Common use of Division of Funds into Units Clause in Contracts

Division of Funds into Units. The beneficial interest in a Fund shall be divided into interests of one or more series and of equal value as all other interests of that series, referred to as “Units”. Units and fractions thereof shall be issued only as fully paid and non-assessable. There shall be no limit to the number of Units of a Fund that may be issued, subject to any determination to the contrary made by the Manager in its sole discretion and no Unit of a Fund or fraction thereof shall have any rights, preferences or priorities over any other Unit of the same series of that Fund, except that no holder of a fraction of a Unit, as such, shall be entitled to notice of, or to attend or to vote at, meetings of Unitholders. The Trustee and the Manager may be Unitholders of the Funds. The Manager shall have sole discretion in determining whether the capital of a Fund is divided into one or more series of Units and the attributes which shall attach to each series of Units. Unless otherwise determined by the Manager and notified in writing to the Trustee, there shall be authorized 11 series of Units, designated as Series A Units, Series B Units, Series C Units, Series D Units, Series F Units, Series H Units, Series I Units, Series N Units, Series O Units, Series Z Units and Advisor Series Units with the attributes of each such series identical except that (a) the Manager shall not be entitled to receive a management fee from any Fund with respect to Series N Units, Series O Units or Series Z Units, and (b) Unitholders of Series N Units of a Fund shall not, as such, have any voting rights and shall not be entitled to receive notice of, or to attend any meeting of Unitholders of the Fund, except at meetings where only holders of Series N Units are entitled to vote.

Division of Funds into Units. The beneficial interest in a Fund shall be divided into interests of one or more series and of equal value as all other interests of that series, referred to as “Units”. Units and fractions thereof shall be issued only as fully paid and non-assessable. There shall be no limit to the number of Units of a Fund that may be issued, subject to any determination to the contrary made by the Manager in its sole discretion and no Unit of a Fund or fraction thereof shall have any rights, preferences or priorities over any other Unit of the same series of that FundFund (other than as provided for in Section 16.10 and Section 16.11), except that no holder of a fraction of a Unit, as such, shall be entitled to notice of, or to attend or to vote at, meetings of Unitholders. The Trustee and the Manager may be Unitholders of the Funds. The Manager shall have sole discretion in determining whether the capital of a Fund is divided into one or more series of Units and the attributes which shall attach to each series of Units. Unless otherwise determined by the Manager and notified in writing to the Trustee, there shall be authorized 11 17 series of Units, designated as Series A Units, Series AZ Units, Series B Units, Series C Units, Series D Units, Series DZ Units, Series F Units, Series FT5 Units, Series FZ Units, Series H Units, Series I Units, Series N Units, Series O Units, Series OL Units, Series T5 Units, Series Z Units and Advisor Series Units with the attributes of each such series identical except that (a) unless otherwise set forth in Schedule “A”, the Manager shall not be entitled to receive a management fee from any Fund with respect to Series N Units, Series O Units or Series Z Units, and (b) Unitholders of Series N Units of a Fund shall not, as such, have any voting rights and shall not be entitled to receive notice of, or to attend any meeting of Unitholders of the Fund, except at meetings where only holders of Series N Units are entitled to vote, and (c) with respect to the Xxxxxxxx, Xxxxx & North Mortgage Pension Trust, attributes with respect to subscription and redemption terms may differ if so described in that Fund’s offering document.

Division of Funds into Units. The beneficial interest in a Fund shall be divided into interests of one or more series and of equal value as all other interests of that series, referred to as “Units”. Units and fractions thereof shall be issued only as fully paid and non-assessable. There shall be no limit to the number of Units of a Fund that may be issued, subject to any determination to the contrary made by the Manager in its sole discretion and no Unit of a Fund or fraction thereof shall have any rights, preferences or priorities over any other Unit of the same series of that FundFund (other than as provided for in Section 16.10 and Section 16.11), except that no holder of a fraction of a Unit, as such, shall be entitled to notice of, or to attend or to vote at, meetings of Unitholders. The Trustee and the Manager may be Unitholders of the Funds. The Manager shall have sole discretion in determining whether the capital of a Fund is divided into one or more series of Units and the attributes which shall attach to each series of Units. Unless otherwise determined by the Manager and notified in writing to the Trustee, there shall be authorized 11 series of Units, designated as Series A Units, Series B Units, Series C Units, Series D Units, Series F Units, Series FT5 Units, Series H Units, Series I Units, Series N Units, Series O Units, Series T5 Units, Series Z Units and Advisor Series Units with the attributes of each such series identical except that (a) unless otherwise set forth in Schedule “A”, the Manager shall not be entitled to receive a management fee from any Fund with respect to Series N Units, Series O Units or Series Z Units, and (b) Unitholders of Series N Units of a Fund shall not, as such, have any voting rights and shall not be entitled to receive notice of, or to attend any meeting of Unitholders of the Fund, except at meetings where only holders of Series N Units are entitled to vote.and

Division of Funds into Units. The beneficial interest in a Fund shall be divided into interests of one or more series and of equal value as all other interests of that series, referred to as “Units”. Units and fractions thereof shall be issued only as fully paid and non-assessable. There shall be no limit to the number of Units of a Fund that may be issued, subject to any determination to the contrary made by the Manager in its sole discretion and no Unit of a Fund or fraction thereof shall have any rights, preferences or priorities over any other Unit of the same series of that Fund, except that no holder of a fraction of a Unit, as such, shall be entitled to notice of, or to attend or to vote at, meetings of Unitholders. The Trustee and the Manager may be Unitholders of the Funds. The Manager shall have sole discretion in determining whether the capital of a Fund is divided into one or more series of Units and the attributes which shall attach to each series of Units. Unless otherwise determined by the Manager and notified in writing to the Trustee, there shall be authorized 11 seven series of Units, designated as Series A Units, Series B Units, Series C Units, Series D Units, Series F Units, Series H Units, Series I Units, Series N Units, Series O Units, Series Z Units and Advisor Series Units Untis with the attributes of each such series identical except that (a) the Manager shall not be entitled to receive a management fee from any Fund with respect to Series N O Units, Series O Units or Series Z Units, and (b) Unitholders of Series N Units of a Fund shall not, as such, have any voting rights and shall not be entitled to receive notice of, or to attend any meeting of Unitholders of the Fund, except at meetings where only holders of Series N Units are entitled to vote.