Common use of Exchange of Preferred Units Clause in Contracts

Exchange of Preferred Units. (i) In the event the General Partner acquires Preferred Units from the Preferred Unitholders (in exchange for cash or Company Shares), the Partnership shall, as soon as practicable thereafter, exchange each Preferred Unit held by the General Partner for such number of Partnership Units which are not designated as Preferred Units, as determined by the Conversion Factor then in effect.

Exchange of Preferred Units. (i) In the event the General Partner acquires Class B Preferred Units from the Preferred Unitholders (in exchange for cash or Company Shares), the Partnership shall, as soon as practicable thereafter, exchange each Class B Preferred Unit held by the General Partner for such number of Partnership Units which are not designated as Preferred Units, as determined by the Conversion Factor then in effect.

Exchange of Preferred Units. (i) In the event the General Partner or the Company acquires Preferred Units from the Preferred Unitholders (in exchange for cash or Company REIT Shares), the Partnership shall, as soon as practicable thereafter, exchange each Preferred Unit held by the General Partner or the Company for such number of Partnership Units which are not designated as Preferred Units, as determined by the Conversion Factor then in effect.