Private Placement Subscription Agreement: (2013-14 BC & USA)
Private Placement Subscription Agreement: (2013-14 BC & USA)
Private Placement Subscription Agreement: (2013-14 BC & USA)
Details of Subscription: The undersigned (the “Subscriber”) hereby irrevocably subscribes for and agrees
to purchase from the Company, on the terms and conditions set forth herein and in the attached schedules,
that number of Class “A” Preferred Non-voting Shares of the Company set out below (the “Shares”, which
term includes one common share of the Company if the Subscriber is not a shareholder of the Company) at
a price of $1.00 per Share. These securities form part of a larger private placement (the “Private
Placement”) of an aggregate of up to 25,000,000 Shares (plus any common shares that may be issued).
Minimum Subscription is $100 (including $1.00 for a common share if the Subscriber is not a shareholder)
Name of Subscriber:
Address:
Street Address
Contact Name
SIN / BN:
Social Insurance / Business Number
Date of Birth:
Name: Name:
Contact Name:
Address:
Street Address Telephone No.:
Address:
Street Address
IN WITNESS WHEREOF the Subscriber has executed, or caused its duly authorized representative to
execute, this agreement as of the day of , 201__
Name of Subscriber
Signature of Subscriber
Per:
(signature of authorized representative)
Name of Subscriber
• Schedule III (Accredited Investor Confirmation – U.S. Subscribers), if the Subscriber is resident
in the United States of America (Subscriber must also complete Schedules I and II)
A signed copy of this Agreement (including the applicable schedules with the applicable sections
completed) together with payment of the ‘Total Subscription Amount’ set out on the first page by
money order, certified cheque, bank draft or wire transfer payable to “MacCallum Law Group LLP”
must be delivered to the Company at the following address:
ACCEPTANCE
Per:
Authorized Signatory
RISK ACKNOWLEDGEMENT
(Offering Memorandum; Form 45-106F4)
WARNING
or regulator and has no duty to tell me whether this investment is suitable for me.
• I will not be able to sell these securities except in very limited circumstances. I may never be
able to sell these securities.
• The securities are redeemable, but I may only be able to redeem them in limited circumstances.
• I could lose all the money I invest.
I acknowledge that this is a risky investment and that I could lose all the money I invest.
________________________ ____________________________
Date Signature of Purchaser
____________________________
Print name of Purchaser
Sign two copies of this document. Keep one copy for your records.
To do so, send a notice to V.W.R. Capital Corp. stating that you want to cancel your purchase. You must
send the notice before midnight on the second business day after you sign the agreement to purchase the
securities. You can send the notice by fax or email or deliver it in person to V.W.R. Capital Corp. at its
business address. Keep a copy of the notice for your records.
Fax: 604-514-0085
E-mail: [email protected]
They are called exempt market securities because two parts of securities law do not apply to them. If an
issuer wants to sell exempt market securities to you:
• the issuer does not have to give you a prospectus (a document that describes the investment in detail
and gives you some legal protections), and
• the securities do not have to be sold by an investment dealer registered with a securities regulatory
authority or regulator.
There are restrictions on your ability to resell exempt market securities. Exempt market securities are more
risky than other securities.
Read the offering memorandum carefully because it has important information about the issuer and its
securities. Keep the offering memorandum because you have rights based on it. Talk to a lawyer for details
about these rights.
You will not get professional advice about whether the investment is suitable for you. But you can still seek
that advice from a registered adviser or registered dealer. In Alberta, Manitoba, Northwest Territories,
Nunavut, Prince Edward Island, Québec, Saskatchewan and Yukon to qualify as an eligible investor, you may
be required to obtain that advice.
The securities you are buying are not listed on any stock exchange, and they may never be listed. You may
never be able to sell these securities.
A non-reporting issuer does not have to publish financial information or notify the public of changes in its
business. You will not receive ongoing information about this issuer.
For more information on the exempt market, call your local securities regulatory authority or regulator.
RISK ACKNOWLEDGEMENT
(No Registration)
I acknowledge that:
• the person selling me these securities is not registered with a securities regulatory authority and is
prohibited from telling me that this investment is suitable for me;
• the person selling me these securities does not act for me;
• this is a risky investment and I could lose all my money; and
• I am investing entirely at my own risk.
