Document:

Exhibit 10.1

Exhibit 10.1

The Depository Trust Company

A subsidiary of The Depository Trust & Clearing Corporation

BLANKET ISSUER LETTER OF REPRESENTATIONS

[To be Completed by Issuer and Co-lssuer(s), if applicable]

                              MacroShares $[100] Oil Up Trust                              

[Name of Issuer and Co-issuer(s), if applicable]

April [___] , 2008

[Date]         

[For Municipal Issues:

Underwriting Department—Eligibility; 25th Floor]

[For Corporate Issues:

General Counsel's Office; 22nd Floor]

The Depository Trust Company

55 Water Street

New York, NY 10041- 0099

Ladies and Gentlemen:

This letter sets forth our understanding with respect to all issues (the "Securities") that Issuer shall request be made eligible for deposit by The Depository Trust Company ("DTC").

To induce DTC to accept the Securities as eligible for deposit at DTC, and to act in accordance with DTC's Rules with respect to the Securities, Issuer represents to DTC that Issuer will comply with the requirements stated in DTC's Operational Arrangements, as they may be amended from time to time.

			
	

Note: 

Schedule A contains statements that DTC believes accurately describe DTC, the method of effecting 

book-entry transfers of securities distributed through DTC, and certain related matters.

	 
	Very truly yours,

      MacroShares $[100] Oil Up Trust

	By: State Street Bank and Trust Company, N.A., Trustee

	(Issuer)

	

Received and Accepted:

THE DEPOSITORY COMPANY

By:

DTCC

The Depository Trust& 

Clearing Corporation

	

	By:

	(Authorized Officer's Signature)

	James Casey

	(Print Name)

	Two World Financial Center

225 Liberty Street

	(Street Address)

	New York

NY 

USA

10281

	(City)

(State)

(Country)

(Zip Code)

	[_________]

	(Phone Number)

	james.casey@statestreet.com

	(E-mail Address)

1

			

SCHEDULE A

(To Blanket Issuer Letter of Representations)

SAMPLE OFFERING DOCUMENT LANGUAGE

DESCRIBING BOOK-ENTRY-ONLY ISSUANCE

(Prepared By DTC-bracketed material may be applicable only to certain issues)

1.

The Depository Trust Company ("DTC"), New York, NY, will act as securities depository for the securities (the "Securities"). The Securities will be issued as fully-registered securities registered in the name of Cede & Co. (DTC's partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-registered Security certificate will be issued for [each issue of] the Securities, [each] in the aggregate principal amount of such issue, and will be deposited with DTC. [If, however; the aggregate principal amount of [any] issue exceeds $500 million, one certificate will be issued with respect to each $500 million of principal amount, and an additional certificate will be issued with respect to any remaining principal amount of such issue.]

2.

DTC, the world's largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 2.2 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments from over 100 countries that DTC's participants ("Direct Participants") deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants' accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U'.S, securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation ("DTCC"). DTCC, in turn, is owned by a number of Direct Participants of DTC and Members of the National Securities Clearing Corporation, Fixed Income Clearing Corporation and Emerging Markets Clearing Corporation (NSCC, FICC, and EMCC, also subsidiaries of DTCC), as well as by the New York Stock Exchange, Inc., the American Stock Exchange LLC, and the National Association of Securities Dealers, Inc. Access to the DTC system is also available to others such as both U.S. and non-U .S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly ("Indirect Participants"). DTC has Standard & Poor's highest rating: AAA. The DTC Rules applicable to its Participants are on me with the Securities and Exchange Commission. More information about DTC can be found at www.dtcc.com and www.dtc.org.

3.

Purchases of Securities under the DTC system must be made by or through Direct Participants, which will receive a credit for the Securities on DTC's records. The ownership interest of each actual purchaser of each Security ("Beneficial Owner") is in turn to be recorded on the Direct and Indirect Participants' records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Securities are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in Securities, except in the event that use of the book-entry system for the Securities is discontinued.

2

4.

