Examples of Reckson OP in a sentence
In particular, the exchange ratios, the percentage of merger consideration payable in cash, the amount of Reckson OP 7% notes payable if the share issuance proposal is not approved, the terms of the various securities, including the dividend rate and exchange rights of the Reckson class B common stock and the interest rates and redemption features of the Reckson OP 7% notes, were all part of an overall negotiation.
In the merger, Tower stockholders and holders of limited partnership interests of Tower Realty Operating Partnership, L.P., or Tower OP units, will receive, for each share and unit, cash and Reckson class B exchangeable common stock and, if Reckson stockholders do not approve the share issuance proposal, 7% senior unsecured notes due 2009 issued by Reckson Operating Partnership, L.P., or Reckson OP, and guaranteed by Reckson.
The Agreement of Limited Partnership of Reckson OP, as amended (the “Reckson OP Agreement”) is in full force and effect.
In this case, however, holders will receive for each share of Tower common stock and Tower OP unit, at their election and subject to proration if the cash election is oversubscribed or undersubscribed, either: - $23.00 in cash or - .5725 of a share of Reckson class B common stock and $7.2565 principal amount of Reckson OP 7% notes.
Tower stockholders will not know at the time of the Tower special meeting whether Reckson OP 7% notes will be issued in the merger because the Tower and Reckson special meetings are scheduled for the same day.
As a result of the merger, you will recognize gain or loss for Federal income tax purposes in an amount by which the sum of the cash and/or the fair market value of the Reckson class B common stock and the issue price of the Reckson OP 7% notes you receive in the merger exceeds, or is less than, your tax basis in your Tower common stock.
The amount of Reckson OP 7% notes in the preceding example excludes the additional Reckson OP 7% notes that will be issued to all Tower stockholders and unitholders in the event the Reckson board of directors modifies or withdraws its recommendation to approve the share issuance proposal and Reckson stockholders do not approve such proposal.
A CASE STUDYExcerpt 1: English Meeting Between Tetsuya Iida (T) and James Chen (J)1.
In this instance, each Tower stockholder or unitholder will receive an additional $0.8046 principal amount of Reckson OP 7% notes for each share or unit held.
SLG OP or Reckson OP, as applicable, has purchased for the benefit of any mortgage lender, title insurance in an amount equal to the amount of mortgage indebtedness.