Common use of Issue of Units Clause in Contracts

Issue of Units. 14 (A) The Manager shall have the exclusive right to create and issue Units that constitute the Trust on behalf of the Trust. Units shall be issued and created only on a Dealing Day. The Manager shall not be bound to accept any application for Units having a total face value of less than Rupees One Thousand (Rs. 1,000/-). Notwithstanding the above, the Manager shall have an absolute discretion to accept or not to accept in whole or in part any application for Units. The Units shall be issued at the Issue Price. No fractions of Units shall be issued. Provided however that the Manager may in computing the number of Units to be issued in any given instance, issue Units that are rounded off to two decimals or as may be otherwise decided on by the Manager.

Issue of Units. 14 (A) The Manager shall have the exclusive right to create and issue Units that constitute the Trust on behalf of the Trust. Units shall be issued and created only on a Dealing Day. The Manager shall not be bound to accept any application for Units having a total face value of less than Rupees One Ten Thousand (Rs. 1,000/-10,000/-). Notwithstanding the above, the Manager shall have an absolute discretion to accept or not to accept in whole or in part any application for Units. The Units shall be issued at the Issue Price. No fractions of Units shall be issued. Provided however that the Manager may in computing the number of Units to be issued in any given instance, issue Units that are rounded off to two decimals or as may be otherwise decided on by the Manager.

Issue of Units. 14 (A) The Manager shall have the exclusive right to create and issue Units that constitute the Trust on behalf of the Trust. Units shall be issued and created only on a Dealing Day. The Manager shall not be bound to accept any application for Units having a total face value of less than Rupees One Thousand Million (Rs. 1,000/-1,000,000/-). Notwithstanding the above, the Manager shall have an absolute discretion to accept or not to accept in whole or in part any application for Units. The Units shall be issued at the Issue Price. No fractions of Units shall be issued. Provided however that the Manager may in computing the number of Units to be issued in any given instance, issue Units that are rounded off to two decimals or as may be otherwise decided on by the Manager.