Ownership in Trust. Upon any purported Transfer or other event described in Section 13.2(b) that would result in a transfer of Shares to a Trust, such Shares shall be deemed to have been transferred to the Trustee as trustee of a Trust for the exclusive benefit of one or more Charitable Beneficiaries. Such transfer to the Trustee shall be effective as of the close of business on the Business Day prior to the purported Transfer or other event that results in the transfer to the Trust pursuant to Section 13.2(b). The Trustee shall be appointed by the Company and shall be a Person unaffiliated with the Company and any Prohibited Owner. Each Charitable Beneficiary shall be designated by the Company as provided in Section 13.11(f).
Appears in 44 contracts
Samples: Operating Agreement (Groundfloor Loans 1, LLC), Operating Agreement (Groundfloor Loans 1, LLC), Operating Agreement (Arrived Debt Fund, LLC)
Ownership in Trust. Upon any purported Transfer or other event described in Section 13.2(b) that would result in a transfer of Shares to a Trust, such Shares shall be deemed to have been transferred to the Trustee as trustee of a Trust for the exclusive benefit of one or more Charitable Beneficiaries. Such transfer to the Trustee shall be effective as of the close of business on the Business Day prior to the purported Transfer or other event that results in the transfer to the Trust pursuant to Section 13.2(b). The Trustee shall be appointed by the Company and shall be a Person unaffiliated with the Company and any Prohibited Owner. Each Charitable Beneficiary shall be designated by the Company as provided in Section Section 13.11(f).
Appears in 22 contracts
Samples: Operating Agreement (Fundrise Growth eREIT III, LLC), Operating Agreement (Landa Financing LLC), Operating Agreement (Fundrise Equity REIT, LLC)
Ownership in Trust. Upon any purported Transfer or other event described in Section 13.2(b) of this OPERATING AGREEMENT. that would result in a transfer of Shares to a Trust, such Shares shall be deemed to have been transferred to the Trustee as trustee of a Trust for the exclusive benefit of one or more Charitable Beneficiariescharitable beneficiaries. Such transfer to the Trustee shall be effective as of the close of business on the Business Day prior to the purported Transfer or other event that results in the transfer to the Trust pursuant to Section 13.2(b)) of this OPERATING AGREEMENT. The Trustee shall be appointed by the Company COMPANY and shall be a Person person unaffiliated with the Company COMPANY and any Prohibited Owner. Each Charitable Beneficiary shall be designated by the Company as provided in Section Section 13.11(f)) of this OPERATING AGREEMENT.
Appears in 8 contracts
Samples: Operating Agreement (Strategic Hotel Ventures, LLC), Operating Agreement (Century West Multifamily Income Reit, LLC), Operating Agreement (Anabasis Real Estate Investment Trust, LLC)
Ownership in Trust. Upon any purported Transfer or other event described in Section 13.2(b11.2(b) that would result in a transfer of Shares to a Charitable Trust, such Shares shall be deemed to have been transferred to the Charitable Trustee as trustee of a Charitable Trust for the exclusive benefit of one or more Charitable Beneficiaries. Such transfer to the Charitable Trustee shall be deemed to be effective as of the close of business on the Business Day prior to the purported Transfer or other event that results in the transfer to the Charitable Trust pursuant to Section 13.2(b11.2(b). The Charitable Trustee shall be appointed by the Company and shall be a Person unaffiliated with the Company and any Prohibited Owner. Each Charitable Beneficiary shall be designated by the Company as provided in Section 13.11(fSection 11.3(g).
Appears in 5 contracts
Samples: Limited Liability Company Operating Agreement (Greenbacker Renewable Energy Co LLC), Limited Liability Company Operating Agreement (Greenbacker Renewable Energy Co LLC), Limited Liability Company Operating Agreement (Greenbacker Renewable Energy Co LLC)
Ownership in Trust. Upon any purported Transfer or other event described in Section 13.2(b) that would result in a transfer of Shares to a Trust, such Shares shall be deemed to have been transferred to the Trustee as trustee of a Trust for the exclusive benefit of one or more Charitable Beneficiaries. Such transfer to the Trustee shall be effective as of the close of business on the Business Day prior to the purported Transfer or other event that results in the transfer to the Trust pursuant to Section 13.2(b). The Trustee shall be appointed by the Company and shall be a Person unaffiliated with the Company and any Prohibited Owner. Each Charitable Beneficiary shall be designated by the Company as provided in Section Section 13.11(f).
