INITIAL SHARE Clause Samples
The INITIAL SHARE clause defines the original allocation or distribution of shares or ownership interests among parties at the outset of an agreement or venture. Typically, it specifies the percentage or number of shares each party receives when the entity is formed or the contract is executed, ensuring all parties are aware of their initial stake. This clause is essential for establishing clear ownership rights from the beginning, preventing future disputes over equity and providing a transparent foundation for any subsequent changes in ownership.
INITIAL SHARE. Prior to the Closing, the Successor Fund will issue one Institutional Class share of beneficial interest of the Successor Fund (the “Initial Share”) to Touchstone or one of its affiliates (the “Sole Shareholder”) in exchange for $1.00 for the sole purpose of allowing the Sole Shareholder to approve certain matters to facilitate the organization of the Successor Fund. The Initial Share shall be redeemed and cancelled by the Successor Fund in exchange for $1.00 prior to the Closing.
INITIAL SHARE. Prior to the Closing, the Acquiring Fund will issue one share of each of Class A, Class C, Institutional Class, and Investor Class Shares of the Acquiring Fund (the “Initial Shares”) to Emerald Mutual Fund Advisers Trust (the “Sole Shareholder”) in exchange for Ten Dollars ($10.00) per share for the sole purpose of allowing the Sole Shareholder to approve certain organizational items on behalf of the Acquiring Fund. The Initial Shares shall be redeemed and cancelled by the Acquiring Fund in exchange for Ten Dollars ($10.00) per share immediately prior to the Closing.
INITIAL SHARE. Prior to the Closing, the Acquiring Fund will issue one Acquiring Fund Share (the “Initial Share”) to SCM (the “Sole Shareholder”) in exchange for Ten Dollars ($10.00) per share for the sole purpose of allowing the Sole Shareholder to approve certain organizational items on behalf of the Acquiring Fund. The Initial Share shall be redeemed and cancelled by the Acquiring Fund in exchange for Ten Dollars ($10.00) per share immediately prior to the Closing.
INITIAL SHARE. Prior to the Closing, the Acquiring Fund will issue one share of each of the Investor Class and Class L of the Acquiring Fund (the “Initial Shares”) to ALPS Fund Services, Inc. (the “Sole Shareholder”) in exchange for Ten Dollars ($10.00) per share for the sole purpose of allowing the Sole Shareholder to approve certain organizational items on behalf of the Acquiring Fund. The Initial Shares shall be redeemed and cancelled by the Acquiring Fund in exchange for Ten Dollars ($10.00) per share immediately prior to the Closing.