Common use of Initial Unit Split Clause in Contracts

Initial Unit Split. Effective as of immediately prior to the Separation Transfer, each Common Unit and LTIP Unit outstanding as of immediately prior to the Separation Transfer (after giving effect to the Redemption and Exchange) shall be split (the “Unit Split”), such that each such Common Unit or LTIP Unit shall be converted into a number of Common Units or LTIP Units, as applicable, equal to the Split Ratio, and Exhibit A shall be updated accordingly (it being understood that the Unit Split shall result, as of immediately following the Distribution Effective Time, in a 1:1 ratio between the aggregate outstanding Common Units held by the General Partner and the aggregate outstanding REIT Shares. Notwithstanding anything in this Agreement to the contrary (including Section 4.02), following the record date for the Distribution until the Distribution Effective Time, (i) the Partnership shall have no obligation to issue Common Units in connection with the issuance of REIT Shares, and (ii) the fact that the number of outstanding Common Units held by the General Partner does not equal the number of outstanding REIT Shares shall not be deemed a violation of this Agreement.