Unit Reorganization Clause Samples
Unit Reorganization. In the event that there is any change in the number of Redemption-Exchange Units or BREP Units Outstanding from time to time as a result of a subdivision, consolidation, reclassification, capital reorganization or similar change in the Redemption-Exchange Units or the BREP Units, as the case may be, (each such event, a “Unit Reorganization”), the Exchange Ratio shall be adjusted to be the number of BREP Units that would be received in respect of one Redemption-Exchange Unit immediately following the Unit Reorganization as if the Redemption Right and the Exchange Right had been exercised in respect of such Redemption-Exchange Unit immediately before the Unit Reorganization.
Unit Reorganization. If at any time after the issuance of the Subscription Receipts and before the Issue Time, the Trust:
(i) subdivides or changes its outstanding Units into a greater number of Units,
(ii) consolidates or changes its outstanding Units into a lesser number of Units, or
(iii) issues to all or substantially all the holders of Units by way of a unit distribution or otherwise, Units, (any of such events in Sections 4.2(a)(i), 4.2(a)(ii) and 4.2(a)(iii) being called a “Unit Reorganization”), then the number of Underlying Units with respect to each Subscription Receipt will be adjusted as of the record date at which the holders of the Units are determined for the purpose of the Unit Reorganization by multiplying the number of Underlying Units theretofore obtainable immediately prior to such record date by a fraction, the numerator of which will be the number of Units outstanding on the record date after giving effect to the Unit Reorganization and the denominator of which will be the number of Units outstanding on the record date before giving effect to the Unit Reorganization.