Examples of COMMENCEMENT OF THE INITIAL PUBLIC OFFERING in a sentence
The Independent Directors shall review the investment policies of the Corporation with sufficient frequency (and, upon the Commencement of the Initial Public Offering, not lessoften than annually) to determine that the policies being followed by the Corporation are in the best interests of its Stockholders.
Notwithstanding the foregoing sentence, prior to the Commencement of the Initial Public Offering, a plurality of all the votes cast at a meeting of Stockholders duly called and at which a quorum is present shall be sufficient to elect a Director.
Following the Commencement of the Initial Public Offering, the term of retention of any Adviser shall not exceed one year, although there is no limit to the number of times that a particular Adviser may be retained.
Prior to the Commencement of the Initial Public Offering, the Sponsor or its Affiliates will make an Initial Investment of $200,000 in the Corporation.
Following the Commencement of the Initial Public Offering, the issuance of Preferred Shares shall also be approved by a majority of Independent Directors not otherwise interested in the transaction, who shall have access at the Corporation’s expense to the Corporation’s legal counsel or to independent legal counsel.
Upon Commencement of the Initial Public Offering, each Director shall have at least three years of relevant experience demonstrating the knowledge and experience required to successfully acquire and manage the type of assets being acquired by the Corporation, and at least one of the Independent Directors shall have at least three years of relevant real estate experience.
Following the Commencement of the Initial Public Offering, the Advisory Agreement shall have a term of no more than one year, subject to an unlimited number of successive one-year renewals upon mutual consent of the parties.
Notwithstanding the foregoing sentence, upon the Commencement of the Initial Public Offering, if any remaining directors are Independent Directors, only Independent Directors shall nominate replacements for vacancies among the Independent Directors’ positions.
With respect to Shares owned by the Adviser, any Director or any Affiliates, following the Commencement of the Initial Public Offering, neither the Adviser, nor such Director(s), nor any of their Affiliates may vote or consent on matters submitted to the Stockholders regarding the removal of the Adviser, such Director(s) or any of their Affiliates or any transaction between the Corporation and any of them.
The Board may establish such committees as it deems appropriate, in its discretion, provided that, upon the Commencement of the Initial Public Offering, the majority of the members of each committee shall be Independent Directors.