Common use of Option Process Clause in Contracts

Option Process. (i) If the Advisor Sub elects to exercise the Option, the General Partner and the Advisor Sub shall jointly notify the QuadReal Limited Partner in writing that pursuant to Section 6.3(a) of the Partnership Agreement, the General Partner and the Advisor Sub have agreed to: (A) divide the role of General Partner into two roles consisting of the “Managing General Partner” and the “Administrative General Partner”; (B) make the General Partner the “Managing General Partner”; (C) make the Advisor Sub the “Administrative General Partner”; (D) provide that the General Partner, as the “Managing General Partner”, shall continue to have all of the rights and obligations attributed to the General Partner in the Partnership Agreement in effect as of the date of this Agreement, subject to Sections 17(c)(i)(E) and 17(c)(i)(F); (E) provide that the General Partner, as the “Managing General Partner” and the Advisor Sub, as the “Administrative General Partner” shall jointly, and not individually, propose any Major Decisions set forth in Section 6.2 of the Partnership Agreement to the Executive Committee; and (F) provide that (1) the “Administrative General Partner” shall be obligated to provide the Services and shall be paid the Assigned Fees for providing the Services and (2) except as provided in Section 17(c)(i)(E) and this Section 17(c)(i)(F), the “Administrative General Partner” shall have no rights to manage or control the Partnership and the “Administrative General Partner” shall not have any other rights under the Partnership Agreement except as the holder of any Interest (as defined in the Partnership Agreement), if applicable.

Option Process. (i) If the Advisor Sub elects to exercise the Option, the General Partner and the Advisor Sub shall jointly notify the QuadReal Limited Partner in writing that pursuant to Section 6.3(a) of the Partnership Agreement, the General Partner and the Advisor Sub have agreed to: (A) divide the role of General Partner into two roles consisting of the “Managing General Partner” and the “Administrative General Partner”; (B) make the General Partner the “Managing General Partner”; (C) make the Advisor Sub the “Administrative General Partner”; (D) provide that the General Partner, as the “Managing General Partner”, shall continue to have all of the rights and obligations attributed to the General Partner in the Partnership Agreement in effect as of the date of this Agreement, subject to Sections 17(c)(i)(E) and 17(c)(i)(F); (E) provide that the General Partner, as the “Managing General Partner” and the Advisor Sub, as the “Administrative General Partner” shall jointly, and not individually, propose any Major Decisions set forth in Section 6.2 of the Partnership Agreement to the Executive Committee; and (F) provide that (1) the “Administrative General Partner” shall be obligated to provide the Services and shall be paid the Assigned Fees for providing the Services and (2) except as provided in Section 17(c)(i)(E) and this Section 17(c)(i)(F), the “Administrative General Partner” shall have no rights to manage or control the Partnership and the ​ ​ “Administrative General Partner” shall not have any other rights under the Partnership Agreement except as the holder of any Interest (as defined in the Partnership Agreement), if applicable.