Document:

EXHIBIT 4.4.1

(Multicurrency--Cross Border)

                                    ISDA(R)
                 International Swap Dealers Association, Inc.

                               MASTER AGREEMENT
                         dated as of November 24, 2006

CLAYMORE MACROSHARES                                     CLAYMORE MACROSHARES
OIL UP HOLDING TRUST                 and                 OIL DOWN HOLDING TRUST

have entered and/or anticipate entering into one or more transactions (each a
"Transaction") that are or will be governed by this Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other confirming
evidence (each a "Confirmation") exchanged between the parties confirming
those Transactions.

Accordingly, the parties agree as follows:

     Section 1. Interpretation

          (i) Definitions. The terms defined in Section 14 and in the Schedule
     will have the meanings therein specified for the purpose of this Master
     Agreement.

          (ii) Inconsistency. In the event of any inconsistency between the
     provisions of the Schedule and the other provisions of this Master
     Agreement, the Schedule will prevail. In the event of any inconsistency
     between the provisions of any Confirmation and this Master Agreement
     (including the Schedule), such Confirmation will prevail for the purposes
     of the relevant Transaction.

          (iii) Single Agreement. All Transactions are entered into in
     reliance on the fact that this Master Agreement and all Confirmations
     form a single agreement between the parties (collectively referred to as
     this "Agreement"), and the parties would not otherwise enter into any
     Transactions.

     Section 2. Obligations

          (i) General Conditions.

<PAGE>

               (1) Each party will make each payment or delivery specified in
          each Confirmation to be made by it, subject to the other provisions
          of this Agreement.

               (2) Payments under this Agreement will be made on the due date
          for value on that date in the place of the account specified in the
          relevant Confirmation or otherwise pursuant to this Agreement, in
          freely transferable funds and in the manner customary for payments
          in the required currency. Where settlement is by delivery (that is,
          other than by payment), such delivery will be made for receipt on
          the due date in the manner customary for the relevant obligation
          unless otherwise specified in the relevant Confirmation or elsewhere
          in this Agreement.

               (3) Each obligation of each party under Section 2(a)(i) is
          subject to (1) the condition precedent that no Event of Default or
          Potential Event of Default with respect to the other party has
          occurred and is continuing, (2) the condition precedent that no
          Early Termination Date in respect of the relevant Transaction has
          occurred or been effectively designated and (3) each other
          applicable condition precedent specified in this Agreement.

          (ii) Change of Account. Either party may change its account for
     receiving a payment or delivery by giving notice to the other party at
     least five Local Business Days prior to the scheduled date for the
     payment or delivery to which such change applies unless such other party
     gives timely notice of a reasonable objection to such change.

          (iii) Netting. If on any date amounts would otherwise be payable:--

               (1) in the same currency; and

               (2) in respect of the same Transaction,

by each party to the other, then, on such date, each party's obligation to
make payment of any such amount will be automatically satisfied and discharged
and, if the aggregate amount that would otherwise have been payable by one
party exceeds the aggregate amount that would otherwise have been payable by
the other party, replaced by an obligation upon the party by whom the larger
aggregate amount would have been payable to pay to the other party the excess
of the larger aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net amount
will be determined in respect of all amounts payable on the same date in the
same currency in respect of such Transactions, regardless of whether such
amounts are payable in respect of the same Transaction. The election may be
made in the Schedule or a Confirmation by specifying that subparagraph (ii)
above will not apply to the Transactions identified as being subject to the
election, together with the starting date (in which case subparagraph (ii)
above will not, or will cease to, apply to such Transactions from such date).
This election may be made separately for different groups of Transactions and
will apply separately to each pairing of Offices through which the parties
make and receive payments or deliveries.

          (iv) Deduction or Withholding for Tax.

<PAGE>

               (1) Gross-Up. All payments under this Agreement will be made
          without any deduction or withholding for or on account of any Tax
          unless such deduction or withholding is required by any applicable
          law, as modified by the practice of any relevant governmental
          revenue authority, then in effect. If a party is so required to
          deduct or withhold, then that party ("X") will:--

          (1) promptly notify the other party ("Y") of such requirement;

          (2) pay to the relevant authorities the full amount required to be
          deducted or withheld (including the full amount required to be
          deducted or withheld from any additional amount paid by X to Y under
          this Section 2(d)) promptly upon the earlier of determining that
          such deduction or withholding is required or receiving notice that
          such amount has been assessed against Y;

          (3) promptly forward to Y an official receipt (or a certified copy),
          or other documentation reasonably acceptable to Y, evidencing such
          payment to such authorities; and

          (4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to
          the payment to which Y is otherwise entitled under this Agreement,
          such additional amount as is necessary to ensure that the net amount
          actually received by Y (free and clear of Indemnifiable Taxes,
          whether assessed against X or Y) will equal the full amount Y would
          have received had no such deduction or withholding been required.
          However, X will not be required to pay any additional amount to Y to
          the extent that it would not be required to be paid but for:--

               (A) the failure by Y to comply with or perform any agreement
               contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

               (B) the failure of a representation made by Y pursuant to
               Section 3(f) to be accurate and true unless such failure would
               not have occurred but for (I) any action taken by a taxing
               authority, or brought in a court of competent jurisdiction, on
               or after the date on which a Transaction is entered into
               (regardless of whether such action is taken or brought with
               respect to a party to this Agreement) or (II) a Change in Tax
               Law.

               (2) Liability. If:--

     (1) X is required by any applicable law, as modified by the practice of
     any relevant governmental revenue authority, to make any deduction or
     withholding in respect of which X would not be required to pay an
     additional amount to Y under Section 2(d)(i)(4);

     (2) X does not so deduct or withhold; and

     (3) a liability resulting from such Tax is assessed directly against X,

then, except to the extent Y has satisfied or then satisfies the liability
resulting from such Tax, Y will promptly pay to X the amount of such liability
(including any related liability for interest, but including any related
liability for penalties only if Y has failed to comply with or perform any
agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)).

          (v) Default Interest; Other Amounts. Prior to the occurrence or
     effective designation of an Early Termination Date in respect of the
     relevant Transaction, a party that defaults in the performance of any
     payment obligation will, to the extent permitted by law and subject to

<PAGE>

     Section 6(c), be required to pay interest (before as well as after
     judgment) on the overdue amount to the other party on demand in the same
     currency as such overdue amount, for the period from (and including) the
     original due date for payment to (but excluding) the date of actual
     payment, at the Default Rate. Such interest will be calculated on the
     basis of daily compounding and the actual number of days elapsed. If,
     prior to the occurrence or effective designation of an Early Termination
     Date in respect of the relevant Transaction, a party defaults in the
     performance of any obligation required to be settled by delivery, it will
     compensate the other party on demand if and to the extent provided for in
     the relevant Confirmation or elsewhere in this Agreement.

     Section 3. Representations

Each party represents to the other party (which representations will be deemed
to be repeated by each party on each date on which a Transaction is entered
into and, in the case of the representations in Section 3(f), at all times
until the termination of this Agreement) that:--

          (i) Basic Representations.

               (1) Status. It is duly organized and validly existing under the
          laws of the jurisdiction of its organization or incorporation and,
          if relevant under such laws, in good standing;

               (2) Powers. It has the power to execute this Agreement and any
          other documentation relating to this Agreement to which it is a
          party, to deliver this Agreement and any other documentation
          relating to this Agreement that it is required by this Agreement to
          deliver and to perform its obligations under this Agreement and any
          obligations it has under any Credit Support Document to which it is
          a party and has taken all necessary action to authorise such
          execution, delivery and performance;

               (3) No Violation or Conflict. Such execution, delivery and
          performance do not violate or conflict with any law applicable to
          it, any provision of its constitutional documents, any order or
          judgment of any court or other agency of government applicable to it
          or any of its assets or any contractual restriction binding on or
          affecting it or any of its assets;

               (4) Consents. All governmental and other consents that are
          required to have been obtained by it with respect to this Agreement
          or any Credit Support Document to which it is a party have been
          obtained and are in full force and effect and all conditions of any
          such consents have been complied with; and

               (5) Obligations Binding. Its obligations under this Agreement
          and any Credit Support Document to which it is a party constitute
          its legal, valid and binding obligations, enforceable in accordance
          with their respective terms (subject to applicable bankruptcy,
          reorganisation, insolvency, moratorium or similar laws affecting
          creditors' rights generally and subject, as to enforceability, to
          equitable principles of general application (regardless of whether
          enforcement is sought in a proceeding in equity or at law)).

