Redemption at the Option of the Operating Partnership Clause Samples
The 'Redemption at the Option of the Operating Partnership' clause grants the operating partnership the right to redeem, or buy back, certain securities or interests at its discretion. Typically, this clause outlines the conditions under which the partnership can exercise this right, such as after a specified holding period or upon the occurrence of certain events, and details the process for determining the redemption price. Its core practical function is to provide the operating partnership with flexibility in managing its capital structure and investor base, allowing it to respond to changing business needs or market conditions.
Redemption at the Option of the Operating Partnership. (1) Prior to the Par Call Date, the Operating Partnership may redeem the Notes at its option, in whole or in part, at any time and from time to time, at a Redemption Price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (i)
(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the Redemption Date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points (0.200%) less (b) accrued and unpaid interest to, but not including, the Redemption Date, and (ii) 100% of the principal amount of the Notes being redeemed, plus, in either case, accrued and unpaid interest thereon to, but not including, the Redemption Date. On or after the Par Call Date, the Operating Partnership may redeem the Notes, in whole or in part, at any time and from time to time, at a Redemption Price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon to, but not including, the Redemption Date. Notwithstanding the foregoing, if the Redemption Date falls after a Record Date and on or prior to the corresponding Interest Payment Date, the Operating Partnership will pay the full amount of accrued and unpaid interest due on such Interest Payment Date to the Holder of record at the close of business on such Record Date. In connection with any redemption prior to the Par Call Date, the Operating Partnership shall give the Trustee written notice of the related Redemption Price promptly after the calculation thereof and the Trustee shall not be responsible for such calculation.
(2) The Operating Partnership shall not redeem the Notes pursuant to Section 1.4(d)(1) hereof on any date if the principal amount of the Notes has been accelerated, and such an acceleration has not been rescinded or annulled on or prior to such date.
Redemption at the Option of the Operating Partnership. (1) The Operating Partnership shall have the right to redeem the Notes at its option and in its sole discretion in whole at any time or in part from time to time, (x) prior to January 15, 2032 (the “Par Call Date”), at a Redemption Price equal to the sum of: (1) 100% of the principal amount being redeemed, plus accrued and unpaid interest thereon to, but not including, the Redemption Date; and (2) the Make-Whole Amount, if any, and (y) on or after the Par Call Date, at a Redemption Price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the Redemption Date.
(2) The Operating Partnership shall not redeem the Notes pursuant to Section 1.4(d)(1) hereof on any date if the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded or annulled on or prior to such date (except in the case of an acceleration resulting from a default by the Operating Partnership in the payment of the Redemption Price with respect to the Notes to be redeemed).
(3) Section 1104 of the Base Indenture is hereby amended with respect to the Notes only by changing, in the first sentence thereof, the number “15” to the number “10”.
Redemption at the Option of the Operating Partnership. (a) The 7.75%/8.00% Preferred Units are not redeemable prior to the Redemption Date (as defined below).
(b) (i) On and after the occurrence of a Permissible Transaction (as defined below), or (ii) absent the occurrence of a Permissible Transaction, on or after January 1, 2011, the Operating Partnership may, at its option, at any time thereafter, redeem the 7.75%/8.00% Preferred Units, in whole or in part, at a redemption price per 7.75%/8.00% Preferred Unit equal to the Liquidation Preference, plus accrued and unpaid distributions and accumulation thereon, if any, to and including the date of redemption (the "Redemption Price"). In the case of a redemption following the occurrence of a Permissible Transaction, the Redemption Price shall be payable in cash. In the case of a redemption absent the occurrence of a Permissible Transaction, the Redemption Price payable following January 1, 2011 shall be payable in the form of interests in one or more properties identified by the holders of the 7.75%/8.00% Preferred Units and otherwise agreed upon by the Operating Partnership and such holders.
(c) In the case of a redemption of the 7.75%/8.00% Preferred Units for interests in one or more properties, to the extent that the value of such property or properties is greater than the Redemption Price, then the holders of the 7.75%/8.00% Preferred Units shall pay the difference to the Operating Partnership in cash. If the holders and the Operating Partnership are unable to agree upon such properties, such redemption shall not occur and the 7.75%/8.00% Preferred Units shall remain outstanding in full force and effect as if no Redemption Notice had been given.
(d) The Operating Partnership shall give the holders of the 7.75%/8.00% Preferred Units written notice ("Redemption Notice") of a redemption pursuant to this Section 5 not less than 30 calendar days prior to the date fixed for redemption (the "Redemption Date"), at the address of such holders on the books of the Operating Partnership (provided that failure to give such notice or any defect therein shall not affect the validity of the proceeding for a redemption except as to the holder to whom the Operating Partnership has failed to give such notice or whose notice was defective). Each such notice shall state, as appropriate: (1) the Redemption Date; (2) the number of 7.75%/8.00% Preferred Units to be redeemed; (3) the Redemption Price; (4) the place or places at which certificates for such units are to be surrendere...
Redemption at the Option of the Operating Partnership. The 7.75%/8.00% Preferred Units are not redeemable prior to the Redemption Date (as defined below).