Common use of Redemption Orders Clause in Contracts

Redemption Orders. (A) A Redemption Order shall only be valid if: (1) other than in the limited circumstances set out in Condition 8.2(B), it is delivered by an ETP Securityholder that is an Authorised Participant; (2) it specifies the number and Series of any ETP Securities to be redeemed; (3) it is received by the Issuer between 8.00 a.m. (Dublin time) and the Notice Deadline on any Valuation Date; (4) it specifies the Redemption Account into which the Optional Redemption Amount shall be payable in respect of any ETP Security to be redeemed; (5) the number of ETP Securities to be redeemed would not result in any Maximum Daily Redemption Limit, or any other applicable limitation on redemption under the Operating Procedures Agreement, being exceeded (for the purposes of which, Redemption Orders shall be dealt with in order of their actual receipt by the Issuer), unless the Margin Loan Provider nonetheless agrees to that Maximum Daily Redemption Limit, or other applicable limitation, being exceeded (and if the Margin Loan Provider does not so agree, such Redemption Order will be valid under this Condition 8.3(A)(5) in respect of the greatest number of ETP Securities that would not result in any Maximum Daily Redemption Limit being exceeded); (6) the Redemption Order is received or deemed to have been received before the occurrence of a Mandatory Redemption Event; (7) on the day it is received (or deemed to have been received by the Issuer) until the Optional Redemption Pricing Date (if different) none of the following events has occurred and is continuing: (a) an Event of Default; (b) a Margin Loan Provider Event of Default; or (c) an Adjustment Event; (8) it is not invalid pursuant to Condition 8.3; or (9) unless the Issuer otherwise agrees in its absolute discretion, such Redemption Order is submitted by an Authorised Participant on any day and no other Redemption Order has been submitted by that Authorised Participant on or in respect of such day in respect of the same Series. (B) If the Issuer determines that a Redemption Order is invalid in whole or in part, it shall notify the ETP Securityholder of that fact as soon as reasonably practicable and no ETP Securities may be redeemed pursuant to a Redemption Order that the Issuer has determined in its absolute discretion is invalid. (C) The Issuer shall not be obliged to redeem any ETP Securities pursuant to a Redemption Order where the Margin Loan Provider has not confirmed the Termination of the relevant proportion of the Margin Account Agreement in accordance with the provisions of the Margin Account Agreement and the Operating Procedures Agreement. (D) Where a Redemption Order is received by the Issuer on a Valuation Date after the Notice Deadline, such Redemption Order should be void unless the Margin Loan Provider provides its consent for the Issuer to treat such Redemption Order as if it had been received by it prior to the Notice Deadline.

Redemption Orders. (A) A Redemption Order shall only be valid if: (1) other than The parties to the Agreement, in addition to the consideration of the premises and the agreements contained in the limited circumstances set out in Condition 8.2(B)Agreement, it is delivered by an ETP Securityholder that is an Authorised Participant; agree as follows: An Authorized Person for the Participant may call the Trust Telephone Representative at (2▇▇▇) it specifies ▇▇▇-▇▇▇▇ at or after the number and Series of any ETP Securities to be redeemed; Listing Exchange Closing Time (3) it is received by the Issuer between 8.00 a.m. (Dublin ordinarily 4:00 p.m., New York time) and before 5:00 p.m., New York time to receive a Submission Number (also referred to as an “Order Number”). Upon verifying the Notice Deadline on any Valuation Date; authenticity of the caller (4as determined by the use of the