ELECTION BY HOLDER Clause Samples

ELECTION BY HOLDER. Distributions on the Partnership Preferred Securities may be payable in cash or an Equivalent Value of shares of Common Stock as set forth in this Section 6.4. Subject to Sections 6.4(a) and 6.4(d), each Holder may during an Election Period elect to receive Distributions for the next four Distribution Payment Dates in either (a) an Equivalent Value of shares of Common Stock (a "Stock Distribution Election") or (b) cash (a "Cash Distribution Election"), in each case by submitting to the Election Agent a notice of distribution election substantially in the form of Annex B ("Notice of Distribution Election"); provided however, that so long as the Property Trustee of the Trust or a Clearing Agency is the Holder of the Partnership Preferred Securities, the Holder may elect to receive Distributions in a combination of cash and Common Stock by specifying the aggregate number of the Partnership Preferred Securities for each respective form of payment. The Notice of Distribution Election shall specify the form of payment (or, if the Property Trustee or Clearing Agency is the Holder of the Partnership Preferred Securities, the aggregate amount for each respective form of payment) in which the Holder elects to receive Distributions. If a Holder fails to submit a Notice of Distribution Election during the Election Period, the Holder shall be deemed to have elected to receive distributions in the form of cash. If a Holder transfers any or all Partnership Preferred Securities in such Holder's possession, the subsequent Holder(s) of such transferred Partnership Preferred Securities shall be deemed to have made a Cash Distribution Election for the remaining Distribution Payment Dates prior to the next Election Period for which such subsequent Holder(s) appear as the Holder(s) of record.