          (ii) Absence of Certain Events. No Event of Default or Potential
     Event of Default or, to its knowledge, Termination Event with respect to
     it has occurred and is continuing and

<PAGE>

     no such event or circumstance would occur as a result of its entering
     into or performing its obligations under this Agreement or any Credit
     Support Document to which it is a party.

          (iii) Absence of Litigation. There is not pending or, to its
     knowledge, threatened against it or any of its Affiliates any action,
     suit or proceeding at law or inequity or before any court, tribunal,
     governmental body, agency or official or any arbitrator that is likely to
     affect the legality, validity or enforceability against it of this
     Agreement or any Credit Support Document to which it is a party or its
     ability to perform its obligations under this Agreement or such Credit
     Support Document.

          (iv) Accuracy of Specified Information. All applicable information
     that is furnished in writing by or on behalf of it to the other party and
     is identified for the purpose of this Section 3(d) in the Schedule is, as
     of the date of the information, true, accurate and complete in every
     material respect.

          (v) Payer Tax Representation. Each representation specified in the
     Schedule as being made by it for the purpose of this Section 3(e) is
     accurate and true.

          (vi) Payee Tax Representations. Each representation specified in the
     Schedule as being made by it for the purpose of this Section 3(f) is
     accurate and true.

     Section 4. Agreements

Each party agrees with the other that, so long as either party has or may have
any obligation under this Agreement or under any Credit Support Document to
which it is a party:--

          (i) Furnish Specified Information. It will deliver to the other
     party or, in certain cases under subparagraph (iii) below, to such
     government or taxing authority as the other party reasonably directs:--

               (1) any forms, documents or certificates relating to taxation
          specified in the Schedule or any Confirmation;

               (2) any other documents specified in the Schedule or any
          Confirmation; and

               (3) upon reasonable demand by such other party, any form or
          document that may be required or reasonably requested in writing in
          order to allow such other party or its Credit Support Provider to
          make a payment under this Agreement or any applicable Credit Support
          Document without any deduction or withholding for or on account of
          any Tax or with such deduction or withholding at a reduced rate (so
          long as the completion, execution or submission of such form or
          document would not materially prejudice the legal or commercial
          position of the party in receipt of such demand), with any such form
          or document to be accurate and completed in a manner reasonably
          satisfactory to such other party and to be executed and to be
          delivered with any reasonably required certification,

<PAGE>

in each case by the date specified in the Schedule or such Confirmation or, if
none is specified, as soon as reasonably practicable.

          (ii) Maintain Authorisations. It will use all reasonable efforts to
     maintain in full force and effect all consents of any governmental or
     other authority that are required to be obtained by it with respect to
     this Agreement or any Credit Support Document to which it is a party and
     will use all reasonable efforts to obtain any that may become necessary
     in the future.

          (iii) Comply with Laws. It will comply in all material respects with
     all applicable laws and orders to which it may be subject if failure so
     to comply would materially impair its ability to perform its obligations
     under this Agreement or any Credit Support Document to which it is a
     party.

          (iv) Tax Agreement. It will give notice of any failure of a
     representation made by it under Section 3(f) to be accurate and true
     promptly upon learning of such failure.

          (v) Payment of Stamp Tax. Subject to Section 11, it will pay any
     Stamp Tax levied or imposed upon' it or in ---------- respect of its
     execution or performance of this Agreement by a jurisdiction in which it
     is incorporated, organised, managed and controlled, or considered to have
     its seat, or in which a branch or office through which it is acting for
     the purpose of this Agreement is located ("Stamp Tax Jurisdiction") and
     will indemnify the other party against any Stamp Tax levied or
     ------------------------ imposed upon the other party or in respect of
     the other party's execution or performance of this Agreement by any such
     Stamp Tax Jurisdiction which is not also a Stamp Tax Jurisdiction with
     respect to the other party.

     Section 5. Events of Default and Termination Events

          (i) Events of Default. The occurrence at any time with respect to a
     party or, if applicable, any Credit Support Provider of such party or any
     Specified Entity of such party of any of the following events constitutes
     an event of default (an "Event of Default") with respect to such party:

               (1) Failure to Pay or Deliver. Failure by the party to make,
          when due, any payment under this Agreement or delivery under Section
          2(a)(i) or 2(e) required to be made by it if such failure is not
          remedied on or before the third Local Business Day after notice of
          such failure is given to the party;

               (2) Breach of Agreement. Failure by the party to comply with or
          perform any agreement or obligation (other than an obligation to
          make any payment under this Agreement or delivery under Section
          2(a)(i) or 2(e) or to give notice of a Termination Event or any
          agreement or obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to
          be complied with or performed by the party in accordance with this
          Agreement if such failure is not remedied on or before the thirtieth
          day after notice of such failure is given to the party;

<PAGE>

               (3) Credit Support Default.

     (1) Failure by the party or any Credit Support Provider of such party to
     comply with or perform any agreement or obligation to be complied with or
     performed by it in accordance with any Credit Support Document if such
     failure is continuing after any applicable grace period has elapsed;

     (2) the expiration or termination of such Credit Support Document or the
     failing or ceasing of such Credit Support Document to be in full force
     and effect for the purpose of this Agreement (in either case other than
     in accordance with its terms) prior to the satisfaction of all
     obligations of such party under each Transaction to which such Credit
     Support Document relates without the written consent of the other party;
     or

     (3) the party or such Credit Support Provider disaffirms, disclaims,
     repudiates or rejects, in whole or in part, or challenges the validity
     of, such Credit Support Document;

               (4) Misrepresentation. A representation (other than a
          representation under Section 3(e) or (f)) made or repeated or deemed
          to have been made or repeated by the party or any Credit Support
          Provider of such party in this Agreement or any Credit Support
          Document proves to have been incorrect or misleading in any material
          respect when made or repeated or deemed to have been made or
          repeated;

               (5) Default under Specified Transaction. The party, any Credit
          Support Provider of such party or any applicable Specified Entity of
          such party (l) defaults under a Specified Transaction and, after
          giving effect to any applicable notice requirement or grace period,
          there occurs a liquidation of, an acceleration of obligations under,
          or an early termination of, that Specified Transaction, (2)
          defaults, after giving effect to any applicable notice requirement
          or grace period, in making any payment or delivery due on the last
          payment, delivery or exchange date of, or any payment on early
          termination of, a Specified Transaction (or such default continues
          for at least three Local Business Days if there is no applicable
          notice requirement or grace period) or (3) disaffirms, disclaims,
          repudiates or rejects, in whole or in part, a Specified Transaction
          (or such action is taken by any person or entity appointed or
          empowered to operate it or act on its behalf);

               (6) Cross Default. If "Cross Default" is specified in the
          Schedule as applying to the party, the occurrence or existence of
          (l) a default, event of default or other similar condition or event
          (however described) in respect of such party, any Credit Support
          Provider of such party or any applicable Specified Entity of such
          party under one or more agreements or instruments relating to
          Specified Indebtedness of any of them (individually or collectively)
          in an aggregate amount of not less than the applicable Threshold
          Amount (as specified in the Schedule) which has resulted in such
          Specified Indebtedness becoming, or becoming capable at such time of
          being declared, due and payable under such agreements or
          instruments, before it would otherwise have been due and payable or
          (2) a default by such party, such Credit Support Provider or such
          Specified Entity (individually or collectively) in making one or
          more payments on the due date thereof in an aggregate amount of not
          less than the applicable Threshold Amount under such agreements or
          instruments (after giving effect to any applicable notice
          requirement or grace period);

               (7) Bankruptcy. The party, any Credit Support Provider of such
          party or any applicable Specified Entity of such party:--

     (1) is dissolved (other than pursuant to a consolidation, amalgamation or
     merger);

<PAGE>

     (2) becomes insolvent or is unable to pay its debts or fails or admits in
     writing its inability generally to pay its debts as they become due; (3)
     makes a general assignment, arrangement or composition with or for the
     benefit of its creditors; (4) institutes or has instituted against it a
     proceeding seeking a judgment of insolvency or bankruptcy or any other
     relief under any bankruptcy or insolvency law or other similar law
     affecting creditors', rights, or a petition is presented for its
     winding-up or liquidation, and, in the case of any such proceeding or
     petition instituted or presented against it, such proceeding or petition
     (A) results in a judgment of insolvency or bankruptcy or the entry of an
     order for relief or the making of an order for its winding-up or
     liquidation or (B) is not dismissed, discharged, stayed or restrained in
     each case within 30 days of the institution or presentation thereof; (5)
     has a resolution passed for its winding-up, official management or
     liquidation (other than pursuant to a consolidation, amalgamation or
     merger); (6) seeks or becomes subject to the appointment of an
     administrator, provisional liquidator, conservator, receiver, trustee,
     custodian or other similar official for it or for all or substantially
     all its assets; (7) has a secured party take possession of all or
     substantially all its assets or has a distress, execution, attachment,
     sequestration or other legal process levied, enforced or sued on or
     against all or substantially all its assets and such secured party
     maintains possession, or any such process is not dismissed, discharged,
     stayed or restrained, in each case within 30 days thereafter; (8) causes
     or is subject to any event with respect to it which, under the applicable
     laws of any jurisdiction, has an analogous effect to any of the events
     specified in clauses (1) to (7) (inclusive); or (9) takes any action in
     furtherance of, or indicating its consent to, approval of, or
     acquiescence in, any of the foregoing acts; or

