Gross Proceeds. Gross Proceeds" shall mean the total proceeds from the sale of Shares during the initial public offering period, before deductions for Organization and Offering Expenses and without taking into account "volume discounts". For purposes of calculating Gross Proceeds, the purchase price of all Shares shall be deemed to be $20 per share.
Appears in 3 contracts
Samples: Agreement and Declaration of Trust (United Mortgage Trust), Agreement and Declaration of Trust (United Mortgage Trust), Agreement and Declaration of Trust (United Mortgage Trust)