Unrestricted Class B Units definition
Examples of Unrestricted Class B Units in a sentence
The conversion of Unrestricted Class B Units shall occur automatically after the close of business on the applicable Conversion Date without any action on the part of such holder of Unrestricted Class B Units, as of which time such holder of Unrestricted Class B Units shall be credited on the books and records of the Partnership with the issuance as of the opening of business on the next day of the number of OP Units issuable upon such conversion.
Each holder of Class B Units covenants and agrees with the Partnership that all Unrestricted Class B Units to be converted pursuant to this Section 16.4 shall be free and clear of all liens.
Unrestricted Class B Units are eligible to be converted into OP Units in accordance with Section 16.4 hereof.
Restricted Class B Units shall not be convertible into OP Units until they become Unrestricted Class B Units.
For purposes of making future allocations under subparagraph 1(c)(ii) of Exhibit B, the portion of the Economic Capital Account Balance of the applicable holder of Unrestricted Class B Units that is treated as attributable to his, her or its Class B Units shall be reduced, as of the date of conversion, by the product of the number of Unrestricted Class B Units converted and the OP Unit Economic Balance.
Restricted Class B Units shall not be convertible into Class A OP Units until they become Unrestricted Class B Units.
Unrestricted Class B Units are eligible to be converted into Class A OP Units in accordance with Section 16.4 hereof.