Document:

EXHIBIT 4.8

                     REFERENCE PRICE SUBLICENSING AGREEMENT

                  THIS SUBLICENSE AGREEMENT (the "Sublicense Agreement") is
entered into as of November 22, 2006 ("Effective Date"), by and among
MACROMARKETS LLC, a Delaware limited liability company ("Sublicensor"), and
Investors Bank & Trust Company, a Massachusetts trust company, not in its
individual capacity but solely (i) as trustee of the Claymore MACROshares Oil Up
Holding Trust (the "Up-MACRO Holding Trust"), (ii) as trustee of the Claymore
MACROshares Oil Down Holding Trust (the "Down-MACRO Holding Trust" and together
with the Up-MACRO Holding Trust, the "Paired Holding Trusts"), (iii) as trustee
of the Claymore MACROshares Oil Up Tradeable Trust (the "Up-MACRO Tradeable
Trust"), and (iv) as trustee of the Claymore MACROshares Oil Down Tradeable
Trust (the "Down-MACRO Tradeable Trust" and together with the Up-MACRO Tradeable
Trust, the "Tradeable Trusts" and collectively, with the Paired Holding Trusts,
the "MACRO Trusts") (such entity, in its capacities set forth above, the
"Trustee").

                  WHEREAS, the Sublicensor and the New York Mercantile Exchange,
Inc., a Delaware corporation ("NYMEX") have entered into a License Agreement,
dated as of November 22, 2006 (the "NYMEX License Agreement");

                  WHEREAS, pursuant to the NYMEX License Agreement, NYMEX has
granted the Sublicensor a limited, worldwide, non-exclusive, non-transferable
License to use certain of its proprietary settlement prices solely for the
purpose of (i) the issuance, sale, redemption and valuation of the MACRO
Securities (as defined herein), (ii) the making of distributions on the MACRO
Securities, and (iii) the preparation of disclosure in a public registration
statement or a private offering documents pursuant to the securities or other
applicable laws of the United States or any other country about any MACRO
Securities as deemed necessary or desirable by the Sublicensor under any such
laws and any related rules or regulations (such purposes, the "Permitted
Purposes");

                  WHEREAS, the NYMEX License Agreement includes the limited
right of the Sublicensor to grant sublicenses to its wholly-owned subsidiaries
and Affiliates, Claymore Securities Inc., and the MACRO Trusts, but solely for
the Permitted Purposes;

                  WHEREAS, the Up-MACRO Holding Trust was established pursuant
to a trust agreement, dated on or about November 22, 2006 (the "Up-MACRO Holding
Trust Agreement"), by and among Macro Securities Depositor, LLC, a Delaware
limited liability company, as depositor (the "Depositor"), Claymore Securities,
Inc., as administrative agent (in such capacity, the "Administrative Agent") and
marketing agent (in such capacity, the "Marketing Agent") and the Trustee,
pursuant to which the Up-MACRO Holding Trust will issue shares representing
undivided beneficial interests in and ownership of the Up-MACRO Holding Trust
(such shares, the "Up-MACRO Holding Shares");

                  WHEREAS, the Down-MACRO Holding Trust was established pursuant
to the Trust Agreement, dated as of November 22, 2006 (the "Down-MACRO Holding
Trust Agreement" and together with the Up-MACRO Holding Trust Agreement, the
"Holding Trust Agreements"), by and among the Depositor, the Administrative
Agent, the Marketing Agent and the Trustee, pursuant to which the Down-MACRO
Holding Trust will issue shares representing undivided beneficial interests in
and ownership of the Down-MACRO Holding Trust (such shares, the "Down-MACRO
Holding Shares");

                  WHEREAS, the Up-MACRO Tradeable Trust was established pursuant
to the Trust Agreement, dated as of November 22, 2006 (the "Tradeable Trust
Agreement"), by and among the Depositor, the Administrative Agent and the
Trustee, pursuant to which the Up-MACRO Tradeable Trust

<PAGE>

will issue shares representing undivided beneficial interests in and ownership
of the Up-MACRO Tradeable Trust (such shares, the "Up-MACRO Tradeable Shares");

                  WHEREAS, the Down-MACRO Tradeable Trust was established
pursuant to the Trust Agreement, dated as of November 22, 2006 (the " Down-MACRO
Tradeable Trust Agreement"), by and among the Depositor, the Administrative
Agent and the Trustee, pursuant to which the Down-MACRO Tradeable Trust will
issue shares representing undivided beneficial interests in and ownership of the
Down-MACRO Tradeable Trust (such shares, the "Down-MACRO Tradeable Shares"); and

                  WHEREAS, the Sublicensor now desires to grant to the
Sublicensee a sublicense under the NYMEX License Agreement under the terms set
forth herein.

                  NOW, THEREFORE, in consideration of the promises and the
mutual agreements herein contained, and other good and valuable consideration,
the Sublicensor and the Sublicensees (each a "Party", and collectively, the
"Parties") agree as follows:

1.       DEFINITIONS.

                  The following terms, when used in this Sublicense Agreement
shall have the respective meanings set forth below:

         1.1. "Administrative Agent" shall have the meaning set forth in the
preamble.

         1.2. "Affiliate" shall mean, with respect to a legal entity, any other
legal entity which, directly or indirectly, is in control of, or controlled by,
or is under common control with, such entity. For the purposes of this
definition, control of a legal entity shall mean the power, direct or indirect,
(i) to vote more than 50% of the securities having ordinary voting power for the
election of directors of any such entity or (ii) to direct or cause the
direction of the management and policies of such entity.

         1.3. "Calculation Period" shall have the meaning set forth in the
applicable Holding Trust Agreement.

         1.4. "CFTC" shall mean the U.S. Commodities Futures Trading Commission.

         1.5. "Confidential Information" shall have the meaning set forth in
Section 5.1 herein.

         1.6. "Depositor" shall have the meaning set forth in the preamble.

         1.7. "Discloser" shall have the meaning set forth in Section 5.1
herein.

         1.8. "Distribution Date" shall have the meaning set forth in the
applicable Holding Trust Agreement.

         1.9. "Distribution Payment Date" shall have the meaning set forth in
the applicable Holding Trust Agreement.

         1.10. "Down-MACRO Holding Trust" shall have the meaning set forth in
the preamble.

         1.11. "Down-MACRO Holding Trust Agreement" shall have the meaning set
forth in the preamble.