________________________ ____________________________
Date Signature of Purchaser
____________________________
Print name of Purchaser
_______________________________________
Name of salesperson acting on behalf of seller
Sign two copies of this document. Keep one copy for your records.
National Instrument 45-106 Prospectus and Registration Exemptions may require you to sign an additional
risk acknowledgement form.
If you want advice about the merits of this investment and whether these securities are a suitable investment
for you, contact a registered adviser or dealer.
The Subscriber hereby represents and warrants to the Company that the Subscriber is a U.S. Person (as
defined below) or was offered the Shares or executed this Agreement in the United States (a “U.S.
Subscriber”) and is an Accredited Investor under Rule 501(a) of Regulation D (“Regulation D”) of the
United States Securities Act of 1933, as amended (the “1933 Act”) by virtue of the Subscriber falling into
one or more of the categories below as indicated by their initials beside each such category:
(a) A corporation, an organization described in section 501(c)(3) of the United States
(initial) Internal Revenue Code, or a Massachusetts or similar business trust or partnership,
not formed for the specific purpose of acquiring the Shares, with total assets in
excess of US$ 5,000,000.
(b) A natural person (including an IRA (Individual Retirement Account) owned by
(initial) such person) whose individual net worth, or joint net worth with that person’s
spouse, exceeds US$ 1,000,000 (excluding the net value of any primary residence
unless the amount due under mortgage(s) thereon exceeds the market value thereof
or has increased in the last 60 days (other than in connection with the purchase of
such primary residence), in which case such shortfall or increase shall be deducted
from the natural person’s net worth).
(c) A natural person (including an IRA (Individual Retirement Account) owned by
(initial) such person) who had an individual income in excess of US$ 200,000 in each of
the two most recent years or joint income with that person’s spouse in excess of
US$ 300,000 in each of those years and has a reasonable expectation of reaching
the same income level in the current year.
(d) A trust that (i) has total assets in excess of US$ 5,000,000, (ii) was not formed for
(initial) the specific purpose of acquiring the Shares, and (iii) is directed in its purchase of
the Shares by a person who has such knowledge and experience in financial and
business matters that they are capable of evaluating the merits and risks of an
investment in the Shares.
(e) A revocable trust which may be revoked or amended by its settlors (creators), each
(initial) of whom is an Accredited Investor under paragraph(s) _____________ [insert one
or more of (b), (c) or (n)].
(f) An investment company registered under the United States Investment Company
(initial) Act of 1940 or a “business development company” as defined in section 2(a)(48)
of that Act.
(g) A “small business investment company” licensed by the U.S. Small Business
(initial) Administration under section 301(c) or (d) of the United States Small Business
Investment Act of 1958.
(h) A “private business development company” as defined in section 202(a)(22) of the
(initial) United States Investment Advisors Act of 1940.
(k) Any plan established and maintained by a state, its political divisions, or any
(initial) agency or instrumentality of a state or its political subdivisions, for the benefit of
its employees, if such plan has total assets in excess of US$ 5,000,000.
(l) Any employee benefit plan within the meaning of the United States Employee
(initial) Retirement Income Security Act of 1974, if the investment decision is made by a
plan fiduciary, as defined in section 3(21) of such Act, which is either a bank,
savings and loan association, insurance company or registered investment adviser,
or if the employee benefit plan has total assets in excess of US$ 5,000,000 or, if
a self-directed plan, with investment decisions made solely by persons that are
accredited investors.
(m) A bank as defined in section 3(a)(2) of the 1933 Act or any savings and loan
(initial) association or other institution as defined in section 3(a)(5)(A) of the 1933 Act,
whether acting in its individual or a fiduciary capacity.
(n) A director, executive officer or general partner of the Company, or a director,
(initial) executive officer or general partner of the general partner of the Company
(including an IRA (Individual Retirement Account) owned by any of such
persons).
(o) An entity in which all of the equity owners satisfy the requirements of one or more
(initial) of the foregoing categories.
(b) a partnership or corporation organized or incorporated under the laws of the United States,
(e) a non-discretionary account or similar account (other than an estate or trust) held by a dealer or other
fiduciary for the benefit of a U.S. Person,
(f) a discretionary account or similar account (other than an estate or trust) held by a dealer or other
fiduciary organized, incorporated or (if an individual) resident in the United States, and
(i) organized or incorporated under the laws of any foreign jurisdiction, and
(ii) formed by a U.S. Person principally for the purpose of investing in securities not registered
under the 1933 Act, unless it is organized or incorporated, and owned, by “Accredited Investors”
who are not natural persons, estates or trusts.
