Common use of Issuance of Shares on Exchange Clause in Contracts

Issuance of Shares on Exchange. (i) As promptly as practicable after the surrender, as provided herein, of any shares of Class B Stock for exchange, the Company shall deliver to the Purchaser certificates representing the number of fully paid and nonassessable shares of Common Stock into which such shares of Class B Stock have been exchanged in accordance with the provisions of Section 4(c)(i). Such exchange shall be deemed to have been made as of the close of business on the date that such shares of Class B Stock shall have been surrendered for exchange by delivery thereof with a written notice of exchange duly executed, so that the rights of the Purchaser as a holder of the shares of Class B Stock so exchanged shall cease at such time and, subject to the following provisions of this section, the Purchaser shall be treated for all purposes as having become the record holder of such shares of Common Stock at such time; provided, however, that no such surrender on any date when the stock transfer books of the Company shall be closed shall be effective to constitute the Purchaser as the record holder of such shares of Common Stock on such date, but such surrender shall be effective to constitute the Purchaser as the record holder thereof for all purposes at the close of business on the next succeeding day on which such stock transfer books are open. The Company shall issue and deliver to the Purchaser, at the expense of the Company, a new certificate covering the number of shares of Class B Stock representing the unexchanged portion of the certificate so surrendered, which new certificate shall entitle in all respects the Purchaser to the rights of the Class B Stock represented thereby to the same extent as if the certificate theretofore covering such unexchanged shares had not been surrendered for exchange.

Issuance of Shares on Exchange. (i) As promptly as practicable after the surrender, as provided hereinherein provided, of any shares of Class B Stock Security or Securities for exchange, the Company REIT shall deliver or cause to be delivered at its said office or agency, to or upon the Purchaser written order of the Holder of the Security or Securities so surrendered, certificates representing the number of fully paid and nonassessable shares of Common Stock into which such shares of Class B Stock have been Security or Securities may be exchanged in accordance with the provisions of Section 4(c)(i)this Article 12. Such exchange shall be deemed to have been made as of the close of business on the date that such shares of Class B Stock Security or Securities shall have been surrendered for exchange by delivery thereof with a written notice of exchange duly executed, so that the rights of the Purchaser -66- 75 Holder of such Security or Securities as a holder of the shares of Class B Stock so exchanged Securityholder shall cease at such time and, subject to the following provisions of this sectionparagraph, the Purchaser person or persons entitled to receive the shares of Common Stock upon exchange of such Security or Securities shall be treated for all purposes as having become the record holder or holders of such shares of Common Stock at such time and such exchange shall be at the exchange price in effect at such time; provided, however, that no such surrender on any date when the stock transfer books of the Company REIT shall be closed shall be effective to constitute the Purchaser person or persons entitled to receive the shares of Common Stock upon such exchange as the record holder or holders of such shares of Common Stock on such date, but such surrender shall be effective to constitute the Purchaser person or persons entitled to receive such shares of Common Stock as the record holder or holders thereof for all purposes at the close of business on the next succeeding day on which such stock transfer books are open, regardless of whether a Restricted Period is continuing; such exchange shall be at the exchange price in effect on the date that such Security or Securities shall have been surrendered for exchange by delivery thereof, as if the stock transfer books of the REIT had not been closed. The Company REIT shall issue give or cause to be given to the Trustee written notice whenever the stock transfer books of the REIT shall be closed. Upon exchange of any Security which is exchanged in part only, the Issuer shall execute and the Trustee shall authenticate and deliver to or on the Purchaserorder of the Holder thereof, at the expense of the CompanyIssuer, a new certificate covering the number Security or Securities of shares of Class B Stock representing authorized denominations in principal amount equal to the unexchanged portion of the certificate so surrendered, which new certificate shall entitle in all respects the Purchaser to the rights of the Class B Stock represented thereby to the same extent as if the certificate theretofore covering such unexchanged shares had not been surrendered for exchangeSecurity.