               (8) Merger Without Assumption. The party or any Credit Support
          Provider of such party consolidates or amalgamates with, or merges
          with or into, or transfers all or substantially all its assets to,
          another entity and, at the time of such consolidation, amalgamation,
          merger or transfer:--

     (1) the resulting, surviving or transferee entity fails to assume all the
     obligations of such party or such Credit Support Provider under this
     Agreement or any Credit Support Document to which it or its predecessor
     was a party by operation of law or pursuant to an agreement reasonably
     satisfactory to the other party to this Agreement; or

     (2) the benefits of any Credit Support Document fail to extend (without
     the consent of the other party) to the performance by such resulting,
     surviving or transferee entity of its obligations under this Agreement.

          (ii) Termination Events. The occurrence at any time with respect to
     a party or, if applicable, any Credit Support Provider of such party or
     any Specified Entity of such party of any event specified below
     constitutes an Illegality if the event is specified in (i) below, a Tax
     Event if the event is specified in (ii) below, or a Tax Event Upon Merger
     if the event is specified in (iii) below, and, if specified to be
     applicable, a Credit Event Upon Merger if the event is specified pursuant
     to (iv) below, or an Additional Termination Event if the event is
     specified pursuant to (v) below:--

               (1) Illegality. Due to the adoption of, or any change in, any
          applicable law after the date on which a Transaction is entered
          into, or due to the promulgation of, or any change in, the
          interpretation by any court, tribunal or regulatory authority with
          competent jurisdiction of any applicable law after such date, it
          becomes unlawful (other than as a result of a breach by the party of
          Section 4(b)) for such party (which will be the Affected Party):--

     (1) to perform any absolute or contingent obligation to make a payment or
     delivery or to receive a payment or delivery in respect of such
     Transaction or to comply with any other material provision of this
     Agreement relating to such Transaction; or

<PAGE>

     (2) to perform, or for any Credit Support Provider of such party to
     perform, any contingent or other obligation which the party (or such
     Credit Support Provider) has under any Credit Support Document relating
     to such Transaction;

               (2) Tax Event. Due to (x) any action taken by a taxing
          authority, or brought in a court of competent jurisdiction, on or
          after the date on which a Transaction is entered into (regardless of
          whether such action is taken or brought with respect to a party to
          this Agreement) or (y) a Change in Tax Law, the party (which will be
          the Affected Party) will, or there is a substantial likelihood that
          it will, on the next succeeding Scheduled Payment Date (1) be
          required to pay to the other party an additional amount in respect
          of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect
          of interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a
          payment from which an amount is required to be deducted or withheld
          for or on account of a Tax (except in respect of Interest under
          Section 2(e), 6(d)(ii) or 6(e)) and no additional amount is required
          to be paid in respect of such Tax under Section 2(d)(i)(4) (other
          than by reason of Section 2(d)(i)(4)(A) or (B));

               (3) Tax Event Upon Merger. The party (the "Burdened Party") on
          the next succeeding Scheduled Payment Date will either (1) be required
          to pay an additional amount in respect of an Indemnifiable Tax under
          Section 2(d)(i)(4) (except in respect of interest under Section 2(e),
          6(d)(ii) or 6(e)) or (2) receive a payment from which an amount has
          been deducted or withheld for or on account - of an Indemnifiable Tax
          in respect of which the other party is not required to pay an
          additional amount (other than by reason of Section 2(d)(i)(4)(A) or
          (B)), in either case as a result of a party consolidating or
          amalgamating with, or merging with or into, or transferring all or
          substantially all its assets to, another entity (which will be the
          Affected Party) where such action does not constitute an event
          described in Section 5(a)(viii);

               (4) Credit Event Upon Merger. If "Credit Event Upon Merger" is
          specified in the Schedule as applying to the party, such party ("X"),
          any Credit Support Provider of X or any applicable Specified Entity of
          X consolidates or amalgamates with, or merges with or into, or
          transfers all or substantially all its assets to, another entity and
          such action does not constitute an event described in Section
          5(a)(viii) but the creditworthiness of the resulting, surviving or
          transferee entity is materially weaker than that of X, such Credit
          Support Provider or such Specified Entity, as the case may be,
          immediately prior to such action (and, in such event, X or its
          successor or transferee, as appropriate, will be the Affected Party);
          or

               (5) Additional Termination Event. If any "Additional
          Termination Event" is specified in the Schedule or any Confirmation
          as applying, the occurrence of such event (and, in such event, the
          Affected Party or Affected Parties shall be as specified for such
          Additional Termination Event in the Schedule or such Confirmation).

          (iii) Event of Default and Illegality. If an event or circumstance
     which would otherwise constitute or give rise to an Event of Default also
     constitutes an Illegality, it will be treated as an Illegality and will
     not constitute an Event of Default.

     Section 6. Early Termination

          (i) Right to Terminate Following Event of Default. If at any time an
     Event of Default with respect to a party (the "Defaulting Party") has
     occurred and is then continuing, the

<PAGE>

          other party (the "Non-defaulting Party") may, by not more than 20 days
          notice to the Defaulting Party specifying the relevant Event of
          Default, designate a day not earlier than the day such notice is
          effective as an Early Termination Date in respect of all outstanding
          Transactions. If, however, "Automatic Early Termination" is specified
          in the Schedule as applying to a party, then an Early Termination Date
          in respect of all outstanding Transactions will occur immediately upon
          the occurrence with respect to such party of an Event of Default
          specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the extent
          analogous thereto, (8), and as of the time immediately preceding the
          institution of the relevant proceeding or the presentation of the
          relevant petition upon the occurrence with respect to such party of an
          Event of Default specified in Section 5(a)(vii)(4) or, to the extent
          analogous thereto, (8).

          (ii) Right to Terminate Following Termination Event.

               (1) Notice. If a Termination Event occurs, an Affected Party
          will, promptly upon becoming aware of it, notify the other party,
          specifying the nature of that Termination Event and each Affected
          Transaction and will also give such other information about that
          Termination Event as the other party may reasonably require.

               (2) Transfer to Avoid Termination Event. If either an Illegality
          under Section 5(b)(i)(1) or a Tax Event occurs and there is only one
          Affected Party, or if a Tax Event Upon Merger occurs and the Burdened
          Party is the Affected Party, the Affected Party will, as a condition
          to its right to designate an Early Termination Date under Section
          6(b)(iv), use all reasonable efforts (which will not require such
          party to incur a loss, excluding immaterial, incidental expenses) to
          transfer within 20 days after it gives notice under Section 6(b)(i)
          all its rights and obligations under this Agreement in respect of the
          Affected Transactions to another of its Offices or Affiliates so that
          such Termination Event ceases to exist.

If the Affected Party is not able to make such a transfer it will give notice
to the other party to that effect within such 20 day period, whereupon the
other party may effect such a transfer within 30 days after the notice is
given under Section 6(b)(i).

Any such transfer by a party under this Section 6(b)(ii) will be subject to
and conditional upon the prior written consent of the other party, which
consent will not be withheld if such other party's policies in effect at such
time would permit it to enter into transactions with the transferee on the
terms proposed.

               (3) Two Affected Parties. If an Illegality under Section
          5(b)(i)(1) or a Tax Event occurs and there are two Affected Parties,
          each party will use all reasonable efforts to reach agreement within
          30 days after notice thereof is given under Section 6(b)(i) on
          action to avoid that Termination Event.

               (4) Right to Terminate. If:

     (1) a transfer under Section 6(b)(ii) or an agreement under Section
     6(b)(iii), as the case may be, has not been effected with respect to all
     Affected Transactions within 30 days after an Affected Party gives notice
     under Section 6(b)(i); or,

<PAGE>

     (2) an Illegality under Section 5(b)(i)(2), a Credit Event Upon Merger or
     an Additional Termination Event occurs, or a Tax Event Upon Merger occurs
     and the Burdened Party is not the Affected Party,

either party in the case of an Illegality, the Burdened Party in the case of a
Tax Event Upon Merger, any Affected Party in the case of a Tax Event or an
Additional Termination Event if there is more than one Affected Party, or the
party which is not the Affected Party in the case of a Credit Event Upon
Merger or an Additional Termination Event if there is only one Affected Party
may, by not more than 20 days notice to the other party and provided that the
relevant Termination Event is then continuing, designate a day not earlier
than the day such notice is effective as an Early Termination Date in respect
of all Affected Transactions.

