Document:

Form of Settlement Contract

                                  CONFIRMATION

From:    Claymore MACROshares Oil Up Holding Trust
To:      Claymore MACROshares Oil Down Holding Trust
Date:    November [  ], 2006
Re:      Settlement Contracts

Ladies and Gentlemen:

         This communication (this "Master Confirmation") is intended to
supplement the terms and conditions of the futures transactions entered into
between us from time to time as set forth below (each a "Settlement Contract").
Each Settlement Contract shall be a "Transaction" under the Agreement described
below.

1.       The definitions and provisions contained in the 2000 ISDA Definitions
(the "Definitions"), as published by the International Swaps and Derivatives
Association, Inc., are incorporated into this Master Confirmation. Any
capitalized terms used but not defined herein, in any Supplemental Confirmation
(as described below) or in the Definitions shall have the meanings set forth in
the Claymore MACROshares Oil Up Holding Trust Agreement (the "Up-MACRO Holding
Trust Agreement") or the Claymore MACROshares Oil Down Holding Agreement (the
"Down-MACRO Holding Trust Agreement"), each dated as of November 22, 2006, among
Macro Securities Depositor, LLC, Investors Bank & Trust Company, as Trustee,
Claymore Securities, Inc., as Administrative Agent and a Marketing Agent, and
MACRO Financial, LLC, as a Marketing Agent.

         This Master Confirmation, taken alone, is neither a commitment by
either party to enter into any Transaction nor evidence of a Transaction. The
terms of any particular Transaction shall be set forth in a Supplemental
Confirmation in the form of Schedule A hereto and which references this Master
Confirmation, in which event the terms and provisions of this Master
Confirmation shall be deemed to be incorporated into and made a part of each
such Supplemental Confirmation. This Master Confirmation and each Supplemental
Confirmation together shall constitute a separate "Confirmation" as referred to
in the Agreement. Any such Confirmation shall supplement, form a part of, and be
subject to, the ISDA Master Agreement (Multicurrency-Cross Border) dated as of
November 22, 2006, as amended and supplemented from time to time (the
"Agreement"), between the Claymore MACROshares Oil Up Holding Trust (the
"Up-MACRO Holding Trust") and the Claymore MACROshares Oil Down Holding Trust
(the "Down-MACRO Holding Trust"). All provisions contained in the Agreement
shall govern this Master Confirmation and the related Supplemental Confirmation
relating to a Settlement Contract except as expressly modified below or in the
related Supplemental Confirmation. With respect to any relevant Settlement
Contract, the Agreement, this Master Confirmation and the related Supplemental
Confirmation shall represent the entire agreement and understanding of the
parties with respect to the subject matter and terms of such Settlement Contract
and shall supersede all prior or contemporaneous written or oral communications
with respect thereto.

         If, in relation to any Settlement Contract to which this Master
Confirmation and a related Supplemental Confirmation relate, there is any
inconsistency between the Agreement, this Master Confirmation, such Supplemental
Confirmation and the Definitions that are incorporated into this Master
Confirmation, the following will prevail for purposes of such Settlement
Contract in the order of precedence indicated: (i) such Supplemental
Confirmation; (ii) this Master Confirmation; (iii) the Definitions and (iv) the
Agreement.

<PAGE>

2.       General Terms:

Trade Date:                      For each Settlement Contract, as set forth in
                                 the related Supplemental Confirmation.

Settlement Payment Date:         For each Settlement Contract, the earlier of
                                 the Distribution Payment Date that occurs in
                                 January of 2027, following the Final Scheduled
                                 Termination Date, (ii) an Early Termination
                                 Date (as used herein having the meaning set
                                 forth in the Up-MACRO Holding Trust Agreement
                                 and the Down-MACRO Holding Trust Agreement) and
                                 (iii) a Redemption Date. A Settlement Payment
                                 Date shall occur upon the redemption of
                                 Up-MACRO Holding Shares and Down-MACRO Holding
                                 Shares for the same number of individual
                                 Settlement Contracts as (i) in the case of an
                                 Early Termination Date or the Final Scheduled
                                 Termination Date, the number of all outstanding
                                 MACRO Units representing all Up-MACRO and
                                 Down-MACRO Holding Shares that are outstanding
                                 and (ii) in the case of a Paired Optional
                                 Redemption, the number of MACRO Units
                                 representing the Net Par Amount Decrease in the
                                 Aggregate Par Amount that is being redeemed.
                                 For the avoidance of doubt, each Settlement
                                 Contract shall have only one Settlement Payment
                                 Date, and following such Settlement Payment
                                 Date neither party shall have any obligations
                                 other than with respect to the Up-MACRO
                                 Settlement Payment or Down-MACRO Settlement
                                 Payment owed by it.

Settlement Payment Payer:        If the Ending Level (i) as of the last Price
                                 Determination Day preceding the Settlement
                                 Payment Date, in the case of the Final
                                 Scheduled Termination Date or an Early
                                 Termination Date and (ii) on the Redemption
                                 Order Date preceding such Settlement Payment
                                 Date, in the case of a Redemption Date for a
                                 Paired Optional Redemption (the dates specified
                                 in (i) and (ii) above, each a "Relevant
                                 Measurement Date" for the Settlement Contract)
                                 is above the Starting Level, the Down-MACRO
                                 Holding Trust will pay the Down-MACRO
                                 Settlement Payment to the Up-MACRO Holding
                                 Trust on such Settlement Payment Date. If the
                                 Ending Level as of the Relevant Measurement
                                 Date (as described in the preceding sentence)
                                 is below the Starting Level, the Up-MACRO
                                 Holding Trust will pay the Up-MACRO Settlement
                                 Payment to the Down-MACRO Holding Trust on such
                                 Settlement Payment Date.

                                 If the Settlement Payment Date for any
                                 Settlement Contract is not a Distribution Date,
                                 the Down-MACRO Holding Trust or the Up-MACRO
                                 Holding Trust, as applicable, may deliver
                                 Treasuries or a combination of cash and
                                 Treasuries, in each case with a Value equal to
                                 the Down-MACRO Settlement Payment or Up-MACRO
                                 Settlement Payment, as applicable, owed on such
                                 date.
<PAGE>

Up-MACRO
Settlement Payment:              With respect to any Settlement Payment Date,
                                 for each Settlement Contract settled on that
                                 date, an amount equal to: (a) if the Up-MACRO
                                 Underlying Value on the Relevant Measurement
                                 Date is greater than or equal to the Up-MACRO
                                 Asset Amount on such date, zero; and (b) if the
                                 Up-MACRO Underlying Value on the Relevant
                                 Measurement Date is less than the Up-MACRO
                                 Asset Amount on such date, an amount equal to
                                 (i) the excess of such Up-MACRO Asset Amount
                                 over such Up-MACRO Underlying Value divided by
                                 (ii) the number of outstanding Settlement
                                 Contracts immediately prior to such Settlement
                                 Payment Date.

Down-MACRO
Settlement Payment:              With respect to any Settlement Payment Date,
                                 for each Settlement Contract settled on that
                                 date, an amount equal to: (a) if the Down-MACRO
                                 Underlying Value on the Relevant Measurement
                                 Date is greater than or equal to the Down-MACRO
                                 Asset Amount on such date, zero; and (b) if the
                                 Down-MACRO Underlying Value on the Relevant
                                 Measurement Date is less than the Down-MACRO
                                 Asset Amount on such date, an amount equal to
                                 (i) the excess of such Down-MACRO Asset Amount
                                 over such Down-MACRO Underlying Value divided
                                 by (ii) the number of outstanding Settlement
                                 Contracts immediately prior to such Settlement
                                 Payment Date.