The foregoing representations and warranties are true and accurate as of the date of this certificate and will
be true and accurate as of Closing (as defined herein). If any such representations and warranties shall not
be true and accurate prior to Closing, the Subscriber shall give immediate written notice of such fact to the
Company.
Per:
1. Description of Shares
The securities subscribed for hereunder shall be that number of Class “A” Preferred Non-voting Shares in
the capital of the Company (the “Shares”, which term includes one common share of the Company if the
Subscriber is not a shareholder of the Company) set out on the first page of this Private Placement
Subscription Agreement (the “Agreement”).
The Shares will be subject to restricted resale periods under applicable securities legislation during
which they may not be resold. See Item 10 ‘Resale Restrictions’ of the Company’s Offering
Memorandum dated November 1, 2013 (together with any amendments thereto, the “Offering
Memorandum”), which contains the Company’s audited annual financial statements (the “Financial
Statements”) as at August 31, 2013 and accompanies this Agreement. Subscribers are advised to
consult their own legal advisers in connection with any applicable resale restrictions.
The total Subscription Price set out on the first page of this Agreement is hereby paid, or will be paid on or
before the Closing Date (as defined in paragraph 4) by money order, certified cheque or bank draft payable
to the Company’s solicitors “MacCallum Law Group LLP, In Trust” prior to the Closing Date.
The Subscriber must complete, sign and deliver to the Company, as soon as possible after being requested
therefor and within any applicable time limits, such further documents, questionnaires, notices and
undertakings as may be required by regulatory authorities and applicable law and will assist the Company
with the preparation and filing thereof.
4. Closing
Delivery and payment for the Shares (the “Closing”) will be completed at the offices of the Company at
10:00 a.m. on or about the dates set out on the cover page of the Offering Memorandum (the “Closing Date”)
next following the date of this Agreement.
Certificates representing the Shares will be available for delivery on the Closing Date against payment to the
Company of the total Subscription Price in Canadian funds for the Shares.
5. Acknowledgements of Subscriber
(a) the Shares are being offered for sale only on a ‘private placement’ basis and the Company
has advised the Subscriber that the Company is relying on exemptions (and such sales are
conditional upon the existence of such exemptions or the receipt of such orders, consents
and approvals as are necessary to make such sales exempt) from the requirements to provide
the Subscriber with a prospectus and to sell securities through a person registered to sell
securities under the Securities Act (British Columbia) (the “BC Act”) and, as a consequence
of acquiring securities pursuant to these exemptions
(i) certain protections, rights and remedies provided by such securities legislation,
including statutory rights of rescission or damages, will not be available to the
Subscriber,
(ii) information that would otherwise be provided to the Subscriber under such
securities legislation will not be provided to it, and
(iii) the Company is relieved from various obligations under such securities legislation
that would otherwise apply to it.
