Common use of Classes of Partnership Units Clause in Contracts

Classes of Partnership Units. From and after the date of the Agreement, the Partnership shall have four classes of Partnership Units entitled “Class A Units,” “Class B Units,” “LTIP Units” and “Series A Preferred Units,” and such additional classes of Partnership Units as may be created by the General Partner pursuant to Section 4.2.A (collectively, the “Units”). Class A Units, Class B Units, LTIP Units or a class of Partnership Interests created pursuant to Section 4.2.A, at the election of the General Partner, in its sole and absolute discretion, may be issued to newly admitted Partners in exchange for the contribution by such Partners of cash, real estate partnership interests, stock, notes or other assets or consideration or in connection with a merger of the Partnership; provided, however, that any Partnership Unit that is not specifically designated by the General Partner as being of a particular class shall be deemed to be a Class A Unit. Each Class B Unit shall be converted automatically into a corresponding series of Class A Unit on the day immediately following the Partnership Record Date for the Distribution Period in which such Class B Unit was issued, without the requirement for any action by the General Partner, the Partnership or the Partner holding the Class B Unit. The terms of the LTIP Units shall be in accordance with Sections 4.6 and 4.7. The terms of the Series A Preferred Units shall be in accordance with Exhibit H.

Classes of Partnership Units. From and after the date of the Agreement, the Partnership shall have four three classes of Partnership Units entitled “Class A Units,” “Class B Units,” “LTIP Units” and “Series A Preferred LTIP Units,” and such additional classes of Partnership Units as may be created by the General Partner pursuant to Section 4.2.A (collectively, the “Units”). Class A Units, Class B Units, LTIP Units or a class of Partnership Interests created pursuant to Section 4.2.A, at the election of the General Partner, in its sole and absolute discretion, may be issued to newly admitted Partners in exchange for the contribution by such Partners of cash, real estate partnership interests, stock, notes or other assets or consideration or in connection with a merger of the Partnership; provided, however, that any Partnership Unit that is not specifically designated by the General Partner as being of a particular class shall be deemed to be a Class A Unit. Each Class B Unit shall be converted automatically into a corresponding series of Class A Unit on the day immediately following the Partnership Record Date for the Distribution Period in which such Class B Unit was issued, without the requirement for any action by the General Partner, the Partnership or the Partner holding the Class B Unit. The terms of the LTIP Units shall be in accordance with Sections 4.6 and 4.7. The terms of the Series A Preferred Units shall be in accordance with Exhibit H..

Classes of Partnership Units. From and after On the date of the Agreementhereof, the Partnership shall have four authorized classes of Partnership Units Units, entitled “Class A Units,” “Class B Units,” “LTIP Units” and “Series Class A Preferred Performance LTIP Units,” and and, thereafter, such additional classes of Partnership Units as may be created by the General Partner pursuant to Section 4.2.A (collectively, the “Units”). and this Section 4.2.B. Class A Units, Class B Units, LTIP Units, Class A Performance LTIP Units or a class of Partnership Interests created pursuant to Section 4.2.A4.2.A or this Section 4.2.B, at the election of the General Partner, in its sole and absolute discretion, may be issued to newly admitted Partners in exchange for the contribution by such Partners of cash, real estate partnership interests, stock, notes or other assets or consideration or in connection with a merger of the Partnership(including services); provided, however, that any Partnership Unit that is not specifically designated by the General Partner as being of a particular class shall be deemed to be a Class A Unit. Each Class B Unit shall be converted automatically into a corresponding series of Class A Unit on the day immediately following the Partnership Record Date for the Distribution Period in which such Class B Unit was issued, without the requirement for any action by the General Partner, the Partnership or the Partner holding the Class B Unit. The issuance and terms of the any LTIP Units shall be in accordance with Sections subject to Section 4.6 and 4.7. The the issuance and terms of the Series any Class A Preferred Performance LTIP Units shall be in accordance with Exhibit H.subject to Section 4.8.