          (iii) Effect of Designation.

               (1) If notice designating an Early Termination Date is given
          under Section 6(a) or (b), the Early Termination Date will occur on
          the date so designated, whether or not the relevant Event of
          Default, or Termination Event is then continuing.

               (2) Upon the occurrence or effective designation of an Early
          Termination Date, no further payments or deliveries under Section
          2(a)(i) or 2(e) in respect of the Terminated Transactions will be
          required to be made, but without prejudice to the other provisions
          of this Agreement. The amount, if any, payable in respect of an
          Early Termination Date shall be determined pursuant to Section 6(e).

          (iv) Calculations.

               (1) Statement. On or as soon as reasonably practicable
          following the occurrence of an Early Termination Date, each party
          will make the calculations on its part, if any, contemplated by
          Section 6(e) and will provide to the other party a statement (1)
          showing, in reasonable detail, such calculations (including all
          relevant quotations and specifying any amount payable under Section
          6(e)) and (2) giving details of the relevant account to which any
          amount payable to it is to be paid. In the absence of written
          confirmation from the source of a quotation obtained in determining
          a Market Quotation, the records of the party obtaining such
          quotation will be conclusive evidence of the existence and accuracy
          of such quotation.

               (2) Payment Date. An amount calculated as being due in respect of
          any Early Termination Date under Section 6(e) will be payable on the
          day that notice of the amount payable is effective (in the case of an
          Early Termination Date which is designated or occurs as a result of an
          Event of Default) and on the day which is two Local Business Days
          after the day on which notice of the amount payable is effective (in
          the case of an Early Termination Date which is designated as a result
          of a Termination Event). Such amount will be paid together with (to
          the extent permitted under applicable law) interest thereon (before as
          well as after judgment) in the Termination Currency, from (and
          including) the relevant Early Termination Date to (but excluding) the
          date such amount, is paid, at the Applicable Rate. Such interest will
          be calculated on the basis of daily compounding and the actual number
          of days elapsed.

          (v) Payments on Early Termination. If an Early Termination Date
     occurs, the following provisions shall apply based on the parties'
     election in the Schedule of a payment measure, either "Market Quotation"
     or "Loss", and a payment method, either the "First Method" or

<PAGE>

     the "Second Method". If the parties fail to designate a payment measure
     or payment method in the Schedule, it will be deemed that "Market
     Quotation" or the "Second Method", as the case may be, shall apply. The
     amount, if any, payable in respect of an Early Termination Date and
     determined pursuant to this Section will be subject to any Set-off.

               (1) Events of Default. If the Early Termination Date results
          from an Event of Default:

     (1) First Method and Market Quotation. If the First Method and Market
     Quotation apply, the Defaulting Party will pay to the Non-defaulting
     Party the excess, if a positive number, of (A) the sum of the Settlement
     Amount (determined by the Non-defaulting Party) in respect of the
     Terminated Transactions and the Termination Currency Equivalent of the
     Unpaid Amounts owing to the Non-defaulting Party over (B) the Termination
     Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party.

     (2) First Method and Loss. If the First Method and Loss apply, the
     Defaulting Party will pay to the Non-defaulting Party, if a positive
     number, the Non-defaulting Party's Loss in respect of this Agreement.

     (3) Second Method and Market Quotation. If the Second Method and Market
     Quotation apply, an amount will be payable equal to (A) the sum of the
     Settlement Amount (determined by the Non-defaulting Party) in respect of
     the Terminated Transactions and the Termination Currency Equivalent of
     the Unpaid Amounts owing to the Non-defaulting Party less (B) the
     Termination Currency Equivalent of the Unpaid Amounts owing to the
     Defaulting Party. If that amount is a positive number, the Defaulting
     Party will pay it to the Non-defaulting Party; if it is a negative
     number, the Non-defaulting Party will pay the absolute value of that
     amount to the Defaulting Party.

     (4) Second Method and Loss. If the Second Method and Loss apply, an
     amount will be payable equal to the Non-defaulting Party's Loss in
     respect of this Agreement. If that amount is a positive number, the
     Defaulting Party will pay it to the Non-defaulting Party; if it is a
     negative number, the Non-defaulting Party will pay the absolute value of
     that amount to the Defaulting Party.

               (2) Termination Events. If the Early Termination Date results
          from a Termination Event:

     (1) One Affected Party. If there is one Affected Party, the amount
     payable will be determined in accordance with Section 6(e)(i)(3), if
     Market Quotation applies, or Section 6(e)(i)(4), if Loss applies, except
     that, in either case, references to the Defaulting Party and to the
     Non-defaulting Party will be deemed to be references to the Affected
     Party and the party which is not the Affected Party, respectively, and,
     if Loss applies and fewer than all the Transactions are being terminated,
     Loss shall be calculated in respect of all Terminated Transactions.

     (2) Two Affected Parties. If there are two Affected Parties:

          (A) if Market Quotation applies, each party will determine a
          Settlement Amount in respect of the Terminated Transactions, and an
          amount will be payable equal to (I) the sum of (a) one-half of the
          difference between the Settlement Amount of the party with the
          higher Settlement Amount ("X") and the Settlement Amount of the
          party with the lower Settlement Amount ("Y") and (b) the Termination
          Currency Equivalent of the Unpaid Amounts owing to X less (II) the
          Termination Currency Equivalent of the Unpaid Amounts owing to Y;
          and

<PAGE>

          (B) if Loss applies, each party will determine its Loss in respect
          of this Agreement (or, if fewer than all the Transactions are being
          terminated, in respect of all Terminated Transactions) and an amount
          will be payable equal to one-half of the difference between the Loss
          of the party with the higher Loss ("X") and the Loss of the party
          with the lower Loss ("Y").

     If the amount payable is a positive number, Y will pay it to X; if it is
     a negative number, X will pay the absolute value of that amount to Y.

               (3) Adjustment for Bankruptcy. In circumstances where an Early
          Termination Date occurs because "Automatic Early Termination"
          applies in respect of a party, the amount determined under this
          Section 6(e) will be subject to such adjustments as are appropriate
          and permitted by law to reflect any payments or deliveries made by
          one party to the other under this Agreement (and retained by such
          other party) during the period from the relevant Early Termination
          Date to the date for payment determined under Section 6(d)(ii).

               (4) Pre-Estimate. The parties agree that if Market Quotation
          applies an amount recoverable under this Section 6(e) is a
          reasonable pre-estimate of loss and not a penalty. Such amount is
          payable for the loss of bargain and the loss of protection against
          future risks and except as otherwise provided in this Agreement
          neither party will be entitled to recover any additional damages as
          a consequence of such losses.

     Section 7. Transfer

Subject to Section 6(b)(ii), neither this Agreement nor any interest or
obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of
the other party, except that:

          (i) a party may make such a transfer of this Agreement pursuant to a
     consolidation or amalgamation with, or merger with or into, or transfer
     of all or substantially all its assets to, another entity (but without
     prejudice to any other right or remedy under this Agreement); and

          (ii) a party may make such a transfer of all or any part of its
     interest in any amount payable to it from a Defaulting Party under
     Section 6(e).

Any purported transfer that is not in compliance with this Section will be
void.

     Section 8. Contractual Currency

          (i) Payment in the Contractual Currency. Each payment under this
     Agreement will he made in the relevant currency specified in this Agreement
     for that payment (the "Contractual Currency"). To the extent permitted by
     applicable law, any obligation to make payments under this Agreement in the
     Contractual Currency will not be discharged or satisfied by any tender in
     any currency other than the Contractual Currency, except to the extent such
     tender results in the actual receipt by the party to which payment is owed,
     acting in a reasonable manner and in good faith in converting the currency
     so tendered into the Contractual Currency, of the full amount in the

<PAGE>

     Contractual Currency of all amounts payable in respect of this Agreement.
     If for any reason the amount in the Contractual Currency so received
     falls short of the amount in the Contractual Currency payable in respect
     of this Agreement, the party required to make the payment will, to the
     extent permitted by applicable law, immediately pay such additional
     amount in the Contractual Currency as may be necessary to compensate for
     the shortfall. If for any reason the amount in the Contractual Currency
     so received exceeds the amount in the Contractual Currency payable in
     respect of this Agreement, the party receiving the payment will refund
     promptly the amount of such excess.