To facilitate subsequent transfers, all Securities deposited by Direct Participants with DTC are registered in the name of DTC's partnership nominee, Cede & Co., or such other name as may be requested by an unauthorized representative of DTC. The deposit of Securities with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Securities; DTC's records reflect only the identity of the Direct Participants to whose accounts such Securities are credited, which mayor may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers.

5.

Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will he governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. [Beneficial Owners of Securities may wish to take certain steps to augment the transmission to them of notices of significant events with respect to the Securities, such as redemptions, tenders, defaults, and proposed amendments to the Security documents. For example, Beneficial Owners of Securities may wish to ascertain that the nominee holding the Securities for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish to provide their names and addresses to the registrar and request that copies of notices he provided directly to them.]

6.

[Reserved.]

7.

Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to Securities unless authorized by a Direct Participant in accordance with DTC's Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to Issuer as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.'s consenting or voting rights to those Direct Participants to whose accounts Securities are credited on the record date (identified in a listing attached to the Omnibus Proxy).

8.

Redemption proceeds, distributions, and dividend payments on the Securities will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC's practice is to credit Direct Participants' accounts upon DTC's receipt of funds and corresponding detail information from Issuer or Agent, on payable date in accordance with their respective holdings shown on DTC's records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in "street name," and will be the responsibility of such Participant and not of DTC, Agent, or Issuer, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, distributions, and dividend payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of Issuer or Agent, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants.

9.

Beneficial owner shall give notice to elect to have its Securities purchased or tendered, through its Participant, to [Tender/Remarketing] Agent, and shall effect delivery of such Securities by causing the Direct Participant to transfer the Participant's interest in the Securities, on DTC's records, to [Tender/Remarketing] Agent. The requirement for physical delivery of Securities in connection with an optional tender or a mandatory purchase will be deemed satisfied when the ownership rights in the Securities are transferred by Direct Participants on DTC's records and followed by a book-entry credit of tendered Securities to [Tender/Remarketing] Agent's DTC account.]

10.

DTC may discontinue providing its services as depository with respect to the Securities at any time by giving reasonable notice to Issuer or Agent. Under such circumstances, in the event that a successor depository is not obtained, Security certificates are required to be printed and delivered.

3

11.

Issuer may decide to discontinue use of the system of book-entry-only transfers through DTC (or a successor securities depository). In that event, Security certificates will be printed and delivered to DTC.

12.

The information in this section concerning DTC and DTC's book-entry system has been obtained from sources that Issuer believes to be reliable, but Issuer takes no responsibility far the accuracy thereof.

4exhbit101.htm

    EXHIBIT 10.1

      PROMISSORY
NOTE

      
        	
                Principal

                $767,852.00

              	
                Loan
      Date

                04-22-2008

              	
                Maturity

                05-05-2013

              	
                Loan
      No.

                323876

              	
                Call
      / Coll

              	
                Account

              	
                Officer

                022

              	
                Initials

              

      

      References
in the shaded area are for Lender's use only and do not limit the applicability
of this document to any particular loan or item. Any item above containing
"'***" has been omitted due to text length limitations.

      

      

      Borrower:         CHAMPION
INDUSTRIES INC (TIN: 55-0717455)

      POST
OFFICE BOX 2968

      HUNTINGTON,
WV 25728

       

      Lender:

      FIRST
BANK OF CHARLESTON, INC. 201 Pennsylvania Avenue

      Charleston,
WV 25302

      (304)
340-3000

      Principal
Amount:
$767,852.00                                                                  Interest
Rate:
5.250%                                                   Date
of Note: April 22, 2008

       

      PROMISE
TO PAY. CHAMPION INDUSTRIES INC ("Borrower") promises to pay to FIRST BANK OF
CHARLESTON, INC. ("Lender"), or order, in lawful money of the United States of
America, the principal amount of Seven Hundred Sixty-seven Thousand Eight
Hundred Fifty-two & 00/100 Dollars ($767,852.00), together with interest on
the unpaid principal balance from April 22, 2008, until paid in
full.

