Common use of Authorization of the Units Clause in Contracts

Authorization of the Units. The Units to be purchased by the Underwriters from the Trust have been duly authorized for issuance and sale pursuant to this Agreement and, when issued and delivered by the Trust to the Underwriters pursuant to this Agreement on the Closing Date or any Additional Closing Date, will be validly issued, fully paid and non-assessable in accordance with the Trust Agreement, and the issuance of the Units will not be subject to any preemptive or similar rights.