(c) the Company is entitled to rely on the statements and answers of the Subscriber contained
in this Agreement and the Subscriber will hold the Company harmless from any loss or
damage it may suffer as a result of the Subscriber’s failure to correctly complete this
Agreement;
(d) it has (or others for whom it is contracting hereunder have) been advised to consult their
own legal advisers with respect to applicable resale restrictions and it is (or others for whom
it is contracting hereunder are) solely responsible (and the Company is not in any way
responsible) for compliance with applicable resale restrictions;
(e) this Agreement is not enforceable by the Subscriber unless it has been accepted by the
Company and the Company may, in its sole discretion, elect not to accept the subscription
from the Subscriber and will return, without interest or deduction, the funds received from
the Subscriber in respect of its Subscription Price;
(f) this Agreement has been entered into by the Subscriber for valuable consideration and may
not be revoked or withdrawn by the Subscriber except pursuant to the right of rescission set
out under ‘Purchasers’ Rights’ in the Offering Memorandum and it is not assignable by the
Subscriber without the written consent of the Company which consent may be unreasonably
withheld;
(g) the Company is not registered under any securities legislation for the purposes of selling the
Shares;
(h) no securities commission or similar regulatory authority has reviewed or passed on the
merits of the Shares;
(j) there are risks associated with the purchase of the Shares;
(k) the Company has not advised, recommended or otherwise represented to the Subscriber that
the Shares are suitable to the Subscriber, with regard to the Subscriber’s
(l) there are restrictions on the Subscriber’s ability to resell the Shares, it has been advised to
consult its legal advisers with respect to such resale restrictions, it is the responsibility of
the Subscriber (and the Company is not in any way responsible) to find out what those
restrictions are and to comply with them before selling the Shares, and it may not be
possible to liquidate the Subscriber’s investment readily in case of any emergency;
(m) it is solely responsible for obtaining such legal, tax and other advice as is appropriate in
connection with the execution, delivery and performance of this Agreement and the
transactions contemplated hereunder and the Company’s legal counsel are acting solely for
the Company in connection with the Private Placement and the Subscriber may not rely
upon such counsel in any respect;
(n) the Shares have not been and will not be registered under the United States Securities Act
of 1933, as amended (the “1933 Act”) or under any state securities or ‘blue sky’ laws, and
the Company has no obligation or present intention of filing a registration statement under
the 1933 Act in respect of the Shares;
(o) if the Subscriber is a U.S. Person, the sale of the Shares is being made in reliance on private
placement exemptions pursuant to Rule 506 of Regulation D of the 1933 Act;
(p) the Shares will be ‘restricted securities’ under the 1933 Act since they are being acquired
from the Company in a transaction not involving a public offering and, therefore, cannot be
offered or sold in the United States of America without registration under the 1933 Act and
the securities laws of all applicable states of the United States of America, unless an
exemption from registration is available or registration is not required pursuant to
Regulation S under the 1933 Act; and
(q) if the Subscriber is a U.S. Person, the certificates representing any of the Shares (and all
certificates issued in exchange therefor or in substitution thereof) shall bear, upon the
issuance thereof, and unless and until such time as the same is no longer required under the
applicable requirements of the 1933 Act or applicable state securities laws and regulations
of the United States of America, on the face of such certificates, the following legend:
The Subscriber hereby represents, warrants and covenants to the Company (which representations, warranties
and covenants shall survive Closing) that:
(a) if the Subscriber is resident in Canada and purchasing the Shares as principal for its own
account, the Subscriber is resident in British Columbia and is purchasing the Shares not for
the benefit of any other person or company and not with a view to the resale, distribution
or other disposition;
(b) if the Subscriber is not purchasing the Shares for its own account but for one or more
accounts that permit the Subscriber to purchase securities on behalf of such accounts in the
Subscriber’s sole discretion without reference to, or specific instructions regarding such
investment from, the holders of such accounts (commonly called ‘fully managed’ accounts),
the Subscriber is duly authorized to enter into this Agreement and complete the transactions
contemplated hereby and is
(i) a trust or insurance company which has received a business authorization under the
laws of another province or territory of Canada to carry on such business in such
province or territory, and the Subscriber is purchasing such securities as an agent
or trustee for accounts that are fully managed by the Subscriber, or
(c) if the Subscriber is resident in the United States of America, or is otherwise subject to the
securities laws thereof, it is
(i) an Accredited Investor as set out in the completed Schedule III, Accredited Investor
Confirmation – U.S. Subscribers, delivered with this Agreement,
(ii) not a party to any contract, undertaking, agreement or arrangement with any person
to sell, transfer or pledge to such person, or anyone else, the Shares, or any part
thereof, or any interest therein and the Subscriber has no present plans to enter into
any such contract, undertaking, agreement or arrangement,
(iii) not planning to offer, sell or otherwise transfer any of the Shares and, if it does, it
will not offer, sell or otherwise transfer any of the Shares, directly or indirectly,
unless the sale is
(B) made in a transaction that does not require registration under the 1933 Act
or any applicable United States state securities laws and regulations
governing the offer and sale of securities and the Subscriber has furnished
to the Company, prior to such sale, an opinion of counsel of recognized
standing reasonably satisfactory to the Company confirming the
compliance of such sale with the 1933 Act and applicable state securities
laws of the United States of America,
(iv) not engaging and will not engage in any ‘directed selling efforts’ (as defined in
Regulation S of the 1933 Act) in the United States of America in respect of the
resale of the Shares, which includes any activities undertaken for the purpose of, or
that could reasonably be expected to have the effect of, conditioning the market in
