PREFERRED SHARES OF BENEFICIAL INTEREST Sample Clauses
The "Preferred Shares of Beneficial Interest" clause defines the rights and characteristics of a special class of shares issued by a trust or similar entity, known as preferred shares. These shares typically grant holders priority over common shareholders regarding dividends and distributions, and may include features such as fixed dividend rates or preferential treatment upon liquidation. For example, holders of preferred shares might receive dividend payments before any are made to common shareholders, or have their investment returned first if the trust is dissolved. The core function of this clause is to clearly establish the privileges and protections afforded to preferred shareholders, thereby attracting investment and allocating financial risk within the entity.
PREFERRED SHARES OF BENEFICIAL INTEREST. DESIGNATION SERIES M: A series of 1,120 preferred shares of beneficial interest, par value $0.00001 per share, liquidation preference $25,000 per share, is hereby designated "Series M Auction Market Preferred Shares" and is referred to below as the "Preferred Shares" or "Series M." Each of the 1,120 Preferred Shares may be issued on a date to be determined by the Board of Trustees of the Trust or pursuant to their delegated authority; have an Initial Dividend Rate and an Initial Dividend Payment Date as shall be determined in advance of the issuance thereof by the Board of Trustees of the Trust or pursuant to their delegated authority; and have such other preferences, voting powers, terms of redemption and special or relative rights or privileges as are set forth in these Bylaws, in addition to those required by applicable law or set forth in the Declaration of Trust. The Preferred Shares shall constitute a separate series of preferred shares of beneficial interest of the Trust, and each Preferred Share shall be identical except as provided in these Bylaws.
Section 11.1 Statement Creating One Series of Auction Market Preferred Shares DEFINITIONS As used in Parts I and II of this Section 11.1, the following terms shall have the following meanings (with terms defined in the singular having comparable meanings when used in the plural and vice versa), unless the context otherwise requires:
PREFERRED SHARES OF BENEFICIAL INTEREST. 10.1 Statement Creating One Series of Preferred Shares.
PREFERRED SHARES OF BENEFICIAL INTEREST. 10.1 Statement Creating One Series of Preferred Shares. DESIGNATION Series __: ____ preferred shares, par value $.0001 per share, liquidation preference $25,000 per share plus an amount equal to accumulated but unpaid distributions thereon (whether or not earned or declared), are hereby designated auction preferred shares, Series __ (the "Series" or "Preferred Shares"). Each share of the Series shall have an Applicable Rate for its Initial Rate Period determined pursuant to a resolution of the Board of Trustees and an initial Distribution Payment Date of _______ __, 2004. Preferred Shares may be marketed under the name "auction preferred shares" or "Preferred Shares" or such other name as the Board of Trustees may approve from time to time. Each Preferred Share shall have such other preferences, rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption, in addition to those required by applicable law, as are set forth in Parts I and II of Article X of these Bylaws. Subject to the provisions of Section 5(c) of Part I hereof, the Board of Trustees of the Trust may, in the future, reclassify additional shares of the Trust's capital shares as Preferred Shares, with the same preferences, rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption and other terms herein described, except that the Applicable Rate for the Initial Rate Period, its initial Payment Date and any other changes in the terms herein set forth shall be as set forth in the Bylaws reclassifying such shares as Preferred Shares. Capitalized terms used in Parts I and II of Article X of these Bylaws shall have the meanings (with the terms defined in the singular having comparable meanings when used in the plural and vice versa) provided in the "Definitions" section immediately following, unless the context otherwise requires.
PREFERRED SHARES OF BENEFICIAL INTEREST. DESIGNATION
10.1 Statement Creating One Series of Preferred Shares.