Common use of Sale of Underlying Securities Clause in Contracts

Sale of Underlying Securities. If the Swap Counterparty is not an affiliate of the Selling Agent, the Selling Agent will extend a right of first refusal to each Swap Counterparty to purchase the Underlying Securities at the highest bid received by the Selling Agent. If more than one Swap Counterparty exercises such right of first refusal, Underlying Securities will be sold to each exercising Swap Counterparty in proportion to the number of options held by such Swap Counterparty; provided, that if only one Swap Counterparty exercises such right of first refusal, such Swap Counterparty shall be entitled to purchase all of the Underlying Securities to be sold by the Selling Agent. If cash settlement applies and if the Swap Counterparty exercises any of its call rights other than in connection with a redemption of or a self-tender for the Underlying Securities by the Underlying Security Issuer (or extent thereof in the event of an exercise of call rights in excess of the amount to be redeemed), a number of Underlying Securities corresponding to the number of call rights exercised by the Swap Counterparty will be sold by the Selling Agent on behalf of the Trust. If the Selling Agent cannot obtain a bid for the Underlying Securities in excess of the amount specified in the Swap Agreement, then the Underlying Securities will not be sold, the Swap Counterparty's exercise will be rescinded (and the Swap Counterparty shall be entitled to exercise such call rights in the future) and any related Trust Wind-Up Event will be deemed not to have occurred. Selling Agent: Morgan Stanley & Co. Incorporated.

Sale of Underlying Securities. If the Swap Counterparty is not an affiliate of the Selling Agent, the Selling Agent will extend a right of first refusal to each Swap Counterparty to purchase the Underlying Securities at the highest bid received by the Selling Agent. If more than one Swap Counterparty exercises such right of first refusal, Underlying Securities will be sold to each exercising Swap Counterparty in proportion to the number of options held by such Swap Counterparty; provided, that if only one Swap Counterparty exercises such right of first refusal, such Swap Counterparty shall be entitled to purchase all of the Underlying Securities to be sold by the Selling Agent. If cash settlement applies and if the Swap Counterparty exercises any of its call rights other than in connection with a redemption of or a self-tender for the Underlying Securities by the Underlying Security Issuer (or extent thereof in the event of an exercise of call rights in excess of the amount to be redeemed), a number of Underlying Securities corresponding to the number of call rights exercised by the Swap Counterparty will be sold by the Selling Agent on behalf of the Trust. If the Selling Agent cannot obtain a bid for the Underlying Securities in excess of the amount specified in the Swap Agreement, then the Underlying Securities will not be sold, the Swap Counterparty's exercise exercise, will be rescinded (and the Swap Counterparty shall be entitled to exercise such call rights in the future) and any related Trust Wind-Up Event will be deemed not to have occurred. Selling Agent: Morgan Stanley & Co. Incorporated.

Sale of Underlying Securities. If the Swap Counterparty is not an affiliate of the Selling Agent, the Selling Agent will extend a right of first refusal to each Swap Counterparty to purchase the Underlying Securities at the highest bid received by the Selling Agent. If more than one Swap Counterparty exercises such right of first refusal, Underlying Securities will be sold to each exercising Swap Counterparty in proportion to the number of options held by such Swap Counterparty; provided, that if only one Swap Counterparty exercises such right of first refusal, such Swap Counterparty shall be entitled to purchase all of the Underlying Securities to be sold by the Selling Agent. If cash settlement applies and if the a Swap Counterparty exercises any of its call rights other than in connection with a redemption of or a self-tender for the Underlying Securities by the Underlying Security Issuer (or extent thereof in the event of an exercise of call rights in excess of the amount to be redeemed)Issuer, a number of Underlying Securities corresponding to the number of call rights exercised by the Swap Counterparty (or in the event of an exercise of call rights in excess of the amount to be redeemed, the number of call rights equal to such excess) will be sold by the Selling Agent on behalf of the Trust. If the Selling Agent cannot obtain a bid for the Underlying Securities in excess of the amount specified in the Swap Agreement, then the Underlying Securities will not be sold, the Swap Counterparty's exercise exercise, other than with respect to Securities being redeemed, will be rescinded (and the Swap Counterparty shall be entitled to exercise such call rights in the future) and any related Trust Wind-Up Event will be deemed not to have occurred. Selling Agent: Morgan Stanley & Co. Incorporated.