                                       2
<PAGE>

         1.12. "Down-MACRO Tradeable Trust" shall have the meaning set forth in
the preamble.

         1.13. "Down-MACRO Tradeable Trust Agreement" shall have the meaning set
forth in the preamble.

         1.14. "Effective Date" shall mean the date of this Sublicense
Agreement.

         1.15. "Force Majeure Event" shall mean anything beyond the reasonable
control of the NYMEX, the Sublicensor or the Sublicensees to prevent or to
remedy, including but not limited to any flood, extraordinary weather
conditions, earthquake or other act of God, fire, war, act of terrorism,
insurrection, riot, labor dispute, accident, action of government,
communications or power failures, or equipment or software malfunctions.

         1.16. "Holding Trust Agreements" shall have the meaning set forth in
the preamble.

         1.17. "MACRO Securities" shall mean (i) the Up-MACRO Holding Shares,
(ii) the Down-MACRO Holding Shares, (iii) the Up-MACRO Tradeable Shares and (iv)
the Down-MACRO Tradeable Shares.

         1.18. "MACRO Trusts" shall have the meaning set forth in the preamble.

         1.19. "Market Data" shall mean NYMEX's proprietary settlement prices
for NYMEX's Light Sweet Crude Oil Futures Contracts for the front (or spot)
month and the month immediately thereafter that are licensed to Sublicensor
under the NYMEX License Agreement.

         1.20. "Marketing Agent" shall have the meaning set forth in the
preamble.

         1.21. "Marks" shall mean the service marks and trade names "NEW YORK
MERCANTILE EXCHANGE" and "NYMEX" as licensed to Sublicensor under the NYMEX
License Agreement.

         1.22. "Materials" shall have the meaning set forth in Section 2.2
herein.

         1.23. "NASD" shall mean the National Association of Securities Dealers.

         1.24. "NYMEX" shall have the meaning set forth in the preamble.

         1.25. "NYMEX License" shall mean the license granted to the Licensor
pursuant to the NYMEX License Agreement.

         1.26. "NYMEX License Agreement" shall have the meaning set forth in the
preamble.

         1.27. "NYMEX Sublicense" shall have the meaning set forth in Section
2.1.

         1.28. "Party" shall have the meaning set forth in the preamble.

         1.29. "Paired Holding Trusts" shall have the meaning set forth in the
preamble.

         1.30. "Permitted Purposes" shall have the meaning set forth in the
preamble.

                                       3
<PAGE>

         1.31. "Price Determination Day" shall mean each business day (i.e.,
each day on which the NYMEX's open outcry exchange is open for trading) and, for
any day that is not a business day, the last preceding business day.

         1.32. "Prospectuses" shall mean (i) the prospectus filed as part of an
amendment to the registration statement on Form S-1, file No. 333-116566, by the
Sublicensees with the SEC for the Up-MACRO Holding Shares and the Up-MACRO
Tradeable Shares issued by the Up-MACRO Holding Trust and the Up-MACRO Tradeable
Trust, respectively, that will be used in connection with the offering and sale
of such shares and (ii) the prospectus filed as part of an amendment to the
registration statement on Form S-1, file No. 333-135120 by the Sublicensees with
the SEC for the Down-MACRO Holding Shares and the Down-MACRO Tradeable Shares
issued by the Down-MACRO Holding Trust and the Down-MACRO Tradeable Trust,
respectively, that will be used in connection with the offering and sale of such
shares.

         1.33. "Receiver" shall have the meaning set forth in Section 5.1.

         1.34. "SEC" shall mean the U.S. Securities and Exchange Commission.

         1.35. "Sublicensee" shall mean any of the Up-MACRO Holding Trust, the
Up-MACRO Tradeable Trust, the Down-MACRO Holding Trust or the Down-MACRO
Tradeable Trust, MACRO Securities Depositor, LLC, Investors Bank & Trust Company
or Claymore Securities, Inc. "Sublicensees" means all of the entities listed in
the first sentence of this paragraph 1.35.

         1.36. "Sublicense Fee" shall mean the compensation that the
Sublicensees shall pay the Sublicensor pursuant to Section 6.1 herein.

         1.37. "Sublicensor" shall have the meaning set forth in the preamble.

         1.38. "Sublicensor Indemnitees" shall have the meaning set forth in
Section 11.

         1.39. "Termination Date" shall have the meaning specified in Section
12.1 hereof.

         1.40. "Tradeable Trusts" shall have the meaning set forth in the
preamble.

         1.41. "Tradeable Trust Agreements" shall have the meaning set forth in
the preamble.

         1.42. "Trustee" shall have meaning set forth in the preamble.

         1.43. "Up-MACRO Holding Trust" shall have the meaning set forth in the
preamble.

         1.44. "Up-MACRO Holding Trust Agreement" shall have the meaning set
forth in the preamble.

         1.45. "Up-MACRO Tradeable Trust" shall have the meaning set forth in
the preamble.

2. SUBLICENSE.

         2.1. Pursuant to Article 2 of the NYMEX License Agreement, and subject
to the terms and conditions of this Sublicense Agreement, the Sublicensor hereby
grants to the Sublicensees (a) a limited, worldwide, non-exclusive,
non-transferable (except as set forth in Article 14 herein) sublicense under the
NYMEX License to use the Market Data solely for Permitted Purposes and (b) a
limited, worldwide (to the extent NYMEX has established service mark rights in
the Marks in countries outside of the United

                                       4
<PAGE>

States), non-exclusive, non-transferable (except as set forth in Article 14
herein) sublicense under the NYMEX License to use the Marks only in connection
with the identification of the source of the Market Data used in connection
with the Permitted Purposes (subsections (a) and (b) collectively, the "NYMEX
Sublicense"). It is expressly agreed and understood by the Sublicensees that no
rights to use the Market Data and Marks are granted hereunder to the
Sublicensees other than those specifically described and expressly granted
herein. Notwithstanding anything to the contrary contained in this Sublicense
Agreement, the Sublicensor has not granted to the Sublicensees any rights or
interests in any intellectual property of, or licensed to, the Sublicensor,
other than the Sublicense expressly granted in this Section 2.1 as limited by
the terms and conditions stated in this Sublicense Agreement.

