Limited Voting Stock Sample Clauses
Limited Voting Stock and Paired Partnership Units may be pledged to a lending institution as collateral or security for a bona fide loan or extension of credit (provided that such lending institution shall not be entitled to vote any shares of Limited Voting Stock so pledged), but in the event of any transfer of such pledged Paired Partnership Units to such lending institution in connection with the exercise of remedies under such loan or extension of credit, the Limited Voting Stock paired with such Paired Partnership Units shall be automatically redeemed by the Company without consideration and cancelled pursuant to Article VI, Section 7(a) of the Certificate of Incorporation and the Pairing provided for under this Agreement with respect to such pledged Paired Partnership Units shall automatically terminate, and such Paired Partnership Units shall be treated as Partnership Units, and only such Partnership Units shall remain outstanding.
Limited Voting Stock. Prior to the Parent Merger Effective Time, Parent shall amend its charter to create Parent Limited Voting Stock by filing Articles Supplementary in the form of Exhibit C attached hereto.
Limited Voting Stock. The Certificate of Incorporation of the Company has authorized the issuance of Limited Voting Stock Shares (“Limited Voting Stock”). In return for a payment of $166,667 to the Company, the Company has issued shares of Limited Voting Stock to ▇▇▇▇▇▇ and the other Contributors which are equal to the number of Partnership Units that will be issued to such Contributors on the Closing of the Formation Transactions. ▇▇▇▇▇▇ has further agreed, on the Closing of the Formation Transactions, to contribute to each affiliated Contributor a number of shares of Limited Voting Stock equal to the number of Partnership Units issued to such Contributor, so that each Contributor, including ▇▇▇▇▇▇, ▇▇▇▇ end up holding OP Units paired with an equal number of shares of Limited Voting Stock which will be governed by the terms and conditions of that certain Pairing Agreement (“Pairing Agreement”) between the Company and the Operating Partnership dated as of October 13, 2004. Each Contributor acknowledges and agrees that the Limited Voting Stock owned by such Contributor is not transferable other than as permitted by the Pairing Agreement and that any transfer of the Partnership Units that is otherwise permitted under the OP Agreement will also require the transfer of a like number of shares of the Limited Voting Stock owned by such Contributor so that there is no circumstance under which such Contributor holds shares of the Limited Voting Stock without holding the equivalent number of OP Units. Any such transfer of Partnership Units without an equal number of shares of Limited Voting Stock shall cause such paired shares of Limited Voting Stock to be automatically redeemed and cancelled.
Limited Voting Stock. The Certificate of Incorporation of the Company has authorized the issuance of Limited Voting Stock Shares (“Limited Voting Stock”). In return for a payment of $50,000 to the Company, the Company has issued shares of Limited Voting Stock to ▇▇▇▇▇▇ which are at least equal to the number of Partnership Units that will be issued to all of the Contributors on the Closing of the Formation Transactions (and concurrent with the Closing, the Company will redeem from ▇▇▇▇▇▇ any such shares of Limited Voting Stock that are in excess of the number of such Partnership Units issued to the Contributors). ▇▇▇▇▇▇ has further agreed, on the Closing of the Formation Transactions, to contribute to each affiliated Contributor a number of shares of Limited Voting Stock equal to the number of Partnership Units issued to such Contributor, so that each Contributor, including ▇▇▇▇▇▇, ▇▇▇▇ end up holding OP Units paired with an equal number of shares of Limited Voting Stock which will be governed by the terms and conditions of that certain Pairing Agreement (“Pairing Agreement”) between the Company and the Operating Partnership dated as of , 2004. Each Contributor acknowledges and agrees that the Limited Voting Stock owned by such Contributor is not transferable other than as permitted by the Pairing Agreement and that any transfer of the Partnership Units that is otherwise permitted under the OP Agreement will also require the transfer of a like number of shares of the Limited Voting Stock owned by such Contributor so that there is no circumstance under which such Contributor holds shares of the Limited Voting Stock without holding the equivalent number of OP Units. Any such transfer of Partnership Units without an equal number of shares of Limited Voting Stock shall cause such paired shares of Limited Voting Stock to be automatically redeemed and cancelled.