          (ii) Judgments. To the extent permitted by applicable law, if any
     judgment or order expressed in a currency other than the Contractual
     Currency is rendered (i) for the payment of any amount owing in respect
     of this Agreement, (ii) for the payment of any amount relating to any
     early termination in respect of this Agreement or (iii) in respect of a
     judgment or order of another court for the payment of any amount
     described in (i) or (ii) above, the party seeking recovery, after
     recovery in full of the aggregate amount to which such party is entitled
     pursuant to the judgment or order, will be entitled to receive
     immediately from the other party the amount of any shortfall of the
     Contractual Currency received by such party as a consequence of sums paid
     in such other currency and will refund promptly to the other party any
     excess of the Contractual Currency received by such party as a
     consequence of sums paid in such other currency if such shortfall or such
     excess arises or results from any variation between the rate of exchange
     at which the Contractual Currency is converted into the currency of the
     judgment or order for the purposes of such judgment or order and the rate
     of exchange at which such party is able, acting in a reasonable manner
     and in good faith in converting the currency received into the
     Contractual Currency, to purchase the Contractual Currency with the
     amount of the currency of the judgment or order actually received by such
     party. The term "rate of exchange" includes, without limitation, any
     premiums and costs of exchange payable in connection with the purchase of
     or conversion into the Contractual Currency.

          (iii) Separate Indemnities. To the extent permitted by applicable
     law, these indemnities constitute separate and independent obligations
     from the other obligations in this Agreement, will be enforceable as
     separate and independent causes of action, will apply notwithstanding any
     indulgence granted by the party to which any payment is owed and will not
     be affected by judgment being obtained or claim or proof being made for
     any other sums payable in respect of this Agreement.

          (iv) Evidence of Loss. For the purpose of this Section 8, it will he
     sufficient for a party to demonstrate that it would have suffered a loss
     had an actual exchange or purchase been made.

     Section 9. Miscellaneous

          (i) Entire Agreement. This Agreement constitutes the entire
     agreement and understanding of the parties with respect to its subject
     matter and supersedes all oral communication and prior writings with
     respect thereto.

          (ii) Amendments. No amendment, modification or waiver in respect of
     this Agreement will be effective unless in writing (including a writing
     evidenced by a facsimile transmission) and executed by each of the
     parties or confirmed by an exchange of telexes or electronic messages on
     an electronic messaging system.

<PAGE>

          (iii) Survival of Obligations. Without prejudice to Sections
     2(a)(iii) and 6(c)(ii), the obligations of the parties under this
     Agreement will survive the termination of any Transaction.

          (iv) Remedies Cumulative. Except as provided in this Agreement, the
     rights, powers, remedies and privileges provided in this Agreement are
     cumulative and not exclusive of any rights, powers, remedies and
     privileges provided by law.

          (v) Counterparts and Confirmations.

               (1) This Agreement (and each amendment, modification and waiver
          in respect of it) may be executed and delivered in counterparts
          (including by facsimile transmission), each of which will he deemed
          an original.

               (2) The parties intend that they are legally bound by the terms
          of each Transaction from the moment they agree to those terms
          (whether orally or otherwise). A Confirmation shall be entered into
          as soon as practicable and may be executed and delivered in
          counterparts (including by facsimile transmission) or be created by
          an exchange of telexes or by an exchange of electronic messages on
          an electronic messaging system, which in each case will be
          sufficient for all purposes to evidence a binding supplement to this
          Agreement. The parties will specify therein or through another
          effective means that any such counterpart, telex or electronic
          message constitutes a Confirmation.

          (vi) No Waiver of Rights. A failure or delay in exercising any
     right, power or privilege in respect of this Agreement will not be
     presumed to operate as a waiver, and a single or partial exercise of any
     right, power or privilege will not be presumed to preclude any subsequent
     or further exercise, of that right, power or privilege or the exercise of
     any other right, power or privilege.

          (vii) Headings. The headings used in this Agreement are for
     convenience of reference only and are not to affect the construction of
     or to be taken inio consideration in interpreting this Agreement.

     Section 10. Offices; Multibranch Parties

          (i) If Section 10(a) is specified in the Schedule as applying, each
     party that enters into a Transaction through an Office other than its
     head or home office represents to the other party that, notwithstanding
     the place of booking office or jurisdiction of incorporation or
     organisation of such party, the obligations of such party are the same as
     if it had entered into the Transaction through its head or home office.
     This representation will be deemed to be repeated by such party on each
     date on which a Transaction is entered into.

          (ii) Neither party may change the Office through which it makes and
     receives payments or deliveries for the purpose of a Transaction without
     the prior written consent of the other party.

<PAGE>

          (iii) If a party is specified as a Multibranch Party in the
     Schedule, such Multibranch Party may make and receive payments or
     deliveries under any Transaction through any Office listed in the
     Schedule, and the Office through which it makes and receives payments or
     deliveries with respect to a Transaction will be specified in the
     relevant Confirmation.

     Section 11. Expenses

A Defaulting Party will, on demand, indemnify and hold harmless the other
party for and against all reasonable out-of-pocket expenses, including legal
fees and Stamp Tax, incurred by such other party by reason of the enforcement
and protection of its rights under this Agreement or any Credit Support
Document to which the Defaulting Party is a party or by reason of the early
termination of any Transaction, including, but not limited to, costs of
collection.

     Section 12. Notices

          (i) Effectiveness. Any notice or other communication in respect of
     this Agreement may be given in any manner set forth below (except that a
     notice or other communication under Section 5 or 6 may not be given by
     facsimile transmission or electronic messaging system) to the address or
     number or in accordance with the electronic messaging system details
     provided (see the Schedule) and will be deemed effective as indicated:

               (1) if in writing and delivered in person or by courier, on the
          date it is delivered;

               (2) if sent by telex, on the date the recipient's answerback is
          received;

               (3) if sent by facsimile transmission, on the date that
          transmission is received by a responsible employee of the recipient
          in legible form (it being agreed that the burden of proving receipt
          will be on the sender and will not be met by a transmission report
          generated by the sender's facsimile machine);

               (4) if sent by certified or registered mail (airmail, if
          overseas) or the equivalent (return receipt requested), on the date
          that mail is delivered or its delivery is attempted; or

               (5) if sent by electronic messaging system, on the date that
          electronic message is received,

unless the date of that delivery (or attempted delivery) or that receipt, as
applicable, is not a Local Business Day or that communication is delivered (or
attempted) or received, as applicable, after the close of business on a Local
Business Day, in which case that communication shall be deemed given and
effective on the first following day that is a Local Business Day.

          (ii) Change of Addresses. Either party may by notice to the other
     change the address, telex or facsimile number or electronic messaging
     system details at which notices or other communications are to be given
     to it.

<PAGE>

     Section 13. Governing Law and Jurisdiction

          (i) Governing Law. This Agreement will be governed by and construed
     in accordance with the law specified in the Schedule.

          (ii) Jurisdiction. With respect to any suit, action or proceedings
     relating to this Agreement ("Proceedings"), each party irrevocably:

               (1) submits to the jurisdiction of the English courts, if this
          Agreement is expressed to be governed by English law, or to the
          non-exclusive jurisdiction of the courts of the State of New York
          and the United States District Court located in the Borough of
          Manhattan in New York City, if this Agreement is expressed to be
          governed by the laws of the State of New York; and

               (2) waives any objection which it may have at any time to the
          laying of venue of any Proceedings brought in any such court, waives
          any claim that such Proceedings have been brought in an inconvenient
          forum and further waives the right to object, with respect to such
          Proceedings, that such court does not have any jurisdiction over
          such party.

Nothing in this Agreement precludes either party from bringing Proceedings in
any other jurisdiction (outside, if this Agreement is expressed to be governed
by English law, the Contracting States, as defined in Section 1(3) of the
Civil Jurisdiction and Judgments Act 1982 or any modification, extension or
re-enactment thereof for the time being in force) nor will the bringing of
Proceedings in any one or more jurisdictions preclude the bringing of
Proceedings in any other jurisdiction.

          (iii) Service of Process. Each party irrevocably appoints the
     Process Agent (if any) specified opposite its name in the Schedule to
     receive, for it and on its behalf, service of process in any Proceedings.
     If for any reason any party's Process Agent is unable to act as such,
     such party will promptly notify the other party and within 30 days
     appoint a substitute process agent acceptable to the other party. The
     parties irrevocably consent to service of process given in the manner
     provided for notices in Section 12. Nothing in this Agreement will affect
     the right of either party to serve process in any other manner permitted
     by law.

