Common use of Creation and Distribution Clause in Contracts

Creation and Distribution. The entire Beneficial Interest shall be divided into [ ] Units (as adjusted to reflect any Unit subdivision, split or combination as described in Section 2.5(b) and Section 3.20(k)). The Units shall be uncertificated and ownership thereof evidenced by entry of a notation in an ownership ledger maintained for such purpose by the Trustee or a transfer agent designated by the Trustee. All Units issued by the Trust in accordance with the terms of this Agreement shall be validly issued, fully paid and non-assessable. The Unitholders shall be the sole beneficial owners of the Trust Estate and the Trust.

Creation and Distribution. The entire Beneficial Interest shall be divided into [ ] 230,172,696 Units (as adjusted to reflect any Unit subdivision, split or combination as described in Section 2.5(b) and Section 3.20(k)). The Units shall be uncertificated and ownership thereof evidenced by entry of a notation in an ownership ledger maintained for such purpose by the Trustee or a transfer agent designated by the Trustee. All Units issued by the Trust in accordance with the terms of this Agreement shall be validly issued, fully paid and non-assessable. The Unitholders shall be the sole beneficial owners of the Trust Estate and the Trust.