Common use of Internal Restructuring Clause in Contracts

Internal Restructuring. As soon as reasonably practicable following the date hereof, MART shall cause MART to form separate Maryland business trusts (in form and substance agreed to or acceptable to Kimco) and to convey and contribute all of its right, title and interest in and to any and all real property owned of record by it, to such respective newly-formed business trusts in exchange for all of the outstanding shares of beneficial interest thereof. At least five business days prior to the Closing Date, MART shall contribute all of the beneficial interests in the newly-formed business trusts to MART LP. The actions described in this Section 7.14, in the aggregate, shall be hereinafter referred to as the "Restructuring."

Appears in 2 contracts

Sources: Merger Agreement (Mid Atlantic Realty Trust), Merger Agreement (Kimco Realty Corp)

Internal Restructuring. As soon as reasonably practicable following the date hereof, MART shall cause MART to form separate Maryland business trusts (in form and substance agreed to or acceptable to Kimco) and to convey and contribute all of its right, title and interest in and to any and all real property owned of record by it, to such respective newly-formed business trusts in exchange for all of the outstanding shares of beneficial interest thereof. At least five business days prior to the Closing Date, MART shall contribute all of the beneficial interests in the newly-formed business trusts to MART LP. The actions described in this Section 7.14, in the aggregate, shall be hereinafter referred to as the "β€œRestructuring."”

Appears in 1 contract

Sources: Agreement and Plan of Merger (Mid Atlantic Realty Trust)