KRT Trust definition
Examples of KRT Trust in a sentence
At the effective time of the KRT Trust Merger, notwithstanding anything to the contrary contained in this Agreement, including Articles 11 and 12 hereof, Kramont shall automatically and without further action be admitted to the Partnership as the General Partner and a Limited Partner, and thereafter KRT Trust will cease to be the General Partner.
Thereafter, immediately upon admission of the Limited Partners signing this Agreement as limited partners of Kramont OP, the partnership interest of KRT Trust I LLC in Kramont OP will be cancelled without consideration.
The contributions of the Limited Partners contemplated by this Agreement are subject to and will become effective only upon consummation of the KRT Trust II Merger, the KRT Partnership Merger, and the transactions contemplated by the Reorganization Agreement.
Upon the occurrence of the events set forth in this Section 12: (i) Kramont OP shall own all the assets formerly owned by Kranzco other than its interest in KRT Trust, and (ii) all of the outstanding partnership interests in Kramont OP shall be the Kramont Preferred OP Units and Kramont Common OP Units described on Schedule 12 owned by Kramont, as general and limited partner, and the Kramont Common OP Units owned by the Limited Partners signing this Agreement as limited partners.
KRT Trust hereby continues as the General Partner until the effective time of the KRT Trust Merger, and KRT Trust I LLC hereby continues as a Limited Partner until the CV LP Holders are admitted to the Partnership as Limited Partners.
Each of KRT Trust and CV will be merged with and into Kramont (the "Reorganization").
On the terms and subject to the conditions of this Agreement, and in accordance with the MGCL and the Maryland REIT Law, at the Effective Time (as defined in Section 1.4), KRT Trust shall be merged with and into Kramont in accordance with this Agreement and the separate corporate existence of KRT Trust shall thereupon cease.
Kranzco and KRT Trust are each a real estate investment trust, KRT Partnership is a limited partnership, and each is duly organized or formed, validly existing and in good standing under the laws of its jurisdiction of incorporation, organization or formation.
Each Kramont Option assumed by KRT Trust shall be exercisable upon the same terms and conditions as under the applicable Kranzco Stock Option Plan and the applicable Option agreement issued thereunder (including that each KRT Trust Option shall be exercisable for the same number of KRT Trust Common Shares as the number of Kranzco Common Shares that were issuable upon exercise of the Kramont Options immediately prior to the KRT Trust II Merger).
To the knowledge of Kranzco, the provisions of Sections 3-602 and 3-702 of the Maryland General Corporation Law will not apply to Kranzco, KRT Trust, KRT Trust II or any acquisition of shares of any of them in connection with this Agreement and the transactions contemplated hereby.