Operating Partnership Units definition
Examples of Operating Partnership Units in a sentence
An exchange rights agreement on customary terms shall have been entered into by the parties hereto, which shall permit exchange of the Operating Partnership Units for American Spectrum Common Shares subject to customary limitations on and after the first anniversary of the Closing, shall have been executed and delivered.
No certificates representing fractional American Spectrum Common Shares or fractional Operating Partnership Units shall be issued.
The Share Consideration and the Operating Partnership Units will, when issued, be duly authorized, validly issued, fully paid and nonassessable, and no stockholder or partner of American Spectrum will have any preemptive right or similar rights of subscription or purchase in respect thereof.
In the event the GP Parent redeems any REIT Shares (including, without limitation, any REIT Shares redeemed in accordance with the share redemption program of the GP Parent), then the General Partner shall cause the Operating Partnership to purchase from the GP Parent a number of Operating Partnership Units as determined based on the application of the Conversion Factor on the same terms that the GP Parent redeemed such REIT Shares.
The GP Parent agrees to file with the Commission a registration statement covering the resale of the REIT Shares that may be issued upon redemption of such Operating Partnership Units pursuant to Section 8.5 hereof (“Redemption Shares”) if a Limited Partner or Limited Partners who together hold Redemption Shares having an aggregate value of at least $10 million (based on the then current price) request that the GP Parent register for resale such Redemption Shares.