Partnership Optional Preferred Exchange Clause Samples
The Partnership Optional Preferred Exchange clause allows partners in a business partnership to exchange their preferred partnership interests for another class of partnership interest, typically under specified conditions. This clause outlines the process, timing, and any limitations or requirements for making such an exchange, such as notice periods or approval by other partners. Its core function is to provide flexibility for partners to adjust their investment or participation in the partnership, thereby accommodating changing business needs or personal preferences while maintaining clear procedures for such exchanges.
Partnership Optional Preferred Exchange. To exercise the Exchangeable Preferred Exchange Right during an Exchangeable Preferred Period in a Partnership Optional Preferred Exchange pursuant to Section 9.01(a)(ii), the Partnership shall prepare and deliver to Newmark and the Preferred Unitholder a written request signed by an authorized officer of the Partnership (1) stating which of the Series A Exchangeable Preferred Units or the Series B Exchangeable Preferred Units, as applicable, together with the Series A Exchangeable Preferred Limited Partnership Interest and the Series B Exchangeable Preferred Limited Partnership Interest, as applicable, that the Partnership desires the Exchangeable Preferred Limited Partner to exchange and (2) stating the Requested Preferred Exchange Effective Date (each such request, a “Partnership Preferred Exchange Request” and together with a Limited Partner Preferred Exchange Request, a “Preferred Exchange Request”).
Partnership Optional Preferred Exchange. To exercise the Exchangeable Preferred Exchange Right during an Exchangeable Preferred Period in a Partnership Optional Preferred Exchange pursuant to Section 9.01(a)(ii), the Partnership shall prepare and deliver to Newmark and the Preferred Unitholder a written request signed by an authorized officer of the Partnership (1) stating which of the Series A Exchangeable Preferred Units, the Series B Exchangeable Preferred Units, the Series C Exchangeable Preferred Units or the Series D Exchangeable Preferred Units, as applicable, together with the Series A Exchangeable Preferred Limited Partnership Interest, the Series B Exchangeable Preferred Limited Partnership Interest, the Series C Exchangeable Preferred Limited Partnership Interest or the Series D Exchangeable Preferred Limited Partnership Interest, as applicable, that the Partnership desires the applicable Exchangeable Preferred Limited Partner to exchange and (2) stating the Requested Preferred Exchange Effective Date (each such request, a “Partnership Preferred Exchange Request” and together with a Limited Partner Preferred Exchange Request, a “Preferred Exchange Request”).