up-MACRO Tradeable Trust and the Down-MACRO Tradeable Trust or to credit the Depository account of the Authorized Participant who directed such Paired Issuance, as applicable, with such Paired Holding Shares in the Aggregate Par Amount that was specified in the Creation Order. The Trustee shall obtain the Down MacroShares so credited from the Shares Netting Subaccount or, in the event of a Net Par Amount Increase, by causing each of the Paired Trusts to issue Paired Shares in the Aggregate Par Amount of such Net Par Amount Increase.

Settlement of Issuances. (a) On the next Business Day after the applicable Issuance Order Date or, in the event that the Issuance Order Date is a Distribution Date or the Business Day following the Distribution Date, on the third Business Day after the Issuance Order Date (such date, the "Issuance Date"), not later than 10:00 a.m. New York City Time, the Authorized Participant directing the Paired Issuance must deliver immediately available funds to the Trustee in an amount equal to (i) the Per Share Underlying Value of Up-MACRO Holding Shares Up MacroShares on the Issuance Order Date multiplied by the number of Up-MACRO Holding Shares Up MacroShares being created by that Authorized Participant, plus (ii) the Per Share Underlying Value of Down-MACRO Holding Shares Down MacroShares on the Issuance Order Date multiplied by the number of Down-MACRO Holding Shares Down MacroShares being created by that Authorized Participant, plus (iii) the non-refundable transaction fee described in Section 6.2(d), plus (iv) in the case of any Creation Order placed (A) on a Distribution Date or Date, (B) on the Business Day succeeding a Distribution Date or (C) on an Issuance Order Date that is followed by one or more intervening non-Business days before the Creation Order is settled on the related Issuance Date, the Up-MACRO Up and Down-MACRO Down Earned Income Accruals for each intervening day between the Issuance Order Date and the Issuance Date, calculated on the basis of the Applicable Reference Price of Crude Oil on the Issuance Order Date, plus (v) in the case of any Creation Order submitted prior to September 30, 2008, the Early Creation Fee. Following the delivery of requisite funds and satisfaction of the procedures and conditions for a Paired Issuance that are specified in the Participants Agreement and no later than the day and time specified in the Participants Agreement, the Trustee, acting together with the Down-MACRO Holding Down Trustee, each on behalf of its respective Paired Holding Trust and as directed by the Administrative Agent, shall deliver from the applicable Shares Netting Subaccount or, in the event of a Net Par Amount Increase, cause each of the Paired Holding Trusts to issue Paired Holding Shares in the Aggregate Par Amount of such Net Par Amount Increase and to credit the Depository account of the Up-MACRO Tradeable Trust and the Down-MACRO Tradeable Trust or to credit the Depository account of the Authorized Participant who directed such Paired Issuance, as applicable, with such Paired Holding Shares in the Aggregate Par Amount that was specified in the Creation Order.

Settlement of Issuances. (a) On the next Business Day after the applicable Issuance Order Date or, in the event that the Issuance Order Date is a Distribution Date or the Business Day following the Distribution Date, on the third Business Day after the Issuance Order Date (such date, the "Issuance Date"), not later than 10:00 a.m. New York City Time, the Authorized Participant directing the Paired Issuance must deliver immediately available funds to the Trustee in an amount equal to (i) the Per Share Underlying Value of Up-MACRO Holding Shares Up MacroShares on the Issuance Order Date multiplied by the number of Up-MACRO Holding Shares Up MacroShares being created by that Authorized Participant, plus (ii) the Per Share Underlying Value of Down-MACRO Holding Shares Down MacroShares on the Issuance Order Date multiplied by the number of Down-MACRO Holding Shares Down MacroShares being created by that Authorized Participant, plus (iii) the non-refundable transaction fee described in Section 6.2(d), plus (iv) in the case of any Creation Order placed on a Distribution Date or on the Business Day succeeding a Distribution Date, the Up-MACRO and Down-MACRO Down Earned Income Accruals for each intervening day between the Issuance Order Date and the Issuance Date, calculated on the basis of the Applicable Reference Price Value of Crude Oil Medical Inflation on the Issuance Order Date, plus (v) in the case of any Creation Order submitted prior to [July 1, 2008], the Aditional Creation Fee. Following the delivery of requisite funds and satisfaction of the procedures and conditions for a Paired Issuance that are specified in the Participants Agreement and no later than the day and time specified in the Participants Agreement, the Trustee, acting together with the Down-MACRO Holding Down Trustee, each on behalf of its respective Paired Holding Trust and as directed by the Administrative Agent, shall deliver from the applicable Shares Netting Subaccount or, in the event of a Net Par Amount Increase, cause each of the Paired Holding Trusts to issue Paired Holding Shares in the Aggregate Par Amount of such Net Par Amount Increase and to credit the Depository account of the Up-MACRO Tradeable Trust and the Down-MACRO Tradeable Trust or to credit the Depository account of the Authorized Participant who directed such Paired Issuance, as applicable, with such Paired Holding Shares in the Aggregate Par Amount that was specified in the Creation Order.