         2.2. The Sublicensor and NYMEX shall have the right to review and
control all uses of the Marks hereunder by the Sublicensees, and the
Sublicensees shall furnish in advance to Sublicensor and NYMEX all materials,
including, where applicable and without limitation, the Prospectuses and any
related offering, marketing and promotional materials (collectively, the
"Materials") to be used in connection with any issuance of the MACRO Securities
in which any of the Marks are used, for the Sublicensor's and NYMEX's prior
review and approval of the uses of the Marks therein, which approval shall not
be unreasonably withheld. In the event the Materials are issued in a language
other than English, the Sublicensees shall provide the Sublicensor and NYMEX
with an English translation of the relevant portion of such Materials. The
Sublicensor and NYMEX each shall notify the Sublicensees, in accordance with
Article 13 hereof, of its approval or disapproval of any Materials (which shall
include the definition of the relevant settlement price used therein) within
seventy-two (72) hours (excluding Saturday, Sunday or on any date on which NYMEX
is closed for trading) following receipt thereof from the Sublicensees. If
either the Sublicensor or NYMEX does not approve of any use, it shall advise the
Sublicensees of its reasons. In the event the Sublicensor or NYMEX fails to
approve or disapprove any Material submitted to it for review within such
seventy-two (72) hour period, the Material shall be deemed approved by
Sublicensor or NYMEX, respectively. Once Materials have been approved or deemed
approved by both NYMEX and the Sublicensor, the Sublicensees will not need to
submit any subsequent Materials to the Sublicensor or NYMEX for their approval
if such subsequent Material does not alter the use or description of the
Sublicensor, NYMEX, the Marks or the Market Data. In this regard, the
Sublicensees agree that the quality of the services, in connection with which
the Marks may or will be used, as permitted herein, by the Sublicensees will be
commensurate with the reputation of both NYMEX and the Sublicensor for
reliability and high quality in financial services, and each of NYMEX and the
Sublicensor shall have the right to require the Sublicensees to adhere to that
standard of quality. The Sublicensees shall not do anything which will impair
the validity of the Marks, NYMEX's rights in the Marks, the Sublicensor's
License in the Marks, or the good will symbolized by each of the Marks.
Notwithstanding anything to the contrary in the aforementioned paragraph, any
approval to be given by NYMEX of Materials shall only be with respect to
information related to NYMEX and shall not include any approvals that relate
solely to the business and operations of the Sublicensor.

         2.3. The Sublicensees hereby expressly agree not to sublicense or
sub-sublicense the Sublicense granted hereunder to any Person without the
express prior written consent of NYMEX and the Sublicensor.

         2.4. Each of the Sublicensees agrees that it is bound by the
obligations of Sublicensor under the NYMEX License Agreement as if each of the
Sublicensees was the Sublicensor. In the event of any conflict between the terms
of this Sublicense Agreement and the NYMEX License Agreement with respect to the
scope of the License or any rights of NYMEX, the NYMEX License Agreement shall
govern.

                                       5
<PAGE>

         2.5. ALL RIGHTS OF SUBLICENSOR NOT SPECIFICALLY AND EXPRESSLY
SUBLICENSED TO SUBLICENSEES IN THIS SECTION 2 ARE HEREBY RESERVED FOR
SUBLICENSOR.

3. ACKNOWLEDGMENT OF RIGHTS.

         3.1. The Sublicensees will not directly or indirectly: (i) challenge or
contest the validity or enforceability of the Market Data and Marks; (ii)
dispute the validity, enforceability, or NYMEX's exclusive ownership of, any
trademark, trade name or domain name application or registration owned by NYMEX
with respect to the Marks or initiate or participate in any proceeding of any
kind opposing the grant to NYMEX of any trademark, trade name, or domain name
registration in the Marks or similar marks; (iii) fail to meet NYMEX's quality
control with respect to the Market Data or Marks or make any other use thereof
other than as expressly permitted herein; (iv) apply to register or otherwise
obtain registration of the Market Data or any works based thereon or derivative
thereof, the Marks or any marks similar thereto, in the trademark or copyright
office of any country or state, or with any business or domain name registrar;
or (v) assist any other Person to do any of the foregoing. 3.2. Any violation of
this Article 3 will constitute a material breach of this Sublicense Agreement.

4. ENFORCEMENT.

                  The Sublicensees shall promptly (a) notify NYMEX and the
Sublicensor of any potential or actual infringement by a third party of the
Market Data or Marks of which the Sublicensees become aware, and (b) provide to
NYMEX and the Sublicensor all evidence of such infringement in the Sublicensees'
possession, custody or control. As between Sublicensor and Sublicensees, the
Sublicensor (or its delegate) 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 NYMEX's or the Sublicensor's favor. NYMEX 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 NYMEX and any third
party regarding the infringement, validity or enforceability of NYMEX Market
Data and Marks, the Sublicensees agree, at NYMEX's expense, to do all things
reasonably requested by NYMEX to assist NYMEX in connection with such dispute.

5. CONFIDENTIALITY.

         5.1. Each party acknowledges that the business information of the other
party, any other information of the other party and the Market Data that may
exist from time to time which is provided to such party (the "Receiver") by or
on behalf of the other party (the "Discloser"), or to which Receiver is given
access by or on behalf of the Discloser, is, prior to such information being
disclosed to the general public, confidential to Discloser or, in the case of
the Market Data, to NYMEX (all such information being "Confidential
Information"). The Receiver shall maintain the confidentiality of the
Confidential Information in a manner using at least as great a degree of care as
the manner used by the Receiver to maintain the confidentiality of its own
confidential information, and the Receiver's other obligations under this
Section 5.1 shall not limit the generality of the foregoing; provided, however,
that Receiver shall be permitted to disclose such Confidential Information to
any entity that is involved in the issuance of the MACRO Securities, provided
that such entity agrees in writing to maintain the confidentially of such
information.

         5.2. Except as set forth in this Sublicense Agreement, or with the
prior written consent of the Discloser, the Receiver shall not, at any time
hereafter, directly or indirectly communicate or otherwise

                                       6
<PAGE>

disclose or permit the disclosure of any Confidential Information to any other
person or entity. The Receiver may disclose the Confidential Information only
to such of its employees, Affiliates, agents and service providers who have a
need to know such information in order to help the Receiver in issuing the
MACRO Securities or exercising its rights in accordance with the terms of this
Sublicense Agreement. The Receiver shall be accountable and responsible for any
acts of such employees, Affiliates, agents and service providers that in any
way constitute a breach of its obligations under this Section 5.2. The Receiver
shall ensure that its attorneys agree, and that such Affiliates, agents, and
service providers agree in writing, to be bound by the confidentiality
obligations set forth in this Section 5.2 as if such attorneys, Affiliates,
agents, and service providers were each the Receiver.

