Trust for Excess Shares. Upon any purported Transfer that results in Excess Shares pursuant to Section 6.3, such Excess Shares shall be deemed to have been transferred to the Excess Share Trustee, as trustee of the Excess Share Trust for the exclusive benefit of the Charitable Beneficiary. Excess Shares so held in trust shall be issued and outstanding Units of the REIT. The Purported Beneficial Transferee shall have no rights in such Excess Shares except as provided in Section 6.17.
Appears in 4 contracts
Samples: Limited Liability Company Agreement (Industrial Property Trust Inc.), Limited Liability Company Agreement (TIAA-CREF U.S. Real Estate Fund I, L.P.), Limited Liability Company Agreement (TIAA-CREF U.S. Real Estate Fund I, L.P.)
Trust for Excess Shares. Upon any purported Transfer that results in Excess Shares pursuant to Section 6.33, such Excess Shares shall be deemed to have been transferred to the Excess Share Trustee, as trustee of the Excess Share Trust for the exclusive benefit of the Charitable Beneficiary. Excess Shares so held in trust shall be issued and outstanding Units shares of Stock of the REITCorporation. The Purported Beneficial Transferee shall have no rights in such Excess Shares except through the Purported Record Transferee with respect to such Purported Beneficial Transferee as provided in Section 6.1717.
Appears in 1 contract
Samples: Agreement