Settlement of Issuances. (a) On the next Business Day after the applicable Issuance Order Date or, in the event that the Issuance Order Date is a Distribution Date or the Business Day following the Distribution Date, on the third Business Day after the Issuance Order Date (such date, the "Issuance Date"), not later than 10:00 a.m. New York City Time, the Authorized Participant directing the Paired Issuance must deliver immediately available funds to the Trustee in an amount equal to (i) the Per Share Underlying Value of Up-MACRO Holding Shares Up MacroShares on the related Issuance Order Valuation Date multiplied by the number of Up-MACRO Holding Shares Up MacroShares being created by that Authorized Participant, plus (ii) the Per Share Underlying Value of Down-MACRO Holding Shares Down MacroShares on the related Issuance Order Valuation Date multiplied by the number of Down-MACRO Holding Shares Down MacroShares being created by that Authorized Participant, plus (iii) the non-refundable transaction fee described in Section 6.2(d), plus (iv) plus, the Launch Cost Recovery Fee for each Up and Down MacroShare being created, subject to Section 6.2(e). For the avoidance of doubt, this Per Share Underlying Value will include, in the case of any Creation Order placed (A) on a Distribution Date or Date, (B) on the Business Day succeeding a Distribution Date, or (C) on an Issuance Order Date that is followed by one or more intervening non-Business Days before the Up-MACRO Creation Order is settled on the related Issuance Date, the Up and Down-MACRO Down Earned Income Accruals for each intervening day between the Issuance Order Date and the Issuance Date, Date calculated on the basis of the Applicable Reference Price Value of Crude Oil the Index on the Issuance Order Dateeach of these intervening days. Following the delivery of requisite funds and satisfaction of the procedures and conditions for a Paired Issuance that are specified in the Participants Agreement Agreements and no later than the day and time specified in the Participants AgreementAgreements, the Trustee, acting together with the Down-MACRO Holding Down Trustee, each on behalf of its respective Paired Holding Trust and as directed by the Administrative Agent, shall deliver from the applicable Shares Netting Subaccount or, in the event of a Net Par Amount Increase, cause each of the Paired Holding Trusts to issue Paired Holding Shares in the Aggregate Par Amount of such Net Par Amount Increase and to credit the Depository account of the Up-MACRO Tradeable Trust and the Down-MACRO Tradeable Trust or to credit the Depository account of the Authorized Participant who directed such Paired Issuance, as applicable, with such Paired Holding Shares in the Aggregate Par Amount that was specified in the Creation Order. The Trustee shall obtain the Up MacroShares so credited from the Shares Netting Subaccount or, in the event of a Net Par Amount Increase, by causing each of the Paired Trusts to issue Paired Shares in the Aggregate Par Amount of such Net Par Amount Increase.

