Common use of Authorization of Conversion Shares Clause in Contracts

Authorization of Conversion Shares. The common shares of Beneficial Interest issuable upon conversion of the Securities in accordance with the terms of the Designating Amendment (the “Conversion Shares”) have been duly authorized and, when issued upon conversion of the Securities in accordance with the terms of the Designating Amendment, will be validly issued and fully paid and non-assessable free and clear of any pledge, lien, encumbrance, security interest or other claim created by the Trust. The Trust has duly and validly reserved such Conversion Shares for issuance upon conversion of the Securities. The Conversion Shares conform in all material respects to the descriptions thereof contained in the Registration Statement, the General Disclosure Package and the Prospectus and such description conforms to the rights set forth in the Designating Amendment; the certificates, if any, for such Conversion Shares issuable upon conversion of the Securities are in due and proper form; no holder of the Securities will be subject to personal liability by reason of being such a holder; and the issuance of the Conversion Shares is not subject to any statutory or contractual preemptive rights, resale rights, rights of first refusal or other similar rights of any securityholder of the Trust.