Wrap Class Units Clause Samples

Wrap Class Units. Each Partnership Unit outstanding immediately before the effective date of this Agreement is hereby reclassified as a Wrap Class Unit, having the rights and subject to the obligations attributed to Wrap Class Units under this Agreement. Advisor Class Units and Institutional Class Units shall be issued only to the General Partner and only in exchange for contributions by the General Partner to the capital of the Partnership of the proceeds received by the General Partner from the issuance of REIT Shares having the same Class designation as the Class of Partnership Units being issued.