Starting Level:                  The Starting Level will be as specified in the
                                 Up-MACRO Holding Trust Agreement and the
                                 Down-MACRO Trust Agreement.

Ending Level:                    With respect to any Price Determination Day,
                                 the Applicable Reference Price of Crude Oil on
                                 such Price Determination Day.

Applicable Reference             Has the meaning set forth in the Up-MACRO
Price of Crude Oil:              Holding Trust Agreement and the Down-MACRO
                                 Holding Trust Agreement.

Price Determination Day:         Has the meaning set forth in the Up-MACRO
                                 Holding Trust Agreement and the Down-MACRO
                                 Holding Trust Agreement.

Calculation Agent:               The Trustee

3. Tax Treatment.

The parties hereto intend to treat each Confirmation, as governed by this Master
Confirmation and the Agreement, as a separate forward contract for U.S. federal,
state, and local income tax purposes.

4. Account Details:

Account(s) for payments to Up-MACRO Holding Trust:

Account(s) for payments to Down-MACRO Holding Trust:

<PAGE>

         Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing the copy of this Confirmation enclosed for that purpose
and returning it to us.

                                     Yours sincerely,

                                     CLAYMORE MACROSHARES OIL UP HOLDING TRUST

                                     By:  Investors Bank & Trust Company,
                                             not in its individual capacity but
                                             solely as Up-MACRO Holding Trustee

                                     By:    /S/  Michael F. Rogers
                                          -----------------------------
                                          Name:   Michael F. Rogers
                                          Title:  President

Confirmed as of the
date first above written:

CLAYMORE MACROSHARES OIL DOWN HOLDING TRUST

By:   Investors Bank & Trust Company,
         not in its individual capacity but
         solely as Down-MACRO Holding Trustee

By:    /S/  Michael F. Rogers
     -----------------------------
     Name:   Michael F. Rogers
     Title:  President

<PAGE>

                                   Schedule A
                                   ----------

                                               Form of Supplemental Confirmation
                                               ---------------------------------

From:    Claymore MACROshares Oil Up Holding Trust

To:      Claymore MACROshares Oil Down Holding Trust

Date:    [               ]

Re:      Settlement Contracts

--------------------------------------------------------------------------------

Ladies and Gentlemen:

         The purpose of this Supplemental Confirmation is to confirm the terms
and conditions of the Settlement Contracts entered into between us on the Trade
Date set forth below. This Supplemental Confirmation is a binding contract
between us as of the relevant Trade Date for the Settlement Contracts referenced
below.

         The definitions and provisions contained in the Master Confirmation
specified below are incorporated into this Supplemental Confirmation. In the
event of any inconsistency between those definitions and provisions and this
Supplemental Confirmation, this Supplemental Confirmation will govern.

         This Supplemental Confirmation supplements, forms part of, and is
subject to the Master Confirmation dated as of November [ ], 2006 (the "Master
Confirmation") between us, as amended and supplemented from time to time. All
provisions contained in the Master Confirmation govern this Supplemental
Confirmation except as expressly modified below, including, without limitation,
all representations and covenants, which are deemed to be repeated by each party
hereto on the date hereof.

General Terms:

Trade Date:                                _________ __, 20__

Number of corresponding
MACRO Units:                               __________

Number of
Settlement Contracts:                      __________

<PAGE>

         Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing the copy of this Confirmation enclosed for that purpose
and returning it to us.

                                     Yours sincerely,

                                     CLAYMORE MACROSHARES OIL UP HOLDING TRUST

                                     By:  Investors Bank & Trust Company,
                                             not in its individual capacity but
                                             solely as Up-MACRO Holding Trustee

                                     By:
                                          -----------------------------
                                          Name:
                                          Title:

Confirmed as of the
date first above written:

CLAYMORE MACROSHARES OIL DOWN HOLDING TRUST

By:   Investors Bank & Trust Company,
         not in its individual capacity but
         solely as Down-MACRO Holding Trustee

By:
     -----------------------------
     Name:
     Title:EXHIBIT 4.7

                          LICENSE AGREEMENT COVER PAGE

            THIS LICENSE AGREEMENT COVER PAGE (the "Cover Page," and together
with the attached License Terms, the "License Agreement") is entered into as of
November 22, 2006 (the "Effective Date"), by the following parties:

                                    PARTIES
                                    -------

      Licensor:              MacroMarkets LLC, a Delaware limited liability
                             company

      Up-MACRO Holding       Claymore MACROshares Oil Up Holding Trust, a New
      Trust:                 York trust

      Down-MACRO Holding     Claymore MACROshares Oil Down Holding Trust, a
      Trust:                 New York trust

      Up-MACRO Tradeable     Claymore MACROshares Oil Up Tradeable Trust, a
      Trust:                 New York trust

      Down-MACRO Tradeable   Claymore MACROshares Oil Down Tradeable Trust, a
      Trust:                 New York trust

            Initially capitalized terms (including the following terms) shall
have the meaning ascribed to them in this Cover Page and in the License Terms.

                                     SHARES
                                     ------

      Up-MACRO Holding       Claymore MACROshares Oil Up Holding Shares, which
      Shares:                represent units of undivided beneficial interest
                             in the Up-MACRO Holding Trust

      Down-MACRO Holding     Claymore MACROshares Oil Down Holding Shares,
      Shares                 which represent units of undivided beneficial
                             interest in the Down-MACRO Holding Trust

      Up-MACRO Tradeable     Claymore MACROshares Oil Up Tradeable Shares,
      Shares:                which represent units of undivided beneficial
                             interest in the Up-MACRO Tradeable Trust

      Down-MACRO Tradeable   Claymore MACROshares Oil Down Tradeable Shares,
      Shares:                which represent units of undivided beneficial
                             interest in the Down-MACRO Tradeable Trust

                                     TRUSTS
                                     ------

      Trustee:               Investors Bank & Trust Company, a Massachusetts
                             trust company

      Up-MACRO Holding       The Up-MACRO Holding Trust Agreement, dated as of
      Trust Agreement:       the date hereof, by and among MACROs Securities
                             Depositor, LLC, the

<PAGE>
                             Trustee, the Administrative Agent and the
                             Marketing Agents

      Down-MACRO Holding     The Down-MACRO Holding Trust Agreement, dated as
      Trust Agreement:       of the date hereof, by and among MACROs
                             Securities Depositor, LLC, the Trustee, the
                             Administrative Agent and the Marketing Agents

      Up-MACRO Tradeable     The Up-MACRO Tradeable Trust Agreement, dated as
      Trust Agreement:       of the date hereof, by and among MACROs
                             Securities Depositor, LLC, the Trustee, the
                             Administrative Agent and the Marketing Agents

      Down-MACRO Tradeable   The Down-MACRO Tradeable Trust Agreement, dated
      Trust Agreement:       as of the date hereof, by and among MACROs
                             Securities Depositor, LLC, the Trustee, the
                             Administrative Agent and the Marketing Agents

                                     TERMS
                                     -----

      Administrative Agent:  Claymore Securities, Inc.