          (iv) Waiver of Immunities. Each party irrevocably waives, to the
     fullest extent permitted by applicable law, with respect to itself and
     its revenues and assets (irrespective of their use or intended use), all
     immunity on the grounds of sovereignty or other similar grounds from (i)
     suit, (ii) jurisdiction of any court, (iii) relief by way of injunction,
     order for specific performance or for recovery of property, (iv)
     attachment of its assets (whether before or after judgment) and (v)
     execution or enforcement of any judgment to which it or its revenues or
     assets might otherwise be entitled in any Proceedings in the courts of
     any jurisdiction and irrevocably agrees, to the extent permitted by
     applicable law, that it will not claim any such immunity in any
     Proceedings.

     Section 14. Definitions

As used in this Agreement:

"Additional Termination Event" has the meaning specified in Section 5(b).

<PAGE>

"Affected Party" has the meaning specified the Section 5(b).

"Affected Transactions" means (a) with respect to any Termination Event
consisting of an Illegality, Tax Event or Tax Event Upon Merger, all
Transactions affected by the occurrence of such Termination Event and (b) with
respect to any other Termination Event, all Transactions.

"Affiliate" means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, "control"
of any entity or person means ownership of a majority of the voting power of
the entity or person.

"Applicable Rate" means:

               (i) in respect of obligations payable or deliverable (or which
          would have been but for Section 2(a)(iii)) by a Defaulting Party,
          the Default Rate;

               (ii) in respect of an obligation to pay an amount under Section
          6(e) of either party from and after the Rate (determined in
          accordance with Section 6(d)(ii)) on which that amount is payable,
          the Default Rate;

               (iii) in respect of all other obligations payable or
          deliverable (or which would have been but for Section 2(a)(iii)) by
          a Non-defaulting Party, the Non-default Rate; and

               (iv) in all other cases, the Termination Rate.

"Burdened Party" has the meaning specified in Section 5(b).

"Change in Tax Law" means the enactment, promulgation, execution or
ratification of, or any change in or amendment to, any law (or in the
application or official interpretation of any law)'that occurs on or after the
date on which the relevant Transaction is entered into.

"consent" includes a consent, approval, action, authorisation, exemption,
notice, filing, registration or exchange control consent.

"Credit Event Upon Merger" has the meaning specified in Section 5(b).

"Credit Support Document" means any agreement or instrument that is specified
as such in this Agreement.

"Credit Support Provider" has the meaning specified in the Schedule.

"Default Rate" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the relevant payee (as certified by it) if it
were to fund or of funding the relevant amount plus 1% per annum.

"Defaulting Party" has the meaning specified in Section 6(a).

"Early Termination Date" means the date determined in accordance with Section
6(a) or 6(b)(iv).

"Event of Default" has the meaning specified in Section 5(a) and, if
applicable, in the Schedule.

"Illegality" has the meaning specified in Section 5(b).

"Indemnifiable Tax" means any Tax other than a Tax that would not be imposed
in respect of a payment under this Agreement but for a present or former
connection between the jurisdiction of the government or taxation authority
imposing such Tax and the recipient of such payment or a person related to
such recipient (including, without limitation, a connection arising from such
recipient or related person being or having been a citizen or resident of such

<PAGE>

jurisdiction, or being or having been organised, present or engaged in a trade
or business in such jurisdiction, or having or having had a permanent
establishment or fixed place of business in such jurisdiction, but excluding a
connection arising solely from such recipient, or related person having
executed, delivered, performed its obligations or received a payment under, or
enforced, this Agreement or a Credit Support Document).

"law" includes any treaty, law, rule or regulation (as modified, in the case
of tax matters, by the practice of any relevant governmental revenue
authority) and "lawful" and "unlawful" will be construed accordingly.

"Local Business Day" means, subject to the Schedule, a day on which commercial
banks are open for business (including dealings in foreign exchange and
foreign currency deposits) (a) in relation to any obligation under Section
2(a)(i), in the place(s) specified in the relevant Confirmation or, if not so
specified, as otherwise agreed by the parties in writing or determined
pursuant to provisions contained, or incorporated by reference, in this
Agreement, (b) in relation to any other payment, in the place where the
relevant account is located and, if different, in the principal financial
centre, if any, of the currency of such payment, (c) in relation to any notice
or other communication, including notice contemplated under Section 5(a)(i),
in the city specified in the address for notice provided by the recipient and,
in the case of a notice contemplated by Section 2(b), in the place where the
relevant new account is to be located and (d) in relation to Section
5(a)(v)(2), in the relevant locations for performance with respect to such
Specified Transaction.

"Loss" means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency
Equivalent of an amount that party reasonably determines in good faith to be
its total losses and costs (or gain, in which case expressed as a negative
number) in connection with this Agreement or that Terminated Transaction or
group of Terminated Transactions, as the case may be, including any loss of
bargain, cost of funding, or at the election of such party but without
duplication, loss or cost incurred as a result of its terminating,
liquidating, obtaining or reestablishing any hedge or related trading position
(or any gain resulting from any of them). Loss includes losses and costs (or
gains) in respect of any payment or delivery required to have been made
(assuming satisfaction of each applicable condition precedent) on or before
the relevant Early Termination Date and not made, except, so as to avoid
duplication, if Section 6(e)(i)(1) or (3) or 6(e)(ii)(2)(A) applies. Loss does
not include a party's legal fees and out- of-pocket expenses referred to under
Section 11. A party will determine its Loss as of the relevant Early
Termination Date, or, if that is not reasonably practicable, as of the
earliest date thereafter as is reasonably practicable. A party may (but need
not) determine its Loss by reference to quotations of relevant rates or prices
from one or more leading dealers in the relevant markets.

"Market Quotation" means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an amount,
if any, that would be paid to such party (expressed as a negative number) or
by such party (expressed as a positive number) in consideration of an
agreement between such party (taking into account any existing Credit Support
Document with respect to the obligations of such party) and the quoting
Reference Market-maker to enter into a transaction (the "Replacement
Transaction") that would have the effect of preserving for such party the
economic equivalent of any payment or delivery (whether the underlying
obligation was absolute or contingent and assuming the satisfaction of each
applicable condition precedent) by the parties under Section 2(a)(i) in
respect of such Terminated Transaction or group of Terminated Transactions
that would, but for the occurrence of the relevant Early Termination Date,
have been required after that date. For this purpose, Unpaid Amounts in
respect of the Terminated Transaction or group of Terminated Transactions are
to be excluded but, without limitation, any payment or delivery that would,
but for the relevant Early Termination Date, have been required (assuming
satisfaction of each applicable condition precedent) after that Early
Termination Date is to be included. The Replacement Transaction would be
subject to such documentation as such party and the Reference Market-maker
may, in good faith, agree. The party making the determination (or its agent)
will request each Reference Market-maker to provide its quotation to the
extent reasonably practicable as of the same day and time (without regard to
different time zones) on or as soon as reasonably practicable after the
relevant Early Termination Date. The day and time as of which those quotations
are to be obtained will be selected in good faith by the party obliged to make
a determination under Section 6(e), and, if each party is obliged, after
consultation with the other. If more than three quotations are provided, the
Market Quotation will be the arithmetic mean of the quotations, without regard
to the quotations having the highest and lowest values. If exactly three such
quotations are provided, the Market Quotation will be the quotation remaining
after disregarding the highest and lowest quotations. For this purpose, if
more than one quotation has the same highest value or lowest value, then

<PAGE>

one of such quotations shall he disregarded. If fewer than three quotations
are provided, it will be deemed that the Market Quotation in respect of such
Terminated Transaction or group of Terminated Transactions cannot be
determined.

"Non-default Rate" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the Non-defaulting Party (as certified by it)
if it were to fund the relevant amount.

"Non-defaulting Party" has the meaning specified in Section 6(a).

"Office" means a branch or office of a party, which may be such party's head
or home office.

"Potential Event of Default" means any event which, with the giving of notice
or the lapse of time or both, would constitute an Event of Default.

"Reference Market-makers" means four leading dealers in the relevant market
selected by the party determining a Market Quotation in good faith (a) from
among dealers of the highest credit standing which satisfy all the criteria
that such party applies generally at the time in deciding whether to offer or
to make an extension of credit and (b) to the extent practicable, from among
such dealers having an office in the same city.

"Relevant Jurisdiction" means, with respect to a party, the jurisdictions (a)
in which the party is incorporated, organized, managed and controlled or
considered to have its seat, (b) where an Office through which the party is
acting for purposes of this Agreement is located, (c) in which the party
executes this Agreement and (d) in relation to any payment, from or through
which such payment is made.