Appears in 3 contracts
Samples: Operating Agreement (Fundrise West Coast Opportunistic REIT, LLC), Operating Agreement (Fundrise eREIT XIV, LLC), Operating Agreement (Fundrise Real Estate Investment Trust, LLC)
Ownership in Trust. Upon any purported Transfer or other event described in Section 13.2(b8.1(a)(i) that would result in a transfer of Shares to a Trust, such Shares shall be deemed to have been transferred to the Trustee as trustee of a Trust for the exclusive benefit of one or more Charitable Beneficiaries. Such transfer to the Trustee shall be effective as of the close of business on the Business Day prior to the purported Transfer or other event that results in the transfer to the Trust pursuant to Section 13.2(b8.1(a)(ii). The Trustee shall be appointed by the Company and shall be a Person unaffiliated with the Company and any Prohibited Owner. Each Charitable Beneficiary shall be designated by the Company as provided in Section 13.11(fSection 8.2(f).
Appears in 3 contracts
Samples: Limited Liability Company Agreement (MGM Growth Properties LLC), Limited Liability Company Agreement (MGM Growth Properties LLC), Limited Liability Company Agreement (MGM Growth Properties LLC)
Ownership in Trust. Upon any purported Transfer or other event described in Section 13.2(b14.2(b) that would result in a transfer of Shares to a Trust, such Shares shall be deemed to have been transferred to the Trustee as trustee of a Trust for the exclusive benefit of one or more Charitable Beneficiaries. Such transfer to the Trustee shall be effective as of the close of business on the Business Day prior to the purported Transfer or other event that results in the transfer to the Trust pursuant to Section 13.2(b14.2(b). The Trustee shall be appointed by the Company and shall be a Person unaffiliated with the Company and any Prohibited Owner. Each Charitable Beneficiary shall be designated by the Company as provided in Section 13.11(fSection 14.11(f).
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Fundrise Income Real Estate Fund, LLC), Limited Liability Company Agreement (Fundrise Income Real Estate Fund, LLC)
Ownership in Trust. Upon any purported Transfer or other event described in Section 13.2(b9.13.2(b) that would result in a transfer of Shares to a the Trust, such Shares shall be deemed to have been transferred to the Trustee as trustee of a the Trust for the exclusive benefit of one or more Charitable Beneficiaries. Such transfer to the Trustee shall be effective as of the close of business on the Business Day prior to the purported Transfer or other event that results in the transfer to the Trust pursuant to Section 13.2(b9.13.2(b). The Trustee shall be appointed by the Company Trust and shall be a Person unaffiliated with the Company Trust and any Prohibited Owner. Each Charitable Beneficiary shall be designated by the Company Trust as provided in Section 13.11(fSection 9.13.11(f).
Appears in 2 contracts
Samples: Agreement and Declaration of Trust (Pender Real Estate Credit Fund), Amended and Restated Agreement and Declaration of Trust (Redwood Real Estate Income Fund)
Ownership in Trust. Upon any purported Transfer or other event described in Section 13.2(b) that would result in a transfer of Shares of a Series to a Trust, such Shares of such Series shall be deemed to have been transferred to the Trustee as trustee of a Trust for the exclusive benefit of one or more Charitable Beneficiaries. Such transfer to the Trustee shall be effective as of the close of business on the Business Day prior to the purported Transfer or other event that results in the transfer to the Trust pursuant to Section 13.2(b). The Trustee shall be appointed by the Company and shall be a Person unaffiliated with the Company Company, any Series and any Prohibited Owner. Each Charitable Beneficiary shall be designated by the Company as provided in Section Section 13.11(f).
Appears in 2 contracts
Samples: Limited Liability Company Agreement (ETRE Residential, LLC), Limited Liability Company Agreement (Etre Reit, LLC)
Ownership in Trust. Upon any purported Transfer or other event described in Section 13.2(b9.13.2(b) that would result in a transfer of Shares to a the Trust, such Shares shall be deemed to have been transferred to the Trustee as trustee of a the Trust for the exclusive benefit of one or more Charitable Beneficiaries. Such transfer to the Trustee shall be effective as of the close of business on the Business Day prior to the purported Transfer or other event that results in the transfer to the Trust pursuant to Section 13.2(b9.13.2(b). The Trustee shall be appointed by the Company Trust and shall be a Person unaffiliated with the Company Trust and any Prohibited Owner. Each Charitable Beneficiary shall be designated by the Company Trust as provided in Section 13.11(f9.13.11(f).
Appears in 2 contracts
Samples: Agreement and Declaration of Trust (Redwood Real Estate Income Fund), Agreement and Declaration of Trust (Pender Real Estate Credit Fund)
Ownership in Trust. Upon any purported Transfer transfer or other event described in Section 13.2(b15.15(a)(ii) that would result in a transfer of Shares LLC Interests to a Trust, such Shares LLC Interests shall be deemed to have been transferred to the Trustee as trustee of a Trust for the exclusive benefit of one or more Charitable Beneficiaries. Such transfer to the Trustee shall be deemed to be effective as of the close of business on the Business Day immediately prior to the purported Transfer transfer or other event that results in the transfer to the Trust pursuant to Section 13.2(b15.15(a)(ii). The Trustee shall be appointed by the Company and shall be a Person unaffiliated with the Company and any Prohibited Owner. Each Charitable Beneficiary shall be designated by the Company as provided in Section 13.11(fSection 15.15(i)(vi).
