Common use of Take-over Bids Clause in Contracts

Take-over Bids. The General Partner shall reject any transfer of Units where a Person who, alone, or jointly or in concert with another Person makes an offer to one or more Limited Partners to acquire Units, if the Units subject to the offer to acquire, together with the offeror’s securities constitute 20% or more of the Units outstanding as at the date of that offer to acquire (a “Take Over Bid”), unless such offeror makes an irrevocable offer to purchase all or any portion (at the election of each offeree) of the issued Units that are outstanding as of the date of the initial Take Over Bid for the same price and on the same terms as set out in the original Take Over Bid and such offer will remain outstanding for not less than 35 days.

Take-over Bids. The General Partner shall reject any transfer of Units where a Person who, alone, or jointly or in concert with another Person makes an offer to one or more Limited Partners to acquire Units, if the Units subject to the offer to acquire, together with the offeror’s securities constitute 20% or more of the Units outstanding as at the date of that offer to acquire (a “Take Over Bid”), unless such offeror makes an irrevocable offer to purchase all or any portion (at the election of each offeree) of the issued Units that are outstanding as of the date of the initial Take Over Bid for the same price and on the same terms as set out in the original Take Over Bid and such offer will remain outstanding for not less than 35 days.