appropriate PIN Number) it specifies and the terms of the order for creation or redemption, the Trust Telephone Representative will issue a unique Order Number. All T-1 Purchase Orders and T-1 Redemption Account into which the Optional Redemption Amount shall be payable in respect of any ETP Security Orders are required to be redeemed; confirmed in writing via faxed Order Form to Transfer Agent, fax number (5▇▇▇) ▇▇▇-▇▇▇▇, and accompanied by the number of ETP Securities designated Order Number. PLEASE NOTE: T-1 PURCHASE ORDER REQUESTS AND T-1 REDEMPTION ORDER REQUESTS ARE NOT COMPLETE UNTIL AN ORDER NUMBER IS ISSUED. ONCE AN ORDER NUMBER IS ISSUED, A T-1 PURCHASE ORDER OR A T-1 REDEMPTION ORDER CANNOT BE CANCELED BY THE AP REPRESENTATIVE AFTER THE T-1 WINDOW CUT-OFF TIME. Participants must contact the Distributor prior to be redeemed would not result in any Maximum Daily submitting a T-1 Purchase Order or a T-1 Redemption Limit, or any other applicable limitation on redemption under the Operating Procedures Agreement, being exceeded (for the purposes of which, Redemption Orders shall be dealt with Order in order of their actual receipt by to obtain approval to submit such an Order. Unless the Issuer), unless the Margin Loan Provider nonetheless agrees to that Maximum Daily Redemption Limit, faxed Order Form confirming a T-1 Purchase Order or other applicable limitation, being exceeded (and if the Margin Loan Provider does not so agree, such Redemption Order will be valid under this Condition 8.3(A)(5) in respect of the greatest number of ETP Securities that would not result in any Maximum Daily Redemption Limit being exceeded); (6) the Redemption Order is received or deemed to have been received before the occurrence of a Mandatory Redemption Event; (7) on the day it is received (or deemed to have been received by the Issuer) until the Optional Redemption Pricing Date (if different) none of the following events has occurred and is continuing: (a) an Event of Default; (b) a Margin Loan Provider Event of Default; or (c) an Adjustment Event; (8) it is not invalid pursuant to Condition 8.3; or (9) unless the Issuer otherwise agrees in its absolute discretion, such Redemption Order is submitted by an Authorised Participant on any day and no other Redemption Order has been submitted by that Authorised Participant on or in respect of such day in respect of the same Series. (B) If the Issuer determines that a Redemption Order is invalid in whole or in part, it shall notify the ETP Securityholder of that fact as soon as reasonably practicable and no ETP Securities may be redeemed pursuant to a Redemption Order that the Issuer has determined in its absolute discretion is invalid. (C) The Issuer shall not be obliged to redeem any ETP Securities pursuant to a Redemption Order where the Margin Loan Provider has not confirmed the Termination of the relevant proportion of the Margin Account Agreement in accordance with the provisions of the Margin Account Agreement and the Operating Procedures Agreement. (D) Where a T-1 Redemption Order is received by the Issuer on Trust Telephone Representative within 15 minutes of contact with the Participant, the Submission will be deemed invalid. All Order Forms respecting a Valuation Date after the Notice Deadline, such T-1 Purchase Order or a T-1 Redemption Order should shall be void unless the Margin Loan Provider provides its consent for the Issuer to treat such Redemption Order as if it had been deemed received by it prior the Transfer Agent on the Business Day that the Order is placed, or T-1. All T-1 Purchase Orders and T-1 Redemption Orders will receive the net asset value of the Fund as determined on the Business Day following the date that such Order is deemed received. Except as otherwise indicated, capitalized terms used herein have the meanings given to them in the Notice DeadlineAgreement.