       

      

       

      PAYMENT.
Subject to any payment changes resulting from changes in the index, Borrower
will pay this loan in 60 payments of $14,634.09 each payment. Borrower's first
payment is due June 5, 2008, and all subsequent payments are due on the same day
of each month after that. Borrower's final payment will be due on May 5, 2013,
and will be for all principal and all accrued interest not yet paid. Payments
include principal and interest. Unless otherwise agreed or required by
applicable law, payments will be applied first to any accrued unpaid interest;
then to principal; then to any unpaid collection costs; and then to any late
charges. The annual Interest rate for this Note is computed on a 365/360 basis;
that is, by applying the ratio of the annual interest rate over a year of 360
days, multiplied by the outstanding principal balance, multiplied by the actual
number of days the principal balance is outstanding.  Borrower will
pay Lender at Lender's address shown above or at such other place as Lender may
designate in writing.

       

      VARIABLE INTEREST
RATE.  The interest rate on this Note is subject to change from
time to time based on changes in an independent index which is the The Wall
Street Journal Prime Rate (the “Index”).  The index is not necessarily
the lowest rate charged by Lender on its loans.  If the index becomes
unavailable during the term of this loan, Lender may designate a substitute
index after notifying Borrower. Lender will tell Borrower the current index
rate upon Borrower’s request.  The interest rate change will not occur
more often than each day.  Borrower understands that Lender may make
loans based on other rates as well.  The index currently is 5.250% per
annum.  The interest rate to be applied to the unpaid principal
balance during this Note will be at a rate equal to the Index, resulting in an
initial rate of 5.250% per annum.  NOTICE:  Under no
circumstances will the interest rate on this Note be more than the maximum rate
allowed by applicable law.  Whenever increases occur in the interest
rate, Lender, at its option, may do one or more of the
following:  (A)  increase Borrower’s payments to ensure
Borrower’s loan will pay off by its original final maturity date,
(B)  increase Borrower’s payments to cover accruing interest,
(C)  increase the number of Borrower’s payments, and
(D)  continue  Borrower’s payments at the same amount and
increase Borrower’s final payment.

       

      PREPAYMENT; MINIMUM INTEREST
CHARGE. In any event, even upon full prepayment of this Note, Borrower
understands that Lender is entitled to a minimum interest charge of
$7.50. Other than Borrower's obligation to pay any minimum interest
charge, Borrower may pay without penalty all or a portion of the amount owed
earlier than it is due. Early payments will not, unless agreed to by Lender in
writing, relieve Borrower of Borrower's obligation to continue to make payments
under the payment schedule. Rather, early payments will reduce the principal
balance due and may result in Borrower's making fewer payments. Borrower agrees
not to send Lender payments marked "paid in full", "without recourse", or
similar language. If Borrower sends such a payment, Lender may accept it without
losing any of Lender's rights under this Note, and Borrower will remain
obligated to pay any further amount owed to Lender. All written communications
concerning disputed amounts including any check or other payment instrument that
indicates that the payment constitutes "payment in full" of the amount owed or
that is tendered with other conditions or limitations or as full satisfaction of
a disputed amount must be mailed or delivered to: FIRST BANK OF CHARLESTON,
INC.; 201 Pennsylvania Avenue; Charleston, WV 25302.

       

      LATE CHARGE. If a payment is
10 days or more late, Borrower will be charged 5.000% of the unpaid portion of the
regularly scheduled payment or $50.00, whichever is greater.

       

      INTEREST AFTER DEFAULT. Upon
default, including failure to pay upon final maturity, the interest rate on this
Note shall be increased to 18.000% per annum. However, in no event will the
interest rate exceed the maximum interest rate limitations under applicable
law.

      DEFAULT. Each of the following
shall constitute an event of default ("Event of Default") under this
Note:

      Payment Default. Borrower
fails to make any payment when due under this Note.

       

      Other Defaults. Borrower fails
to comply with or to perform any other term, obligation, covenant or condition
contained in this Note or in any of the related documents or to comply with or
to perform any term, obligation, covenant or condition contained in any other
agreement between Lender and Borrower.

