Common use of Procedure for Surrender of Units Clause in Contracts

Procedure for Surrender of Units. Units may be surrendered to the Unit Agent, together with a written request for exchange or transfer reasonably acceptable to Unit Agent, duly executed by the registered holder thereof, or by a duly authorized attorney, and thereupon the Unit Agent shall issue in exchange therefor one or more new Unit s as requested by the registered holder of the Unit s so surrendered, representing an equal aggregate number of Unit s; provided, however, that except as otherwise provided herein or in any Book-Entry Unit Certificate, each Book-Entry Unit Certificate may be transferred only in whole and only to the Depository, to another nominee of the Depository, to a successor depository, or to a nominee of a successor depository; provided further, however, that in the event that a Unit surrendered for transfer bears a restrictive legend, the Unit Agent shall not cancel such Unit and issue new Unit s in exchange therefor until the Unit Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new Unit s must also bear a restrictive legend. Upon any such registration of transfer, the Company shall execute, and the Unit Agent shall countersign and deliver, in the name of the designated transferee a new Unit Certificate or Unit Certificates of any authorized denomination evidencing in the aggregate a like number of unexercised Units.

Procedure for Surrender of Units. Units may be surrendered to the Unit Agent, together with a written request for exchange or transfer reasonably acceptable to Unit Agent, duly executed by the registered holder thereof, or by a duly authorized attorney, and thereupon the Unit Agent shall issue in exchange therefor one or more new Unit s as requested by the registered holder of the Unit s so surrendered, representing an equal aggregate number of Unit s; provided, however, that except as otherwise provided herein or in any Book-Entry Unit Certificate, each Book-Entry Unit Certificate may be transferred only in whole and only to the Depository, to another nominee of the Depository, to a successor depository, or to a nominee of a successor depository; provided further, however, that in the event that a Unit surrendered for transfer bears a restrictive legend, the Unit Agent shall not cancel such Unit and issue new Unit s in exchange therefor until the Unit Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new Unit s must also bear a restrictive legend. Upon any such registration of transfer, the Company shall execute, and the Unit Agent shall countersign and deliver, in the name of the designated transferee a new Unit Certificate or Unit Certificates of any authorized denomination evidencing in the aggregate a like number of unexercised Units.Unit s.