Common use of Combined Election Clause in Contracts

Combined Election. (a) If with respect to any tender of Units pursuant to this Agreement, the Trust and the Corporation shall make the Combined Election, then, except as provided in Section 2(b), within 15 days after the expiration of the 5-day period referred to in Section 2(b), the Trust and the Corporation shall (i) notify the tendering holder of the number of such tendered Units which will be exchanged for cash (the "Cash Units") and the number of such tendered Units which will be exchanged for Paired Shares (the "Paired Share Units"), (ii) pay to the tendering holder, in respect of each Cash Unit validly tendered pursuant to the provisions of this Agreement, an amount of cash (with each of the Trust and the Corporation paying its then respective Issuance Percentage of such amount of cash) equal to the average Paired Share Closing Price for the ten trading day period ending one day prior to the date of such tender and (iii) deliver to the tendering holder one Paired Share for each Paired Share Unit validly tendered pursuant to the provisions of this Agreement.

Combined Election. (a) If with respect to any tender of Class A Units pursuant to this Agreement, the Trust and the Corporation shall make the Combined Election, then, except as provided in Section 2(b), within 15 days after the expiration of the 5-day period referred to in Section 2(b), the Trust and the Corporation shall (i) notify the tendering holder of the number of such tendered Class A Units which will be exchanged for cash (the "Cash Units") and the number of such tendered Class A Units which will be exchanged for Paired Shares (the "Paired Share Units"), (ii) pay to the tendering holder, in respect of each Cash Unit validly tendered pursuant to the provisions of this Agreement, an amount of cash (with each of the Trust and the Corporation paying its then respective Issuance Percentage of such amount of cash) equal to the average Paired Share Closing Price for the ten trading day period ending one day prior to the date of such tender and (iii) deliver to the tendering holder one Paired Share for each Paired Share Unit validly tendered pursuant to the provisions of this Agreement.