         5.3. This Article 5 imposes no obligation of confidentiality upon the
Receiver in respect of information that: (i) was in the Receiver's possession
before receipt from the Discloser or others acting on behalf of the Discloser;
(ii) is or becomes a matter of public knowledge through no fault of the Receiver
(provided, that disclosure of NYMEX's settlement prices on its website or
through vendors of market data shall not be regarded as making those prices a
matter of public knowledge); (iii) is rightfully received by the Receiver from a
third party without a duty of confidentiality; (iv) is independently developed
by the Receiver; or (v) is required by law or regulation to be disclosed, or is
released, in accordance with a valid court or governmental order, (provided,
that for the purposes of this clause (v), the Receiver shall, at its own
expense, provide the Discloser, in the case of such order, with prompt notice
thereof, including copies of subpoenas or orders requesting the Confidential
Information, cooperate reasonably with the Discloser in resisting the disclosure
of the Confidential Information via a protective order or other appropriate
legal action, minimize any such disclosure to the Confidential Information
specifically required to be disclosed and not make such disclosure until the
Discloser has had a reasonable opportunity to resist such disclosure, unless
Receiver is ordered to do otherwise).

6. COMPENSATION.

         6.1. As payment in full and consideration for the Sublicense granted
hereunder, the Sublicensees shall pay to the Sublicensor in arrears on each
Distribution Date, an amount equal to (i) with respect to any Distribution Date,
the sum of, for each day during the related Calculation Period, an amount equal
to a per annum rate of 0.065% multiplied by the Up-MACRO Underlying Value on
such day, which shall be payable to the Sublicensor from the amounts on deposit
in the Up-MACRO Holding Trust, plus (ii) with respect to any Distribution Date,
the sum of, for each day during the related Calculation Period, an amount equal
to a per annum rate of 0.065% multiplied by the Down-MACRO Underlying Value on
such day, which shall be payable to the Sublicensor from the amounts on deposit
in the Down-MACRO Holding Trust (such aggregate amount, the "Sublicense Fee").

         6.2. The Sublicense Fee, plus any taxes payable or reimbursable to the
Sublicensor hereunder, shall be remitted to the Sublicensor in U.S. Dollars
only, by electronic transfer of immediately available funds on each Distribution
Payment Date. Nothing herein shall be deemed to require the Sublicensor or NYMEX
to furnish any of the Market Data directly to the Sublicensees, and the
Sublicensees warrant that, during the term of this Sublicense Agreement, the
Sublicensees will be receiving, at their own expense, the Market Data through a
market data vendor which has entered into an agreement with NYMEX, regarding the
furnishing of data and information of NYMEX, including Market Data, to
subscribers.

         6.3. The Sublicensees shall pay all sales, use, transfer, value added
or other taxes, if any (excluding taxes imposed on the net income of the
Sublicensor), levied or imposed by reason of the transactions contemplated
herein. All payments to be made by the Sublicensees to the Sublicensor under
this Sublicense Agreement shall be made without withholding or deduction for or
on account of any present or future taxes, duties, assessments or governmental
charges of whatever nature imposed or levied by or on behalf of any authority
having power to tax unless the withholding or deduction of such taxes,

                                       7
<PAGE>

duties, assessments or governmental charges is required by law. In that event,
the Sublicensees shall pay such additional amounts as may be necessary in order
that the net amounts received by the Sublicensor after such withholding or
deduction shall equal the amount which would have been receivable in respect of
this Sublicense Agreement in the absence of such withholding or deduction.

         6.4. The Sublicensor shall have the right once each calendar year, and
at its expense, and upon reasonable advance notice to the Sublicensees, to have
an accountant audit, during normal business hours, at the Sublicensees'
designated place of business, the books and records of the Sublicensees, which
relate to the respective Underlying Values of the Up-MACRO and Down-MACRO
Holding Trusts, in order to verify (i) the Sublicensees' calculations of the
Sublicense Fee paid to the Sublicensor pursuant to this Sublicense Agreement,
and (ii) the elements used in such calculations. The Sublicensees shall make all
payments required to be made to eliminate any discrepancy revealed by any such
audit.

7. WARRANTIES; DISCLAIMER.

         7.1. Each of the Sublicensor and each Sublicensee warrants that it has
the right and power to enter into this Sublicense Agreement and that the terms
of this Sublicense Agreement are not inconsistent with any other contractual
obligations or other legal obligations it may have.

         7.2. NEITHER NYMEX NOR THE SUBLICENSOR GUARANTEES THE ACCURACY AND/OR
THE COMPLETENESS OF THE MARKET DATA OR ANY DATA USED TO CREATE IT. NEITHER NYMEX
NOR THE SUBLICENSOR GUARANTEES THE UNINTERRUPTED OR UNDELAYED CREATION OR
DISSEMINATION OF THE MARKET DATA OR ANY DATA USED IN CREATING IT. NEITHER NYMEX
NOR THE SUBLICENSOR MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE
OBTAINED BY THE SUBLICENSEES OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF THE
MARKET DATA OR ANY DATA, USED TO CREATE IT, AND, FURTHER, NYMEX AND THE
SUBLICENSOR EXPRESSLY DISCLAIM ALL SUCH WARRANTIES, INCLUDING WARRANTIES OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO THE MARKET
DATA OR ANY DATA USED IN CREATING IT.

8. LIMITATIONS OF LIABILITY.

                  IN NO EVENT SHALL THE SUBLICENSOR, NYMEX, OR THEIR RESPECTIVE
SUBSIDIARIES, AFFILIATES, MEMBERS, DIRECTORS, MANAGERS, OFFICERS, EMPLOYEES OR
AGENTS, HAVE ANY LIABILITY WHATSOEVER TO SUBLICENSEES OR ANY OTHER PERSON OR
ENTITY FOR ANY DAMAGES WHETHER SPECIAL, PUNITIVE, INDIRECT OR CONSEQUENTIAL
(INCLUDING LOST PROFITS), ARISING FROM THE MARKET DATA, INCLUDING THE USE OF, OR
THE INABILITY TO USE, THE MARKET DATA, EVEN IF NOTIFIED OF THE POSSIBILITY OF
SUCH DAMAGES.