       

      Default in Favor of Third
Parties. Borrower or any Grantor defaults under any loan, extension of
credit, security agreement, purchase or sales agreement, or any other agreement,
in favor of any other creditor or person that may materially affect any of
Borrower's property or Borrower's ability to repay this Note or perform
Borrower's obligations under this Note or any of the related
documents.

       

      False Statements. Any
warranty, representation or statement made or furnished to Lender by Borrower or
on Borrower's behalf under this Note or the related documents is false or
misleading in any material respect, either now or at the time made or furnished
or becomes false or misleading at any time thereafter.

       

      Insolvency. The dissolution or
termination of Borrower's existence as a going business, the insolvency of
Borrower, the appointment of a receiver for any part of Borrower's property, any
assignment for the benefit of creditors. any type of creditor workout, or the
commencement of any proceeding under any bankruptcy or insolvency laws by or
against Borrower.

       

      Creditor or Forfeiture
Proceedings. Commencement of foreclosure or forfeiture proceedings,
whether by judicial proceeding, self-help, repossession or any other method, by
any creditor of Borrower or by any governmental agency against any collateral
securing the loan. This includes a garnishment of any of Borrower's accounts,
including deposit accounts, with Lender. However, this Event of Default shall
not apply if there is a good faith dispute by Borrower as to the validity or
reasonableness of the claim which is the basis of the creditor or forfeiture
proceeding and if Borrower gives Lender written notice of the creditor or
forfeiture proceeding and deposits with Lender monies or a surety bond for the
creditor or forfeiture proceeding, in an amount determined by Lender, in its
sole discretion, as being an adequate reserve or bond for the
dispute.

       

      Events Affecting Guarantor.
Any of the preceding events occurs with respect to any guarantor, endorser,
surety, or accommodation party of any of the indebtedness or any guarantor,
endorser, surety, or accommodation party dies or becomes incompetent, or revokes
or disputes the validity of, or liability under, any guaranty of the
indebtedness evidenced by this Note. 

       

      Change In Ownership. Any
change in ownership of twenty-five percent (25%) or more of the common stock of
Borrower.

       

      Adverse Change. A material
adverse change occurs in Borrower's financial condition, or Lender believes the
prospect of payment or performance of this Note is impaired.

      Insecurity. Lender in good
faith believes itself insecure.

       

      Cure Provisions. If any
default, other than a default in payment is curable and if Borrower has not been
given a notice of a breach of the same provision of this Note within the
preceding twelve (12) months, it may be cured if Borrower, after receiving
written notice from Lender demanding cure of such default: (1) cures the default
within ten (10) days; or (2) if the cure requires more than ten (10) days,
immediately initiates steps which Lender deems in Lender's sole discretion to be
sufficient to cure the default and thereafter continues and completes all
reasonable and necessary steps sufficient to produce compliance as soon as
reasonably practical.

       

      LENDER'S RIGHTS. Upon default,
Lender may declare the entire unpaid principal balance on this Note and all
accrued unpaid interest immediately due, and then Borrower will pay that
amount.

       

      ATTORNEYS' FEES; EXPENSES.
Lender may hire or pay someone else to help collect this Note if Borrower
does not pay. Borrower will pay Lender that amount. This includes, subject to
any limits under applicable law, Lender's attorneys' fees and Lender's legal
expenses, whether or not there is a lawsuit, including attorneys' fees, expenses
for bankruptcy proceedings (including efforts to modify or vacate any automatic
stay or injunction), and appeals. If not prohibited by applicable law. Borrower
also will pay any court costs, in addition to all other sums provided by
law.

       

      JURY
WAIVER. Lender and
Borrower hereby waive the right to any jury trial in any action, proceeding, or
counterclaim brought by either Lender or Borrower against the
other.

       

      GOVERNING
LAW. This Note will be governed by federal law applicable to Lender and, to the
extent not preempted by federal law, the laws of the State of West Virginia
without regard to its conflicts of law provisions. This Note has been accepted
by Lender in the State of West Virginia.

       

      DISHONORED ITEM FEE. Borrower
will pay a fee to Lender of $7.00 if Borrower makes a payment on Borrower's loan
and the check or preauthorized charge with which Borrower pays is later
dishonored.

