Outstanding Trust Units. At the Initial Closing Date, after giving effect to the Transactions, the Trust will have outstanding 46,750,000 Trust Units; such Trust Units and the beneficial interests in the Trust represented thereby will be duly authorized and validly issued in accordance with the Trust Agreement, and will be fully paid and nonassessable and free from any preemptive or similar rights.
Outstanding Trust Units. The issued and outstanding beneficial interests in the Trust consist of 13,203,750 Common Units and 4,401,250 subordinated units of beneficial interest (the “Subordinated Units” and, collectively with the Common Units, the “Trust Units”); and the Trust Units have been duly authorized in accordance with the Trust Agreement and are validly issued, fully paid and nonassessable and free from any preemptive or similar rights. The Company owns the right to receive Incentive Distributions, as such term is defined in the Trust Agreement (the “Incentive Distributions”).
Outstanding Trust Units. At the Initial Delivery Date (as defined in Section 5), after giving effect to the Transactions, the Trust will have outstanding 33,000,000 Trust Units; such Trust Units and the beneficial interests in the Trust represented thereby will be duly authorized and validly issued in accordance with the Trust Agreement, and will be fully paid and nonassessable and free from any preemptive or similar rights.
Outstanding Trust Units. At the Closing Date, after giving effect to the Transactions, the Trust will have outstanding [·] Trust Units; such Trust Units and the beneficial interests in the Trust represented thereby will be duly authorized and validly issued in accordance with the Trust Agreement, and will be fully paid and nonassessable and free from any preemptive or similar rights.
Outstanding Trust Units. On the Closing Date, after giving effect to the Transactions, the Trust will have outstanding 18,400,000 Trust Units. Such Trust Units and the beneficial interests in the Trust represented thereby have been duly authorized for issuance by the Trust, and, when duly issued and delivered to WOGC in accordance with the Trust Agreement, the Trust Units will be duly and validly issued and outstanding, fully paid and nonassessable and are free of any preemptive or similar rights, and will constitute valid and binding obligations of the Trust entitled to the benefits of the Trust Agreement and enforceable in accordance with their terms, except as the enforceability of each may be limited by (i) the application of bankruptcy, reorganization, insolvency and other laws affecting creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). The Trust Units, when issued and delivered, will conform in all material respects to the description thereof contained in the Registration Statement, the Time of Sale Information and the Prospectus.