Redemption Orders. (A) A Redemption Order shall only be valid if: (1) other than in the limited circumstances set out in Condition 8.2(B), it is delivered by an ETP Securityholder that is an Authorised Participant; (2) it specifies the number and Series of any ETP Securities to be redeemed; (3) it is received by the Issuer between 8.00 a.m. (Dublin time) and the Notice Deadline on any Valuation Date; (4) it specifies the Redemption Account into which the Optional Redemption Amount shall be payable in respect of any ETP Security to be redeemed; (5) the number of ETP Securities to be redeemed would not result in any Maximum Daily Redemption Limit, or any other applicable limitation on redemption under the LS Operating Procedures Agreement, being exceeded (for the purposes of which, Redemption Orders shall be dealt with in order of their actual receipt by the Issuer), unless the Margin Loan Provider nonetheless agrees to that Maximum Daily Redemption Limit, or other applicable limitation, being exceeded (and if the Margin Loan Provider does not so agree, such Redemption Order will be valid under this Condition 8.3(A)(5) in respect of the greatest number of ETP Securities that would not result in any Maximum Daily Redemption Limit being exceeded); (6) the Redemption Order is received or deemed to have been received before the occurrence of a Mandatory Redemption Event; (7) on the day it is received (or deemed to have been received by the Issuer) until the Optional Redemption Pricing Date (if different) none of the following events has occurred and is continuing: (a) an Event of Default; (b) a Margin Loan Provider Event of Default; or (c) an Adjustment Event; (8) it is not invalid pursuant to Condition 8.3; or (9) unless the Issuer otherwise agrees in its absolute discretion, such Redemption Order is submitted by an Authorised Participant on any day and no other Redemption Order has been submitted by that Authorised Participant on or in respect of such day in respect of the same Series. (B) If the Issuer determines that a Redemption Order is invalid in whole or in part, it shall notify the ETP Securityholder of that fact as soon as reasonably practicable and no ETP Securities may be redeemed pursuant to a Redemption Order that the Issuer has determined in its absolute discretion is invalid. (C) The Issuer shall not be obliged to redeem any ETP Securities pursuant to a Redemption Order where the Margin Loan Provider has not confirmed the Termination termination of the relevant proportion of the LS Margin Account Agreement in accordance with the provisions of the LS Margin Account Agreement and the LS Operating Procedures Agreement. (D) Where a Redemption Order is received by the Issuer on a Valuation Date after the Notice Deadline, such Redemption Order should be void unless the Margin Loan Provider provides its consent for the Issuer to treat such Redemption Order as if it had been received by it prior to the Notice Deadline.

Redemption Orders. Dealer may place redemption orders with Dealer for Shares owned by Dealer's customers, but only in accordance with the terms of the applicable Fund Prospectus. Dealer understands and agrees that by placing a redemption order with the Fund or RESRV (Acollectively "Dealer") A Redemption Order shall only be valid if: (1by wire or telephone, it represents that a request for the redemption of the Shares covered by the redemption order has been delivered to the Dealer by the registered owner(s) other than of such Shares, and that such request has been executed in the limited circumstances set out in Condition 8.2(B), it is delivered by an ETP Securityholder that is an Authorised Participant; (2manner and with the signature(s) it specifies the number and Series of any ETP Securities to be redeemed; (3) it is received such registered owners guaranteed as required by the Issuer between 8.00 a.m. (Dublin time) and then current Prospectus of the Notice Deadline on any Valuation Date; (4) it specifies the Redemption Account into which the Optional Redemption Amount applicable Fund. Such redemption orders shall be payable in respect of any ETP Security subject to be redeemed; (5) the number of ETP Securities to be redeemed would not result in any Maximum Daily Redemption Limit, or any other applicable limitation on redemption under the Operating Procedures Agreement, being exceeded (for the purposes of which, Redemption Orders shall be dealt with in order of their actual receipt by the Issuer), unless the Margin Loan Provider nonetheless agrees to that Maximum Daily Redemption Limit, or other applicable limitation, being exceeded (and if the Margin Loan Provider does not so agree, such Redemption Order will be valid under this Condition 8.3(A)(5) in respect of the greatest number of ETP Securities that would not result in any Maximum Daily Redemption Limit being exceeded); (6) the Redemption Order is received or deemed to have been received before the occurrence of a Mandatory Redemption Event; (7) on the day it is received (or deemed to have been received by the Issuer) until the Optional Redemption Pricing Date (if different) none of the following events has occurred and is continuingadditional conditions: (a) an Event Dealer shall furnish Dealer with exact registration and account number for the Shares to be redeemed at the time we place a redemption order by wire or telephone and shall tender to Dealer, within five business days of Default;our placing such a redemption order: (i) a stock power or letter, duly signed by the registered owner(s) of the Shares which are the subject of the order, duly guaranteed, (ii) any Share certificates required for such