Excess Shares. (A) If, at any time, a person (as defined in (C) below only for purposes of this Article XII) shall be or become an Owner (as defined in (C) below) of Shares of the Trust in excess of 9.8% of the outstanding Shares entitled to vote (the "Limit"), those Shares of the Trust most recently acquired by such Person which are in excess of the Limit, including for this purpose Shares deemed owned through attribution, shall constitute "Excess Shares". Excess Shares shall have the following characteristics:
Appears in 3 contracts
Samples: Agreement and Declaration of Trust (United Mortgage Trust), Agreement and Declaration (United Mortgage Trust), Agreement and Declaration (United Mortgage Trust)
Excess Shares. (Aa) If, at any time, a person Person (as defined in (Cc) below only for purposes of this Article XII) shall be or become an Owner (as defined in (Cc) below) of Shares of the Trust in excess of 9.8% of the outstanding Shares entitled to vote (the "Limit"), those Shares of the Trust most recently acquired by such Person which are in excess of the Limit, including for this purpose Shares deemed owned through attribution, shall constitute "Excess Shares". ." Excess Shares shall have the following characteristics:
Appears in 1 contract
Samples: American Mortgage Investors Trust
