Common use of Adjustments to LTIP Units Clause in Contracts

Adjustments to LTIP Units. (i) If an Adjustment Event (as defined below) occurs, then the General Partner shall make a corresponding adjustment to the LTIP Units (to maintain a one-for-one conversion and economic equivalence ratio between Partnership Units and LTIP Units, upon the LTIP Equalization Date occurring under Section 6.3.B). (ii) The following shall be “Adjustment Events”: (a) the Partnership makes a distribution on all outstanding Partnership Units in Partnership Units, (b) the Partnership subdivides the outstanding Partnership Units into a greater number of units or combines the outstanding Partnership Units into a smaller number of units, or (c) the Partnership issues any Partnership Units in exchange for its outstanding Partnership Units by way of a reclassification or recapitalization of its Partnership Units. If more than one Adjustment Event occurs, the adjustment to the LTIP Units need be made only once using a single formula that takes into account each and every Adjustment Event as if all Adjustment Events occurred simultaneously.

Adjustments to LTIP Units. (ia) If an Adjustment Event (as defined below) occurs, then the General Partner shall make a corresponding adjustment to the LTIP Units (to maintain a one-for-one conversion and economic equivalence ratio between Partnership Units and LTIP Units, upon the LTIP Equalization Date occurring under Section 6.3.B). (iib) The following shall be “Adjustment Events”: (aA) the Partnership makes a distribution on all outstanding Partnership Units in Partnership Units, (bB) the Partnership subdivides the outstanding Partnership Units into a greater number of units or combines the outstanding Partnership Units into a smaller number of units, or (cC) the Partnership issues any Partnership Units in exchange for its outstanding Partnership Units by way of a reclassification or recapitalization of its Partnership Units. If more than one Adjustment Event occurs, the adjustment to the LTIP Units need be made only once using a single formula that takes into account each and every Adjustment Event as if all Adjustment Events occurred simultaneously.