redemption, and (iii) any additional documents which may be required by the applicable fund or its transfer agent, in accordance with the terms of the then current Prospectus of the applicable Fund and the policies of the transfer agent. In the alternative, Dealer shall provide a letter of indemnity in a form approved by the Fund and RESRV stating that all necessary authorizations have been received from the registered owner(s) of the Shares. (b) The redemption price will be the next net asset value per share of the Shares computed after Dealer receipt, prior the close of the New York Stock Exchange ("NYSE"), of an order placed by us to redeem such Shares, except that orders placed by us after the close of the NYSE on a Margin Loan Provider Event business day will be based on the Fund's net asset value per share determined that day, but only if such orders were received by us from our customer prior to the close of Default; orbusiness of the NYSE that day and if we place our redemption order with Dealer prior to Dealer's normal close of business that day. (c) In connection with a redemption order we have placed, if Dealer fails to make delivery of all required certificates and documents in a timely manner as stated above, Dealer have the right to cancel our redemption order. If any cancellation of a redemption order or if any error in the timing of the acceptance of a redemption order placed by Dealer shall result in a loss to Dealer or the Fund, we shall promptly reimburse Dealer for such loss. If any Shares sold by us under the terms of this Agreement are redeemed by any of the Funds (including without limitation redemptions resulting from an Adjustment Event; (8) it is not invalid pursuant exchange for Shares of another fund) or are purchased by Dealer as an agent for the Fund or are tendered to Condition 8.3; or (9) unless the Issuer otherwise agrees in its absolute discretionFund for redemption within seven business days after Dealer's confirmation to us of our original purchase order for such Shares, such Redemption Order is submitted by an Authorised Participant we shall promptly repay to Dealer the full amount of the commission allowed to us on any day and no other Redemption Order has been submitted by that Authorised Participant on or in respect the original sales, provided Dealer notify us of such day in respect of the same Seriesrepurchase or redemption. (B) If the Issuer determines that a Redemption Order is invalid in whole or in part, it shall notify the ETP Securityholder of that fact as soon as reasonably practicable and no ETP Securities may be redeemed pursuant to a Redemption Order that the Issuer has determined in its absolute discretion is invalid. (C) The Issuer shall not be obliged to redeem any ETP Securities pursuant to a Redemption Order where the Margin Loan Provider has not confirmed the Termination of the relevant proportion of the Margin Account Agreement in accordance with the provisions of the Margin Account Agreement and the Operating Procedures Agreement. (D) Where a Redemption Order is received by the Issuer on a Valuation Date after the Notice Deadline, such Redemption Order should be void unless the Margin Loan Provider provides its consent for the Issuer to treat such Redemption Order as if it had been received by it prior to the Notice Deadline.

Redemption Orders. (Aa) A Except as otherwise provided for herein, all orders to redeem MacroShares pursuant to instructions submitted by an Authorized Participant for cash or for cash and/or Eligible Treasuries shall be made in accordance with the terms of the applicable MacroShares Trust Agreements, these Standard Terms, the applicable Supplement and the Applicable Redemption Procedures contained therein. Each party will comply with such foregoing terms and procedures to the extent applicable. Each Authorized Participant hereby consents to the use of recorded telephone lines whether or not such use is reflected in the Applicable Redemption Procedures; provided that the party making such recording shall provide such recordings to such Authorized Participant upon reasonable request. The Administrative Agent may issue additional or other procedures from time to time relating to the manner of redemption of the applicable MacroShares Units which differ from or supplement the Applicable Redemption Procedures, and, upon receiving written notice thereof, each of the applicable Authorized Participants shall thereafter comply with Applicable Redemption Procedures, as so amended. Any Redemption Order with respect to which an Authorized Participant has failed to comply with Applicable Procedures may be rejected by the Administrative Agent and, so long as written notice of any amendment or supplement to such Applicable Procedures has been delivered to such Authorized Participant in accordance with Section 20(c), the Administrative Agent prior to the delivery of such Redemption Order, the applicable Paired Trusts and the other parties to the applicable Participants Agreement shall have no liability for any such rejection. (b) Each Authorized Participant acknowledges that he can only redeem MacroShares Units of the Paired Trusts for which it acts as an Authorized Participant, as set forth in Schedule I attached hereto and evidenced by its execution of the applicable Supplement for such Paired Trusts. Each Authorized Participant acknowledges and agrees that each order to redeem MacroShares as one or more MacroShares Units for cash or for cash and/or Eligible Treasuries (a "Redemption Order" and together with a Creation Order, each an "Order") may not be revoked by such Authorized Participant after the placement