Common use of No Conversion to Partnership Units Required Clause in Contracts

No Conversion to Partnership Units Required. Subject to the allocations required to be made to an LTIP Unitholder pursuant to Section 6.4, an LTIP Unit automatically is treated as a Partnership Unit when the LTIP Equalization Date has occurred under Section 6.3.B, but only Non-Forfeitable LTIP Units may be the subject of a Redemption election by an LTIP Unitholder. LTIP Units may not be sold within two (2) years of the date of grant of such LTIP Units without the prior written consent of the General Partner, which may be withheld in the General Partner’s sole and absolute discretion. Until the LTIP Equalization Date has occurred with respect to an LTIP Unit, (i) such LTIP Unit may not be the subject of a Redemption election by the LTIP Unitholder, and (ii) such LTIP Unit will participate like a Partnership Unit in distributions of Available Cash from operations and only participate in sale and liquidation proceeds with respect to a Partnership asset to the extent of income allocated to the holder thereof under Section 6.3.B that is attributable to the appreciation in value of such asset after the issuance date of such LTIP Unit, all as provided in Sections 5.1 and 6.3.B.