Amendment of the Charter. The Company hereby agrees that following the Closing Date, without the consent of Investor, the Company shall not amend (or propose to amend) the provisions of the Charter in a manner or take any other action that would: (a) change the restriction on Beneficial Ownership (as such term is defined in the Charter) of the outstanding capital stock of the Company to a level other than 9.9%; (b) change the restriction on Constructive Ownership (as such term is defined in the Charter) of the outstanding capital stock of the Company to a level other than 9.9%; or (c) change any waiver from the restrictions set forth in the foregoing clauses (a) and (b) granted to any Brookfield Consortium Member in any manner adverse to any Brookfield Consortium Member. For the avoidance of doubt, nothing in this Section 1.5 shall affect the Board’s discretion to grant to third parties any waivers from the restrictions on Beneficial Ownership or Constructive Ownership (as each term is defined in the Charter) in accordance with the terms of the Charter.
Appears in 2 contracts
Samples: Standstill Agreement (General Growth Properties, Inc.), Standstill Agreement (New GGP, Inc.)
Amendment of the Charter. The Company hereby agrees that following the Closing Date, without the consent of Investor, the Company shall not amend (or propose to amend) the provisions of the Charter in a manner or take any other action that would: (a) change the restriction on Beneficial Ownership (as such term is defined in the Charter) of the outstanding capital stock of the Company to a level other than 9.9%; (b) change the restriction on Constructive Ownership (as such term is defined in the Charter) of the outstanding capital stock of the Company to a level other than 9.9%; or (c) change any waiver from the restrictions set forth in the foregoing clauses (a) and (b) granted to Investor or any Brookfield Consortium Member Investor Party or Subject Person in any manner adverse to Investor or any Brookfield Consortium MemberInvestor Party or any Subject Person. For the avoidance of doubt, nothing in this Section 1.5 1.4 shall affect the Board’s discretion to grant to third parties any waivers from the restrictions on Beneficial Ownership or Constructive Ownership (as each term is defined in the Charter) in accordance with the terms of the Charter.
Appears in 2 contracts
Samples: Standstill Agreement (General Growth Properties, Inc.), Standstill Agreement (New GGP, Inc.)
Amendment of the Charter. The Company hereby agrees that following the Closing Date, without the consent of Investor, the Company shall not amend (or propose to amend) the provisions of the Charter in a manner or take any other action that would: (a) change the restriction on Beneficial Ownership (as such term is defined in the Charter) of the outstanding capital stock of the Company to a level other than 9.9%; (b) change the restriction on Constructive Ownership (as such term is defined in the Charter) of the outstanding capital stock of the Company to a level other than 9.9%; or (c) change any waiver from the restrictions set forth in the foregoing clauses (a) and (b) granted to Investor or any Brookfield Consortium Member Investor Party in any manner adverse to Investor or any Brookfield Consortium MemberInvestor Party. For the avoidance of doubt, nothing in this Section 1.5 1.4 shall affect the Board’s discretion to grant to third parties any waivers from the restrictions on Beneficial Ownership or Constructive Ownership (as each term is defined in the Charter) in accordance with the terms of the Charter.
Appears in 2 contracts
Samples: Standstill Agreement (General Growth Properties, Inc.), Standstill Agreement (New GGP, Inc.)