Appears in 2 contracts
Samples: Operating Agreement (Lineage, Inc.), Operating Agreement (Lineage, Inc.)
Ownership in Trust. Upon any purported Transfer or other event described in Section 13.2(b) 8.2.2 that would result in a transfer of Shares to a Trust, such Shares shall be deemed to have been transferred to the Trustee as trustee of a Trust for the exclusive benefit of one or more Charitable Beneficiaries. Such transfer to the Trustee shall be effective as of the close of business on the Business Day prior to the purported Transfer or other event that results in the transfer to the Trust pursuant to Section 13.2(b)8.2.2. The Trustee shall be appointed by the Company and shall be a Person unaffiliated with the Company and any Prohibited Owner. Each Charitable Beneficiary shall be designated by the Company as provided in Section 13.11(f)Section 8.10.6.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Concreit Fund I LLC), Limited Liability Company Agreement (Concreit Fund I LLC)
Ownership in Trust. Upon any purported Transfer or other event described in Section Section 13.2(b) that would result in a transfer of Shares of a Series to a Trust, such Shares of such Series shall be deemed to have been transferred to the Trustee as trustee of a Trust for the exclusive benefit of one or more Charitable Beneficiaries. Such transfer to the Trustee shall be effective as of the close of business on the Business Day prior to the purported Transfer or other event that results in the transfer to the Trust pursuant to Section Section 13.2(b). The Trustee shall be appointed by the Company and shall be a Person unaffiliated with the Company Company, any Series and any Prohibited Owner. Each Charitable Beneficiary shall be designated by the Company as provided in Section 13.11(f).
Appears in 1 contract
Samples: Limited Liability Company Agreement (Etre Reit, LLC)
Ownership in Trust. Upon any purported Transfer or other event described in Section 13.2(b13.2.(b) that would result in a transfer of Shares to a Trust, such Shares shall be deemed to have been transferred to the Trustee as trustee of a Trust for the exclusive benefit of one or more Charitable Beneficiaries. Such transfer to the Trustee shall be effective as of the close of business on the Business Day prior to the purported Transfer or other event that results in the transfer to the Trust pursuant to Section 13.2(b13.2.(b). The Trustee shall be appointed by the Company and shall be a Person unaffiliated with the Company and any Prohibited Owner. Each Charitable Beneficiary shall be designated by the Company as provided in Section 13.11(f Section 13.11.(f).
Appears in 1 contract
Ownership in Trust. Upon any purported Transfer or other event described in Section 13.2(b14.2(b) that would result in a transfer of Shares to a Trust, such Shares shall be deemed to have been transferred to the Trustee as trustee of a Trust for the exclusive benefit of one or more Charitable Beneficiaries. Such transfer to the Trustee shall be effective as of the close of business on the Business Day prior to the purported Transfer or other event that results in the transfer to the Trust pursuant to Section 13.2(b14.2(b). The Trustee shall be appointed by the Company and shall be a Person unaffiliated with the Company and any Prohibited Owner. Each Charitable Beneficiary shall be designated by the Company as provided in Section 13.11(f14.11(f).
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (Fundrise Real Estate Interval Fund, LLC)
Ownership in Trust. Upon any purported Transfer or other event described in Section 13.2(b12.1(b) that would result in a transfer of Shares to a Trust, such Shares shall be deemed to have been transferred to the Trustee as trustee of a Trust for the exclusive benefit of one or more Charitable Beneficiaries. Such transfer to the Trustee shall be effective as of the close of business on the Business Day prior to the purported Transfer or other event that results in the transfer to the Trust pursuant to Section 13.2(b12.1 (b). The Trustee shall be appointed by the Company and shall be a Person unaffiliated with the Company and any Prohibited Owner. Each Charitable Beneficiary shall be designated by the Company as provided in Section 13.11(f12.10(f).
Appears in 1 contract
Samples: Operating Agreement (StartEngine Real Estate REIT 1 LLC)
Ownership in Trust. Upon any purported Transfer or other event described in Section 13.2(b13.1(b) that would result in a transfer of Shares Units to a Trust, such Shares Units shall be deemed to have been transferred to the Trustee as trustee of a Trust for the exclusive benefit of one or more Charitable Beneficiaries. Such transfer to the Trustee shall be deemed to be effective as of the close of business on the Business Day business day prior to the purported Transfer or other event that results in the transfer to the Trust pursuant to Section 13.2(b13.1(b). The Trustee shall be appointed by the Company Board and shall be a Person unaffiliated with the Company Company, any Prohibited Owner and any Prohibited OwnerCharitable Beneficiary. Each Charitable Beneficiary shall be designated by the Company Board as provided in Section Section 13.11(f).
Appears in 1 contract