and acceptance of such order with the Administrative Agent. Each Redemption Order shall only be valid if: a binding obligation of the Authorized Participant that placed such Redemption Order. A form of Redemption Order is attached hereto as EXHIBIT C (1) other than in the limited circumstances set out in Condition 8.2(Ba "Redemption Order Form"), it is delivered by an ETP Securityholder that is an Authorised Participant; (2) it specifies the number and Series of any ETP Securities to . The Redemption Order Form shall not be redeemed; (3) it is received by the Issuer between 8.00 a.m. (Dublin time) and the Notice Deadline on any Valuation Date; (4) it specifies the Redemption Account into which the Optional Redemption Amount shall be payable in respect of any ETP Security to be redeemed; (5) the number of ETP Securities to be redeemed would not result in any Maximum Daily Redemption Limit, or any other applicable limitation on redemption under the Operating Procedures Agreement, being exceeded (for the purposes of which, Redemption Orders shall be dealt with in order of their actual receipt by the Issuer), unless the Margin Loan Provider nonetheless agrees to that Maximum Daily Redemption Limit, or other applicable limitation, being exceeded (and required if the Margin Loan Provider does not so agree, such Redemption Order will be valid under this Condition 8.3(A)(5) in respect is conducted through the electronic facilities of the greatest number Administrative Agent: provided, however, that the Administrative Agent, in its commercially reasonable discretion, may require the use of ETP Securities that would not result in the Redemption Order Form for any Maximum Daily reason as an alternative for its electronic facilities. The information required by such electronic facilities shall be substantially similar to the information on the Redemption Limit being exceeded);Order Form attached hereto. (6c) The Administrative Agent shall have the absolute right, but shall have no obligation, to reject any Redemption Order (i) if the Administrative Agent reasonably determines that the Redemption Order is received not in the required form, (ii) if the Administrative Agent reasonably determines that the applicable Authorized Participant has deposited an insufficient number of shares with the applicable Trustee, (iii) if the Administrative Agent has determined, or deemed to have been received before the occurrence applicable Depositor has determined and has informed the Administrative Agent, based in each case upon opinion of a Mandatory Redemption Event; (7) on the day it is received (or deemed to have been received by the Issuer) until the Optional Redemption Pricing Date (if different) none of the following events has occurred and is continuing: (a) an Event of Default; (b) a Margin Loan Provider Event of Default; or (c) an Adjustment Event; (8) it is not invalid pursuant to Condition 8.3; or (9) unless the Issuer otherwise agrees in its absolute discretioncounsel, that such Redemption Order is submitted by an Authorised Participant on would have adverse tax or securities laws consequences for one or more of the applicable Paired Trusts or any day and no other of the holders of the MacroShares or that the fulfillment of such Redemption Order has been submitted by that Authorised Participant on may be unlawful; or in respect of such day in respect (iv) if circumstances outside the control of the same SeriesAdministrative Agent make it impractical or not feasible to process the Redemption Order on the Redemption Order Date or on the related Redemption Date. None of the applicable Depositor, the applicable Trustee or the Administrative Agent shall be liable to any Person by reason of the rejection of any Redemption Order. (Bd) If The Administrative Agent shall suspend the Issuer right of redemption or postpone the applicable settlement date, (i) for any period during which any of the Applicable Exchanges is closed, or trading on any of such Applicable Exchanges is suspended or restricted, (ii) for any period during which an emergency exists as a result of which delivery or acquisition of Eligible Treasuries by the applicable Paired Trusts is not reasonably practicable, (iii) if any such redemption would cause the applicable Up or Down Investment Amount to equal less than 10 million dollars or (iv) for such other period as the applicable Depositor, the applicable Trustee or the Administrative Agent reasonably determines that a Redemption Order is invalid in whole to be necessary for the protection of the Beneficial Owners of any of the applicable MacroShares. None of the applicable Depositor, the Administrative Agent or the applicable Trustee shall be liable to any Person or in part, it shall notify the ETP Securityholder of any way for any loss or damages that fact as soon as reasonably practicable and no ETP Securities may be redeemed pursuant to a Redemption Order that the Issuer has determined in its absolute discretion is invalidresult from any such suspension or postponement. (C) The Issuer shall not be obliged to redeem any ETP Securities pursuant to a Redemption Order where the Margin Loan Provider has not confirmed the Termination of the relevant proportion of the Margin Account Agreement in accordance with the provisions of the Margin Account Agreement and the Operating Procedures Agreement. (D) Where a Redemption Order is received by the Issuer on a Valuation Date after the Notice Deadline, such Redemption Order should be void unless the Margin Loan Provider provides its consent for the Issuer to treat such Redemption Order as if it had been received by it prior to the Notice Deadline.

