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 4.01 and 4.02 hereof, but does not include any LTIP 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

• No interest will be paid or will accrue on any cash paid or payable in lieu of any fractional OP Unit or REIT Share.

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

• To the extent indemnification is made through delivery by Contributor of OP Units, such OP Units shall be valued at an amount per OP Unit equal to the IPO Price.

• A Limited Partner may not exercise the OP Unit Redemption Right for less than one thousand (1,000) OP Units or, if such Limited Partner holds less than one thousand (1,000) OP Units, all of the OP Units held by such Limited Partner.

• Notwithstanding the foregoing, in no event may a holder of Vested LTIP Units convert a number of Vested LTIP Units that exceeds (x) the Economic Capital Account Balance of such Limited Partner, to the extent attributable to its ownership of LTIP Units, divided by (y) the OP Unit Economic Balance, in each case as determined as of the effective date of conversion (the “Capital Account Limitation”).

More Definitions of OP Unit

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

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.

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.