Common use of Incentive Units Clause in Contracts

Incentive Units. With respect to the Class M Units (the “Incentive Units”) granted pursuant to the equity-based incentive compensation programs of the Company and its affiliates (the “Equity Award Program”), (i) each grant of Incentive Units was duly authorized no later than the date on which the grant of such Incentive Unit was by its terms to be effective (the “Grant Date”) by all necessary corporate action, including, as applicable, approval by the board of directors of the Company or an affiliate (or a duly constituted and authorized committee thereof), and the award agreement governing such grant (if any) was duly executed and delivered by each party thereto, (ii) each such grant was made in accordance with the terms of the Equity Award Program and all other applicable laws, and (iii) each such grant was properly accounted for in accordance with GAAP in the financial statements (including the related notes) of the Company.