Common use of TERMS OF LTIP UNITS Clause in Contracts

TERMS OF LTIP UNITS. LTIP Units shall be subject to the following special provisions: (i) VESTING AGREEMENTS. LTIP Units may, in the sole discretion of the Manager, be issued subject to vesting, forfeiture and additional restrictions on transfer pursuant to the terms of a Vesting Agreement. The terms of any Vesting Agreement may be modified by the Manager from time to time in its sole discretion, subject to any restrictions on amendment imposed by the relevant Vesting Agreement or by the Plan, if applicable. LTIP Units that have vested under the terms of a Vesting Agreement are referred to as “Vested LTIP Units”; all other LTIP Units shall be treated as “Unvested Incentive Units.”

TERMS OF LTIP UNITS. LTIP Units shall be subject to the following special provisions: (i) VESTING AGREEMENTS. LTIP Units may, in the sole discretion of the ManagerGeneral Partner, be issued subject to vesting, forfeiture and additional restrictions on transfer pursuant to the terms of a Vesting Agreement. The terms of any Vesting Agreement may be modified by the Manager General Partner from time to time in its sole discretion, subject to any restrictions on amendment imposed by the relevant Vesting Agreement or by the Plan, if applicable. LTIP Units that have vested under the terms of a Vesting Agreement are referred to as “Vested LTIP Units”; all other LTIP Units shall be treated as “Unvested Incentive Units.”