OP Unit definition

OP Unit means a Partnership Unit which is designated as an OP Unit of the Partnership.

OP Unit means a unit of limited partnership interest in the Operating Partnership.

OP Unit means a fractional share of the Partnership Interests of all Partners issued pursuant to Sections 4.1 and 4.3 hereof, but does not include any Contingent Conversion Unit, Preferred Unit, Junior Unit or any other Partnership Unit specified in a Partnership Unit Designation as being other than an OP Unit; provided, however, that the General Partner Interest and the Limited Partner Interests shall have the differences in rights and privileges as specified in this Agreement.

Examples of OP Unit in a sentence

• LTIP Units shall be allocated Net Income and Net Loss, for any taxable year or portion of a taxable year occurring after such issuance and prior to the Distribution Participation Date for such LTIP Units, to the extent that the date of issuance and the Distribution Participation Date are not the same under the terms of the applicable Vesting Agreement, in amounts per LTIP Unit equal to the amounts allocated per OP Unit for the same period multiplied by the LTIP Unit Sharing Percentage for such LTIP Units.

• Commencing with the portion of the taxable year of the Partnership that begins on the Distribution Participation Date established for any LTIP Units, such LTIP Units shall be allocated Net Income and Net Loss in amounts per LTIP Unit equal to the amounts allocated per OP Unit.

• For purposes of making future allocations under Section 6.1E hereof and applying the Capital Account Limitation, the portion of the Economic Capital Account Balance of the applicable LTIP Unitholder that is treated as attributable to his or her LTIP Units shall be reduced, as of the date of conversion, by the product of the number of LTIP Units converted and the OP Unit Economic Balance.

• Upon delivery to the FrontView Parties (or their designees) of the GP Interests at the Closing and the FrontView Parties’ payment of the OP Unit Consideration in accordance herewith, the FrontView Parties (or their designees) shall acquire the GP Interests, free and clear of any Lien, other than Liens created by the FrontView Parties or existing under the Organizational Documents of the FrontView Parties.

• If an LTIP Unitholder fails to make such an election, such holder (and any of its transferees) shall receive upon conversion of each LTIP Unit held him or her (or by any of his or her transferees) the same kind and amount of consideration that a holder of a OP Unit would receive if such OP Unit holder failed to make such an election.

More Definitions of OP Unit

OP Unit means a fractional, undivided share of the Partnership Interests of all Partners issued pursuant to Sections 4.1, 4.2 and 4.3. The number of OP Units outstanding and the Percentage Interests in the Partnership represented by such OP Units are set forth in Exhibit A, as such Exhibit may be amended from time to time. The ownership of OP Units shall be evidenced by such form of certificate for units as the General Partner adopts from time to time. The General Partner may reflect on any such certificate any transfer or other restriction, forfeitability risk, or similar matter that pertains to the OP Units evidenced thereby.

OP Unit means an Award granted under Section 10(a) of the Plan.

OP Unit means a unit of partnership interest in an OP.

OP Unit means a unit of partnership interest in the Operating Partnership.

OP Unit means a Class A Unit or a Class T Unit, or the Class A Units and Class T Units collectively, as the context requires.

OP Unit means a fractional share of the Operating Partnership that is generally entitled to a pro rata share of distributions from the Operating Partnership.

OP Unit means a fractional share of the Partnership Interests of all Partners issued pursuant to Article 4.