PREFERRED SHARES AND COMMON SHARES Sample Clauses

PREFERRED SHARES AND COMMON SHARES. Except as otherwise provided in this Agreement, each outstanding Preferred Share resulting from an Effective Estate Freeze Election shall each year be entitled to a preferential return over the corresponding Common Share in the amount of the Preferred Return, which return will cumulate from the effective date of the Effective Estate Freeze Election but not compound, reduced by cumulative distributions to (or attributable to) such Preferred Share in excess of the cumulative prior Preferred Return. Upon termination of the Fund, or upon the earlier redemption of a Preferred Share, such Preferred Share will be entitled to a priority repayment over the corresponding Common Share of the Initial Preferred Capital Account, plus any unpaid cumulative Preferred Return in respect of such Preferred Share (but not to exceed the positive balance in the Capital Account for such Preferred Share). Except as otherwise provided in this Agreement, each outstanding Common Share resulting from an Effective Estate Freeze Election shall each year be entitled to all returns, if any, that would have been allocated to the Undivided Share attributable to such Common Share in excess of the preferential return on the corresponding Preferred Share. Upon termination of the Fund, or upon the earlier redemption of a Common Share, the Shareholder owning such Common Share will be entitled to the proportionate positive balance, if any, in the Capital Account for such Common Share. Regardless of the time when Shares are actually divided in the Fund's books and records, the respective Capital Accounts for the Preferred Shares and Common Shares established as a result of such division will be the same as if the division had occurred as of the time when the Shares so divided were initially issued to the original holder thereof and as if such Capital Accounts had been appropriately debited and credited from and after the time of such issuance. Upon the expiration of the Twenty Year Period applicable thereto, Preferred Shares and Common Shares will be automatically converted (without any action on the part of the holders thereof) into full and fractional Undivided Shares based on the relative values thereof on the conversion date. The value of a Preferred Share on its conversion date will be equal to the value of its priority repayment at the close of business on such date. The value of a Common Share on its conversion date will be equal to the proportionate positive balance in the Capital Account ...

PREFERRED SHARES AND COMMON SHARES. At or prior to the Closing, the Company shall have delivered to the Purchasers certificates representing the Preferred Shares (in such denominations as each Purchaser may request) and the Common Shares (in such denominations as each Purchaser may request) duly executed by the Company, in each case, being acquired by the Purchasers at such Closing.

PREFERRED SHARES AND COMMON SHARES. The owners of Paired Share Units, Preferred Shares and Common Shares shall have no redemption rights under this Article 10. Upon the automatic conversion of Preferred Shares and Common Shares into Undivided Shares after the expiration of the applicable Twenty Year Period, such Undivided Shares shall be redeemable pursuant to and in accordance with this Article 10. Any Preferred Share redeemed with the consent of the Manager pursuant to Section 5.4 shall be entitled only to the priority repayment referred to in Section 4.1(b). Any Common Share redeemed with the consent of the Manager pursuant to Section 5.4 shall be entitled only to the proportionate positive balance, if any, in the Capital Account for such Common Share. Redemption prices will be calculated as of the time Net Asset Value per Share is next determined after receipt by the Fund or the Manager of a written redemption request executed by the Shareholder or his legal representative, together with any documentation the Fund may require to effect the redemption. Preferred Shares and Common Shares redeemed together with the consent of the Manager pursuant to Section 5.4 shall be subject to the redemption practices of the Fund set forth in this Article 10.