      Annual Fee Rate:       0.20% (two tenths of one percent)

      Marketing Agent:       Claymore Securities, Inc. and MACRO Financial,
                             LLC, as marketing agents

      Product Name:          "Claymore MACROshares"

      Territory:             Worldwide

                              CONTACT INFORMATION
                              -------------------

      CONTACT INFORMATION FOR LICENSOR:

            MacroMarkets LLC
            73 Green Tree Drive #9
            Dover, DE 19904
            Attention:  Samuel Masucci, III
            Telephone:  (888) MACROS1

      CONTACT INFORMATION FOR LICENSEES:

            If to the Up-MACRO Holding Trust:

                  Claymore MACROshares Oil Up Holding Trust
                  c/o Investors Bank & Trust Company
                  200 Clarendon Street
                  Boston, Massachusetts 02116
                  Attention:  Timothy McGowan
                  Telephone: (617) 937-6369
                  Facsimile:  (617) 937-6033

                                      C-2
<PAGE>

            If to the Down-MACRO Holding Trust:

                  Claymore MACROshares Oil Down Holding Trust
                  c/o Investors Bank & Trust Company
                  200 Clarendon Street
                  Boston, Massachusetts 02116
                  Attention:  Timothy McGowan
                  Telephone: (917) 637-6369
                  Facsimile:  (617) 937-6033

            If to the Up-MACRO Tradeable Trust:

                  Claymore MACROshares Oil Up Tradeable Trust
                  c/o Investors Bank & Trust Company
                  200 Clarendon Street
                  Boston, Massachusetts 02116
                  Attention:  Timothy McGowan
                  Telephone: (917) 637-6369
                  Facsimile:  (617) 937-6033

            If to the Down-MACRO Tradeable Trust:

                  Claymore MACROshares Oil Down Tradeable Trust
                  c/o Investors Bank & Trust Company
                  200 Clarendon Street
                  Boston, Massachusetts 02116
                  Attention:  Timothy McGowan
                  Telephone: (917) 637-6369
                  Facsimile:  (617) 937-6033

            Licensor and each Licensee (each a "Party," and collectively, the
"Parties") hereby acknowledge and agree that they have reviewed, and shall be
bound by, this Cover Page and the License Terms, which License Terms are
incorporated into this Cover Page by reference.

            IN WITNESS WHEREOF, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Parties have
caused the License Agreement to be executed by their duly authorized
representatives as of the Effective Date.

                                    MACROMARKETS LLC,
                                    as Licensor

                                    By:   /S/ Samuel Masucci, III
                                        -----------------------------
                                    Name:   Samuel Masucci, III
                                    Title:  President

                                      C-3
<PAGE>

                                    CLAYMORE MACROSHARES OIL UP HOLDING TRUST,
                                    as Licensee

                                    By:  INVESTORS BANK & TRUST COMPANY,
                                    not in its individual capacity but solely
                                    as trustee of the Claymore MACROshares
                                    Oil Up Holding Trust

                                    By:  /S/ Michael F. Rogers
                                        -----------------------------
                                    Name:   Michael F. Rogers
                                    Title:  President

                                    CLAYMORE MACROSHARES OIL DOWN HOLDING
                                    TRUST,
                                    as Licensee

                                    By:  INVESTORS BANK & TRUST COMPANY,
                                    not in its individual capacity but solely
                                    as trustee of the Claymore MACROshares
                                    Oil Down Holding Trust

                                    By:  /S/ Michael F. Rogers
                                        -----------------------------
                                    Name:   Michael F. Rogers
                                    Title:  President

                                    CLAYMORE MACROSHARES OIL UP TRADEABLE
                                    TRUST,
                                    as Licensee

                                    By:  INVESTORS BANK & TRUST COMPANY,
                                    not in its individual capacity but solely
                                    as trustee of the Claymore MACROshares
                                    Oil Up Tradeable Trust

                                    By:  /S/ Michael F. Rogers
                                        -----------------------------
                                    Name:   Michael F. Rogers
                                    Title:  President

                                    CLAYMORE MACROSHARES OIL DOWN TRADEABLE
                                    TRUST,
                                    as Licensee

                                    By:  INVESTORS BANK & TRUST COMPANY,
                                    not in its individual capacity but solely
                                    as trustee of the Claymore MACROshares
                                    Oil Down Tradeable Trust

                                    By:  /S/ Michael F. Rogers
                                        -----------------------------
                                    Name:   Michael F. Rogers
                                    Title:  President

                                      C-4
<PAGE>

                                 LICENSE TERMS

            These LICENSE TERMS (the "License Terms ") are incorporated into
the Cover Page to which these License Terms are attached, and form part of the
License Agreement.

1.    DEFINITIONS.

      For the purposes of the License Agreement, initially capitalized terms
shall have the meaning ascribed to them in this Cover Page and in the License
Terms, including the following terms:

      (a)   "Administrative Agent" means the "Administrative Agent", not in its
            individual capacity but solely as Administrative Agent under the
            Up-MACRO Holding Trust Agreement, the Down-MACRO Holding Trust
            Agreement, the Up-MACRO Tradeable Trust Agreement, and the
            Down-MACRO Tradeable Trust Agreement.

      (b)   "Affiliate" means, with respect to any Person, any other Person
            that, directly or indirectly through one or more intermediaries,
            Controls, or is Controlled by, or is under common Control with,
            such Person.

      (c)   "Annual Fee Rate" has the meaning set forth in the Cover Page.

      (d)   "Calculation Period" means, with respect to any Distribution Date,
            the period from but excluding the second Business Day prior to the
            last Distribution Date (or, in the case of the first Distribution
            Date, from and including November 22, 2006, which is the closing
            date for the transaction) to and including the second Business Day
            prior to the current Distribution Date. The Calculation Period that
            precedes a particular Distribution Date is referred to herein as
            being "related" to such Distribution Date.

      (e)   "Claymore Marks" means the name and mark "Claymore."

      (f)   "Confidential Information" has the meaning set forth in Section 10
            hereunder.

      (g)   "Control" means, with respect to any Person, the possession,
            directly or indirectly, of the power to direct or cause the
            direction of the management or policies of a Person, whether
            through the ownership of voting securities, by contract or
            otherwise.

      (h)   "Distribution Date" has the meaning set forth in the applicable
            Holding Trust Agreement.

      (i)   "Distribution Payment Date" has the meaning set forth in the
            applicable Holding Trust Agreement.

      (j)   "Down-MACRO Asset Amount" has the meaning set forth in the
            Down-MACRO Holding Trust Agreement.

(k)         "Down-MACRO Holding Shares" has the meaning set forth in the Cover
            Page.

      (l)   "Down-MACRO Holding Trust" has the meaning set forth in the Cover
            Page.

      (m)   "Down-MACRO Holding Trust Agreement" has the meaning set forth in
            the Cover Page.

      (n)   "Down-MACRO Tradeable Shares" has the meaning set forth in the
            Cover Page.

                                      T-1
<PAGE>

      (o)   "Down-MACRO Tradeable Trust" has the meaning set forth in the Cover
            Page.

      (p)   "Down-MACRO Tradeable Trust Agreement" has the meaning set forth in
            the Cover Page.

      (q)   "Effective Date" has the meaning set forth in the preamble.

      (r)   "Holding Trust" means the Up-MACRO Holding Trust and the Down-MACRO
            Holding Trust.

      (s)   "Improvements" has the meaning set forth in Section 3(d) hereunder.

      (t)   "Indemnified Party" has the meaning set forth in Section 8(c)
            hereunder.

      (u)   "Indemnifying Party" has the meaning set forth in Section 8(c)
            hereunder.

      (v)   "License Agreement" has the meaning set forth in the preamble to
            the Cover Page.

