Creation and Distribution. Ownership of the Beneficial Interest shall be divided into [ ] Trust Units, of which [ ] shall be Common Units and [ ] shall be Subordinated Units. The Trust Units shall initially be uncertificated and ownership thereof evidenced by entry of a notation in an ownership ledger maintained for such purpose by the Trustee or a transfer agent designated by the Trustee. The Trust Unitholders shall be the sole beneficial owners of the Trust Estate and the Trust.
Appears in 2 contracts
Sources: Trust Agreement (SandRidge Permian Trust), Trust Agreement (SandRidge Mississippian Trust I)
Creation and Distribution. Ownership of the entire Beneficial Interest shall be divided into [ [·] Trust Units, of which [ ] shall be Common Units and [ ] shall be Subordinated Units. The Trust Units shall initially be uncertificated and ownership thereof shall be evidenced by entry of a notation in an ownership ledger maintained for such purpose by the Trustee or a transfer agent designated by the Trustee. The Trust Unitholders from time to time shall be the sole beneficial owners of the Trust Estate and the TrustEstate.
Appears in 2 contracts
Sources: Trust Agreement (Boaz Energy II, LLC), Trust Agreement (PermRock Royalty Trust)
Creation and Distribution. Ownership of the entire Beneficial Interest shall be divided into [ [•] Trust Units, of which [ ] shall be Common Units and [ ] shall be Subordinated Units. The Trust Units shall initially be uncertificated and ownership thereof shall be evidenced by entry of a notation in an ownership ledger maintained for such purpose by the Trustee or a transfer agent designated by the Trustee. The Trust Unitholders from time to time shall be the sole beneficial owners of the Trust Estate and the TrustEstate.
Appears in 2 contracts
Sources: Trust Agreement (Enduro Royalty Trust), Trust Agreement (Enduro Royalty Trust)
Creation and Distribution. Ownership of the entire Beneficial Interest shall be divided into [ ] Trust Units, of which [ ] shall be Common Units and [ ] shall be Subordinated Units. The Trust Units shall initially be uncertificated and ownership thereof shall be evidenced by entry of a notation in an ownership ledger maintained for such purpose by the Trustee or a transfer agent designated by the Trustee. The holders of the Trust Unitholders Units from time to time shall be the sole beneficial owners beneficiaries of the Trust Estate principal and interest of the Trust.
Appears in 2 contracts
Sources: Trust Agreement (Whiting USA Trust II), Trust Agreement (Whiting Petroleum Corp)