Preferred OP Units definition

Preferred OP Units means limited partnership interests in the Company or any successor operating partnership that require the issuer thereof to pay regularly scheduled fixed distributions thereon, which are not related to dividends on the Parent's common stock, and which by their terms may be converted into, or exercised or redeemed for, cash or the Parent's common stock.

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Preferred OP Units means the class of convertible preferred OP Units as defined in the Borrower's Partnership Agreement.

Preferred OP Units means limited partnership interests in CapStar Management Company, L.P., CapStar Management Company II, L.P. or any successor operating partnership that require the issuer thereof to pay regularly scheduled fixed distributions thereon, which are not related to dividends on the Company's common stock, and which by their terms may be converted into, or exercised or redeemed for, cash or the Company's common stock.

Examples of Preferred OP Units in a sentence

• The Preferred OP Units and the Preferred Stock are sometimes referred to herein collectively as the “Preferred Equity.” The issuance price of the Common Equity shall be $50.00 per share/unit (subject to adjustment as provided below) and the issuance price of the Preferred Equity shall be its Issue Price (as defined in the organization documents establishing such Preferred Equity).

• The Agreement is hereby amended to the extent necessary to reflect that the rights, preferences and privileges of the Preferred OP Units and the Preferred Limited Partner, shall be as set forth in the Certificate of Designation which is hereby attached as Annex I to the Agreement and made a part hereof.

• Payment shall be effective upon deposit of the check in the mail with postage prepaid, for all purposes of this Agreement, and the holders of the Preferred OP Units hereby assume the risk of non-delivery.

• The Partnership shall redeem Preferred OP Units five (5) Business Days after written demand of the holder during the existence of any POPU Default provided that the POPU Default is not cured within such period.

• The Partnership may redeem any part or all of the Preferred OP Units from time to time as determined by the General Partner, with the written consent of the holder of the Preferred OP Units to be redeemed, provided that no such consensual redemption of fewer than all of the Preferred OP Units shall be made while any accrued Preferred Dividends remain unpaid unless all such accrued dividends are paid simultaneously with such redemption.

More Definitions of Preferred OP Units

Preferred OP Units means those limited partnership interests

Preferred OP Units are a class of OP Units and consist of any OP Units issued on or after the date hereof which are so designated upon issuance. The terms, rights and preferences of the Preferred OP Units are set forth in Article 16.

Preferred OP Units means those limited partnership interests ------------------ (if any) in the Partnership having a priority or preferred status (relative to all other limited partnership interests in the Partnership) with respect to distributions or returns of the holders of such units.

Preferred OP Units are a class of OP Units and consist of any OP Units issued on or after the date hereof which are so designated upon issuance. The terms, rights and preferences of the Preferred OP Units are set forth in Section 3. All references to statutory or regulatory provisions shall be deemed to include reference to corresponding provisions of subsequent law or regulations.

Preferred OP Units has the meaning ascribed thereto in Section 2(b) hereof.

Preferred OP Units means the OP Units designated as Series A Preferred Partnership Units under the OP Agreement.

Preferred OP Units means limited partnership interests in MeriStar Hospitality Operating Partnership, L.P. or any successor operating partnership that require the issuer thereof to pay regularly scheduled fixed distributions thereon, which are not related to dividends on the Company's common stock, and which by their terms may be converted into, or exercised or redeemed for, cash or the Company=s common stock.