Common use of Issuance of Securities by the Managing Member Clause in Contracts

Issuance of Securities by the Managing Member. The Managing Member shall not issue any additional REIT Shares, Capital Shares or New Securities unless the Managing Member contributes the cash proceeds or other consideration received from the issuance of such additional REIT Shares, Capital Shares or New Securities (as the case may be) and from the exercise of the rights contained in any such additional Capital Shares or New Securities to the Company in exchange for (x) in the case of an issuance of REIT Shares, Common Units, or (y) in the case of an issuance of Capital Shares or New Securities, Membership Equivalent Units; provided, however, that notwithstanding the foregoing, the Managing Member may issue REIT Shares, Capital Shares or New Securities (i) pursuant to Section 4.4 or Section 15.1(b) hereof, (ii) pursuant to a dividend or distribution (including any stock split) of REIT Shares, Capital Shares or New Securities to holders of REIT Shares, Capital Shares or New Securities (as the case may be), (iii) upon a conversion, redemption or exchange of Capital Shares, (iv) upon a conversion, redemption, exchange or exercise of New Securities, or (v) in connection with an acquisition by the Managing Member of outstanding Membership Units or of any property or other asset to be owned, directly or indirectly, by the Managing Member. In the event of any issuance of additional REIT Shares, Capital Shares or New Securities by the Managing Member, and the contribution, if applicable, to the Company, by the Managing Member, of the cash proceeds or other consideration received from such issuance (or property acquired with such proceeds), if any, if the cash proceeds actually received by the Managing Member are less than the gross proceeds of such issuance as a result of any underwriter’s discount or other expenses paid or incurred in connection with such issuance, then the Managing Member shall be deemed to have made a Capital Contribution to the Company in the amount equal to the sum of the cash proceeds of such issuance plus the amount of such underwriter’s discount and other expenses paid by the Managing Member (which discount and expense shall be treated as an expense for the benefit of the Company for purposes of Section 7.4). In the event that the Managing Member issues any additional REIT Shares, Capital Shares or New Securities and contributes the cash proceeds or other consideration received from the issuance thereof to the Company, the Company is expressly authorized to issue a number of Common Units or Membership Equivalent Units to the Managing Member equal to the number of REIT Shares, Capital Shares or New Securities so issued, divided by the Adjustment Factor then in effect, in accordance with this Section 4.3(e) without any further act, approval or vote of any Member or any other Persons.

Issuance of Securities by the Managing Member. The Unless otherwise agreed by the Members, after the completion of the initial public offering of Class A Common Stock by the Managing Member, the Managing Member shall not issue any additional REIT SharesCommon Stock, Capital Shares Preferred Stock or New Securities unless the Managing Member contributes the net cash proceeds or other consideration received from the issuance of such additional REIT SharesCommon Stock, Capital Shares Preferred Stock or New Securities (as the case may be) and from the exercise of the rights contained in any such additional Capital Shares or New Securities to the Company in exchange for (xi) in the case of an issuance of REIT SharesClass A Common Stock, Company Class A Common Units, or (yii) in the case of an issuance of Capital Shares Class B Common Stock, Company Class B Common Units or (iii) in the case of an issuance of Preferred Stock or New Securities, Membership Company Equivalent Units; provided, however, that notwithstanding the foregoing, the Managing Member may issue REIT SharesCommon Stock, Capital Shares Preferred Stock or New Securities (iA) pursuant to Section 4.4 3.4 or Section 15.1(b) hereof14.1(b), (iiB) pursuant to a dividend or distribution (including any stock split) of REIT SharesCommon Stock, Capital Shares Preferred Stock or New Securities to all of the holders of REIT SharesCommon Stock, Capital Shares Preferred Stock or New Securities (as the case may be), (iiiC) upon a conversion, redemption or exchange of Capital SharesPreferred Stock, (ivD) upon a conversion, redemption, exchange or exercise of New Securities, or (vE) in connection with an acquisition by the Managing Member of outstanding Membership Company Units or of any a property or other asset to be owned, directly or indirectly, by the Managing Member. In the event of any issuance of additional REIT SharesCommon Stock, Capital Shares Preferred Stock or New Securities by the Managing Member, and the contribution, if applicable, contribution to the Company, by the Managing Member, of the net cash proceeds or other consideration received from such issuance (or property acquired with such proceeds)issuance, if any, if the cash proceeds actually received by Company shall pay the Managing Member are less than the gross proceeds of such issuance as a result of any underwriterMember’s discount or other after-tax expenses paid or incurred in connection associated with such issuance, then the Managing Member shall be deemed to have made a Capital Contribution to the Company in the amount equal to the sum of the cash proceeds of such issuance plus the amount of such underwriter’s discount and other expenses paid by the Managing Member (which discount and expense shall be treated as an expense for the benefit of the Company for purposes of Section 7.4)including any underwriting discounts or commissions. In the event that the Managing Member issues any additional REIT SharesCommon Stock, Capital Shares or New Securities and contributes the net cash proceeds or other consideration received from the issuance thereof to the Company, the Company is expressly authorized to issue a number of Company Common Units or Membership Company Equivalent Units to the Managing Member equal to the number of REIT Sharesshares of Common Stock, Capital Shares or New Securities so issued, divided by the Adjustment Factor then in effect, in accordance with this Section 4.3(e3.3(e) without any further act, approval or vote of any Member or any other PersonsPerson.

