Common use of Classes and Series of Partnership Units Clause in Contracts

Classes and Series of Partnership Units. From and after the Effective Date, until such time as additional classes or series of Partnership Units are created pursuant to Section 4.03(a) below, the Partnership shall have two classes of Partnership Units, entitled "OP Units" and "LTIP Units." From and after the Effective Date, until such time as additional series of OP Units are created pursuant to Section 4.03(a) below, the OP Units shall consist of four series of Partnership Units, entitled "Series 60 Operating Partnership Units," "Series 250 Operating Partnership Units," "Series ES Operating Partnership Units and "Series PR Operating Partnership Units." Subject to Section 4.06, OP Units, LTIP Units, or Partnership Units of any additional class or series, at the election of the General Partner, in its sole and absolute discretion, may be issued to newly admitted Partners in exchange for any Capital Contributions by such Partners and/or the provision of services by such Partners. Any Partnership Unit that is not specifically designated by the General Partner as being of a particular class or series shall be deemed to be a Series PR OP Unit. Each of the Series PR OP Units, Series 60 OP Units, Series 250 OP Units and Series ES OP Units shall have the same rights as to distributions and liquidations and shall vote together as a single class of OP Units on all matters which the holders of OP Units have the right to approve, as set forth herein. Issuances of Additional Partnership Interests.

Classes and Series of Partnership Units. From and after the Effective Date, until such time as additional classes or series of Partnership Units are created pursuant to Section 4.03(a) below, the Partnership shall have two classes of Partnership Units, entitled "“OP Units" ” and "“LTIP Units." ” From and after the Effective Date, until such time as additional series of OP Units are created pursuant to Section 4.03(a) below, the OP Units shall consist of four series of Partnership Units, entitled "“Series 60 Operating Partnership Units," "” “Series 250 Operating Partnership Units," "” “Series ES Operating Partnership Units and "“Series PR Operating Partnership Units." ” Subject to Section 4.06, OP Units, LTIP Units, or Partnership Units of any additional class or series, at the election of the General Partner, in its sole and absolute discretion, may be issued to newly admitted Partners in exchange for any Capital Contributions by such Partners and/or the provision of services by such Partners. Any Partnership Unit that is not specifically designated by the General Partner as being of a particular class or series shall be deemed to be a Series PR OP Unit. Each of the Series PR OP Units, Series 60 OP Units, Series 250 OP Units and Series ES OP Units shall have the same rights as to distributions and liquidations and shall vote together as a single class of OP Units on all matters which the holders of OP Units have the right to approve, as set forth herein. Issuances of Additional Partnership Interests.