9. ALTERNATIVE LIMITATION OF LIABILITY.

                  In the event that the disclaimer of warranties and limitations
of liability set forth in Article 7 and Article 8 hereof, respectively, are
deemed invalid or ineffective by a court of competent jurisdiction, the
Sublicensor and NYMEX, and their respective subsidiaries, Affiliates, members,
directors, managers, officers, employees or agents, shall not be liable to the
Sublicensees or any other person or entity for any damage arising out of the
Sublicensees' use of the Market Data in connection with the MACRO Securities,
any interruption or delay by NYMEX in the creation or dissemination of the
Market Data, or any inability of the Sublicensees to use any of the Market Data,
beyond the actual amount

                                       8
<PAGE>

of the damage suffered by the Sublicensees (even if the Sublicensor or NYMEX is
found liable by any court).

10.      DISCLAIMER.

                  The Sublicensees shall ensure that there is a disclaimer
substantially in the form set forth below, which shall be stated conspicuously
in the Prospectus (including any supplement thereto), on any website maintained
by the Trustee, Administrative Agent, Calculation Agent or other service
provider on behalf of the MACRO Trusts (the address for which website shall be
disclosed in the related Prospectus), and in all offering, marketing, and
promotional materials used or furnished by the Sublicensees in connection with
the MACRO Securities.

                         NEW YORK MERCANTILE EXCHANGE, INC. (i) DOES NOT IN ANY
        WAY PARTICIPATE IN THE OFFERING, SALE, OR ADMINISTRATION OF THE
        SECURITIES, OR ANY PAYMENTS TO BE MADE ON ANY OF THE SECURITIES, (ii)
        DOES NOT IN ANY WAY ENSURE THE ACCURACY OF ANY OF THE STATEMENTS MADE IN
        [THE] [OR THIS] PROSPECTUS [OR ANY PROSPECTUS SUPPLEMENT] [OR THIS
        DOCUMENT], (iii) IS NOT LIABLE FOR ANY ERROR OR OMISSION IN ANY
        SETTLEMENT PRICE USED IN CONNECTION WITH THE SECURITIES, AND (iv) IS NOT
        IN ANY WAY AN OFFEROR OF THE SECURITIES.

11.      INDEMNIFICATION.

The Sublicensees shall defend, indemnify and hold the Sublicensor, NYMEX and
their respective Affiliates and subsidiaries, members, directors, managers,
officers, employees and agents, (collectively, "Sublicensor Indemnitees")
harmless from and against any and all liability, losses, claims, damages,
settlements, judgments, costs and expenses, including, but not limited to,
reasonable attorneys' fees, which the Sublicensor Indemnitees may suffer as a
result of any claim by any person arising from (a) the issuing, offering for
sale, marketing, promotion, sale, or redemption of the MACRO Securities or any
payment on the MACRO Securities, (b) the Sublicensees' use of, or inability to
use, the Market Data, or (c) the Sublicensees' use of any of the Marks as
Sublicensed herein, provided that the Sublicensees are promptly notified in
writing of any such claim. The Sublicensees shall not have the exclusive right
to control the defense of such claim. In no event shall the Sublicensees settle
or compromise any claim described above without the Sublicensor's and NYMEX's
prior written approval. Each of the Sublicensor and NYMEX shall have the right,
at its own cost and expense, to assist in the defense of any such claim and to
be represented by respective counsel of its choice.

12. TERM AND TERMINATION.

         12.1. This Sublicense Agreement shall become effective as of the
Effective Date, and shall remain in effect for an initial term until the earlier
of (i) the termination of the Up-MACRO and the Down-MACRO Holding Trusts and
(ii) the termination of the NYMEX License Agreement (the Date on which the one
of the forgoing events occurs, the "Termination Date").

         12.2. Upon termination of this Sublicense Agreement, the Sublicensees
shall cease all use of the Market Data hereunder and Marks sublicensed hereunder
and immediately pay to the Sublicensor all amounts due and owing to the
Sublicensor hereunder up to and including the date of termination.

13. NOTICES.

                                       9
<PAGE>

                  All notices or communications to be given under this
Sublicense Agreement shall be in writing, in the English language only, and
delivered either by (a) hand with written confirmation of receipt required, (b)
internationally recognized overnight courier (e.g., Federal Express, UPS or DHL)
providing written confirmation of delivery, or (c) registered or certified mail,
return receipt requested, postage prepaid, to the parties hereto at their
respective addresses set forth below, or at such other address as either party
may from time to time designate by prior written notice to the other. All
notices will be deemed given when delivered personally, if mailed by registered
or certified mail, five (5) days from the date of mailing, or if delivered by
overnight courier, 72 hours after being delivered to such overnight courier.

                  If to the Sublicensor:

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

                  With a copy to:
                  Skadden, Arps, Slate, Meagher & Flom, LLP
                  Four Times Square,
                  New York, New York 10036
                  (212) 735-3000
                  Attention: Richard F. Kadlick, Esq.

                  If to the Sublicensees:

                  Investors Bank & Trust Company on behalf of each of the MACRO
                  Trusts 200 Clarendon Street Boston, Massachusetts 02116
                  (617) 937-6369
                  Attention:  Timothy McGowan

                  If to the NYMEX:

                  New York Mercantile Exchange, Inc.
                  One North End Avenue
                  World Financial Center
                  New York, New York 10282
                  Attention:  General Counsel

14. ASSIGNMENT.

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

                                       10
<PAGE>

         (b) Each Sublicensee may not assign or otherwise transfer (whether by
operation of law, change of control or otherwise) any right or obligation under
this Agreement without the prior written consent of Sublicensor and NYMEX.

         (c) This Agreement is binding on and inures to the benefit of the
Parties and their permitted successors and assigns. Any attempted assignment or
other transfer of rights under this Agreement in violation of this Section 14
will be void.

15. AMENDMENTS.

                  This Sublicense Agreement may not be modified, altered,
amended, changed, waived, or superseded except by agreement in writing signed by
the parties hereto.

16.      WAIVERS.

                  No provision of this Sublicense Agreement may be waived except
by a written instrument signed by the party charged with the waiver. Neither the
delay nor failure of either party in exercising any right with respect to any
breach or default by the other party under any provision of this Sublicense
Agreement, nor the partial or single exercise thereof, shall be deemed to
constitute a waiver of such right with respect to any other breach or default by
such other party under that or any other provision of this Sublicense Agreement.
Furthermore, no breach, default or threatened breach or default under any
provision of this Sublicense Agreement by either party shall relieve the other
party of its obligations or liabilities under this Sublicense Agreement. Nothing
in this Article shall be construed to (a) limit the rights of the Sublicensor to
terminate this Sublicense Agreement pursuant to Article 12, or otherwise under
the law, including but not limited to terminating for uncured breach hereof by
the Sublicensees, or (b) impose any obligation on the Sublicensor, or require
the performance of any obligation herein by the Sublicensor, following
termination of this Sublicense Agreement.