the United States for the resale of the Shares, and
(v) not subscribing for the Shares as a result of any form of ‘general solicitation’ or
‘general advertising’ (as those terms are used in Regulation D under the 1933 Act),
including advertisements, articles, notices or other communications published in
any newspaper, magazine or similar media or broadcast over radio or television, or
other form of telecommunications, including electronic display, or any seminar or
meeting whose attendees have been invited by general solicitation or general
advertising;
(d) neither the Subscriber nor any party on whose behalf it is acting has been created,
established, formed or incorporated solely, or is used primarily, to acquire securities or to
permit the purchase of the Shares without a prospectus in reliance on an exemption from the
prospectus requirements of applicable securities legislation;
(e) the entering into of this Agreement and the transactions contemplated hereby do not result
in the violation of any of the terms and provisions of the constating documents of the
Subscriber (if the Subscriber is not an individual) or of any agreement, written or oral, to
which the Subscriber may be a party or by which the Subscriber is or may be bound;
(f) the Subscriber has the legal capacity and competence to enter into and execute this
Agreement and to take all actions required pursuant hereto and, if the Subscriber is a
corporation, it is duly incorporated and validly subsisting under the laws of its jurisdiction
of incorporation and all necessary approvals by its directors, shareholders and others have
been obtained to authorize execution of this Agreement on behalf of the Subscriber;
(g) the Subscriber has duly executed and delivered this Agreement and it constitutes a valid and
binding agreement of the Subscriber enforceable against the Subscriber;
(h) this subscription by the Subscriber has not been induced by any representations or
warranties by any person whatsoever with regard to the future value of the Shares;
(i) to the best of its knowledge, none of the funds the Subscriber is using to purchase the Shares
(i) have been or will be derived from or related to any activity that is prohibited by, or
deemed criminal under, the laws of any jurisdiction, or
(ii) are being tendered on behalf of a person or entity who has not been identified to the
Subscriber; and
(j) the Subscriber has received and reviewed, prior to the execution of this Agreement, the
Offering Memorandum and the Subscriber fully understands the contents and effect of the
Offering Memorandum.
The foregoing representations, warranties and covenants are made by the Subscriber with the intent that they
be relied upon by the Company in determining its suitability as a purchaser of the Shares and the Subscriber
hereby agrees to indemnify the Company against all losses, claims, costs, expenses and damages or liabilities
which it may suffer or incur as a result of reliance thereon. The Subscriber undertakes to notify the Company
immediately of any change in any representation, warranty or other information relating to the Subscriber
set forth herein.
The Company represents and warrants to the Subscriber that, as of the date of this Agreement and at the
Closing:
(a) the Company is a valid and subsisting corporation duly incorporated, continued or
amalgamated and in good standing under the laws of the province of British Columbia with
respect to all acts necessary to maintain its corporate existence;
(b) the Company is duly registered or licensed to carry on business in the jurisdictions in which
is required to be so registered or licensed to carry on business or own property or assets and
is carrying on its business and owns its property and assets in accordance with all applicable
laws, regulations and other requirements, and has not received any notice of a breach thereof
which would have a material adverse effect on the Company or its business except where
it is in good faith attempting to remedy such breach or contesting such notice;
(c) the Company is the beneficial owner of the properties, business and assets or the interests
in the properties, business and assets referred to in the Offering Memorandum, except as
disclosed in the Offering Memorandum all agreements by which the Company holds an
interest in a property, business or asset are in good standing according to their terms, and
there has not been any breach of the applicable laws of the jurisdictions in which such
properties, business and assets are situated which would have a material adverse effect on
such properties, business and assets;
(d) the Offering Memorandum and the representations contained in this Agreement are accurate
in all material respects and omit no fact, the omission of which would make such
representation misleading in light of the circumstances in which such representation was
made;
(e) the Financial Statements accurately reflect the financial position of the Company as at the
date thereof and have been properly prepared in accordance with Canadian Generally
Accepted Accounting Principles (GAAP);
(f) no adverse material changes in the financial position of the Company have taken place since
the date of the latest balance sheet contained in the Financial Statements;
(g) the Company has complied and will comply with all applicable corporate and securities laws
and regulations in connection with the offer, sale and issuance of the Shares;
(h) the issuance and sale of the Shares by the Company does not and will not conflict with and
does not and will not result in a breach of any of the terms, conditions or provisions of its
constating documents or any agreement or instrument to which the Company is a party;
(i) this Agreement has been duly authorized by all necessary corporate action on the part of the
Company and, subject to acceptance by the Company, constitutes a valid obligation of the
Company legally binding upon it and enforceable in accordance with its terms;
(j) the issuance of the Shares, at the time of their issue, will have been approved by all requisite
corporate action and any shares comprising part of the Shares, upon issue and delivery, will
be validly issued as fully paid and non-assessable;
(k) the Company is not a party to any actions, suits or proceedings which could materially affect
its business or financial condition, and, as at the date hereof, no such actions, suits or
proceedings have been threatened or, to the best of the Company’s knowledge, are pending,
except as disclosed in the Offering Memorandum; and
(l) no order ceasing, suspending or prohibiting sale of the Shares has been issued to and is
outstanding against the Company or its directors, officers or promoters and to the best of the
Company’s knowledge no investigations or proceedings for such purposes are pending or
threatened.