Settlement of Issuances. (a) On the next Business Day after the applicable Issuance Order Date or, in the event that the Issuance Order Date is a Distribution Date or the Business Day following the Distribution Date, on the third Business Day after the Issuance Order Date (such date, the "Issuance Date"), not later than 10:00 a.m. New York City Time, the Authorized Participant directing the Paired Issuance must deliver immediately available funds to the Trustee in an amount equal to (i) the Per Share Underlying Value of Up-MACRO Holding Shares on the Issuance Order Date multiplied by the number of Up-MACRO Holding Shares being created by that Authorized Participant, plus (ii) the Per Share Underlying Value of Down-MACRO Holding Shares on the Issuance Order Date multiplied by the number of Down-MACRO Holding Shares being created by that Authorized Participant, plus (iii) plus the non-refundable transaction fee described in Section 6.2(d), plus (iv) in the case of any Creation Order placed on a Distribution Date or on the Business Day succeeding a Distribution Date, the Up-MACRO and Down-MACRO Earned Income Accruals for each intervening day between the Issuance Order Date and the Issuance Date, calculated on the basis of the Applicable Reference Price of Crude Oil on the Issuance Order Date. Following the delivery of requisite funds and satisfaction of the procedures and conditions for a Paired Issuance that are specified in the Participants Agreement and no later than the day and time specified in the Participants Agreement, the Trustee, acting together with the Down-MACRO Holding Trustee, each on behalf of its respective Paired Holding Trust and as directed by the Administrative Agent, shall deliver from the applicable Shares Netting Subaccount or, in the event of a Net Par Amount Increase, cause each of the Paired Holding Trusts to issue Paired Holding Shares in the Aggregate Par Amount of such Net Par Amount Increase and to credit the Depository account of the Up-MACRO Tradeable Trust and the Down-MACRO Tradeable Trust or to credit the Depository account of the Authorized Participant who directed such Paired Issuance, as applicable, with such Paired Holding Shares in the Aggregate Par Amount that was specified in the Creation Order.

Settlement of Issuances. (a) On the next Business Day after the applicable Issuance Order Date or, in the event that the Issuance Order Date is a Distribution Date or the Business Day following the Distribution Date, on the third Business Day after the Issuance Order Date (such date, the "Issuance Date"), not later than 10:00 a.m. New York City Time, the Authorized Participant directing the Paired Issuance must deliver immediately available funds to the Trustee in an amount equal to (i) the Per Share Underlying Value of Up-MACRO Holding Shares Up MacroShares on the related Issuance Order Valuation Date multiplied by the number of Up-MACRO Holding Shares Up MacroShares being created by that Authorized Participant, plus (ii) the Per Share Underlying Value of Down-MACRO Holding Shares Down MacroShares on the related Issuance Order Valuation Date multiplied by the number of Down-MACRO Holding Shares Down MacroShares being created by that Authorized Participant, plus (iii) the non-refundable transaction fee described in Section 6.2(d). For the avoidance of doubt, plus (iv) this Per Share Underlying Value will include, in the case of any Creation Order placed (A) on a Distribution Date or Date, (B) on the Business Day succeeding a Distribution Date, or (C) on an Issuance Order Date that is followed by one or more intervening non-Business Days before the Up-MACRO Creation Order is settled on the related Issuance Date, the Up and Down-MACRO Down Earned Income Accruals for each intervening day between the Issuance Order Date and the Issuance Date, Date calculated on the basis of the Applicable Reference Price Value of Crude Oil the Index on the Issuance Order Dateeach of these intervening days. Following the delivery of requisite funds and satisfaction of the procedures and conditions for a Paired Issuance that are specified in the Participants Agreement Agreements and no later than the day and time specified in the Participants AgreementAgreements, the Trustee, acting together with the Down-MACRO Holding Down Trustee, each on behalf of its respective Paired Holding Trust and as directed by the Administrative Agent, shall deliver from the applicable Shares Netting Subaccount or, in the event of a Net Par Amount Increase, cause each of the Paired Holding Trusts to issue Paired Holding Shares in the Aggregate Par Amount of such Net Par Amount Increase and to credit the Depository account of the Up-MACRO Tradeable Trust and the Down-MACRO Tradeable Trust or to credit the Depository account of the Authorized Participant who directed such Paired Issuance, as applicable, with such Paired Holding Shares in the Aggregate Par Amount that was specified in the Creation Order. The Trustee shall obtain the Up MacroShares so credited from the Shares Netting Subaccount or, in the event of a Net Par Amount Increase, by causing each of the Paired Trusts to issue Paired Shares in the Aggregate Par Amount of such Net Par Amount Increase.