Redemption Orders. (A) A Redemption Order shall only be valid if: (1) other than in the limited circumstances set out in Condition 8.2(B), it is delivered by an ETP Securityholder that is an Authorised Participant; (2) it specifies the number and Series of any ETP Securities to be redeemed; (3) it is received by the Issuer between 8.00 a.m. (Dublin time) and the Notice Deadline on any Valuation Date; (4) it specifies the Redemption Account into which the Optional Redemption Amount shall be payable in respect of any ETP Security to be redeemed; (5) the number of ETP Securities to be redeemed would not result in any Maximum Daily Redemption Limit, or any other applicable limitation on redemption under the LS Operating Procedures Agreement, being exceeded (for the purposes of which, Redemption Orders shall be dealt with in order of their actual receipt by the Issuer), unless the Margin Loan Provider nonetheless agrees to that Maximum Daily Redemption Limit, or other applicable limitation, being exceeded (and if the Margin Loan Provider does not so agree, such Redemption Order will be valid under this Condition 8.3(A)(5) in respect of the greatest number of ETP Securities that would not result in any Maximum Daily Redemption Limit being exceeded); (6) the Redemption Order is received or deemed to have been received before the occurrence of a Mandatory Redemption Event; (7) on the day it is received (or deemed to have been received by the Issuer) until the Optional Redemption Pricing Date (if different) none of the following events has occurred and is continuing: (a) an Event of Default; (b) a Margin Loan Provider Event of Default; or (c) an Adjustment Event; (8) it is not invalid pursuant to Condition 8.3; or (9) unless the Issuer otherwise agrees in its absolute discretion, such Redemption Order is submitted by an Authorised Participant on any day and no other Redemption Order has been submitted by that Authorised Participant on or in respect of such day in respect of the same Series. (B) If the Issuer determines that a Redemption Order is invalid in whole or in part, it shall notify the ETP Securityholder of that fact as soon as reasonably practicable and no ETP Securities may be redeemed pursuant to a Redemption Order that the Issuer has determined in its absolute discretion is invalid. (C) The Issuer shall not be obliged to redeem any ETP Securities pursuant to a Redemption Order where the Margin Loan Provider has not confirmed the Termination of the relevant proportion of the LS Margin Account Agreement in accordance with the provisions of the LS Margin Account Agreement and the LS Operating Procedures Agreement. (D) Where a Redemption Order is received by the Issuer on a Valuation Date after the Notice Deadline, such Redemption Order should be void unless the Margin Loan Provider provides its consent for the Issuer to treat such Redemption Order as if it had been received by it prior to the Notice Deadline.

