Excess Units definition

Excess Units means Common Units that have been tendered for Redemption to the extent the issuance of REIT Shares in exchange for such units would violate the restrictions on ownership or transfer of the REIT Shares set forth in the Charter.

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Excess Units has the meaning set forth in Section 5.9(b)(v)(B).

Excess Units means Tendered Units, the issuance of REIT Shares in exchange for which would result in a violation of the Ownership Limit.

Examples of Excess Units in a sentence

Excess Units so held in trust shall be issued and outstanding Units of the Company.
The Company shall have the right to accept such offer for a period of ninety (90) days after the later of (x) the date of the Transfer which resulted in such Excess Unit and (y) the date the Manager determines in its sole discretion that a Transfer resulting in Excess Units has occurred, if the Company does not receive a notice of such Transfer pursuant to Section 6.5 but in no event later than a permitted Transfer pursuant to and in compliance with the terms of Section 6.17.
Subject to Delaware law, any vote made by a Purported Record Transferee prior to the discovery by the Company that the Excess Units were held in trust shall be rescinded ab initio.
Any dividends and distributions on or in respect of Excess Units shall be paid to the Excess Share Trust for the benefit of the Charitable Beneficiary.
The Purported Beneficial Transferee and the Purported Record Transferee shall have no rights in such Excess Units except as provided in Section 6.17.

More Definitions of Excess Units

Excess Units shall have the meaning set forth in Section 16.7.A(iii).

Excess Units has the meaning set forth in Section 4.5(g)(i)(C).

Excess Units has the meaning assigned to such term in Section 4.10(d).

Excess Units. , "Exchange Notice", "Exchange Price", "Preferred Unit Distribution Payment Date", "Preferred Unit Partnership Record Date" and "Priority Return" shall be deemed references to "Series A Excess Units", "Series A Exchange Notice", "Series A Exchange Price", "Series A Preferred Unit Distribution Payment Date", "Series A Preferred Unit Partnership Record Date" and "Series A Priority Return" respectively.

Excess Units means Units exchanged as provided in paragraph (d) of this Section 11.10.

Excess Units shall have the meaning ascribed thereto in Section 9.5(b).

Excess Units has the meaning assigned to it in Section 3.3.1.