Examples of XXXXX OP in a sentence
Xxxxx, III President XXXXX OP: XXXXX OPERATING PARTNERSHIP, L.P. By: Xxxxx Real Estate Investment Trust, Inc.
Following receipt of an Exchange Notice, XXXXX OP shall notify the relevant Exchange Partner of the Per Class A Unit Exchange Factor (the “Valuation Notice”) at least seven (7) days prior to the Exchange Date.
To exercise the Exchange Right, the Class A Unitholder that is exercising the Exchange Right (the “Exchange Partner”) shall deliver an Exchange Notice to XXXXX OP (with a copy to the General Partner).
Each Class A Unitholder further agrees that, if any federal, state or local tax is payable as a result of the contribution and exchange of its Class A Units to XXXXX OP, such Class A Unitholder shall assume and pay such tax.
In addition, the General Partner may, with the prior written consent of XXXXX OP, with respect to any Class A Unitholder, at any time and from time to time, as it shall determine in its sole and absolute discretion, (i) reduce or waive the length of the period prior to which such Class A Unitholder may not exercise the Exchange Right or (ii) reduce or waive the length of the period between the exercise of the Exchange Right and the Exchange Date.
Upon a Qualified Public Offering, (x) the Class A Unitholders shall automatically cease to have the Exchange Right and (y) XXXXX OP shall have no right or obligation to issue any XXXXX OP Units or pay any amount in connection with any purported exercise of the Exchange Right.