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.

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

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.

Examples of Preferred OP Units in a sentence

• 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.

• 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).

• There are no outstanding preemptive rights with respect to Series D Preferred OP Units.

• Prior to the Closing, Parent, as the general partner of Parent OP, shall cause the Parent Partnership Agreement to be amended to create and authorize the New Preferred OP Units, which New Preferred OP Units will have substantially the same terms and rights as the Partnership Preferred Units immediately prior to the Partnership Merger, including with respect to distributions, redemption, tax protection, voting rights and rights upon liquidation, dissolution or winding-up.

• 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.

More Definitions of Preferred OP Units

Preferred OP Units means those limited partnership interests

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.

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

Preferred OP Units means Series A-1 Preferred OP Units in SCOLP, with the rights, preferences and other terms set forth in the Partnership Agreement (it being understood among the parties that the applicable rate of preferred return on the Preferred OP Units increases from 5% to 6% in the third year in order to address the Principals’ concern with rising interest rates in the future).

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.

Preferred OP Units shall have the meaning set forth in Section 2.2(c).