Redemption Orders. (A) A Redemption Order shall only be valid if: (1) other than The parties to the Agreement, in addition to the consideration of the premises and the agreements contained in the limited circumstances set out in Condition 8.2(B)Agreement, it is delivered by an ETP Securityholder that is an Authorised Participant; agree as follows: An Authorized Person for the Participant may call the Trust Telephone Representative at (2▇▇▇) it specifies ▇▇▇-▇▇▇▇ at or after the number and Series of any ETP Securities to be redeemed; Listing Exchange Closing Time (3) it is received by the Issuer between 8.00 a.m. (Dublin ordinarily 4:00 p.m., New York time) and before 5:00 p.m., New York time to receive a Submission Number (also referred to as an “Order Number”). Upon verifying the Notice Deadline on any Valuation Date; authenticity of the caller (4as determined by the use of the appropriate PIN Number) it specifies and the terms of the order for creation or redemption, the Trust Telephone Representative will issue a unique Order Number. All T-1 Purchase Orders and T-1 Redemption Account into which the Optional Redemption Amount shall be payable in respect of any ETP Security Orders are required to be redeemed; confirmed in writing via faxed Order Form to Transfer Agent, fax number (5▇▇▇) ▇▇▇-▇▇▇▇, and accompanied by the number of ETP Securities designated Order Number. PLEASE NOTE: T-1 PURCHASE ORDER REQUESTS AND T-1 REDEMPTION ORDER REQUESTS ARE NOT COMPLETE UNTIL AN ORDER NUMBER IS ISSUED. ONCE AN ORDER NUMBER IS ISSUED, A T-1 PURCHASE ORDER OR A T-1 REDEMPTION ORDER CANNOT BE CANCELED BY THE AP REPRESENTATIVE AFTER THE T-1 WINDOW CUT-OFF TIME. Participants must contact the Distributor prior to be redeemed would not result in any Maximum Daily submitting a T-1 Purchase Order or a T-1 Redemption Limit, or any other applicable limitation on redemption under the Operating Procedures Agreement, being exceeded (for the purposes of which, Redemption Orders shall be dealt with Order in order of their actual receipt by to obtain approval to submit such an Order. Unless the Issuer), unless the Margin Loan Provider nonetheless agrees to that Maximum Daily Redemption Limit, faxed Order Form confirming a T-1 Purchase Order or other applicable limitation, being exceeded (and if the Margin Loan Provider does not so agree, such Redemption Order will be valid under this Condition 8.3(A)(5) in respect of the greatest number of ETP Securities that would not result in any Maximum Daily Redemption Limit being exceeded); (6) the Redemption Order is received or deemed to have been received before the occurrence of a Mandatory Redemption Event; (7) on the day it is received (or deemed to have been received by the Issuer) until the Optional Redemption Pricing Date (if different) none of the following events has occurred and is continuing: (a) an Event of Default; (b) a Margin Loan Provider Event of Default; or (c) an Adjustment Event; (8) it is not invalid pursuant to Condition 8.3; or (9) unless the Issuer otherwise agrees in its absolute discretion, such Redemption Order is submitted by an Authorised Participant on any day and no other Redemption Order has been submitted by that Authorised Participant on or in respect of such day in respect of the same Series. (B) If the Issuer determines that a Redemption Order is invalid in whole or in part, it shall notify the ETP Securityholder of that fact as soon as reasonably practicable and no ETP Securities may be redeemed pursuant to a Redemption Order that the Issuer has determined in its absolute discretion is invalid. (C) The Issuer shall not be obliged to redeem any ETP Securities pursuant to a Redemption Order where the Margin Loan Provider has not confirmed the Termination of the relevant proportion of the Margin Account Agreement in accordance with the provisions of the Margin Account Agreement and the Operating Procedures Agreement. (D) Where a T-1 Redemption Order is received by the Issuer on Trust Telephone Representative within 15 minutes of contact with the Participant, the Submission will be deemed invalid. All Order Forms respecting a Valuation Date after the Notice Deadline, such T-1 Purchase Order or a T-1 Redemption Order should shall be void unless the Margin Loan Provider provides its consent for the Issuer to treat such Redemption Order as if it had been deemed received by it prior the Transfer Agent on the Business Day that the Order is placed, or T-1. All T-1 Purchase Orders and T-1 Redemption Orders will receive the net asset value of the Fund as determined on the Business Day following the date that such Order is deemed received. Except as otherwise indicated, capitalized terms used herein have the meanings given to them in the Notice Deadline.Agreement. [signatures to follow]