Outstanding Unit Equivalents definition
Outstanding Unit Equivalents. As of the end of a Fiscal Quarter or other relevant time, a number equal to the number of Partnership Units outstanding as of the end of such quarter or other relevant time, divided by the difference between 100% and the total Percentage Interests attributable to the Participation Interests as of the end of such Fiscal Quarter or other relevant time.
Outstanding Unit Equivalents. As of the end of a Fiscal Quarter or other relevant time, a number equal to the number of Partnership Units outstanding as of the end of such quarter or other relevant time, divided by the difference between 100% and the total Percentage Interests attributable to the Participation Interests as of the end of such Fiscal Quarter or other relevant time.
(b) When Change to Participation Interest Becomes Effective. The Percentage Interest determined under clause (a) as of the end of a particular Fiscal Quarter shall become effective as of the beginning of the immediately following Fiscal Quarter.
(c) Adjustment of Percentage Interests Attributable to Participation Interest Following Issuance or Redemption of Partnership Units. Immediately after the issuance or redemption by the Partnership of any Partnership Units, the Percentage Interest attributable to the Participation Interest shall be adjusted so that it equals (i) the Percentage Interest attributable to the Participation Interest immediately prior to the issuance or redemption of such Partnership Units, multiplied by (ii) a fraction whose numerator is (A) the number of Outstanding Unit Equivalents immediately prior to the issuance or redemption of such Partnership Units and whose denominator equals (B) the number of Outstanding Unit Equivalents immediately prior to the issuance or redemption of such Partnership, plus the number of Partnership Units then being issued, or minus the number of Partnership Units then being redeemed, as the case may be.
(d) Calculation of Percentage Interests of Partners' Holding Partnership Units. As of each Quarterly Payment Date, each Partner holding Partnership Units shall have a Percentage Interest in respect of such Partnership Units equal to (i) 100%, minus the sum of the Percentage Interests attributable to the Participation Interests determined pursuant to clauses (a) and (c) above, multiplied by (ii) a fraction whose numerator is the number of Partnership Units then owned by such Partner and whose denominator is the total number of Partnership Units outstanding.
(e) Calculation of Total Percentage Interests of Hines and SLR. The total Percentage Interest of Hines and SLR, as the case may be, shall equal such person's Percentage Interest in respect of its Participation Interest (determined under clauses (a) and (c) above), plus such person's Percentage Interest in respect of its Partnership Units (determined under clause (d) above).