Exchange Rights Agreements. (a) The Limited Partners will be granted the right, but not the obligation, to exchange all or a portion of their Partnership Units for cash or, at the option of the Partnership, for shares of Common Stock on such terms and subject to such conditions and restrictions as will be contained in one or more exchange rights agreements among the General Partner, the Partnership and one or more Limited Partners (as amended from time to time, the “Exchange Rights Agreements”); provided, that such Partnership Units shall have been outstanding for at least one year (or such lesser time as determined by the General Partner in its sole and absolute discretion). The form of each Exchange Rights Agreement governing the exchange of Partnership Units hereafter shall be determined by the General Partner.
Appears in 5 contracts
Samples: Amended and Restated Agreement (American Realty Capital Trust III, Inc.), American Realty Capital Trust IV, Inc., American Realty Capital Trust IV, Inc.
Exchange Rights Agreements. (a) The Limited Partners will be granted the right, but not the obligation, to exchange all or a portion of their Partnership Units for cash or, at the option of the Partnership, for shares of Common Stock on such terms and subject to such conditions and restrictions as will be contained in one or more exchange rights agreements among the General Partner, the Partnership and one or more Limited Partners (as amended from time to time, the “Exchange Rights Agreements”); provided, however, that such Partnership Units shall have been outstanding for at least one year (or such lesser time as determined by the General Partner in its sole and absolute discretion). The form of each Exchange Rights Agreement governing the exchange of Partnership Units hereafter shall be determined by the General Partner.
Appears in 1 contract