17. GOVERNING LAW.

                  This Sublicense Agreement is made in, and shall be governed by
and construed in accordance with the laws of the State of New York. The parties
hereby consent to the exclusive jurisdiction of the state and federal courts
located in the County of New York, State of New York for the purpose of any
action or proceeding brought by either of them in connection with this
Sublicense Agreement or any alleged breach thereof. Each party hereby consents
and agrees to the exercise of personal jurisdiction over such party by any such
court in the County and State of New York in any action or proceeding brought by
the other party against such party in connection with this Sublicense Agreement
or any alleged breach thereof. Each party hereby waives any objection to venue
for any such action or proceeding in any such court in the County and State of
New York. Each party hereby agrees that the other party may make effective
service of the summons and complaint in any such action or proceeding on such
party by use of an internationally recognized courier (e.g., Federal Express,
UPS, or DHL), or registered or certified mail, return receipt requested, postage
prepaid, addressed to such party and to the attention of the individual as
identified in Article 13 of this Sublicense Agreement.

18.      SEVERABILITY.

                  The invalidity or unenforceability of any term or provision of
this Sublicense Agreement shall in no way affect the remaining terms and
provisions hereof, and such invalid or unenforceable provision shall be replaced
by a mutually acceptable provision of like economic intent and effect.

19. BINDING EFFECT.

                                       11
<PAGE>

                  This Sublicense Agreement shall be binding upon and inure to
the benefit of the parties, and their respective permitted successors and
assigns.

20.      CONSTRUCTION.

                  Whenever the word "person" or "persons" is used in this
Sublicense Agreement, it shall be deemed to include but is not limited to a
natural person, firm, partnership, corporation, proprietorship, limited
liability company, association or any other organization. Article titles in no
way limit or modify the contents of their respective articles or Sections and
are for reference purposes only. As used herein, the singular of any term
includes the plural and the plural means the singular, whenever the context so
requires.

21. ENTIRE AGREEMENT.

                  This Sublicense Agreement constitutes the entire understanding
of the parties with respect to the subject matter hereof, and supersedes all
previous negotiations, representations and agreements, if any, with respect
thereto between the parties. Notwithstanding any other provision of this
Sublicense Agreement, (i) the parties hereto acknowledge that the rights granted
by the Sublicensor hereunder are subject to the NYMEX License Agreement, and
(ii) in the event of a conflict between the provisions of the NYMEX License
Agreement and the provisions of this Sublicense Agreement as to the scope of the
License or Sublicense or any of the rights of NYMEX, the provisions of the NYMEX
License Agreement shall control.

22. THIRD-PARTY BENEFICIARY

                  NYMEX is a third-party beneficiary of the Sublicensees'
obligations under this Sublicense Agreement.

23. SURVIVAL.

                  Notwithstanding anything to the contrary contained in this
Sublicense Agreement, (a) Articles 1, 3, 5, 7, 8, 9, 11, 13 and 16 through 23
hereof, (b) Section 12.2 hereof, and (c) the Sublicensees' obligation to pay the
Sublicensor all amounts due hereunder shall survive termination of this
Sublicense Agreement.

24. COUNTERPARTS.

                  This Sublicense Agreement may be executed in several
counterparts, each of which shall be deemed to be an original, and all of which,
when taken together, shall constitute one and the same instrument.

                                       12
<PAGE>

              IN WITNESS WHEREOF, the parties hereto have caused this
Sublicense Agreement to be duly executed and delivered by their respective
authorized officers as of the date first set forth above.

                            CLAYMORE MACROSHARES OIL UP
                            HOLDING TRUST

                            CLAYMORE MACROSHARES OIL DOWN
                            HOLDING TRUST

                            CLAYMORE MACROSHARES OIL UP
                            TRADEABLE TRUST

                            CLAYMORE MACROSHARES OIL DOWN
                            TRADEABLE TRUST

                            By: INVESTORS BANK AND TRUST COMPANY,
                            not in its individual capacity but solely as Trustee
                            of each of the aforementioned trusts

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

                            MACROMARKETS LLC

                            By:     /S/  Samuel Masucci, III
                                   --------------------------------
                            Name:   Samuel Masucci, III
                            Title:  PresidentUnassociated Document

    EXHIBIT
      10.1

    

    FIRST
      AMENDMENT TO

    LOAN
      AND SECURITY AGREEMENT

    

    This
      FIRST
      AMENDMENT TO LOAN AND SECURITY AGREEMENT
      (this “Amendment”)
      is
      entered into effective April 30, 2008, by and between SILICON
      VALLEY BANK
      (“Bank”)
      and
GPS
      INDUSTRIES, INC.,
      a
      Nevada corporation, (“Borrower”).

     

    Recitals

     

    A. Bank
      and
      Borrower have entered into that certain Loan and Security Agreement dated as
      of
      February 28, 2008 (as may from time to time be amended, modified, supplemented
      or restated, collectively the “Loan
      Agreement”).
      Bank
      has extended credit to Borrower for the purposes permitted in the Loan
      Agreement.

     

    B. Borrower
      is currently in default under the Loan Agreement following the death of
      Guarantor Douglas J. Wood (the “Existing
      Default”).

     

    C. Borrower
      is also in default for its failure to deliver its financial statements required
      by Section 6.2 of the Loan Agreement for month ending February 29, 2008 (the
      “Delivery
      Default”).

     

    D. Borrower
      has requested that Bank: (i) increase the amount of the Revolving Line to
      $6,500,000, (ii) forbear from exercising its rights and remedies against
      Borrower from the date hereof for the Existing Default through July 31, 2008
      (the “Forbearance
      Period”),
      and
      (iii) waive the Delivery Default.

     

    E. Although
      Bank is under no obligation to do so, Bank is willing to make the changes set
      forth herein, on all on the terms and conditions set forth in this Amendment
      and
      so long as Borrower complies with the terms, covenants and conditions set forth
      in this Amendment in a timely manner.

