Common use of Redesignation Clause in Contracts

Redesignation. The class of Partnership Preferred Units heretofore designated as "5% Class A Preferred Partnership Units, liquidation preference $1,000 per unit" (the "Class A Preferred Units"), shall hereafter be designated as "5% Class A Preferred Partnership Units (no liquidation preference)" (the "Class A Units"). The holders of 1,015.148 units constituting such class shall no longer be afforded any rights as holders of Class A Preferred Units and shall hereafter be afforded only the rights set forth in this Amended and Restated Partnership Unit Designation with respect to such units. The Class A Units shall be limited partnership interests in the Partnership.

Appears in 1 contract

Sources: Partnership Agreements (Shelbourne Properties I Inc)

Redesignation. The class of Partnership Preferred Units heretofore designated as "5% Class A Preferred Partnership Units, liquidation preference $1,000 per unit" (the "Class A Preferred Units"), shall hereafter be designated as "5% Class A Preferred Partnership Units (no liquidation preference)" (the "Class A Units"). The holders of 1,015.148 672.178 units constituting such class shall no longer be afforded any rights as holders of Class A Preferred Units and shall hereafter be afforded only the rights set forth in this Amended and Restated Partnership Unit Designation with respect to such units. The Class A Units shall be limited partnership interests in the Partnership.

Appears in 1 contract

Sources: Partnership Agreements (Shelbourne Properties I Inc)

Redesignation. The class of Partnership Preferred Units heretofore designated as "5% Class A Preferred Partnership Units, liquidation preference $1,000 per unit" (the "Class A Preferred Units"), shall hereafter be designated as "5% Class A Preferred Partnership Units (no liquidation preference)" (the "Class A Units"). The holders of 1,015.148 812.674 units constituting such class shall no longer be afforded any rights as holders of Class A Preferred Units and shall hereafter be afforded only the rights set forth in this Amended and Restated Partnership Unit Designation with respect to such units. The Class A Units shall be limited partnership interests in the Partnership.

Appears in 1 contract

Sources: Partnership Agreements (Shelbourne Properties I Inc)