      (w)   "Licensed Patents" means any patents and patent applications of
            Licensor in the Territory that are related to the MACROs Structure,
            including the patent applications as set forth on Schedule I
            attached hereto.

      (x)   "Licensed Patents and Know-How" means the Licensed Patents and any
            related know-how provided by Licensor to Licensees.

      (y)   "Licensee" has the meaning set forth in the preamble to the Cover
            Page.

      (z)   "Licenses" has the meaning set forth in Section 2(a) hereunder.

      (aa)  "Licensor" has the meaning set forth in the preamble to the Cover
            Page.

      (bb)  "Licensing Fee" has the meaning set forth in Section 5(a)
            hereunder.

      (cc)  "Losses" has the meaning set forth in Section 8(a) hereunder.

      (dd)  "MACROs Structure" means any synthetic structured products which
            transform various economic goods and services, and aggregate
            economic measures, into interests (the value of which is linked to
            the performance of a reference index or price) that can be acquired
            by investors in the form of securities and are based on the
            Patented Products.

      (ee)  "MACRO Holding Shares" means the Up-MACRO Holding Shares together
            with the Down-MACRO Holding Shares.

      (ff)  "MACRO Tradeable Shares" means the Up-MACRO Tradeable Shares
            together with the Down-MACRO Tradeable Shares.

      (gg)  "Marketing Agent" means the Marketing Agent, not in its individual
            capacity but solely as the marketing agent of the Up-MACRO Holding
            Trust, the Down-MACRO Holding Trust, the Up-MACRO Tradeable Trust,
            and the Down-MACRO Tradeable Trust.

      (hh)  "Marks" means the names "MACRO," "MacroMarkets," and "MACROshares."

                                      T-2
<PAGE>

      (ii)  "Party(ies)" has the meaning set forth in the Cover Page.

      (jj)  "Person" shall be construed broadly and shall include an
            individual, a partnership, a corporation, a limited liability
            company, an association, a joint stock company, a trust, a joint
            venture, an unincorporated organization or another entity,
            including a governmental entity (or any department, agency or
            political subdivision thereof).

      (kk)  "Proceeding" has the meaning set forth in Section 8(c) hereunder.

      (ll)  "Product Name" has the meaning set forth in the Cover Page.

      (mm)  "Territory" has the meaning set forth in the Cover Page.

      (nn)  "Tradeable Trusts" means the Up-MACRO Tradeable Trust and the
            Down-MACRO Tradeable Trust.

      (oo)  "Trustee" means the Trustee, not in its individual capacity but
            solely as trustee of the Up-MACRO Holding Trust, the Down-MACRO
            Holding Trust, the Up-MACRO Tradeable Trust, and the Down-MACRO
            Tradeable Trust.

      (pp)  "Trusts" means the Holding Trusts and the Tradeable Trusts.

      (qq)  "Up-MACRO Asset Amount" has the meaning as defined in the Up-MACRO
            Holding Trust Agreement.

      (rr)  "Up-MACRO Holding Shares" has the meaning set forth in the Cover
            Page.

      (ss)  "Up-MACRO Holding Trust" has the meaning set forth in the Cover
            Page.

      (tt)  "Up-MACRO Holding Trust Agreement" has the meaning set forth in the
            Cover Page.

      (uu)  "Up-MACRO Tradeable Shares" has the meaning set forth in the Cover
            Page.

      (vv)  "Up-MACRO Tradeable Trust" has the meaning set forth in the Cover
            Page.

      (ww)  "Up-MACRO Tradeable Trust Agreement" has the meaning set forth in
            the Cover Page.

      Additionally, the term "including" shall mean including, but not limited
      to.

2.    LICENSES.

      (a) The Licenses. Subject to the terms and conditions of the License
Agreement, Licensor hereby grants to:

            (i)   each of the Holding Trusts (x) a limited, non-exclusive,
                  non-transferable, fee-based license, throughout the Territory
                  for the Term to use the Licensed Patents and Know-How solely
                  in connection with each Licensee's activities as an issuer of
                  the Holding Shares that employ the MACROs Structure, (y) a
                  limited, non-exclusive, and non-transferable, fee-based
                  license throughout the Territory for the Term to use the
                  Marks solely as a part of the name of each Holding Trust and
                  the MACRO Holding Shares issued by such Holding Trust, and
                  (z) a limited, non-exclusive, and non-transferable, fee-based
                  sub-license throughout the

                                      T-3
<PAGE>

                  Territory for the Term to use the Claymore Mark solely as
                  part of the Product Name in connection with each Holding
                  Trust's name and the names of the MACRO Holding Shares issued
                  by such Holding Trust; and

            (ii)  each of the Tradeable Trusts (x) a limited, non-exclusive,
                  non-transferable, license throughout the Territory for the
                  Term to use the Licensed Patents and Know-How solely in
                  connection with each Licensee's activities as an issuer of
                  the respective MACRO Tradeable Shares that employ the MACROs
                  Structure, (y) a limited, non-exclusive, and
                  non-transferable, royalty-free license throughout the
                  Territory for the Term to use the Marks solely as a part of
                  the name of each Tradeable Trust and the MACRO Tradeable
                  Shares issued by such Tradeable Trust, and (z) a limited,
                  non-exclusive, and non-transferable, fee-based sub-license
                  throughout the Territory for the Term to use the Claymore
                  Mark solely as part of the Product Name in connection with
                  each Tradeable Trust's name and the names of the MACRO
                  Tradeable Shares issued by such Tradeable Trust (collectively
                  with (i), the "Licenses").

      (b) No Right to Sublicense. Each Licensee hereby expressly agrees not to
sublicense the Licenses to any Person without the express prior written consent
of Licensor.

      (c) Invalidation of Licensed Patents. Each Licensee acknowledges that the
overall value of the licensed system is a function of, among other factors, the
total Asset Amounts of the Holding Trusts. Accordingly, for administrative
convenience, the royalties set forth in Section 5(a) hereunder are calculated
based on the total Asset Amounts of the Holding Trusts regardless of whether a
portion of such MACRO Holding Shares or MACRO Trading Shares are sold and/or
administered in countries in which there are no pending, or in force, Licensed
Patents. However, in the event that all of the patent claims in all of the
Licensed Patents in the United States and any other jurisdiction within the
Territory in which a substantial amount of revenue is derived and/or a
substantial portion of the administration occurs (collectively, with the United
States, the "Main Markets") have expired, or in the event that all of the
patent claims in all remaining unexpired Licensed Patents in the Main Markets
are finally determined (i.e., after exhaustion of all potential appeals) to be
unpatentable, invalid or unenforceable by a court or other government agency of
competent jurisdiction in all jurisdictions in which the Holding Shares and
Offering Shares are sold, offered for sale, issued, or administered, the
Licensing Fees payable under Section 5(a) hereunder shall automatically be
reduced by five (5%) percent. Notwithstanding the foregoing, no such royalty
reduction shall apply to the Licensing Fee if a Licensed Patent that is pending
or in force in the Main Markets.

      (d) Marking; Usage Guidelines. Each Licensee shall mark patent rights
with respect to any patents licensed hereunder in a manner as reasonably
directed by Licensor and/or approved by Licensor in writing in advance, such
approval not to be unreasonably withheld. Each Licensee shall include
appropriate service mark and trademark notices, including the following written
notice in connection with its use of the Licensed Marks (or such other written
ownership notice as reasonably requested by Licensor from time to time):
"[insert Mark] are service marks of Macro Markets, LLC and are used under
license to [Licensee]." Each Licensee shall designate the MACRO Structure, the
MACRO Holding Shares and the MACRO Tradeable Shares only through the use of the
Product Name. Each Licensee shall adhere to Licensor's trademark usage
guidelines with respect to the Marks and the Claymore Marks as issued by
Licensor from time to time.