       

      

      
        	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      

      

      PROMISSORY
NOTE (Continued)

      

      Loan
No: 323876

       

      RIGHT OF SETOFF. To the extent
permitted by applicable law. Lender reserves a right of setoff in all Borrower's
accounts with Lender (whether checking, savings, or some other account). This
includes all accounts Borrower holds jointly with someone else and all accounts
Borrower may open in the future. However, this does not include any IRA or Keogh
accounts, or any trust accounts for which setoff would be prohibited by law.
Borrower authorizes Lender, to the extent permitted by applicable law, to charge
or setoff all sums owing on the indebtedness against any and all such accounts,
and, at Lender's option, to administratively freeze all such accounts to allow
Lender to protect Lender's charge and setoff rights provided in this
paragraph.

       

      COLLATERAL. Borrower
acknowledges this Note is secured by the following collateral described in the
security instrument listed herein: collateral described in a Commercial Security
Agreement dated April 22, 2008.

       

      SUCCESSOR INTERESTS. The terms
of this Note shall be binding upon Borrower, and upon Borrower's heirs, personal
representatives, successors and assigns, and shall inure to the benefit of
Lender and its successors and assigns.

       

      NOTIFY US OF INACCURATE INFORMATION
WE REPORT TO CONSUMER REPORTING AGENCIES. Please notify us if we report
any inaccurate information about your account(s) to a consumer reporting agency.
Your written notice describing the specific inaccuracy(ies) should be sent to us
at the following address: FIRST BANK OF CHARLESTON PO Box 6907 Charleston, WV
25362.

       

      GENERAL PROVISIONS. If any
part of this Note cannot be enforced, this fact will not affect the rest of the
Note. Lender may delay or forgo enforcing any of its rights or remedies under
this Note without losing them. Borrower and any other person who signs,
guarantees or endorses this Note, to the extent allowed by law, waive
presentment, demand for payment, and notice of dishonor. Upon any change in the
terms of this Note, and unless otherwise expressly stated in writing, no party
who signs this Note, whether as maker, guarantor, accommodation maker or
endorser, shall be released from liability. All such parties agree that Lender
may renew or extend (repeatedly and for any length of time) this loan or release
any party or guarantor or collateral; or impair, fail to realize upon or perfect
Lender's security interest in the collateral; and take any other action deemed
necessary by Lender without the consent of or notice to anyone. All such parties
also agree that Lender may modify this loan without the consent of or notice to
anyone other than the party with whom the modification is made. The obligations
under this Note are joint and several.

       

      WEST VIRGINIA INSURANCE NOTICE.
Unless Borrower provides Lender with evidence of the insurance coverage
required by Borrower's agreement with Lender, Lender may purchase insurance at
Borrower's expense to protect Lender's interests in the collateral. This
insurance may, but need not, protect Borrower's interests. The coverage that
Lender purchases may not pay any claim that Borrower makes or any claim that is
made against Borrower in connection with the collateral. Borrower may later
cancel any insurance purchased by Lender, but only after providing Lender with
evidence that Borrower has obtained insurance as required by their agreement. If
Lender purchases insurance for the collateral, Borrower will be responsible for
the costs of that insurance, including interest and any other charges Lender may
impose in connection with the placement of the insurance, until the effective
date of the cancellation or expiration of the insurance. The costs of the
insurance may be added to Borrower's total outstanding balance or obligation.
The costs of the insurance may be more than the cost of insurance Borrower may
be able to obtain on Borrower's own.

       

      
        PRIOR
TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD All THE PROVISIONS OF THIS
NOTE, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS.  BORROWER
AGREES TO THE TERMS OF THE NOTE.

        BORROWER
ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE.

        BORROWER:

        CHAMPION
INDUSTRIES INC

        
          	
                   
      

                	
                  By:  /s/ Toney K
      Adkins______________________

                

        

        TONEY
K ADKINS, President of CHAMPION INDUSTRIES, INC

         

        
          	
                   
      

                	
                  By:
      /s/ Walter
      Sansom_______________________

                

        

        WALTER
SANSOM, Secretary of CHAMPION INDUSTRIES,
INC

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