"Scheduled Payment Date" means a date on which a payment or delivery is to be
made under Section 2(a)(i) with respect to a Transaction.

"Set-off" means set-off, offset, combination of accounts, right of retention
or withholding or similar right or requirement to which the payer of an amount
under Section 6 is entitled or subject (whether arising under this Agreement,
another contract, applicable law or otherwise) that is exercised by, or
imposed on, such payer.

"Settlement Amount" means, with respect to a party and any Early Termination
Date, the sum of:

               (v) the Termination Currency Equivalent of the Market
          Quotations (whether positive or negative) for each Terminated
          Transaction or group of Terminated Transactions for which a Market
          Quotation is determined; and

               (vi) such party's Loss (whether positive or negative and
          without reference to any Unpaid Amounts) for each Terminated
          Transaction or group of Terminated Transactions for which a Market
          Quotation cannot be determined or would not (in the reasonable
          belief of the party making the determination) produce a commercially
          reasonable result.

"Specified Entity" has the meaning specified in the Schedule.

"Specified Indebtedness" means, subject to the Schedule, any obligation
(whether present or future, contingent or otherwise, as principal or surety or
otherwise) in respect of borrowed money. "Specified Transaction" means,
subject to the Schedule, (a) any transaction (including an agreement with
respect thereto) now existing or hereafter entered into between one party to
this Agreement (or any Credit Support Provider of such party or any applicable
Specified Entity of such party) and the other party to this Agreement (or any
Credit Support Provider of such other party or any applicable Specified Entity
of such other party) which is a rate swap transaction, basic swap, forward
rate transaction, commodity swap, commodity option, equity or equity index
swap, equity or equity index option, bond option, interest rate option,
foreign exchange transaction, cap transaction, floor transaction, collar
transaction, currency swap transaction, cross-currency rate swap transaction,
currency option or any

<PAGE>

other similar transaction (including any option with respect to any of these
transactions), (b) any combination of these transactions and (c) any other
transaction identified as a Specified Transaction in this Agreement or the
relevant confirmation.

"Stamp Tax" means any stamp, registration, documentation or similar tax.

"Tax" means any present or future tax, levy, impost, duty, charge, assessment
or fee of any nature (including interest, penalties and additions thereto)
that is imposed by any government or other taxing authority in respect of any
payment under this Agreement other than a stamp, registration, documentation
or similar tax.

"Tax Event" has the meaning specified in Section 5(b).

"Tax Event Upon Merger" has the meaning specified in Section 5(b).

"Terminated Transactions" means with respect to any Early Termination Date (a)
if resulting from a Termination Event, all Affected Transactions and (b) if
resulting from an Event of Default, all Transactions (in either case) in
effect immediately before the effectiveness of the notice designating that
Early Termination Date (or, if "Automatic Early Termination" applies,
immediately before that Early Termination Date).

"Termination Currency" has the meaning specified in the Schedule.

"Termination Currency Equivalent" means, in respect of any amount denominated
in the Termination Currency, such Termination Currency amount and, in respect
of any amount denominated in a currency other than the Termination Currency
(the "Other Currency"), the amount in the Termination Currency determined by'
the party making the relevant determination as being required to purchase such
amount of such Other Currency as at the relevant Early Termination Date, or,
if the relevant Market Quotation or Loss (as the case may be), is determined
as of a later date, that later date, with the Termination Currency at the rate
equal to the spot exchange rate of the foreign exchange agent (selected as
provided below) for the purchase of such Other Currency with the Termination
Currency at or about 11:00 am. (in the city in which such foreign exchange
agent is located) on such date as would be customary for the determination of
such a rate for the purchase of such Other Currency for value on the relevant
Early Termination Date or that later date. The foreign exchange agent will, if
only one party is obliged to make a determination under Section 6(e), be
selected in good faith by that party and otherwise will be agreed by the
parties.

"Termination Event" means an Illegality, a Tax Event or a Tax Event Upon
Merger or, if specified to be applicable, a Credit Event Upon Merger or an
Additional Termination Event.

"Termination Rate" means a rate per annum equal to the arithmetic mean of the
cost (without proof or evidence of any actual cost) to each party (as
certified by such party) if it were to fund or of funding such amounts.

"Unpaid Amounts" owing to any party means, with respect to an Early
Termination Date, the aggregate of (a) in respect of all Terminated
Transactions, the amounts that became payable (or that would have become
payable but for Section 2(a)(iii)) to such party under Section 2(a)(i) on or
prior to such Early Termination Date and which remain unpaid as at such Early
Termination Date and (b) in respect of each Terminated Transaction, for each
obligation under Section 2(a)(i) which was (or would have been but for Section
2(a)(iii) required to be settled by delivery to such party on or prior to such
Early Termination Date and which has not been so settled as at such Early
Termination Date, an amount equal to the fair market value of that which was
(or would have been) required to be delivered as of the originally scheduled
date for delivery, in each case together with (to the extent permitted under
applicable law) interest, in the currency of such amounts, from (and
including) the date such amounts or obligations were or would have been
required to have been paid or performed to (but excluding) such Early
Termination Date, at the Applicable Rate. Such amounts of interest will be
calculated on the basis of daily compounding and the actual number of days
elapsed. The fair market value of any obligation referred to in clause (b)
above shall be reasonably determined by the party obliged to make the
determination under Section 6(e) or, if each party is so obliged, it shall be
the average of the Termination Currency. Equivalents of the fair market values
reasonably determined by both parties.

<PAGE>

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

CLAYMORE MACROSHARES                       CLAYMORE MACROSHARES
OIL UP HOLDING TRUST                       OIL DOWN HOLDING TRUST

By:   Investors Bank & Trust Company,      By:   Investors Bank & Trust Company,
     not in its individual capacity but    not in its individual capacity but
     solely as trustee of the Claymore     solely as trustee of the Claymore
     MACROshares Oil Up Holding Trust      MACROshares Oil Down Holding Trust

By:        /S/  Michael F. Rogers          By:/S/  Michael F. Rogers
     ---------------------------------        --------------------------------
     Name:  Michael F. Rogers                 Name:   Michael F. Rogers
     Title: President                         Title:  President
     Date:  November 24, 2006                  Date:  November 24, 2006EXHIBIT 4.4.2
(Multicurrency--Cross Border)

                                    SCHEDULE
                                     to the
                              ISDA Master Agreement

                          dated as of November 24, 2006

                                     between

              Claymore MACROshares Oil Up Holding Trust ("Party A")

                                       and

             Claymore MACROshares Oil Down Holding Trust ("Party B")

                                     Part 1

                             Termination Provisions
                             ----------------------

(a)      "Specified Entity" means: Not Applicable

(b)      "Specified Transaction" shall have the meaning specified in Section 14
         of this Agreement.

(c)      Events of Default and Termination Events.  The following Events of
         Default and Termination Events shall apply to Party A and Party B as
         set forth below:

<TABLE>
<CAPTION>
         <S>                                                                      <C>                <C>
         -------------------------------------------------------------------- ------------------- ------------------
                                                                                  Applies to         Applies to
                         Event of Default/Termination Event                        Party A             Party B
                         ----------------------------------                       ----------
         -------------------------------------------------------------------- ------------------- ------------------
         Section 5(a)(i)  Payment Default                                         No                  No
         -------------------------------------------------------------------- ------------------- ------------------
         Section 5(a)(ii)  Breach of Agreement                                    No                  No
         -------------------------------------------------------------------- ------------------- ------------------
         Section 5(a)(iii)  Credit Support Default                                No                  No
         -------------------------------------------------------------------- ------------------- ------------------
         Section 5(a)(iv)  Misrepresentation                                      No                  No
         -------------------------------------------------------------------- ------------------- ------------------
         Section 5(a)(v) Default Under Specified Transaction                      Yes                 Yes
         -------------------------------------------------------------------- ------------------- ------------------
         Section 5(a)(vi)  Cross Default                                          No                  No
         -------------------------------------------------------------------- ------------------- ------------------
         Section 5(a)(vii)  Bankruptcy                                            Yes                 Yes
         -------------------------------------------------------------------- ------------------- ------------------
         Section 5(a)(viii)  Merger Without Assumption                            No                  No
         -------------------------------------------------------------------- ------------------- ------------------
         Section 5(b)(i)  Illegality                                              Yes                 Yes
         -------------------------------------------------------------------- ------------------- ------------------
         Section 5(b)(ii)  Tax Event                                              No                  No
         -------------------------------------------------------------------- ------------------- ------------------
         Section 5(b)(iii)  Tax Event Upon Merger                                 No                  No
         -------------------------------------------------------------------- ------------------- ------------------
         Section 5(b)(iv)  Credit Event Upon Merger                               No                  No
         -------------------------------------------------------------------- ------------------- ------------------
         Section 5(b)(v)  Additional Termination Events                           No                  No
         -------------------------------------------------------------------- ------------------- ------------------
</TABLE>

(d)      The "Automatic Early  Termination"  provision of Section 6(a) will not
         apply to Party A and will not apply to Party B.

