OP Units Sample Clauses
OP Units. Any portion of the Consideration payable hereunder in the form of common units of limited partnership interests of the Operating Partnership (“OP Units”) shall be registered in the name of Contributor. OP Units will not be delivered to Contributor unless Section 2.2(j) hereof is true and correct as of the Closing Date. No fractional OP Units will be issued and OP Units will be rounded to the nearest whole number. The Consideration payable to Contributor, whether in cash, in OP Units or a combination thereof, may be reduced by the amount the Operating Partnership reasonably determines must be withheld for tax purposes. The rights and obligations of holders of OP Units as of the Closing will be as set forth in the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership (the “Partnership Agreement”), the form of which was filed as Exhibit 10.1 to Amendment No. 1 to the REIT’s Registration Statement on Form S-11 (File No. 333-231677), which the REIT filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 31, 2019 (the “IPO Registration Statement”). Although initially the OP Units will not be certificated and the Operating Partnership does not currently expect the OP Units will ever be certificated, any certificates, subsequently issued evidencing the OP Units will bear appropriate legends (i) indicating that the issuance of the OP Units has not been registered under the Securities Act of 1933, as amended (“Securities Act”) and that the OP Units may not be transferred absent registration under the Securities Act or an exemption from the registration requirements, (ii) indicating that the Partnership Agreement will restrict the transfer of the OP Units and (iii) describing the ownership limitations and transfer restrictions imposed by the charter of the REIT with respect to shares of the REIT’s capital stock.
OP Units. Although initially the OP Units will not be certificated, certificates, if any, subsequently evidencing the OP Units will bear appropriate legends (i) indicating that the OP Units have not been registered under the Securities Act of 1933, as amended (“Securities Act”), (ii) indicating that the Partnership Agreement will restrict the transfer of the OP Units, and (iii) describing the ownership limitations and transfer restrictions imposed by the charter of the REIT with respect to shares of the REIT’s common stock.
OP Units. The Elected OP Unit Percentage of the Allocated Share attributable to a Nominee who is an Accredited Investor shall be distributed in whole OP Units in the form of a number of OP Units equal to the applicable portion of such Allocated Share divided by the Offering Price; and
OP Units. The Company OP Units and all outstanding OP Units have been duly authorized; all outstanding OP Units are, and, when the Company OP Units have been delivered and paid for in accordance with the OP Agreement, the Company OP Units will be validly issued and will conform to the information in the General Disclosure Package and to the description of such Company OP Units contained in the Final Prospectus; all outstanding OP Units have been, and all Company OP Units will be issued and sold in compliance with all applicable federal and state securities laws.
OP Units. The Elected OP Unit Percentage of the Allocated Share of Entity Value for each SPE LLC Interest or portion thereof held by a Pre-Formation Participant who is an Accredited Investor shall be distributed in the form of a number of OP Units equal to the applicable portion of such Allocated Share divided by the IPO Price.
OP Units. The Elected OP Unit Percentage of the Allocated Share for each Non-GP Fund Interest or portion thereof shall be distributed in OP Units; and
OP Units. The Partners' interests in the Partnership are expressed in terms of OP Units, and each Partner has been issued OP Units corresponding to the agreed value of its capital contribution. OP Units consist of Common OP Units and Preferred OP Units.
OP Units. Except as set forth on Schedule D to this Agreement, the Operating Partnership has not offered, issued or sold any OP Units at any time during the six-month period preceding the date hereof.
OP Units. The issued and outstanding units of limited partnership of the Operating Partnership (“OP Units”), if any, have been duly authorized and validly issued and are fully paid. OP Units issued and sold in connection with the acquisition of properties currently under contract to be acquired have been and will be offered, issued and sold in compliance with all applicable laws (including, without limitation, federal and state securities laws).
OP Units. 2.4.1. As more particularly described herein, the Buyer shall have the right to exchange beneficial interests in Seller at the time of Closing by means of issuing OP Units (hereafter defined). The Buyer expects to issue OP Units only to holders of beneficial interests in Seller (“Beneficial Owners”) who (a) qualify as “accredited investors” within the meaning set forth in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended, (b) have received the Investor Package (as defined below), and (c) deliver the OP Issuance Delivery Documents (as defined below) to Buyer at least five (5) business days prior to Closing (such beneficial owners who satisfy the foregoing requirements are referred to herein individually as an “Eligible Beneficial Owner” and collectively as the “Eligible Beneficial Owners”). The term “OP Units” shall mean units of limited partnership interests in Buyer with the rights and preferences as set forth in Buyer’s Agreement of Limited Partnership of the Partnership, dated as of December 27, 2005, as amended on June 3, 2010, June 28, 2011, and August 3, 2012, and as the same may be further amended from time to time, a copy of which is filed with the United States Securities and Exchange Commission (the “SEC”). Buyer understands and agrees that Buyer’s obligation to purchase the Property is in no way conditioned upon any Eligible Beneficial Owners accepting the Buyer’s offer of OP Units, and that the Buyer’s offering of the OP Units may not in any way delay the Closing contemplated in this Agreement. Buyer further agrees and acknowledges that the offering of OP Units is being undertaken solely by the Buyer and that the Seller will not encourage nor participate in the offering of OP Units.