Common use of Restrictions on Transfers; Designation of Beneficiary Clause in Contracts

Restrictions on Transfers; Designation of Beneficiary. (A) Series H Preferred Excess Shares shall not be transferable. The Trust may designate a Beneficiary of an interest in the Series H Preferred Excess Share Trust (representing the number of Series H Preferred Excess Shares held by the Series H Preferred Excess Share Trust attributable to a purported Transfer that resulted in the Series H Preferred Excess Shares), if the shares of Series H Preferred Excess Shares held in trust in the Series H Preferred Excess Share Trust would not be Series H Preferred Excess Shares in the hands of such Beneficiary. The Purported Beneficial Transferee may receive a price for its interest in the Series H Preferred Shares which were exchanged for Series H Preferred Excess Shares provided that the Purported Beneficial Transferee does not receive a price that reflects a price per share for such Series H Preferred Shares that exceeds (i) the price per share such Purported Beneficial Transferee paid for the Series H Preferred Shares in the purported Transfer that resulted in the Series H Preferred Excess Shares, or (ii) if the Purported Beneficial Transferee did not give value for such Series H Preferred Shares (through a gift, devise or otherwise), a price per share equal to the Market Price on the date of the purported Transfer that resulted in the Series H Preferred Excess Shares. Upon such transfer of an interest in the Series H Preferred Excess Share Trust, the corresponding shares of Series H Preferred Excess Shares in the Series H Preferred Excess Share Trust shall be automatically exchanged for an equal number of Series H Preferred Shares, and such Series H Preferred Shares shall be transferred of record to the Beneficiary of the interest in the Series H Preferred Excess Share Trust designated by the Trust as described above if such Series H Preferred Shares would not be Series H Preferred Excess Shares in the hands of such Beneficiary.

Appears in 1 contract

Samples: Guaranty Agreement (Equity Office Properties Trust)

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Restrictions on Transfers; Designation of Beneficiary. (A) Series H G Preferred Excess Shares shall not be transferable. The Trust may designate a Beneficiary of an interest in the Series H G Preferred Excess Share Trust (representing the number of Series H G Preferred Excess Shares held by the Series H G Preferred Excess Share Trust attributable to a purported Transfer that resulted in the Series H G Preferred Excess Shares), if the shares of Series H G Preferred Excess Shares held in trust in the Series H G Preferred Excess Share Trust would not be Series H G Preferred Excess Shares in the hands of such Beneficiary. The Purported Beneficial Transferee may receive a price for its interest in the Series H G Preferred Shares which were exchanged for Series H G Preferred Excess Shares provided that the Purported Beneficial Transferee does not receive a price that reflects a price per share for such Series H G Preferred Shares that exceeds (i) the price per share such Purported Beneficial Transferee paid for the Series H G Preferred Shares in the purported Transfer that resulted in the Series H G Preferred Excess Shares, or (ii) if the Purported Beneficial Transferee did not give value for such Series H G Preferred Shares (through a gift, devise or otherwise), a price per share equal to the Market Price on the date of the purported Transfer that resulted in the Series H G Preferred Excess Shares. Upon such transfer of an interest in the Series H G Preferred Excess Share Trust, the corresponding shares of Series H G Preferred Excess Shares in the Series H G Preferred Excess Share Trust shall be automatically exchanged for an equal number of Series H G Preferred Shares, and such Series H G Preferred Shares shall be transferred of record to the Beneficiary of the interest in the Series H G Preferred Excess Share Trust designated by the Trust as described above if such Series H G Preferred Shares would not be Series H G Preferred Excess Shares in the hands of such Beneficiary.

Appears in 1 contract

Samples: Guaranty Agreement (Equity Office Properties Trust)

Restrictions on Transfers; Designation of Beneficiary. (A) Series H F Preferred Excess Shares shall not be transferable. The Trust may designate a Beneficiary of an interest in the Series H F Preferred Excess Share Trust (representing the number of Series H F Preferred Excess Shares held by the Series H F Preferred Excess Share Trust attributable to a purported Transfer that resulted in the Series H F Preferred Excess Shares), if the shares of Series H F Preferred Excess Shares held in trust in the Series H F Preferred Excess Share Trust would not be Series H F Preferred Excess Shares in the hands of such Beneficiary. The Purported Beneficial Transferee may receive a price for its interest in the Series H F Preferred Shares which were exchanged for Series H F Preferred Excess Shares provided that the Purported Beneficial Transferee does not receive a price that reflects a price per share for such Series H F Preferred Shares that exceeds (i) the price per share such Purported Beneficial Transferee paid for the Series H F Preferred Shares in the purported Transfer that resulted in the Series H F Preferred Excess Shares, or (ii) if the Purported Beneficial Transferee did not give value for such Series H F Preferred Shares (through a gift, devise or otherwise), a price per share equal to the Market Price on the date of the purported Transfer that resulted in the Series H F Preferred Excess Shares. Upon such transfer of an interest in the Series H F Preferred Excess Share Trust, the corresponding shares of Series H F Preferred Excess Shares in the Series H F Preferred Excess Share Trust shall be automatically exchanged for an equal number of Series H F Preferred Shares, and such Series H F Preferred Shares shall be transferred of record to the Beneficiary of the interest in the Series H F Preferred Excess Share Trust designated by the Trust as described above if such Series H F Preferred Shares would not be Series H F Preferred Excess Shares in the hands of such Beneficiary.

Appears in 1 contract

Samples: Guaranty Agreement (Equity Office Properties Trust)

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Restrictions on Transfers; Designation of Beneficiary. (A) Series H E Preferred Excess Shares shall not be transferable. The Trust may designate a Beneficiary of an interest in the Series H E Preferred Excess Share Trust (representing the number of Series H E Preferred Excess Shares held by the Series H E Preferred Excess Share Trust attributable to a purported Transfer that resulted in the Series H E Preferred Excess Shares), if the shares of Series H E Preferred Excess Shares held in trust in the Series H E Preferred Excess Share Trust would not be Series H E Preferred Excess Shares in the hands of such Beneficiary. The Purported Beneficial Transferee may receive a price for its interest in the Series H E Preferred Shares which were exchanged for Series H E Preferred Excess Shares provided that the Purported Beneficial Transferee does not receive a price that reflects a price per share for such Series H E Preferred Shares that exceeds (i) the price per share such Purported Beneficial Transferee paid for the Series H E Preferred Shares in the purported Transfer that resulted in the Series H E Preferred Excess Shares, or (ii) if the Purported Beneficial Transferee did not give value for such Series H E Preferred Shares (through a gift, devise or otherwise), a price per share equal to the Market Price on the date of the purported Transfer that resulted in the Series H E Preferred Excess Shares. Upon such transfer of an interest in the Series H E Preferred Excess Share Trust, the corresponding shares of Series H E Preferred Excess Shares in the Series H E Preferred Excess Share Trust shall be automatically exchanged for an equal number of Series H E Preferred Shares, and such Series H E Preferred Shares shall be transferred of record to the Beneficiary of the interest in the Series H E Preferred Excess Share Trust designated by the Trust as described above if such Series H E Preferred Shares would not be Series H E Preferred Excess Shares in the hands of such Beneficiary.

Appears in 1 contract

Samples: Guaranty Agreement (Equity Office Properties Trust)

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