Procedures for Conversion. Any holder of ▇▇▇▇▇ Units represented in book-entry form (the “Book-Entry Units”) whose ▇▇▇▇▇ Units were converted pursuant to Section 3.4 into the right to receive the Consideration shall automatically upon the Effective Time be entitled to receive, and Belpointe PREP shall cause the Exchange Agent to pay and deliver as promptly as reasonably practicable after the Effective Time the applicable Consideration pursuant to the provisions of this Article III for each ▇▇▇▇▇ Unit formerly represented by such Book-Entry Units, and the Book-Entry Units so exchanged shall be forthwith cancelled. Payment of the Consideration with respect to Book-Entry Units shall only be made by notation on the Class A Unit register that the holder of Book-Entry Units now owns the applicable amount of Class A Units. The Exchange Agent shall provide notice of such conversion to the holder in whose name such Book-Entry Units were registered.
Appears in 2 contracts
Sources: Merger Agreement (Belpointe REIT, Inc.), Merger Agreement (Belpointe PREP, LLC)