      (e) Compliance with Law. Licensee shall comply with all applicable laws
and regulations in connection with the creation, development, and marketing of
the MACRO Structured Product, including all regulations of the SEC, NASD and
any other applicable federal or state regulatory authorities.

                                      T-4
<PAGE>

      (f) ALL RIGHTS NOT SPECIFICALLY AND EXPRESSLY GRANTED TO LICENSEES IN
THIS ARTICLE 2 ARE HEREBY RESERVED TO LICENSOR.

      (g) Quality Control. Licensor shall have the right to review all uses of
the Marks and the Claymore Marks by each Licensee hereunder, and Licensees
shall furnish in advance to Licensor all materials, including, where
applicable, any prospectus, or other offering, marketing, and promotional
materials, to be used hereunder (collectively, the "Materials") in connection
with the Trusts in which any of the Marks and the Claymore Marks are used, for
Licensor's prior review and approval of the uses of the Marks and Claymore
Marks therein. In the event the Materials are issued in a language other than
English, Licensee shall provide Licensor with an English translation of the
relevant portion of such materials. Licensor shall promptly notify Licensee
following receipt thereof from Licensee. If Licensor does not approve of any
use, it shall advise Licensee of its reasons. In this regard, each Licensee
agrees that the quality of the services, in connection with which the Marks and
the Claymore Marks may or will be used by such Licensee as permitted herein,
will be commensurate with Licensor's reputation for reliability and high
quality in financial services, and Licensor shall have the right to require
each Licensee to adhere to that standard of quality. Each Licensee shall do
nothing hereunder which will impair the validity of the Marks or the Claymore
Marks, Licensor's or Claymore's rights in the Marks or the Claymore Marks,
respectively, or the good will symbolized by each of the Marks.

3.    ACKNOWLEDGMENT OF RIGHTS.

      (a) Property Rights. Each Licensee acknowledges that the Licensed Patents
and Know-How, the MACROs Structure and the Marks are and, under all
circumstances shall remain, the sole and exclusive property of Licensor. All
goodwill resulting from usage of the Licenses by Licensees pursuant to the
License Agreement shall accrue to the benefit of Licensor.

      (b) Acknowledgement of Rights. Each Licensee agrees and acknowledges that
the marks are the valuable property of, and are owned by, Licensor. Each
Licensee will not directly or indirectly: (i) challenge or contest the validity
or enforceability of the Licenses; (ii) dispute the validity, enforceability or
Licensor's ownership of the Marks, or initiate or participate in any proceeding
of any kind opposing the grant of Marks, or challenging any trademark
application in connection with the Marks; (iii) apply to register or otherwise
obtain registration of (A) the Licenses, or (B) the Marks or any variation
thereon or derivative thereof with any trademark, business or domain name
registrar; or (iv) assist any other Person to do any of the foregoing (except
if and to the extent required by court order or subpoena). Any violation of
this Section 3(b) will constitute a material breach of the License Agreement.

      (c) Maintaining the Licenses. Each Licensee shall, at Licensor's expense,
fully cooperate with and assist Licensor in the maintenance of any patent,
trademark, or other applications and shall execute or obtain execution of any
documents that Licensor shall reasonably request in connection therewith,
including but not limited to any assignment of invention rights.

      (d) Improvements. Licensees acknowledge that Licensor shall own all
improvements, modifications and derivative works of the MACROs Structure and
the Licensed Patents and Know-How whether made by Licensor or any Licensee,
alone or in combination (collectively, "Improvements"). Each Licensee hereby
assigns all its rights in and to any Improvements to Licensor and shall execute
all documents, and perform such additional lawful acts, as reasonably requested
by Licensor, to fully effectuate such assignment and to enforce Licensor's
rights to such Improvements.

4.    TERM.

                                      T-5
<PAGE>

      (a) Term. The term of the License Agreement shall commence as of the
Effective Date and for each Licensee shall remain in full force and effect
until the expiration or termination of the applicable Up-MACRO Holding Trust
Agreement, Down-MACRO Holding Trust Agreement, Up-MACRO Tradeable Trust
Agreement or Down-MACRO Tradeable Trust Agreement, unless earlier terminated
pursuant to the terms of the License Agreement (the "Term"). Notwithstanding
the foregoing sentence, the Term of the Licenses hereunder solely with respect
to the Licensed Patents in a particular jurisdiction shall not extend beyond
the expiration or cancellation of such Licensed Patents in the relevant
jurisdiction in the Territory.

      (b) Termination. Licensor may terminate the License Agreement with
respect to all Licensees on thirty (30) days' prior written notice if any
Licensee shall fail or be unable to perform its material obligations under the
License Agreement and such failure shall not have been remedied within thirty
(30) days after written notice thereof. Licensee may terminate the License
Agreement on thirty (30) days' prior written notice only with the consent of
all Licensees if Licensor shall fail or be unable to perform its material
obligations under the License Agreement and such failure shall not have been
remedied within thirty (30) days after written notice thereof.

      (c) Effect of Termination. On expiration or termination of the License
Agreement, all Licensees shall immediately cease from all use of the Licenses,
the Marks, the Licensed Patents and Know-How, and inventions or works based on
or derivative thereof; and shall immediately deliver all materials bearing or
made in connection with the Licenses including all inventions or works based on
or derivative thereof, to Licensor at the address set forth in the notice
section below, or destroy them, at the option of Licensor. Each Licensee
acknowledges that the licenses granted under the License Agreement are related
and that termination of the License Agreement by any Licensee shall (at
Licensor's option) terminate the License Agreement, and all Licenses hereunder,
with respect to all other Licensees.

5.    FEES.

      (a) Payment of License Fees. On each Distribution Payment Date, each
Holding Trust will pay to Licensor, as payment in full for the Licenses granted
hereunder, a fee equal to, for each day during each Calculation Period, the
Up-MACRO Asset Amount or the Down-MACRO Asset Amount as applicable, as of the
preceding day, multiplied by the Annual Fee Rate divided by 365 or 366
depending on the number of days in the current year (the "Licensing Fee"). The
Tradeable Trusts shall pay no royalty directly to Licensor, however the
Licenses granted hereunder to each of the Tradeable Trusts are subject to the
payment of Licensing Fees by both of the Holding Trusts.

      (b) Auditing Rights. Licensor shall have the right, in each calendar
year, at its own expense and upon due notice to Holding Trusts and Tradable
Trusts, to have an accountant audit during normal business hours and at Holding
Trusts' and Tradable Trusts' designated place of business, the books and
records of each Holding Trust and Tradable Trust, which relate to the asset
amount of the Trusts, in order to verify the daily Asset Amount of the Trusts
based on which the Licensing Fees are paid. In the event that any discrepancies
are found Licensees shall each be jointly and severally responsible to pay to
Licensor promptly any amount due and unpaid. To the extent that the amount due
and unpaid has been found to exceed 5% of the amount that should have been paid
during the preceding year from the auditing day, Licensees shall each be
jointly and severally responsible to pay the amount due promptly together with
a penalty interest rate in the amount of prime rate plus 2% per month.

