Common use of Formation, Due Qualification and Authority of the Trust Clause in Contracts

Formation, Due Qualification and Authority of the Trust. The Trust has been duly formed and is validly existing and in good standing as a statutory trust under the Delaware Statutory Trust Act and all filings required under the laws of the State of Delaware with respect to the formation and valid existence of the Trust as a statutory trust have been made. The Trust is duly registered and qualified to do business and is in good standing in each jurisdiction or place where the nature of its properties or the conduct of its business requires such registration or qualification, except where the failure to be so registered or qualified or in good standing would not, in the aggregate, reasonably be expected to (i) have a material adverse effect on the condition (financial or otherwise), results of operations, properties, business or prospects of the Trust or the Underlying Properties (as defined in the Registration Statement, the Pre-Pricing Prospectus and the Prospectus) (a “Material Adverse Effect”), (ii) materially impair the ability of the Trust to consummate the transactions contemplated by this Agreement or any other transactions provided for in this Agreement or the Operative Agreements or (iii) subject the unitholders of the Trust to any material liability or disability. The Trust has full right, power and authority necessary to own or hold its properties and to conduct the businesses in which it is engaged as described in the Registration Statement, the Pre-Pricing Prospectus and the Prospectus. The Trust does not own or control, directly or indirectly, any corporation, association or other entity.

Formation, Due Qualification and Authority of the Trust. The Trust has been duly formed and is validly existing and in good standing as a statutory trust under the Delaware Statutory Trust Act and all filings required under the laws of the State of Delaware with respect to the formation and valid existence of the Trust as a statutory trust have been made. The Trust is duly registered and qualified to do business and is in good standing in each jurisdiction or place where the nature of its properties or the conduct of its business requires such registration or qualification, except where the failure to be so registered or qualified or in good standing would could not, in the aggregate, reasonably be expected to (i) have a material adverse effect on the condition (financial or otherwise), results of operations, properties, properties or business or prospects of the Trust or the Underlying Properties (as defined in the Registration Statement, the Pre-Pricing most recent Preliminary Prospectus and the Prospectus) (a “Material Adverse Effect”), (ii) materially impair the ability of the Trust or the PCEC Parties to consummate the transactions contemplated by this Agreement Transactions or any other transactions provided for in this Agreement or the Operative Agreements Transaction Documents or (iii) subject the unitholders of the Trust to any material liability or disability. The Trust has full right, power and authority necessary to own or hold its properties and to conduct the businesses in which it is engaged as described in the Registration Statement, the Pre-Pricing most recent Preliminary Prospectus and the Prospectus. The Trust does not own or control, directly or indirectly, any corporation, association or other entity.

Formation, Due Qualification and Authority of the Trust. The Trust has been duly formed and is validly existing and in good standing as a statutory trust under the Delaware Statutory Trust Act and all filings required under the laws of the State of Delaware with respect to the formation and valid existence of the Trust as a statutory trust have been made. The Trust is duly registered and qualified to do business and is in good standing in each jurisdiction or place where the nature of its properties or the conduct of its business requires such registration or qualification, except where the failure to be so registered or qualified or in good standing would could not, in the aggregate, reasonably be expected to (i) have a material adverse effect on the condition (financial or otherwise), results of operations, properties, properties or business or prospects of the Trust or the Underlying Properties (as defined in the Registration Statement, the Pre-Pricing most recent Preliminary Prospectus and the Prospectus) (a “Material Adverse Effect”), (ii) materially impair the ability of the Trust Trust, the Partnership or the Selling Unitholders to consummate the transactions contemplated by this Agreement or any other transactions provided for in this Agreement or the Operative Agreements or (iii) subject the unitholders of the Trust to any material liability or disability. The Trust has full right, power and authority necessary to own or hold its properties and to conduct the businesses in which it is engaged as described in the Registration Statement, the Pre-Pricing Prospectus Disclosure Package and the Prospectus. The Trust does not own or control, directly or indirectly, any corporation, association or other entity.

