PREFERRED SHARE OWNERSHIP LIMIT definition

PREFERRED SHARE OWNERSHIP LIMIT means not more than 9.8% (in value or in number of shares, whichever is more restrictive) of the aggregate of the outstanding Preferred Shares of the Company.

PREFERRED SHARE OWNERSHIP LIMIT means, with respect to the Preferred Shares, nine point eight percent (9.8%) of the outstanding Shares of a particular series of Preferred Shares of the Company, subject to adjustment pursuant to Section 7.6(x) (but not more than nine point nine percent (9.9%) of the outstanding Preferred Shares, as so adjusted) and to the limitations contained in this Section 7.6.

PREFERRED SHARE OWNERSHIP LIMIT means not more than 9.8% percent (in value or in number of shares, whichever is more restrictive) of the aggregate of the outstanding Preferred Shares of the Company, subject to adjustment pursuant to Section 5.9(ii)(h) (but not more than 9.9% percent of the aggregate of the outstanding Preferred Shares of the Company, as so adjusted). The number and value of outstanding Preferred Shares of the Company shall be determined by the Board in good faith, which determination shall be conclusive for all purposes hereof.

Examples of PREFERRED SHARE OWNERSHIP LIMIT in a sentence

• If fewer than all of the outstanding Class C Preferred Shares are to be redeemed, the Class C Preferred Shares to be redeemed shall be redeemed pro rata (as nearly as may be practicable without creating fractional shares), by lot or by any other equitable method determined by the Corporation that will not result in a violation of the Preferred Share Ownership Limit.

• The Preferred Share Ownership Limit provides, in relevant part, that no Person shall Beneficially or Constructively Own Class C Preferred Shares in excess of 9.8% (by value or number of shares, whichever is more restrictive) of the outstanding shares of Class C Preferred Shares of the Company.

• Neither the Preferred Share Ownership Limit nor the Common Share Ownership Limit may be increased to a percentage that is greater than 9.9%.

• If, at any time, the Shareholder expects that it will cease to be widely held (as defined in paragraph 3 above), the Shareholder will dispose (or direct the Investment Manager to dispose) of its Class C Preferred Shares that are in excess of the Preferred Share Ownership Limit prior to the time the Shareholder ceases to be widely held.

• Each such Beneficial or Constructive Owner promptly shall provide to the Company such additional information as the Company, in its sole discretion, may request in order to determine the effect, if any, of such Beneficial or Constructive Ownership on the Company’s status as a REIT and to ensure compliance with the Common or Preferred Share Ownership Limit and other restrictions set forth herein.

More Definitions of PREFERRED SHARE OWNERSHIP LIMIT

PREFERRED SHARE OWNERSHIP LIMIT means, with respect to the Preferred Shares, ownership of 9.8% or more (by value or number of shares, whichever is more restrictive) of an outstanding class or series of Preferred Shares, subject to adjustment pursuant to Section 5.04(j) and to any other limitations contained in Section 5.04.

PREFERRED SHARE OWNERSHIP LIMIT means, with respect to the Preferred Shares, 9.8% of the outstanding Shares of a particular series of Preferred Shares of the Company, subject to adjustment pursuant to Section 7.7(x) (but not more than 9.9% of the outstanding Preferred Shares, as so adjusted) and to any other limitations contained in this Section 7.7.

PREFERRED SHARE OWNERSHIP LIMIT means not more than 9.8% (in value or in number of shares, whichever is more restrictive) of the aggregate of the Outstanding Shares of any class or series of Preferred Shares, or such other percentage determined by the Board of Directors in accordance with Section 8.1(h). The number and value of shares of Outstanding Preferred Shares shall be determined by the Board of Directors in good faith, which determination shall be conclusive for all purposes hereof.

PREFERRED SHARE OWNERSHIP LIMIT means 9.8% (by value or number of shares, whichever is more restrictive) of the outstanding shares of Class C Preferred Shares of the Corporation. The number and value of shares of outstanding Class C Preferred Shares of the Corporation shall be determined by the Board of Directors in good faith, which determination shall be conclusive for all purposes hereof.

PREFERRED SHARE OWNERSHIP LIMIT means, with respect to each class or series of the Preferred Shares, not more than 9.9% percent of the aggregate number of the outstanding Preferred Shares of such class or series of the Preferred Shares of the Company, subject to adjustment pursuant to Section 5.8(ii)(h).

PREFERRED SHARE OWNERSHIP LIMIT means, with respect to the Preferred Shares, 9.8% (by value or number of shares, whichever is more restrictive) of the outstanding Equity Shares of a particular class or series of Preferred Shares of the Company, subject to adjustment pursuant to Section 4.6(x) (but not more than 9.9% of the outstanding class or series of Preferred Shares, as so adjusted) and to any other limitations contained in Section 4.6.

PREFERRED SHARE OWNERSHIP LIMIT means 9.8% (in value or number of Preferred Shares, whichever is more restrictive) of the aggregate of the outstanding shares of any class or series of Preferred Shares, or such other percentage determined by the Board of Trustees in accordance with Section 7.1.8 of the Declaration of Trust.