Trust Units. 1.1. The Underwriter shall cause the Trust to make Units available for purchase by the Company and shall execute orders placed for each Account on a daily basis at the net asset value next computed after receipt by the Trust or its designee of such order. For purposes of this Section 1.1, the Company shall be the designee of the Trust and Underwriter for receipt of such orders from each Account and receipt by such designee shall constitute receipt by the Trust; provided that the Trust receives notice of such order by 9:00 a.m. CST time on the next following Business Day. "Business Day" shall mean any day on which the New York Stock Exchange is open for trading and on which the Trust calculates its net asset value pursuant to the rules of the Securities and Exchange Commission, as set forth in the Trust's prospectus. Notwithstanding the foregoing, the Trust may refuse to sell Units to any person (including the Company and the Accounts) or suspend or terminate the offering of Units if such action is required by law or by regulatory authorities having jurisdiction or is, in the sole discretion of the Underwriter acting in good faith and in light of its fiduciary duties under federal and any applicable state laws, necessary in the best interest of the holders of Units.
Trust Units. The beneficial interests in the Trust shall constitute a single class of Units, which may be represented by instalment receipts. The number of Units which the Trust may issue is unlimited. Each Unit when issued shall vest indefeasibly in the holder thereof. The issued and outstanding Units may be subdivided or consolidated from time to time by the Trustees.
Trust Units. Seller holds of record and owns beneficially the Trust Units of record and, free and clear of any restrictions on transfer (other than any restrictions on the Trust Units under the Securities Act of 1933 (the, “Securities Act”) and state securities laws), taxes, Liens, options, warrants, purchase rights, contracts, commitments, equities, claims, and demands. Seller is not a party to any option, warrant, purchase right, or other contract or commitment that could require Seller to sell, transfer, or otherwise dispose of any of the Trust Unit (other than pursuant to this Agreement and the Operating Agreement). Except as required to be delivered at Closing pursuant to this Agreement, Seller is not required to give any notice to or obtain any consent from any Person in connection with the execution and delivery of this Agreement or the consummation or performance of any of the transactions contemplated hereby.
Trust Units. (a) At such time or times as any Equity Interests shall be deposited under Section 2.01 or 2.02, the Trustee shall issue to the Beneficiary one Trust Unit to represent each share of Equity Interests so deposited.
(b) The ownership of Trust Units by the Beneficiaries shall be recorded and reflected in the books and records of the Trustee, and certificates representing Trust Units will not be issued.
Trust Units. The Trust hereby represents, warrants and covenants that the Trust Units issuable as described herein will be duly authorized and validly issued as fully paid and non-assessable and shall be free and clear of any lien, claim or encumbrance. The Trust hereby represents, warrants and covenants that it has irrevocably reserved for issuance and will at all times keep available, free from pre-emptive and other rights, out of its authorized and unissued Trust Units such number of Trust Units (or other units or securities into which Trust Units may be reclassified or changed as contemplated by Section 2.6 of the Support Agreement) (i) as is equal to the sum of the number of Trust Units issuable upon the redemption, retraction or exchange of all (A) Exchangeable Shares issued and outstanding from time to time and (B) Exchangeable Shares issuable upon the exercise of all rights to acquire Exchangeable Shares outstanding from time to time and (ii) as are now and may hereafter be required to enable and permit AcquisitionCo to meet its obligations hereunder, under the Support Agreement, under the Exchangeable Share Provisions and under any other security or commitment pursuant to the Offer with respect to which the Trust may now or hereafter be required to issue Trust Units.
Trust Units. The holder of the LMI Interest shall be issued Class C Trust Units in an amount equal to the liquidation preference attributable to the shares of preferred stock of HIGI owned by such holder as of the Effective Date. The stated value of each Liquidating Trust Unit shall be one dollar. To the extent that the Plan provides for interest to accrue on or with respect to a Claim or Class of Claims, the holders of such Claims and the corresponding Liquidating Trust Units shall accrue and, from time to time, shall be issued additional Liquidating Trust Units on the basis of one Liquidating Trust Unit for every dollar of interest accrued. Notwithstanding any other provisions of this Trust Agreement or the Plan, only whole numbers of Liquidating Trust Units shall be issued and all Claims, and any interest accruing on Claim, shall be rounded to the nearest dollar.
Trust Units i) At such time or times as any Equity Interests shall be deposited under Section 2.01 or 2.02, the Trustee shall issue to the Beneficiary one Trust Unit to represent each share of Equity Interests so deposited.
Trust Units. The beneficial interests in the trust shall be divided into interests of one class, described and designated as "Trust Units", which shall be entitled to the rights and subject to the limitations, restrictions and conditions set out herein and which may be represented by instalment receipts.
Trust Units. (a) The beneficial interest in the Fund shall be divided into interests of one class referred to as "Trust Units". Trust Units shall be issued only as fully paid and non-assessable. There shall be no limit to the number of Trust Units that may be issued in the Fund. Each Trust Unit of the Fund shall rank equally with every other Trust Unit of the Fund and no Trust Unit of the Fund shall have any preference or priority over any other Trust Unit of the Fund. Fractional Trust Units may not be issued.
(b) In addition to the sum of $10.00 contributed by the Manager as the initial Fund Property for the purpose of constituting the Fund, the Trustee acknowledges receipt from the Manager of the sum of $10.00 as the subscription price for one Trust Unit (the "Initial Trust Unit") and the Initial Trust Unit is hereby issued to the Manager as fully paid. Upon closing of the initial public offering of Trust Units by the Fund, the Manager shall sell to the Fund and the Fund shall purchase from the Manager the Initial Trust Unit for a price of $10.00 and the Initial Trust Unit shall be cancelled.
(c) Each Trust Unit represents an equal undivided beneficial interest in any distribution from the Fund (whether of Net Income, Net Capital Gains or other amounts) and in any net assets of the Fund in the event of termination or winding-up of the Fund. Each Trust Unit outstanding from time to time shall be entitled to equal shares in (i) distributions when and as declared, and (ii) the proceeds of liquidation of the Fund Property in the event of termination or winding-up of the Fund, after satisfaction of all liabilities of the Fund, including the liabilities of the Fund to the Manager pursuant to the Management Agreement. All Units shall rank among themselves equally and rateably without discrimination, preference or priority.
Trust Units. 11 3.2 Rights, Warrants and Options........................................12 3.3
