Common use of Exercise by Pledgee Clause in Contracts

Exercise by Pledgee. Notwithstanding the provisions of this Article 2, any person to whom OP Units have been pledged, in compliance with the terms of the Lock-up Agreement, may exercise its Exchange Right prior to the date that is one (1) year after the closing of the IPO, provided, however, such OP Units shall only be exchangeable for the Cash Amount.