Common use of Outstanding Units Clause in Contracts

Outstanding Units. (a) The Units outstanding at any time are all the Units authenticated by the Unit Agent except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Unit effected by the Unit Agent in accordance with the provisions hereof, and those described in this Section 11 as not outstanding. Except as set forth in Section 12 hereof, a Unit does not cease to be outstanding because the Issuers or an affiliate of the Issuers holds the Unit. (b) If a Unit is replaced pursuant to Section 10 hereof, it ceases to be outstanding unless the Unit Agent receives proof satisfactory to it that the replaced Unit is held by a protected purchaser.