     

    Agreements

     

    Now,
      Therefore,
      in
      consideration of the foregoing recitals and other good and valuable
      consideration, the receipt and adequacy of which is hereby acknowledged, and
      intending to be legally bound, the parties hereto agree as follows:

     

    1. Definitions.
      Capitalized terms used but not defined in this Amendment shall have the meanings
      given to them in the Loan Agreement.

     

    2. Forbearance.
      

     

    2.1. Forbearance
      Period.
      So long
      as no Event of Default, other than the Existing Default, occurs, subject to
      the
      terms and conditions set forth herein, Bank shall forbear from filing any legal
      action or instituting or enforcing any rights and remedies it may have against
      Borrower through the Forbearance Period. Except as expressly provided herein,
      this Amendment does not constitute a waiver or release by Bank of any
      Obligations or of any existing Event of Default, or any Event of Default which
      may arise in the future after the date of execution of this Amendment. Borrower
      understands that Bank has made no commitment and is under no obligation
      whatsoever to grant any additional extensions of time at the end of the
      Forbearance Period.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2.2. Forbearance
      Terms.
      Repayment and performance of all obligations of Borrower to Bank under the
      Loan
      Agreement and this Amendment shall be secured by the Collateral.

     

    3. Limitation
      of Forbearance.

     

    3.1. This
      Amendment is effective for the purposes set forth herein and shall be limited
      precisely as written and shall not be deemed to, other than as specifically
      set
      forth herein, (a) be a consent to any amendment, waiver or modification of
      any other term or condition of any Loan Document, or (b) otherwise
      prejudice any right or remedy which Bank may now have or may have in the future
      under or in connection with any Loan Document.

     

    3.2. This
      Amendment shall be construed in connection with and as part of the Loan
      Documents and all terms, conditions, representations, warranties, covenants
      and
      agreements set forth in the Loan Documents are hereby ratified and confirmed
      and
      shall remain in full force and effect.

     

    4. Waiver.
      Subject
      to the terms of Section 10 below, Bank hereby waives (i) the Delivery Default.
      Except as provided in the above described default and except as otherwise set
      forth herein, Bank's agreement to waive the Delivery Default and the foregoing
      covenants (1) in no way shall be deemed an agreement by Bank to waive Borrower's
      compliance with the above-described covenants as of all subsequent dates, and
      (2) shall not limit or impair the Bank's right to demand strict performance
      of
      these covenants as of all other subsequent dates, and (3) shall not limit or
      impair Bank's right to demand strict performance of all other covenants as
      of
      any date. 

     

    5. Amendments.

     

    5.1. Definitions.
      The
      following definitions are either amended and restated in their entirety or
      inserted, as applicable:

     

    “Borrowing
      Base”
is
      the
      lesser of (a) the maximum principal amount guaranteed by Guarantor pursuant
      to
      the Guaranty, plus the sum of, without duplication, (i) the Value of the Pledged
      CD, (ii) the Value of any certificates of deposit pledged to Bank by Hansen
      to
      secure the Obligations, and (iii) the Value of any certificates of deposit
      pledged to Bank by Great White to secure the Obligations, or (b)
      $6,500,000.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    “Great
      White”
is
      Great White Shark Enterprises, LLC, a Florida limited liability
      company.

     

    “Revolving
      Line”
is
      an
      Advance or Advances in an amount equal to Six Million Five Hundred Thousand
      Dollars ($6,500,000).

     

    “Value”
shall
      mean with respect to any certificates of deposit pledged to Bank to secure
      the
      Obligations, including, but not limited to, any Pledged CD, on any date, a
      dollar value at the face amount thereof.

     

    6. Representations
      and Warranties.
      To
      induce Bank to enter into this Amendment, Borrower hereby represents and
      warrants to Bank as follows:

     

    6.1. Immediately
      after giving effect to this Amendment (a) the representations and warranties
      contained in the Loan Documents are true, accurate and complete in all material
      respects as of the date hereof (except to the extent such representations and
      warranties relate to an earlier date, in which case they are true and correct
      as
      of such date), and (b) no Event of Default other than the Existing Default
      has occurred and is continuing;

     

    6.2. Borrower
      has the power and authority to execute and deliver this Amendment and to perform
      its obligations under the Loan Agreement;

     

    6.3. The
      organizational documents of Borrower delivered to Bank on the Effective Date
      remain true, accurate and complete and have not been amended, supplemented
      or
      restated and are and continue to be in full force and effect;

     

    6.4. The
      execution and delivery by Borrower of this Amendment and the performance by
      Borrower of its obligations under the Loan Agreement have been duly authorized
      by all necessary action on the part of Borrower; 

     

    6.5. The
      execution and delivery by Borrower of this Amendment and the performance by
      Borrower of its obligations under the Loan Agreement do not and will not
      contravene (a) any law or regulation binding on or affecting Borrower,
      (b) any contractual restriction with a Person binding on Borrower,
      (c) any order, judgment or decree of any court or other governmental or
      public body or authority, or subdivision thereof, binding on Borrower, or
      (d) the organizational documents of Borrower; 

     

    6.6. The
      execution and delivery by Borrower of this Amendment and the performance by
      Borrower of its obligations under the Loan Agreement do not require any order,
      consent, approval, license, authorization or validation of, or filing, recording
      or registration with, or exemption by any governmental or public body or
      authority, or subdivision thereof, binding on either Borrower, except as already
      has been obtained or made; and

     

    6.7. This
      Amendment has been duly executed and delivered by Borrower and is the binding
      obligation of Borrower, enforceable against Borrower in accordance with its
      terms, except as such enforceability may be limited by bankruptcy, insolvency,
      reorganization, liquidation, moratorium or other similar laws of general
      application and equitable principles relating to or affecting creditors’
rights.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    7. Prior
      Agreement.
      The
      Loan Documents are hereby ratified and reaffirmed and shall remain in full
      force
      and effect. This Amendment is not a novation and the terms and conditions of
      this Amendment shall be in addition to and supplemental to all terms and
      conditions set forth in the Loan Documents. In the event of any conflict or
      inconsistency between this Amendment and the terms of such documents, the terms
      of this Amendment shall be controlling, but such document shall not otherwise
      be
      affected or the rights therein impaired.

