Excepted Holder Requirements Sample Clauses

Excepted Holder Requirements. No Person shall Own Fractional Undivided Interests aggregating 4.9% or more of the Trust Interests, unless such Person (an “Excepted Holder”) has delivered a certification to the Trustee, substantially in the form of Exhibit F, that such Person: (i) either: (A) does not Own, and will not Own (so long as such Person Owns Fractional Undivided Interests aggregating 4.9% or more of the Trust Interests), a Relevant Equity Interest in any Tenant listed on Schedule III as of the date of such certification; or (B) does not Own, and will not Own (so long as such Person Owns Fractional Undivided Interests aggregating 4.9% or more of the Trust Interests), a Relevant Equity Interest in any Tenant listed on Schedule III as of the date of such certification in excess of the specified percentage of the aggregate outstanding Relevant Equity Interests in such Tenant to which the Trustee has consented in writing; and (ii) agrees to provide in a timely manner such information as the Trustee or the Manager may reasonably request in order to determine the accuracy of such certification or the effect, if any, that such Person’s Ownership of Trust Interests would have on the Trust’s status as a partnership for U.S. federal income tax purposes under Sections 7704(c)(1) and (2) of the Code if the Trust were recharacterized as a “business entity” (rather than a grantor trust) for U.S. federal income tax purposes.
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