6.    ENFORCEMENT.

      (a) Each Licensee shall promptly (i) notify Licensor of any potential or
actual infringement by a third party of any of the Licensed Patents and
Know-How or Marks of which such Licensee becomes

                                      T-6
<PAGE>

aware, and (ii) provide to Licensor all evidence of such infringement in
that Licensee's possession, custody or control. Licensor shall have the sole
right, but not the obligation, to initiate any legal action at its own expense
against such infringement and to recover damages and enforce any injunction
granted as a result of any judgment in Licensor's favor. Licensor shall have
sole control over any such action, including, without limitation, the sole
right to settle and compromise such action. In the event of a dispute between
Licensor and any third party regarding the infringement, validity or
enforceability of the Licensed Patents and Know-How or Marks, each Licensee
agrees, at Licensor's reasonable expense, to do all things reasonably requested
by Licensor to assist Licensor in connection with such dispute.

      (b) Any Licensee's delay, of more than thirty (30) days, in performing
its obligations pursuant to Section 6(a) hereof will constitute a material
breach of the License Agreement.

7.    REPRESENTATIONS AND WARRANTIES.

      (a) Each Party hereby represents and warrants that (i) it has the power
and authority to enter into the License Agreement and perform its obligations
hereunder; (ii) the execution and delivery of the License Agreement have been
duly authorized and all necessary actions have been taken to make the License
Agreement a legal, valid and binding obligation of such Party enforceable in
accordance with its terms; and (iii) the execution and delivery of the License
Agreement and the performance by such Party of its obligations hereunder will
not contravene or result in any breach of the Certificate of Incorporation,
Bylaws or any other organizational document of such Party or of any agreement,
contract, indenture, license, instrument or understanding or, to the best of
its knowledge, result in any violation of law, rule, regulation, statute, order
or decree to which such Party is bound or by which they or any of their
property is subject.

      (b) Licensor represents and warrants that, to its actual knowledge, it
owns and/or has the right to license to each Licensee the Licenses in the
United States and that the Licenses and Licensees' use of the Licensed Patents
and Know-How and the Marks in accordance with the License Agreement will not
infringe any copyright, trademark, trade secret or patent right owned by any
third party.

      (c) LICENSOR DOES NOT GUARANTEE THE ACCURACY, APPLICATION OR ANY RESULTS
OF THE LICENSED PATENTS AND KNOW-HOW OR THE MACROS STRUCTURE. EXCEPT AS
EXPRESSLY SET FORTH IN THE FOREGOING, LICENSOR DOES NOT MAKE AND HEREBY
EXPRESSLY DISCLAIMS ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, STATUTORY OR
OTHERWISE, REGARDING THE SUBJECT MATTER OF THE LICENSE AGREEMENT INCLUDING, BUT
NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT, OR FITNESS
FOR A PARTICULAR PURPOSE. IN NO EVENT SHALL THE CUMULATIVE LIABILITY OF
LICENSOR TO LICENSEES AND ITS AFFILIATES AND ASSIGNEES UNDER OR RELATING TO THE
LICENSE AGREEMENT AT ANY TIME EXCEED THE AGGREGATE AMOUNT OF THE FEES RECEIVED
BY LICENSOR PURSUANT TO THE LICENSE AGREEMENT AND THE TRUST AGREEMENTS PRIOR TO
SUCH TIME EXCEPT THAT THIS LIMITATION SHALL NOT BE APPLICABLE TO A CLAIM BY
LICENSEE FOR INDEMNIFICATION PURSUANT TO ARTICLE 8 HERETO.

8.    INDEMNIFICATION.

      (a) Each Licensee shall defend, indemnify and hold harmless Licensor, and
Licensor shall defend, indemnify and hold harmless Licensees, and such
indemnified Party's Affiliates, employees, officers, directors and agents or
assignees from and against any liabilities, losses, damages, costs or expenses
(including, without limitation, reasonable attorneys' fees) (collectively,
"Losses") arising from any third-party claim or action resulting from or
arising in connection with the breach by the

                                      T-7
<PAGE>

Indemnifying Party of any of the representations, warranties, or
covenants of such indemnifying Party contained in the License Agreement.

      (b) Without limitation to the foregoing Section 8(a), each Licensee shall
indemnify, defend and hold harmless Licensor and its Affiliates, employees,
officers, directors, and agents or assignees from and against any Losses
resulting or arising from any claim (whether such claim arises under tort,
breach of express or implied contract, or otherwise) by any person arising from
the offering of the MACRO Holding Shares or MACRO Tradeable Shares.

      (c) If any action, suit, proceeding (including any governmental
investigation), claim or dispute (collectively, a "Proceeding") is brought or
asserted against a Party for which indemnification is sought under the License
Agreement, the Party seeking indemnification (the "Indemnified Party") shall
promptly (and in no event more than seven (7) days after receipt of notice of
such Proceeding) notify the Party obligated to provide such indemnification
(the "Indemnifying Party") of such Proceeding. The failure of the Indemnified
Party to so notify the Indemnifying Party shall not impair the Indemnified
Party's ability to obtain indemnification from the Indemnifying Party except to
the extent such failure adversely affects the Indemnifying Party's ability to
adequately oppose or defend such Proceeding. Upon receipt of such notice from
the Indemnified Party, the Indemnifying Party shall be entitled to participate
in such Proceeding at its own expense. Provided no conflict of interest exists
as specified in clause (ii) below and there are no other defenses available to
the Indemnified Party as specified in clause (iv) below, the Indemnifying
Party, to the extent that it shall so desire, shall be entitled to assume the
defense of the Proceeding with counsel reasonably satisfactory to the
Indemnified Party, in which case all reasonable attorney's fees and expenses
shall be borne by the Indemnifying Party (except as specified below) and the
Indemnifying Party shall in good faith defend the Indemnified Party. After
receiving written notice from the Indemnifying Party of its election to assume
the defense of the Proceeding, the Indemnified Party shall have the right to
employ separate counsel in any such Proceeding and to participate in the
defense thereof, provided that the fees and expenses of such counsel shall be
borne entirely by the Indemnified Party unless (i) the Indemnifying Party
expressly agrees in writing to pay such fees and expenses, (ii) there is such a
conflict of interest between the Indemnifying Party and the Indemnified Party
as would preclude, in compliance with the ethical rules in effect in the
jurisdiction in which the Proceeding was brought, one lawyer from representing
both Parties simultaneously, (iii) the Indemnifying Party fails, within the
earlier of (x) twenty (20) days following receipt of notice of the Proceeding
from the Indemnified Party or (y) seven (7) days prior to the date the first
response or appearance is required to be made in such Proceeding, to assume the
defense of such Proceeding with counsel reasonably satisfactory to the
Indemnified Party or (iv) there are legal defenses available to the Indemnified
Party that are different from or are in addition to those available to the
Indemnifying Party. In each of cases (i) through (iv), the fees and expenses of
counsel shall be borne by the Indemnifying Party. No compromise or settlement
of such Proceeding may be effected by either Party without the other Party's
written consent unless (m) there is no finding or admission of any violation of
law and no effect on any other claims that may be made against such other Party
and (n) the sole relief provided is monetary damages that are paid in full by
the Indemnifying Party. Neither Party shall have any liability with respect to
any compromise or settlement effected without its written consent, which shall
not be unreasonably withheld. The Indemnifying Party shall have no obligation
to indemnify and hold harmless the Indemnified Party from any loss, expense or
liability incurred by the Indemnified Party as a result of a default judgment
entered against the Indemnified Party unless such judgment was entered after
the Indemnifying Party agreed, in writing, to assume the defense of such
Proceeding.

