Nature of Units. (a) The beneficial interest in the Trust is divided into Units. (b) Subject to the rights, obligations or restrictions attaching to any particular Unit or Class, a Unit confers an interest in the Assets as a whole, subject to the liabilities of the Trust. (c) A Unit does not confer an interest in a particular Asset. (d) At any time, all the Units in a Class are of equal value. (e) All Units are Ordinary Units unless otherwise specified in their terms of issue.
Appears in 4 contracts
Samples: Reference User Funding Agreement (Rufa), Trust Deed, Trust Deed
