Examples of Beneficial Interests in a sentence
The Beneficiary shall have the irrevocable option (the “Conversion Rights”) to convert its beneficial ownership to full, legal ownership of the Shares without any further payment or consideration from Beneficiary, except for the consideration paid by Beneficiary for the Beneficial Interests granted to Beneficiary hereunder.
It is anticipated that the Beneficial Owners will acquire their Beneficial Interests in one or more closings that may occur on multiple dates.
The Beneficial Owners, on behalf of themselves and their successors and assigns, including, without limitation, persons or entities who become owners of a Beneficial Interest, hereby grant to the Operating Partnership the right, but not the obligation, exercisable in the Operating Partnership’s sole and absolute discretion, to purchase all, but not less than all, of the Beneficial Owners’ Beneficial Interests pursuant to the terms of this Agreement (the “FMV Option”).
In the event of the conversion of the Trust into a Delaware limited liability company and shall survive the exchange of Beneficial Interests for limited partnership interests, each pursuant to Section 9.03 of the Trust Agreement, the termination of the Master Lease or the Trust Agreement shall not cause the termination of this Agreement, and this Agreement shall remain in full force and effect notwithstanding any such events.
The Trust is hereby authorized from time to time to attach any such counterpart signature pages to this Agreement and to amend Schedule 1 to reflect the issuance of additional Beneficial Interests and the addition of Beneficial Owners as parties to this Agreement.