      (d) Joint and Several Liability. Licensees shall be jointly and severally
liable for their indemnification obligations hereunder.

9.    LIMITATION OF LIABILITY.

                                      T-8
<PAGE>

      EXCEPT FOR EACH PARTY'S OBLIGATION TO INDEMNIFY THE OTHER PARTY FOR THIRD
PARTY LOSSES PURSUANT TO ARTICLE 8 HERETO, NEITHER PARTY SHALL BE LIABLE TO THE
OTHER FOR ANY SPECIAL, INCIDENTAL, CONSEQUENTIAL, PUNITIVE, EXEMPLARY OR OTHER
INDIRECT DAMAGES, HOWSOEVER CAUSED, WHETHER ARISING IN CONTRACT, TORT OR
OTHERWISE, EVEN IF IT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

10. CONFIDENTIALITY.

      Except as provided below, all information concerning the Licenses, and
all other business, financial, marketing and product information disclosed to
the other Party orally or in writing is deemed confidential, restricted and
proprietary to the disclosing Party (the "Confidential Information"). Each
Party agrees to use the Confidential Information received from the other Party
only for the purpose of the License Agreement. The Confidential Information
disclosed or supplied is not to be reproduced in any form except as required to
accomplish the intent of, and in accordance with the terms of, the License
Agreement. The receiving Party must provide the same degree of care to avoid
disclosure or unauthorized use of the Confidential Information as it accords to
protect its own similar proprietary information, but in no event less than
reasonable care under the circumstances. All Confidential Information must be
retained by the receiving Party in a secure place with access limited to only
such of its employees, consultants, subcontractors, suppliers or agents who
need to know such information for purposes of the License Agreement and to such
third parties as the disclosing Party has consented to by prior written
approval and only when such persons have agreed in writing to be bound by the
terms of the License Agreement or who have entered into a non-disclosure
agreement with Licensee at least as restrictive as those contained in the
License Agreement. All Confidential Information, unless otherwise specified in
writing (x) remains the property of the disclosing Party, (y) must be used by
the receiving Party only for the purpose for which it was intended, and (z)
including all copies thereof, must be returned to the disclosing Party or
destroyed after the receiving Party's need for it has expired or upon request
of the disclosing Party, and, in any event, upon expiration or termination of
the License Agreement. At the request of the disclosing Party, the receiving
Party will furnish a certificate of an officer of the receiving Party
certifying that the Confidential Information not returned to the disclosing
Party has been destroyed. The obligation of confidentiality set forth in this
Section 10 shall survive expiration of the License Agreement for a period of
three (3) years. Licensee shall vigorously enforce its rights as against any
employee, consultant, subcontractor, supplier or agent or other third parties
to whom Confidential Information has been provided and who breaches, or
threatens or attempts to breach, its obligations of confidentiality and non-use
as set forth in this Article 10. For the purpose hereof, the Confidential
Information shall not include information, to the extent evidenced by
reasonable documentation, that:

(i)               is published or is otherwise in the public domain through no
                  fault of the receiving Party at the time of any claimed
                  unauthorized disclosure or use by the receiving Party;

(ii)              prior to disclosure pursuant to the License Agreement, is
                  properly within the legitimate possession of the receiving
                  Party;

(iii)             subsequent to disclosure pursuant to the License Agreement,
                  is lawfully received from a third party having rights in the
                  information without restriction of the third party's right to
                  disseminate the information and without notice of any
                  restriction against its further disclosure; or

(iv)              the disclosing Party agrees in writing that the information
                  disclosed is free of such restrictions.

                                      T-9
<PAGE>

      Notwithstanding the above, a Party may produce information pursuant to an
order of a court or other similar requirement, rule or regulation of any
governmental authority, so long as the Party required to disclose the
information provides the disclosing Party with prior written notice of such
order or requirement and its cooperation to the extent reasonable in preserving
its confidentiality and limiting the scope of disclosure.

      The Parties agree that, without limiting any other rights and remedies
specified herein, an injunction may be sought against the Party who has
breached or threatened to breach this Article 10.

11. ASSIGNMENT.

      (a) Licensor may assign or otherwise transfer (whether by operation of
law or otherwise) any right or obligation hereunder without the prior written
consent of Licensees, provided, a due notice is given to each Licensees.

      (b) Each Licensee may not assign or otherwise transfer (whether by
operation of law, change of control or otherwise) any right or obligation under
the License Agreement without the prior written consent of Licensor.

      (c) The License Agreement is binding on and inures to the benefit of the
Parties and their permitted successors and assigns.

      (d) Any attempted assignment or other transfer of rights under the
License Agreement in violation of Section 11(b) hereof will be void.

12.   MISCELLANEOUS PROVISIONS.

      (a) GOVERNING LAW. The License Agreement shall be interpreted, construed
and enforced in accordance with the laws of the State of New York without
reference to or inclusion of the principles of choice of law or conflicts of
law of that jurisdiction (except that questions affecting the construction and
effect of any patent or trademark will be determined by the law of the country
in which the patent was granted). Each Party agrees that any legal action,
proceeding, controversy or claim between the Parties arising out of or relating
to the License Agreement may be brought and prosecuted only in the United
States District Court for the Southern District of New York or, if that Court
lacks or declines to exercise subject matter jurisdiction, in the Supreme Court
of the State of New York in and for New York County, and by execution of the
License Agreement each Party hereto submits to the exclusive jurisdiction of
such court and waives any objection it might have based upon improper venue or
inconvenient forum. Each Party hereto waives any right it may have to a jury
trial in connection with any legal action, proceeding, controversy or claim
between the Parties arising out of or relating to the License Agreement.

      (b) EXCLUSIVE JURISDICTION AND VENUE. Any action brought by any Party
that arises out of or relates to the License Agreement will be filed only in
the state or federal courts located in New York County, New York. Each Party
irrevocably submits to the jurisdiction of those courts. Each Party waives any
objections that it may have now or in the future to the jurisdiction of those
courts, and also waives any claim that it may have now or in the future that
litigation brought in those courts has been brought in an inconvenient forum.

      (c) ENTIRE AGREEMENT. The License Agreement (including the Cover Sheet,
these License Terms and the attached Schedule I) sets forth the entire
agreement of the Parties as to its subject

                                     T-10
<PAGE>

matter and supersedes all prior agreements, negotiations, representations, and
promises between them with respect to its subject matter.

      (d) SEVERABILITY. If any provision of the License Agreement is held
unenforceable by a court of competent jurisdiction, the other provisions will
remain in full force and effect. If legally permitted, the unenforceable
provision will be replaced with an enforceable provision that as nearly as
possible gives effect to the Parties' intent.

      (e) SURVIVAL. Notwithstanding anything to the contrary in the License
Agreement, Sections 3, 5, 6, 7(c), 8, 9, 10, 11 and 12 of these License Terms
shall survive termination of the License Agreement.

      (f) RELATIONSHIP OF THE PARTIES. Nothing in the License Agreement creates
a partnership, joint venture or agency relationship between any of the Parties.

      (g) NOTICES. A notice under the License Agreement is not sufficient
unless it is: (i) in writing; (ii) addressed using the contact information
listed under the "Contact Information" section of the Cover Sheet for the Party
to which the notice is being given (or using updated contact information which
that Party has specified by written notice in accordance with this Section
12(g)); and (iii) sent by hand delivery, facsimile transmission, registered or
certified mail (return receipt requested), or reputable express delivery
service with tracking capabilities (such as Federal Express).