(e)      Payments on Early Termination.  Notwithstanding the provisions of
         Section 6 of the Master Agreement, no Event of Default or Termination

                                         19
<PAGE>

         Event shall entitle either party to designate an Early Termination Date
         under any Transaction hereunder, and all Transactions shall continue in
         accordance with their terms following any Event of Default or
         Termination Event.

(f)      "Termination Currency" means U.S. dollars.

(g)      Additional Termination Event.  No "Additional Termination Events" will
         apply for purposes of Section 5(b)(v.

(h)      Termination  Payments.  Any payment or payments due upon the early
         termination of this Agreement or any Transaction hereunder shall be
         payable on the Early Termination Date.

                                     Part 2

                               Tax Representations
                               -------------------

(a)      Payer Tax Representations.  For the purposes of Section 3(e) of this
         Agreement, Party A and Party B will each make the following
         representations to the other:

         It is not required by any applicable law, as modified by the practice
         of any relevant governmental revenue authority, of any Relevant
         Jurisdiction to make any deduction or withholding for or on account of
         any Tax from any payment (other than interest under Section 2(e),
         6(d)(ii) or 6(e) of this Agreement) to be made by it to the other party
         under this Agreement.  In making this representation, each party may
         rely on:

         (i)      The  accuracy of any representations made by the other party
                  pursuant to Section 3(f) of this Agreement;

         (ii)     The satisfaction of the agreement of the other party contained
                  in Section 4(a)(i) or 4(a)(iii) of this Agreement and the
                  accuracy and effectiveness of any document provided by the
                  other party pursuant to Section 4(a)(i) or 4(a)(iii) of this
                  Agreement, and

         (iii)    The satisfaction of the agreement of the other party contained
                  in Section 4(d) of this Agreement,

         provided that it shall not be a breach of this representation where
         reliance is placed on clause (ii) and the other party does not deliver
         a form or document under Section 4(a)(iii) by reason of material
         prejudice to its legal or commercial position.

(b)      Payee Tax Representations.

         (i)      For the purposes of Section 3(f) of this Agreement, Party A
                  makes the following representations to Party B.

                  It is a partnership for U.S. tax purposes.

         (ii)     For the purposes of Section 3(f) of this Agreement, Party B
                  makes the following representations to Party A.

                  It is a partnership for U.S. tax purposes.

                                         20
<PAGE>

                                     Part 3

                            Documents to be delivered
                            -------------------------

(a)      For the purpose of Sections 4(a)(i) of this Agreement, each party
         agrees to deliver the following documents, as applicable:
<TABLE>
<CAPTION>
         <S>               <C>                                     <C>

         Party required    Form/Document/Certificate               Date by which to be delivered
         to deliver
         documents

         Party A and       An executed United States Service       (i) Upon execution and delivery of this
         Party B           Service Form W-9 (or                    Agreement; (ii) promptly upon
                           successor thereto).                     reasonable demand by the other party;
                                                                   and (iii) promptly upon learning that
                                                                   any Form W-9 (or any successor thereto)
                                                                   has become obsolete or incorrect.

 (b)     For the purposes of Section 4(a)(ii), the other documents to be
         delivered are as follows, which shall be covered by the representation
         in Section 3(d) of the Agreement if specified:
<CAPTION>
         <S>               <C>                                      <C>                      <C>

         Party required    Form/Document/Certificate                Date by which to         Section 3(d)
         to deliver                                                 be delivered             representation
         documents

         Party A and       Any documents required by the            Upon execution and       Applicable.
         Party B           receiving party to evidence the          delivery of this
                           authority of the delivering              Agreement and
                           party for it to execute and deliver      applicable
                           this Agreement, the Confirmation to      Confirmation.
                           which it is a party, and to evidence
                           the authority of the delivering
                           party to perform its obligations
                           under this Agreement and the
                           Confirmation.

         Party A/Party B   Legal opinions satisfactory to the       Upon execution and       Not Applicable.
                           other party.                             delivery of this
                                                                    Agreement.
</TABLE>

                                     Part 4

                                  Miscellaneous
                                  -------------

(a)      Address for Notices.  For the purpose of Section 12(a) of this
         Agreement, the addresses for notices and communications to Party A and
         Party B shall be as follows:

         TO PARTY A:

                                         21
<PAGE>

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

         TO PARTY B:

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

(b)      Process Agent. For the purpose of Section 13(c) of this Agreement:

         Party A appoints as its Process Agent:           Not applicable.

         Party B appoints as its Process Agent:           Not applicable.

(c)      Offices.  The provisions of Section 10(a) will apply to this Agreement.

(d)      Multibranch Party.  For purpose of Section 10(c) of this Agreement:

         (i)      Party A is not a Multibranch Party.

         (ii)     Party B is not a Multibranch Party.

(e)      The  Calculation Agent for any Transaction shall be as set forth in the
         confirmation for such Transaction.

(f)      Credit Support Document. Details of any Credit Support Document:

         With respect to Party A:  None.

         With respect to Party B:  None.

(g)      Credit Support Provider.  Credit Support Provider means in relation to
         Party A and Party B: Not applicable.

(h)      Governing Law:  This Agreement shall be governed by and construed in
         accordance with New York law.

(i)      Netting of Payments.  Subparagraph (ii) of Section 2(c) of this
         Agreement will apply all Transactions under this Agreement, so that
         payments due under different Transactions will NOT be netted against
         each other pursuant to Section 2(c).

                                         22
<PAGE>

(j)      "Affiliate" shall have the meaning specified in Section 14 of this
         Agreement.

                                     Part 5

                                Other Provisions
                                ----------------

1.       Representations
         ---------------

Each party will be deemed to represent to the other party on the date that it
enters into a Transaction that (absent a written agreement between the parties
that expressly imposes affirmative obligations to the contrary for that
Transaction):

(i)      Non-Reliance.  It is acting for its own account, and it has made its
         own independent decisions to enter into that Transaction and as to
         whether that Transaction is appropriate or proper for it based upon its
         own judgement and upon advice from such advisers as it has deemed
         necessary.  It is not relying on any communication (written or oral) of
         the other party as investment advice or as a recommendation to enter
         into that Transaction; it being understood that information and
         explanations related to the terms and conditions of a Transaction shall
         not be considered to be investment advice or a recommendation to enter
         into that Transaction.  No communication (written or oral) received
         from the other party shall be deemed to be an assurance or guarantee as
         to the expected results of that Transaction.

(ii)     Assessment  and  Understanding.  It is capable of assessing the merits
         of and understanding (on its own behalf or through independent
         professional advice), and understands and accepts the terms and
         conditions and risks of that Transaction.  It is also capable of
         assuming, and assumes, the risks of that Transaction.

(iii)    Status of Parties.  The other party is not acting as a fiduciary for or
         adviser to it in respect of that Transaction.

2.       Withholding Tax
         ---------------

Notwithstanding Section 2(d) of the Agreement, neither party shall be required
to pay any additional amounts in respect of an Indemnifiable Tax or be under any
obligation to pay any amount to the other party in respect of any liability for
or on account of any Indemnifiable Tax.

3.       Definitions
         -----------

Capitalized terms not defined under this Agreement shall have the definitions
ascribed to them in the Down-MACRO Holding Trust Agreement (the "Down-MACRO
Holding Trust Agreement") or the Up-MACRO Holding Trust Agreement (the "Up-MACRO
Holding Trust Agreement"), each dated as of November 24, 2006, and each entered
into 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.

                                         23
<PAGE>

CLAYMORE MACROSHARES                        CLAYMORE MACROSHARES
OIL UP HOLDING TRUST                        OIL DOWN HOLDING TRUST

By:  INVESTORS BANK & TRUST COMPANY,        By: INVESTORS BANK & TRUST COMPANY
     not in its individual capacity             not in its individual capacity
     but solely as Up-MACRO Holding             but solely as Down-MACRO Holding
     Trustee                                    Trustee

By:   /S/ Michael F. Rogers                 By:  /S/ Michael F. Rogers
     -------------------------------            --------------------------------
     Name:  Michael F.Rogers                    Name:  Michael F. Rogers
     Title: President                           Title: President
     Date:  November 24, 2006                   Date:  November 24, 2006

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"}]]