Examples of Paired Trusts in a sentence
Upon the execution of this Participants Agreement by the applicable parties, this Participants Agreement shall become effective in this form as of the date first set forth above with respect to the applicable Authorized Participants and the applicable Paired Trusts as set forth in Schedule I attached hereto.
Each Authorized Participant may create or redeem MacroShares Units only to the extent it is an authorized participant for the Paired Trusts issuing such MacroShares Units.
In accordance with this Participants Agreement, the applicable Trustee, acting together with the Administrative Agent on behalf of the applicable Paired Trusts, may create or redeem the applicable Paired MacroShares in units of 50,000 Up MacroShares and 50,000 Down MacroShares (each such unit, a "MacroShares Unit") at the instructions of the applicable Authorized Participant and in accordance with the applicable procedures set forth herein.
Because new MacroShares can be created and issued on an ongoing basis on any Business Day prior to an Early Termination Date or the Final Scheduled Termination Date for the applicable Paired Trusts, a "distribution," as such term is used in the Securities Act of 1933, as amended ("Securities Act"), may be occurring at any time from the applicable Closing Date through such Early Termination Date or Final Scheduled Termination Date.
Each related Up MacroShares Trust and Down MacroShares Trust are together referred to herein as the "Paired Trusts".
Upon instruction from the applicable Depositors, each of the Administrative Agent and the applicable Trustees hereby acknowledges and agrees that it will execute and deliver such supplement to the extent permitted by law and upon such execution, such Person will be deemed to be an Authorized Participant of the applicable Paired Trusts.
In the event that an Authorized Participant wishes to act as an authorized participant of additional Paired Trusts it must execute an additional Schedule I with the applicable Depositor, applicable Trustee and the Administrative Agent and the date of such execution shall be the date this Agreement with respect to such additional Paired Trusts.
The Up MacroShares and Down MacroShares issued by a set of Paired Trusts are referred to herein as the "Paired MacroShares".
Capitalized terms used but not defined in this Participants Agreement shall have the meanings assigned to such terms in the MacroShares Trust Agreements of the applicable Paired Trusts.
The entities that are Authorized Participants with respect to each existing set of Paired Trusts are specified in Schedule I attached hereto.