Issuance of Securities by the Managing Member. The Managing Member shall not issue any additional REIT Common Shares, Capital Preferred Shares or New Securities unless the Managing Member contributes the cash proceeds or other consideration received from the issuance of such additional REIT Common Shares, Capital Preferred Shares or New Securities (as the case may be) and from the exercise of the rights contained in any such additional Capital Shares or New Securities to the Company in exchange for (w) in the case of an issuance of Class A Shares, Company Class A Common Units, (x) in the case of an issuance of REIT Class B Shares, Company Class B Common Units, or (y) in the case of an issuance of Capital Class C Shares, Company Class C Common Units, or (z) in the case of an issuance of Preferred Shares or New Securities, Membership Company Equivalent Units; provided, however, that notwithstanding the foregoing, the Managing Member may issue REIT Common Shares, Capital Preferred Shares or New Securities (ia) pursuant to Section 4.4 3.4 or Section 15.1(b) hereof14.1(b), (iib) pursuant to a dividend or distribution (including any stock split) of REIT Common Shares, Capital Preferred Shares or New Securities to all of the holders of REIT Common Shares, Capital Preferred Shares or New Securities (as the case may be), (iiic) upon a conversion of Class B Shares, (d) upon a conversion, redemption or exchange of Capital Preferred Shares, (ive) upon a conversion, redemption, exchange or exercise of New Securities, or (vf) in connection with an acquisition by the Managing Member of outstanding Membership Company Units or of any a property or other asset to be owned, directly or indirectly, by the Managing Member. In the event of any issuance of additional REIT Common Shares, Capital Preferred Shares or New Securities by the Managing Member, and the contribution, if applicable, contribution to the Company, by the Managing Member, of the cash proceeds or other consideration received from such issuance (or property acquired with such proceeds)issuance, if any, if the cash proceeds actually received by Company shall pay the Managing Member are less than the gross proceeds of such issuance as a result of any underwriterMember’s discount or other expenses paid or incurred in connection associated with such issuance, then the Managing Member shall be deemed to have made a Capital Contribution to the Company in the amount equal to the sum of the cash proceeds of such issuance plus the amount of such underwriter’s discount and other expenses paid by the Managing Member (which discount and expense shall be treated as an expense for the benefit of the Company for purposes of Section 7.4)including any underwriting discounts or commissions. In the event that the Managing Member issues any additional REIT Common Shares, Capital Shares or New Securities and contributes the cash proceeds or other consideration received from the issuance thereof to the Company, the Company is expressly authorized to issue a number of Company Common Units or Membership Company Equivalent Units to the Managing Member equal to the number of REIT Common Shares, Capital Shares or New Securities so issued, divided by the Adjustment Factor then in effect, in accordance with this Section 4.3(e3.3(e) without any further act, approval or vote of any Member or any other Persons.