Formation, Due Qualification and Authority of the Trust. The Trust has been duly formed and is validly existing and in good standing as a statutory trust under the Delaware Statutory Trust Act and all filings required under the laws of the State of Delaware with respect to the formation and valid existence of the Trust as a statutory trust have been made. The Trust is duly registered and qualified to do business and is in good standing in each jurisdiction or place where the nature of its properties or the conduct of its business requires such registration or qualification, except where the failure to be so registered or qualified or in good standing would could not, in the aggregate, reasonably be expected to (i) have a material adverse effect on the condition (financial or otherwise), results of operations, properties, business or prospects of the Trust or the Underlying Properties (as defined in the Registration Statement, the Pre-Pricing most recent Preliminary Prospectus and the Prospectus) (a “Material Adverse Effect”), (ii) materially impair the ability of the Trust or the Company to consummate the transactions contemplated by this Agreement Transactions or any other transactions provided for in this Agreement or the Operative Agreements Transaction Documents or (iii) subject the unitholders of the Trust to any material liability or disability. The Trust has full right, power and authority necessary to own or hold its properties and to conduct the businesses in which it is engaged as described in the Registration Statement, the Pre-Pricing Prospectus and the Prospectusengaged. The Trust does not own or control, directly or indirectly, any corporation, association or other entity.

Formation, Due Qualification and Authority of the Trust. The Trust has been duly formed and is validly existing and in good standing as a statutory trust under the Delaware Statutory Trust Act and all filings required under the laws of the State of Delaware with respect to the formation and valid existence of the Trust as a statutory trust have been made. The Trust is duly registered and qualified to do business and is in good standing in each jurisdiction or place where the nature of its properties or the conduct of its business requires such registration or qualification, except where the failure to be so registered or qualified or in good standing would could not, in the aggregate, reasonably be expected to (i) have a material adverse effect on the condition (financial or otherwise), results of operations, properties, business or prospects of the Trust or the Underlying Properties (as defined in the Registration Statement, the Pre-Pricing most recent Preliminary Prospectus and the Prospectus) (a “Material Adverse Effect”), (ii) materially impair the ability of the Trust or the Company to consummate the transactions contemplated by this Agreement Transactions or any other transactions provided for in this Agreement or the Operative Agreements Transaction Documents or (iii) subject the unitholders of the Trust to any material liability or disability. The Trust has full right, power and authority necessary to own or hold its properties and to conduct the businesses in which it is engaged as described in the Registration Statement, the Pre-Pricing most recent Preliminary Prospectus and the Prospectus. The Trust does not own or control, directly or indirectly, any corporation, association or other entity.

Formation, Due Qualification and Authority of the Trust. The Trust has been duly formed and is validly existing and in good standing as a statutory trust under the Delaware Statutory Trust Act and all filings required under the laws of the State of Delaware with respect to the formation and valid existence of the Trust as a statutory trust have been made. The Trust is duly registered and qualified to do business and is in good standing in each jurisdiction or place where the nature of its properties or the conduct of its business requires such registration or qualification, except where the failure to be so registered or qualified or in good standing would could not, in the aggregate, reasonably be expected to (i) have a material adverse effect on the condition (financial or otherwise), results of operations, properties, business or prospects of the Trust or the Underlying Properties (as defined in the Registration Statement, the Pre-Pricing Prospectus Disclosure Package and the Prospectus) (a “Material Adverse Effect”), (ii) materially impair the ability of the Trust or the Company to consummate the transactions contemplated by this Agreement or any other transactions provided for in this Agreement or the Operative Agreements or (iii) subject the unitholders of the Trust to any material liability or disability. The Trust has full right, power and authority necessary to own or hold its properties and to conduct the businesses in which it is engaged as described in the Registration Statement, the Pre-Pricing Prospectus Disclosure Package and the Prospectus. The Trust does not own or control, directly or indirectly, any corporation, association or other entity.