LeFrak REIT definition

LeFrak REIT means an entity operating under the Internal Revenue Code as a real estate investment trust (1) which is formed by the LeFrak Family, (2) the board of directors or board of trustees shall, for at least two years after the formation thereof, contain members of the LeFrak Family, and (3) the largest non-institutional shareholders of which after any initial public offering of stock thereof shall be members of the LeFrak Family; and "control" shall mean the ownership, directly or indirectly, of voting capital stock or other beneficial ownership interests in excess of fifty percent (50%) and the possession of power to direct or cause the direction of the management and policy of such corporation or other entity, whether through the ownership of voting securities, by statute, according to the provisions of a contract, or otherwise; provided, however, that if at any time the Building shall not be owned by a Landlord Related Entity as above-defined, then at such times the term "Landlord Related Entity" shall mean a corporation or other business entity "controlling", "controlled by", or "under common control with" Landlord ("control" having the meaning set forth above);

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LeFrak REIT means an entity operating under the Internal Revenue Code as a real estate investment trust (1) which is formed by the LeFrak Family, (2) the board of directors or board of trustees shall, for at least two years after the formation thereof, contain members of the LeFrak Family, and (3) the largest non-institutional shareholders of which after any initial public offering of stock thereof shall be members of the LeFrak Family; and "control" shall mean the ownership, directly or indirectly, of voting capital stock or other beneficial ownership interests of fifty percent (50%) or more (twenty-five percent (25%) in the case of a public company) and the possession of power to direct or cause the direction of the management and policy of such corporation or other entity, whether through the ownership of voting securities, by statute, according to the provisions of a contract, or otherwise;