Common use of Reclassification Upon Transfer Clause in Contracts

Reclassification Upon Transfer. If a Fully Allocated Shareholder transfers its Series A Convertible CRA Shares, the transferee shall receive the same allocation of CRA Credits as the Fully Allocated Shareholder had prior to transfer. If an Unallocated Shareholder transfers its Series A Convertible CRA Shares, the transferee shall receive (i) the same allocation of CRA Credits as the Unallocated Shareholder had prior to transfer, and (ii) the same priority that the Unallocated Shareholder had prior to transfer with respect to allocations of CRA Credits which the Unallocated Shareholder has properly requested from the Trust but had not received prior to transfer. Subject to the allocation priorities set forth in Section 5.d., a transferee shall have a one-time option to obtain a different allocation of CRA Credits based on any then existing but unallocated Investments.

Appears in 2 contracts

Samples: Trust Agreement (Chartermac), Trust Agreement (Charter Municipal Mortgage Acceptance Co)

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Reclassification Upon Transfer. If a Fully Allocated Shareholder transfers its Series A Convertible CRA Preferred Shares, the transferee shall receive the same allocation of CRA Credits as the Fully Allocated Shareholder had prior to transfer. If an Unallocated Shareholder transfers its Series A Convertible CRA Preferred Shares, the transferee shall receive (i) the same allocation of CRA Credits as the Unallocated Shareholder had prior to transfer, and (ii) the same priority that the Unallocated Shareholder had prior to transfer with respect to allocations of CRA Credits which the Unallocated Shareholder has properly requested from the Trust but had not received prior to transfer. Subject to the allocation priorities set forth in Section 5.d., a transferee shall have a one-time option to obtain a different allocation of CRA Credits based on any then existing but unallocated Investments.

Appears in 2 contracts

Samples: Trust Agreement (Charter Municipal Mortgage Acceptance Co), Trust Agreement (Charter Municipal Mortgage Acceptance Co)

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Reclassification Upon Transfer. If a Fully Allocated Shareholder transfers its Series A Convertible CRA Preferred Shares, the transferee shall receive the same allocation of CRA Credits as the Fully Allocated Shareholder had prior to transfer. If an Unallocated Shareholder transfers its Series A Convertible CRA Preferred Shares, the transferee shall receive (i) the same allocation of CRA Credits as the Unallocated Shareholder had prior to transfer, and (ii) the same priority that the Unallocated Shareholder had prior to transfer with respect to allocations of CRA Credits which the Unallocated Shareholder has properly requested from the Trust but had not received prior to transfer. Subject to the allocation priorities set forth in Section 5.d., a transferee shall have a one-one time option to obtain a different allocation of CRA Credits based on any then existing but unallocated Investments.

Appears in 1 contract

Samples: Trust Agreement (Chartermac)

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