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”).
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Samples: Underwriting Agreement (ECA Marcellus Trust I), Underwriting Agreement (ECA Marcellus Trust I)
Outstanding Trust Units. The issued and outstanding beneficial interests in the Trust consist of 13,203,750 Common 38,583,158 Trust Units; such Trust Units and 4,401,250 subordinated units of the beneficial interest (the “Subordinated Units” and, collectively with the Common Units, the “Trust Units”); and interests in the Trust Units represented thereby have been duly authorized and validly issued in accordance with the trust agreement of the Trust Agreement (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”).
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Samples: Underwriting Agreement (Pacific Coast Oil Trust), Underwriting Agreement (Pacific Coast Oil Trust)
Outstanding Trust Units. The issued and outstanding beneficial interests in the Trust consist of 13,203,750 Common 33,000,000 Trust Units; such Trust Units and 4,401,250 subordinated units of the beneficial interest (the “Subordinated Units” and, collectively with the Common Units, the “Trust Units”); and interests in the Trust Units represented thereby have been duly authorized and validly issued in accordance with the trust agreement of the Trust Agreement (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”).
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