The Subscriber hereby acknowledges that the following legend will be placed upon the certificates
representing the Shares:
9. Costs
The Subscriber acknowledges and agrees that all costs and expenses incurred by the Subscriber (including
any fees and disbursements of any special counsel retained by the Subscriber) relating to the acquisition of
the Shares shall be borne by the Subscriber.
This Agreement is governed by the laws of the province of British Columbia and the federal laws of Canada
applicable herein. The Subscriber, in its personal or corporate capacity and, if applicable, on behalf of each
beneficial purchaser for whom it is acting, irrevocably attorn to the jurisdiction of the courts of the province
of British Columbia.
11. Survival
This Agreement including, without limitation, the representations, warranties and covenants contained
herein, shall survive and continue in full force and effect and be binding upon the parties notwithstanding
the completion of the purchase of the Shares by the Subscriber and any subsequent disposition by the
Subscriber of the Shares.
12. Assignment
The Company shall be entitled to rely on delivery by facsimile machine of an executed copy of this
Agreement and acceptance by the Company of such facsimile copy shall be equally effective to create a valid
and binding agreement between the Subscriber and the Company in accordance with the terms hereof.
14. Severability
The invalidity or unenforceability of any particular provision of this Agreement shall not affect or limit the
validity or enforceability of the remaining provisions of this Agreement.
Except as expressly provided in this Agreement and in the agreements, instruments and other documents
contemplated or provided for herein, this Agreement contains the entire agreement between the parties with
respect to the sale of the Shares and there are no other terms, conditions, representations or warranties,
whether expressed, implied, oral or written, by statute, by common law, by the Company, by the Subscriber,
or by any third party.
No amendment or waiver of the provisions of this Agreement shall be effective unless in writing and signed
by all of the parties hereto.
17. Notice
Unless otherwise provided herein, any notice or other communication to a party under this Agreement may
be made, given or served by registered mail, postage pre-paid, by telecopy or by delivery to the parties at the
addresses as set out in this Agreement. Any notice or other communication:
(a) mailed shall be deemed to have been received on the fifth business day following its
mailing;
(b) telecopied shall be deemed to have been received on the business day following the date of
transmission; and
(c) delivered shall be deemed to have been received on the date of delivery.
In the event of a postal strike or delay affecting mail delivery, the date of receipt of any notice by mail is
deemed to be extended by the length of such strike or delay. Each party may change its address for service
at any time by providing notice in writing of such change to the other party.
If the securities legislation where the Subscriber is resident does not provide comparable statutory rights, the
Subscriber shall be entitled to those rights against the Company for cancellation and damages or rescission,
as the case may be, as set out under ‘Purchasers’ Rights’ in the Offering Memorandum as if those rights were
a part of this Agreement.
The Subscriber (on its own behalf and, if applicable, on behalf of any person for whose benefit the
Subscriber is subscribing) acknowledges and consents to the Company:
(a) collecting the Subscriber’s (and that of any person for whose benefit the Subscriber is
subscribing) personal information for the purposes of completing the Subscriber’s
subscription;
(b) retaining the personal information for as long as permitted or required by applicable law or
business practices; and
The Subscriber represents and warrants that it has the authority to provide the consents and acknowledgments
set out in this paragraph on behalf of all persons for whose benefit the Subscriber is subscribing.