Common use of Allotment and Issue Clause in Contracts

Allotment and Issue. (a) Within the limitations of this Article 5, the Registrar and Transfer Agent, on the direction of the Trust, shall allot and issue Units at such time or times at such price and in such manner, and to such Person or Persons as the Trust shall determine, having regard to such matters as would be considered by the board of directors of a CBCA Corporation when issuing shares in comparable circumstances. (b) Notwithstanding Subsection 5.1(a), the Trust’s initial public offering of Units shall be made at a price not exceeding $15 per Unit or such other price as the Trustee may approve. The Trust shall not direct the Registrar and Transfer Agent to allot and issue Units subsequent to the Trust’s initial public offering (i) unless the Trust receives a per Unit offering price, after deducting underwriting fees, commissions and offering expenses, of not less than 100% of the most recently calculated Net Asset Value per Unit on the Business Day prior to, or upon, the determination of the pricing of such issuance; or (ii) except by way of Unit distribution in connection with an income distribution. Immediately after a pro rata distribution of Units to all Unitholders in satisfaction of any non-cash distribution, the number of outstanding Units will be consolidated as described in

Allotment and Issue. (a) Within the limitations of this Article 5, the Registrar and Transfer Agent, on the direction of the Trust, shall allot and issue Units at such time or times at such price and in such manner, and to such Person or Persons as the Trust shall determine, having regard to such matters as would be considered by the board of directors of a CBCA Corporation when issuing shares in comparable circumstances. (b) Notwithstanding Subsection 5.1(a), the Trust’s initial public offering of Units shall be made at a price not exceeding $15 per Unit or such other price as the Trustee may approve. The Trust shall not direct the Registrar and Transfer Agent to allot and issue Units subsequent to the Trust’s initial public offering (i) unless the Trust receives a per Unit offering price, after deducting underwriting fees, commissions and offering expenses, of not less than 100% of the most recently calculated Net Asset Value per Unit on the Business Day prior to, or upon, the determination of the pricing of such issuance; or (ii) except by way of Unit distribution in connection with an income distribution. Immediately after a pro rata distribution of Units to all Unitholders in satisfaction of any non-cash distribution, the number of outstanding Units will be consolidated as described inin Section 4.3 hereof such that each Unitholder will hold, after the consolidation, the same number of Units as the Unitholder held before the non-cash distribution, subject to any reduction contemplated in Section 4.5 where withholding is