Class T Units Sample Clauses
Class T Units. Class S Units, Class S-1 Units, Class D Units, Class D-1 Units and Class I Units 12 4.3. Additional Capital Contributions and Issuances of Additional Partnership Interests 13 4.4. Additional Funding 15 4.5. Capital Accounts 16 4.6. Percentage Interests 16 4.7. No Interest on Contributions 16 4.8. Return of Capital Contributions 16 4.9. No Third Party Beneficiary 16 ARTICLE 5 PROFITS AND LOSSES; DISTRIBUTIONS 17 5.1. Allocation of Profit and Loss 17 5.2. Distribution of Cash 20 5.3. REIT Distribution Requirements 22 5.4. No Right to Distributions in Kind 22 5.5. Limitations on Return of Capital Contributions 22 5.6. Distributions Upon Liquidation 22 5.7. Substantial Economic Effect 22 5.8. Reinvestment 23 ARTICLE 6 RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER 24 6.1. Management of the Partnership 24 6.2. Delegation of Authority 26 6.3. Indemnification and Exculpation of Indemnitees 27 6.4. Liability and Obligations of the General Partner 28 6.5. Reimbursement of General Partner 29 6.6. Outside Activities 29 6.7. Transactions With Affiliates 29 6.8. Title to Partnership Assets 30 6.9. Repurchases and Exchanges of REIT Shares 30 6.10. No Duplication of Fees or Expenses 30 ARTICLE 7 CHANGES IN GENERAL PARTNER 31 7.1. Transfer of the General Partner’s Partnership Interest 31 7.2. Admission of a Substitute or Additional General Partner 32 7.3. Effect of Bankruptcy, Withdrawal, Death or Dissolution of the sole remaining General Partner 32 7.4. Removal of a General Partner 33 ARTICLE 8 RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS 34 8.1. Management of the Partnership 34 8.2. Power of Attorney 34 8.3. Limitation on Liability of Limited Partners 34 8.4. Ownership by Limited Partner of Corporate General Partner or Affiliate 34 8.5. Redemption Right 34 ARTICLE 9 TRANSFERS OF LIMITED PARTNERSHIP INTERESTS 37 9.1. Purchase for Investment 37 9.2. Restrictions on Transfer of Limited Partnership Interests 37 9.3. Admission of Substitute Limited Partner 38 9.4. Rights of Assignees of Partnership Interests 39 9.5. Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner 39 9.6. Joint Ownership of Interests 40 ARTICLE 10 BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS 40 10.1. Books and Records 40 10.2. Custody of Partnership Funds; Bank Accounts 40 10.3. Fiscal and Taxable Year 40 10.4. Annual Tax Information and Report 40 10.5. Partnership Representative; Tax Elections; Special Basis Adjustments 41 10.6. Reports to Limited Partners 41 ARTICLE 11 A...
Class T Units. Each Class T Unit held by a Limited Partner which it received in connection with a DST Acquisition shall automatically, and without any action on the part of the Limited Partner, convert into a number of Class I Units (including fractional Class I Units) equal to the Class T Conversion Rate at the end of the month in which the Dealer Manager and/or the General Partner, in conjunction with the Partnership’s transfer agent, determines that the aggregate Distribution Fees paid with respect to such Class T Units in connection with such DST Acquisition would equal or exceed, in the aggregate, 8.75% (or a lower a limit agreed upon in the applicable selling agreement between the Dealer Manager and the participating broker-dealer that sold the Class T Units) of the value of the Limited Partner’s Class T Units received by the Limited Partner at the closing of the applicable DST Acquisition, as recorded on the Operating Partnership’s books and records.
Class T Units. Each Class T Unit held by a Limited Partner which it received in connection with the exercise of any FMV Purchase Option shall automatically, and without any action on the part of the Limited Partner, convert into a number of Class I Units (including fractional Class I Units) equal to the Class T Conversion Rate at the end of the month in which the Dealer Manager and/or the General Partner, in conjunction with the Partnership’s transfer agent, determines that the aggregate DST Up-Front Commissions and Distribution Fees paid with respect to such Class T Units and the DST Interests exchanged for such Class T Units in connection with the exercise of such FMV Purchase Option would equal or exceed, in the aggregate, 8.75% (or a lower a limit agreed upon in the applicable selling agreement between the Dealer Manager and the participating broker-dealer that sold the DST Interests that were exchanged for such Class T Units) of the cash purchase price paid for such DST Interests.
Class T Units. Each Class T Unit held by a Limited Partner which it received in connection with a DST Acquisition shall automatically, and without any action on the part of the Limited Partner, convert into a number of Class I Units (including fractional Class I Units) equal to the Class T Conversion Rate at the end of the month in which the Dealer Manager and/or the General Partner, in conjunction with the Partnership’s transfer agent, determines that the aggregate DST Acquisition Distribution Fees paid with respect to such Class T Units in connection with such DST Acquisition would equal or exceed, in the aggregate, 8.75% (or a lower a limit agreed upon in the applicable selling agreement between the Dealer Manager and the participating broker-dealer that sold the Class T Units) of the value of the Limited Partner’s Class T Units received by the Limited Partner at the closing of the applicable DST Acquisition, as recorded on the Operating Partnership’s books and records.