Preferred Call Right Clause Samples

Preferred Call Right. At any time the Partnership is required to make available or deliver BPY Units to the holder of Series 3 Units, BPY shall have the right (the “Preferred Call Right”) to acquire all (but not less than all) the Series 3 Units (and all rights in respect thereof, including rights to declared but unpaid distributions) to be redeemed, pursuant to Section 5, or exchanged, pursuant to Section 7, in consideration for the aggregate Redemption Consideration or the aggregate Exchange Consideration, as applicable.