Common use of Tender Offers Clause in Contracts

Tender Offers. With respect to each Fund, subject to satisfaction of Section 2 below, the Fund Parties (each Fund with respect to itself only) agree to conduct a tender offer by PTY for 100% of its issued and outstanding ARPS at a price equal to 93% of the $25,000 per share liquidation preference of the ARPS (i.e., a tender offer of $23,250 per ARPS share), a tender offer by PHK for 100% of its issued and outstanding ARPS at a price equal to 88% of the $25,000 per share liquidation preference of the ARPS (i.e., a tender offer of $22,000 per ARPS share), and a tender offer by each of PFL, PFN and PCN for 100% of its issued and outstanding ARPS at a price equal to 87% of the $25,000 per share liquidation preference of the ARPS (i.e., a tender offer of $21,750 per ARPS share), scheduled to expire as of the close of the New York Stock Exchange on July 25, 2019 (such date, as it may be extended in accordance with the terms of the Tender Offers, the “Expiration Date”), subject only to substantially the same conditions as are set forth in Appendix A hereto (each, a “Tender Offer” and, collectively, the “Tender Offers”), which conditions do not include any minimum level of participation in the Tender Offer by ARPS holders of the Fund. Each Fund (with respect to itself only) hereby agrees that if, as of the Expiration Date of its Tender Offer, all of such conditions are satisfied, it shall accept for payment all ARPS properly tendered pursuant to its Tender Offer.

Tender Offers. With respect to each Fund, subject to satisfaction of Section 2 2(a) below, the Fund Parties (each Fund with respect to itself only) agree to conduct a tender offer by PTY PCN for 100% of its issued and outstanding ARPS at a price equal to 9382.5% of the $25,000 per share liquidation preference of the ARPS (i.e., a tender offer of $23,250 20,625 per ARPS share), ) and a tender offer by PHK for 100% of its issued and outstanding ARPS at a price equal to 8883% of the $25,000 per share liquidation preference of the ARPS face value (i.e., a tender offer of $22,000 per ARPS share), and a tender offer by each of PFL, PFN and PCN for 100% of its issued and outstanding ARPS at a price equal to 87% of the $25,000 per share liquidation preference of the ARPS (i.e., a tender offer of $21,750 20,750 per ARPS share), scheduled to expire as of the close of the New York Stock Exchange on July 25November 20, 2019 2015 (such date, as it may be extended in accordance with the terms of the Tender Offers, the “Expiration Date”), subject only to substantially the same conditions as are set forth in Appendix A hereto (each, a “Tender Offer” and, collectively, the “Tender Offers”), which conditions do not include any minimum level of participation in the Tender Offer by ARPS holders of the Fund. Each Fund (with respect to itself only) hereby agrees that if, as of the Expiration Date of its Tender Offer, all of such conditions are satisfied, it shall accept for payment all ARPS properly tendered pursuant to its Tender Offer.