Common use of Liquidation of the Issuer Clause in Contracts

Liquidation of the Issuer. (i) Upon a liquidation or winding up of the Issuer or First Shurgard (the current parent company of the Issuer) prior to the payment of the accrued Unused Fee and interest in accordance with Clause 5.2.4, the Subscriber shall receive an amount equal to 115% of the sum of the unpaid accrued Unused Fee and interest (the “Unused Fee Liquidation Preference”) at the time of the liquidation. Unless waived by the Subscriber, a change of control over the Issuer or First Shurgard, a consolidation, merger or sale of all or substantially all of the assets of the Issuer or First Shurgard shall be treated as a liquidation unless the Issuer’s Shareholders or the current shareholders of First Shurgard hold a majority of the voting power of the surviving entity.

Liquidation of the Issuer. (i) 8.1 Upon a liquidation or winding up of the Issuer or First Shurgard (the current parent company of the IssuerIssuer on the date of the Subscription Agreement) prior to the payment redemption of the accrued Unused Fee and interest in accordance with Clause 5.2.4Bonds, the Subscriber Bondholders shall receive an amount equal to 115% of the sum of the principal amount of the outstanding Bonds and accrued and unpaid accrued Unused Fee and interest (the “Unused Fee Liquidation Preference”) at the time of the liquidation. Unless waived by the SubscriberBondholder, a change of control over the Issuer or First Shurgard, a consolidation, merger or sale of all or substantially all of the assets of the Issuer or First Shurgard shall be treated as a liquidation unless the Issuer’s Shareholders or the current shareholders of First Shurgard hold a majority of the voting power of the surviving entity.