Common use of Status of LTIP Units Clause in Contracts

Status of LTIP Units. (1) LTIP Units shall be subject to forfeiture as provided in this Section 4.7. The value of an LTIP Unit upon issuance (and the Economic Capital Account Balance of an LTIP Unitholder with respect to such LTIP Units upon issuance) shall be zero, the amount of distributions such LTIP Unit would produce for an LTIP Unitholder if the Partnership’s assets were sold for their Gross Asset Value as of such issuance date (it being agreed that apart from applicable distributions of Available Cash from operations, an LTIP Unit may only share in distributions of sale and liquidation proceeds from 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 such LTIP Unit’s grant date, all as provided in Sections 5.1 and 6.3.B).

Status of LTIP Units. (1) LTIP Units shall be fully vested when granted to a Person, but shall be subject to forfeiture as provided in this Section 4.74.6. The value of an LTIP Unit upon issuance (and the Economic Capital Account Balance of an LTIP Unitholder with respect to such LTIP Units upon issuance) shall be zero, the amount of distributions such LTIP Unit would produce for an LTIP Unitholder if the Partnership’s assets were sold for their Gross Asset Value as of such issuance date (it being agreed that apart from applicable distributions of Available Cash from operations, an LTIP Unit may only share in distributions of sale and liquidation proceeds from 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 such LTIP Unit’s grant date, all as provided in Sections 5.1 and 6.3.B).