Common use of Contributions of Property Clause in Contracts

Contributions of Property. In the event that property (other than cash) is contributed (or deemed contributed pursuant to the provisions of Code Section 708) by a Shareholder to the Trust, including the contribution of a Shareholder's interest in Summit Tax Exempt Bond Fund, L.P., Summit Tax Exempt ▇.▇. ▇▇, and/or Summit Tax Exempt L.P. III to the Trust pursuant to the Solicitation Statement (the "Consolidation Contribution"), the computation of Capital Accounts, as set forth in this Section 9.4, shall be adjusted as follows: (i) the contributing Shareholder's Capital Account shall be increased by the fair market value of the property contributed to the Trust by such Shareholder (net of liabilities securing such contributed property that the Trust is considered to assume or take subject to under Code Section 752); and

Contributions of Property. In the event that property (other than cash) is contributed (or deemed contributed pursuant to the provisions of Code Section 708) by a Shareholder to the Trust, including the contribution of a Shareholder's interest in Summit Tax Exempt Bond Fund, L.P., Summit Tax Exempt ▇.▇. ▇▇L.P. II, and/or Summit Tax Exempt L.P. III to ▇▇▇ ▇▇ the Trust pursuant to the Solicitation Statement (the "Consolidation Contribution"), the computation of Capital Accounts, as set forth in this Section 9.4, shall be adjusted as follows: (i) the contributing Shareholder's Capital Account shall be increased by the fair market value of the property contributed to the Trust by such Shareholder (net of liabilities securing such contributed property that the Trust is considered to assume or take subject to under Code Section 752); and