Examples of OP Units in a sentence
The Operating Partnership is structured to permit limited partners holding certain classes or series of OP Units to exchange those OP Units for shares of our common stock (in a taxable transaction) and achieve liquidity for their investment.
The interests in the Operating Partnership held by the partners are referred to herein as OP Units.
In connection with the issuances of OP Units described in Section 1, (i) the Operating Partnership hereby admits the Contributing Party as a limited partner in the Operating Partnership in accordance with the terms of that certain Axxxxxx and Restated Limited Partnership Agreement of the Operating Partnership, dated as of the date hereof (the “OP LPA”), and (ii) the Contributing Party hereby agrees to be bound by the terms of the OP LPA.
The Redemption Right provided to the holders of OP Units under Section 8.6 hereof shall not apply with respect to LTIP Units unless and until they are converted to OP Units as provided in clause (v) below and Section 4.7.
The Company owns all of its outstanding OP Units free and clear of any Liens, except as described in the Registration Statement and the Prospectus.