      (h) FORCE MAJEURE. No Party shall be deemed in default of the License
Agreement to the extent that performance of its obligations or attempts to cure
any breach are delayed, restricted, or prevented by reason of any act of God,
fire, natural disaster, governmental regulations, terrorism, a state of
national emergency, war or other similar events that are not within the
reasonable control of the Parties ("Force Majeure Event"); provided that such
Party gives the other Parties written notice thereof promptly and, in any
event, within ten (10) days of discovery thereof and uses all commercially
reasonable efforts to cure the delay. In the event that any Force Majeure Event
prevents any Licensee from carrying out its obligations under the License
Agreement for a period of more than ninety (90) days, Licensor may terminate
the License Agreement upon an additional ten (10) days' written notice. In the
event that any Force Majeure Event prevents Licensor from carrying out its
obligations under the License Agreement for a period of more than ninety (90)
days, each Licensee may terminate the License Agreement only with the written
consent of all other Licensees hereunder upon an additional ten (10) days'
written notice.

      (i) AMENDMENTS. The License Agreement may not be amended unless the
amendment is in writing and signed by authorized representatives of all
Parties.

      (j) WAIVERS. A waiver of rights under the License Agreement will not be
effective unless it is in writing and signed by an authorized representative of
the Party that is waiving the rights.

      (k) COUNTERPARTS. The Parties may execute the License Agreement by
signing separate copies of the signature line of the Cover Page. A facsimile
copy of the signature line of the Cover Page shall have the same effect as the
original.

                                     T-11
<PAGE>

                                   SCHEDULE I

                               Patented Products
                                Granted Patents
                                ---------------

---------------------------------------------------------------------------
            Title                      Country            Patent Number
                                                            Issue Date
---------------------------------------------------------------------------
PROXY ASSET DATA PROCESSOR     United States of America 5987435
                                                        16-Nov-1999
---------------------------------------------------------------------------
PROXY ASSET DATA PROCESSOR     Singapore                72456
                                                        30-Apr-2002
---------------------------------------------------------------------------
PROXY ASSET DATA PROCESSOR     United States of America 6513020B1
                                                        28-Jan-2003
---------------------------------------------------------------------------

                                Pending Patents
                                ---------------

---------------------------------------------------------------------------
            Title                      Country            Patent Number
                                                            Issue Date
---------------------------------------------------------------------------
PROXY ASSET DATA PROCESSOR     Patent Cooperation       PC/US98/22224
                               Treaty                   20-Oct-1998
---------------------------------------------------------------------------
PROXY ASSET DATA PROCESSOR     European Patent          98952389.9
                               Convention               20-Oct-1998
---------------------------------------------------------------------------
PROXY ASSET DATA PROCESSOR     Brazil                   P198131702
                                                        20-Oct-1998
---------------------------------------------------------------------------
PROXY ASSET DATA PROCESSOR     Canada                   2308279
                                                        20-Oct-1998
---------------------------------------------------------------------------
PROXY ASSET DATA PROCESSOR     Hong Kong                01104416.7
                                                        26-Jun-2001
---------------------------------------------------------------------------
PROXY ASSET DATA PROCESSOR     Israel                   135829
                                                        20-Oct-1998
---------------------------------------------------------------------------
PROXY ASSET SYSTEM AND METHOD  India                    1551CHENP2003
                                                        01-Mar-2002
---------------------------------------------------------------------------
PROXY ASSET DATA PROCESSOR     Japan                    JP2000-519380
                                                        20-Oct-1998
---------------------------------------------------------------------------
TECHNIQUES FOR INVESTING IN    United States of America 09/567,901
PROXY ASSETS                                            10-May-2000
---------------------------------------------------------------------------
PROXY ASSET SYSTEM AND METHOD  United States of America 10/087,339
                                                        01-Mar-2002
---------------------------------------------------------------------------
PROXY ASSET SYSTEM AND METHOD  Patent Cooperation       PC/US02/06328
                               Treaty                   01-Mar-2002
---------------------------------------------------------------------------
TECHNIQUES FOR INVESTING IN    United Arab Emirates     340/2002
PROXY ASSETS                                            09-May-2001
---------------------------------------------------------------------------
TECHNIQUES FOR INVESTING IN    Australia                2001261834
PROXY ASSETS                                            09-May-2001
---------------------------------------------------------------------------
TECHNIQUES FOR INVESTING IN    Brazil                   PI0110752-6
PROXY ASSETS                                            09-May-2001
---------------------------------------------------------------------------
TECHNIQUES FOR INVESTING IN    Canada                   2408539
PROXY ASSETS                                            09-May-2001
---------------------------------------------------------------------------
TECHNIQUES FOR INVESTING IN    China (People's          01812637.5
PROXY ASSETS                   Republic)                09-May-2001
---------------------------------------------------------------------------
TECHNIQUES FOR INVESTING IN    European Patent          01935772.2
PROXY ASSETS                   Convention               09-May-2001
---------------------------------------------------------------------------

                                    Sch. I-1
<PAGE>

---------------------------------------------------------------------------
            Title                      Country            Patent Number
                                                            Issue Date
---------------------------------------------------------------------------
TECHNIQUES FOR INVESTING IN    Israel                   152729
PROXY ASSETS                                            09-May-2001
---------------------------------------------------------------------------
TECHNIQUES FOR INVESTING IN    India                    INPC200201871
PROXY ASSETS                                            09-May-2001
---------------------------------------------------------------------------
TECHNIQUES FOR INVESTING IN    Japan                    2001-583442
PROXY ASSETS                                            09-May-2001
---------------------------------------------------------------------------
TECHNIQUES FOR INVESTING IN    Mexico                   Paa2002011114
PROXY ASSETS                                            09-May-2001
---------------------------------------------------------------------------
TECHNIQUES FOR INVESTING IN    Norway                   20025364
PROXY ASSETS                                            09-May-2001
---------------------------------------------------------------------------
TECHNIQUES FOR INVESTING IN    New Zealand              522575
PROXY ASSETS                                            09-May-2001
---------------------------------------------------------------------------
TECHNIQUES FOR INVESTING IN    Russian Federation       2002133433
PROXY ASSETS                                            09-May-2001
---------------------------------------------------------------------------
TECHNIQUES FOR INVESTING IN    Singapore                200206835-1
PROXY ASSETS                                            09-May-2001
---------------------------------------------------------------------------
PROXY ASSET SYSTEM AND METHOD  Russian Federation       2003129533
                                                        01-Mar-2002
---------------------------------------------------------------------------
PROXY ASSET SYSTEM AND METHOD  European Patent          02709752.6
                               Convention               01-Mar-2002
---------------------------------------------------------------------------
PROXY ASSET SYSTEM AND METHOD  Australia                2002244221
                                                        01-Mar-2002
---------------------------------------------------------------------------
PROXY ASSET SYSTEM AND METHOD  Canada                   2443278
                                                        01-Mar-2002
---------------------------------------------------------------------------
PROXY ASSET SYSTEM AND METHOD  New Zealand              528555
                                                        01-Mar-2002
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TECHNIQUES FOR INVESTING IN    Hong Kong                04101764.8
PROXY ASSETS                                            09-May-2001
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PROXY ASSET DATA PROCESSOR     Israel                   162738
                                                        20-Oct-1998
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SELF HEDGING MULTI-LAYERED     United States of America 60/691,397
INVESTMENT SYSTEM AND METHOD                            17-Jun-2005
USING INTERNAL CONTRACTUAL
RELATIONSHIPS
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                                    Sch. I-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}]]