     

    8. Release
      by Borrower.

     

    8.1. FOR
      GOOD AND VALUABLE CONSIDERATION,
      Borrower hereby forever relieves, releases, and discharges Bank and its present
      or former employees, officers, directors, agents, representatives, attorneys,
      and each of them, from any and all claims, debts, liabilities, demands,
      obligations, promises, acts, agreements, costs and expenses, actions and causes
      of action, of every type, kind, nature, description or character whatsoever,
      whether known or unknown, suspected or unsuspected, absolute or contingent,
      arising out of or in any manner whatsoever connected with or related to facts,
      circumstances, issues, controversies or claims existing or arising from the
      beginning of time through and including the date of execution of this Amendment
      (collectively “Released
      Claims”).
      Without limiting the foregoing, the Released Claims shall include any and all
      liabilities or claims arising out of or in any manner whatsoever connected
      with
      or related to the Loan Documents, the Recitals hereto, any instruments,
      agreements or documents executed in connection with any of the foregoing or
      the
      origination, negotiation, administration, servicing and/or enforcement of any
      of
      the foregoing.

     

    8.2. By
      entering into this release, Borrower recognizes that no facts or representations
      are ever absolutely certain and it may hereafter discover facts in addition
      to
      or different from those which it presently knows or believes to be true, but
      that it is the intention of Borrower hereby to fully, finally and forever settle
      and release all matters, disputes and differences, known or unknown, suspected
      or unsuspected; accordingly, if Borrower should subsequently discover that
      any
      fact that it relied upon in entering into this release was untrue, or that
      any
      understanding of the facts was incorrect, Borrower shall not be entitled to
      set
      aside this release by reason thereof, regardless of any claim of mistake of
      fact
      or law or any other circumstances whatsoever. Borrower acknowledges that it
      is
      not relying upon and has not relied upon any representation or statement made
      by
      Bank with respect to the facts underlying this release or with regard to any
      of
      such party’s rights or asserted rights.

     

    8.3. This
      release may be pleaded as a full and complete defense and/or as a
      cross-complaint or counterclaim against any action, suit, or other proceeding
      that may be instituted, prosecuted or attempted in breach of this release.
      Borrower acknowledges that the release contained herein constitutes a material
      inducement to Bank to enter into this Amendment, and that Bank would not have
      done so but for Bank’s expectation that such release is valid and enforceable in
      all events.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    8.4. Borrower
      hereby represents and warrants to Bank, and Bank is relying thereon, as
      follows:

     

    (a) Except
      as
      expressly stated in this Amendment, neither Bank nor any agent, employee or
      representative of Bank has made any statement or representation to Borrower
      regarding any fact relied upon by Borrower in entering into this
      Amendment.

     

    (b) Borrower
      has made such investigation of the facts pertaining to this Amendment and all
      of
      the matters appertaining thereto, as it deems necessary.

     

    (c) The
      terms
      of this Amendment are contractual and not a mere recital. 

     

    (d) This
      Amendment has been carefully read by Borrower, the contents hereof are known
      and
      understood by Borrower, and this Amendment is signed freely, and without duress,
      by Borrower. 

     

    (e) Borrower
      represents and warrants that it is the sole and lawful owner of all right,
      title
      and interest in and to every claim and every other matter which it releases
      herein, and that it has not heretofore assigned or transferred, or purported
      to
      assign or transfer, to any person, firm or entity any claims or other matters
      herein released. Borrower shall indemnify Bank, defend and hold it harmless
      from
      and against all claims based upon or arising in connection with prior
      assignments or purported assignments or transfers of any claims or matters
      released herein.

     

    9. Counterparts.
      This
      Amendment may be executed in any number of counterparts and all of such
      counterparts taken together shall be deemed to constitute one and the same
      instrument.

     

    10. Effectiveness.
      This
      Amendment shall be deemed effective upon (a) the due execution and delivery
      to
      Bank of this Amendment by each party hereto, (b) Borrower’s payment of a
      fully earned, non-refundable commitment fee in an amount equal to $8,750 for
      the
      Revolving Line, and (c) Borrower’s delivery to Bank of a Security Agreement in
      form an content acceptable to Bank executed by Great White to and for the
      benefit of Bank granting a security interest in all certificates of deposit
      pledged to Bank by Great White to secure the Obligations. 

     

    11. Governing
      Law; Venue.
      This
      Amendment and the rights and obligations of the parties hereto shall be governed
      by and construed in accordance with the laws of the State of Texas. Borrower
      and
      Bank each submit to the exclusive jurisdiction of the State and Federal courts
      in Travis County, Texas. 

     

    12. Future
      Amendments.
      This
      Amendment and the other Loan Documents may be amended, revised, waived,
      discharged, released or terminated only by a written instrument or instruments,
      executed by the party against which enforcement of the amendment, revision,
      waiver, discharge, release or termination is asserted. Any alleged amendment,
      revision, waiver, discharge, release or termination which is not so documented
      shall not be effective as to any party.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    13. Further
      Assurances.
      The
      parties hereto shall execute such other documents as may be necessary or as
      may
      be required, in the opinion of counsel to Bank, to effect the transactions
      contemplated hereby and the liens and/or security interests of all other
      collateral instruments, as modified by this Amendment. Borrower also agrees
      to
      provide to Bank such other documents and instruments as Bank reasonably may
      request in connection with the modification effected hereby.

     

    14. Enforceability.
      In the
      event the enforceability or validity of any portion of this Amendment, the
      Loan
      Agreement or any of the other Loan Documents is challenged or questioned, such
      provision shall be construed in accordance with, and shall be governed by,
      whichever applicable federal law or law of the State of Texas would uphold
      or
      would enforce such challenged or questioned provision.

     

    THIS
      AMENDMENT AND THE LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE
      PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR
      SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL
      AGREEMENTS BETWEEN THE PARTIES.

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    In
      Witness Whereof, the
      parties hereto have caused this Amendment to be duly executed and delivered
      as
      of the date first written above.

     

    
      
        	
                BANK

              	
                 

              	
                BORROWER

              
	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                SILICON
                  VALLEY BANK

              	
                 

              	
                GPS
                  INDUSTRIES, INC.,

                a
                  Nevada corporation

              
	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                By:

              	         
	
                 

              	
                By 

              	
                /s/
                  Joe Miller 

              
	
                Name: 

              	         
	
                 

              	
                Name:

              	
                Joe
                  Miller 

              
	
                Title:

              	                  
                	
                 

              	
                Title: 

              	
                Chief
                  Financial Officer

              

      

    

    

    
      
        
        

      

      
        7

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"}]]