Common use of Issuance of LTIP Units Clause in Contracts

Issuance of LTIP Units. The General Partner may from time to time cause the Partnership to issue LTIP Units to Persons who provide services to the Partnership or the General Partner, for such consideration as the General Partner may determine to be appropriate, and admit such Persons as Limited Partners. Subject to the following provisions of this Section 4.04 and the special provisions of Sections 4.05 and 5.01(g), LTIP Units shall be treated as Common Units, with all of the rights, privileges and obligations attendant thereto. For purposes of computing the Partners’ Percentage Interests, holders of LTIP Units shall be treated as Common Unit holders and LTIP Units shall be treated as Common Units. In particular, the Partnership shall maintain at all times a one-to-one correspondence between LTIP Units and Common Units for conversion, distribution and other purposes, including, without limitation, complying with the following procedures:

Issuance of LTIP Units. The General Partner may from time to time cause the Partnership to issue LTIP Units to Persons who provide services to the Partnership or the General Partner, for such consideration as the General Partner may determine to be appropriate, and admit such Persons as Limited Partners. Subject to the following provisions of this Section 4.04 and the special provisions of Sections 4.05 and 5.01(g)) hereof, LTIP Units shall be treated as Common Units, with all of the rights, privileges and obligations attendant thereto. For purposes of computing the Partners’ Percentage Interests, holders of LTIP Units shall be treated as Common Unit holders and LTIP Units shall be treated as Common Units. In particular, the Partnership shall maintain at all times a one-to-one correspondence between LTIP Units and Common Units for conversion, distribution and other purposes, including, without limitation, complying with the following procedures:

Issuance of LTIP Units. The Notwithstanding anything contained herein to the contrary, the General Partner may from time to time cause the Partnership to issue LTIP Units to Persons who provide services to the Partnership or Partnership, the General Partner, Partner or Summit REIT for such consideration as the General Partner may determine to be appropriate, and admit such Persons as Limited Partners. Subject to the following provisions of this Section 4.04 and the special provisions of Sections 4.05 and 5.01(g)) hereof, LTIP Units shall be treated as Common Units, with all of the rights, privileges and obligations attendant thereto. For purposes of computing the Partners’ Percentage Interests, holders of LTIP Units shall be treated as Common Unit holders and LTIP Units shall be treated as Common Units. In particular, the Partnership shall maintain at all times a one-to-one correspondence between LTIP Units and Common Units for conversion, distribution and other purposes, including, without limitation, complying with the following procedures:

Issuance of LTIP Units. The General Partner may from time to time cause the Partnership to issue LTIP Units to Persons who provide services to or for the benefit of the Partnership or the General Partnerits Subsidiaries, for such consideration as the General Partner may determine to be appropriate, and admit such Persons as Limited Partners. Subject to the following provisions of this Section 4.04 and the special provisions of Sections 4.05 and 5.01(g)4.4, LTIP Units shall be treated as Common Units, with all of the rights, privileges and obligations attendant thereto. For purposes of computing the Partners’ Percentage Interests, holders Holders of LTIP Units shall be treated as holders of Common Unit holders Units and LTIP Units shall be treated as Common Units. In particular, the Partnership shall maintain at all times a one-to-one correspondence between LTIP Units and Common Units for conversion, distribution and other purposes, including, including without limitation, limitation complying with the following procedures:

Issuance of LTIP Units. The General Partner may from time to time cause the Partnership to issue LTIP Units to Persons who provide services to the Partnership or the General PartnerPartnership, for such consideration as the General Partner may determine to be appropriate, and admit such Persons as Limited Partners. Subject to the following provisions of this Section 4.04 4.6 and the special provisions of Sections 4.05 6.3.C and 5.01(g)4.7, LTIP Units shall be treated as Common OP Units, with all of the rights, privileges and obligations attendant thereto. For purposes of computing the Partners’ Percentage Interests, holders of LTIP Units shall be treated as Common Unit holders OP Unitholders and LTIP Units shall be treated as Common OP Units. In particular, the Partnership shall maintain at all times a one-to-one correspondence between LTIP Units and Common OP Units for conversion, distribution and other purposes, including, including without limitation, limitation complying with the following procedures:

Issuance of LTIP Units. The General Partner may from time to time cause the Partnership to issue LTIP Units to Persons who provide services to the Partnership or the General PartnerPartnership, for such consideration as the General Partner may determine to be appropriate, and admit such Persons as Limited Partners. Subject to the following provisions of this Section 4.04 and the special provisions of Sections 4.05 5.01(g) and 5.01(g)4.05, LTIP Units shall be treated as Common OP Units, with all of the rights, privileges and obligations attendant thereto. For purposes of computing the Partners’ Percentage Interests, holders of LTIP Units shall be treated as Common Unit holders OP Unitholders and LTIP Units shall be treated as Common OP Units. In particular, the Partnership shall maintain at all times a one-to-one correspondence between LTIP Units and Common OP Units for conversion, distribution and other purposes, including, including without limitation, limitation complying with the following procedures:

Issuance of LTIP Units. The General Partner may from time to time cause time, for such consideration as the Partnership General Partner may determine to be appropriate, issue LTIP Units to Persons who provide services to the Partnership or the General Partner, for such consideration as the General Partner may determine to be appropriate, and admit such Persons as Limited Partners. Subject to the following provisions of this Section 4.04 4.6 and the special provisions of Sections 4.05 4.7 and 5.01(g)6.1.E, LTIP Units shall be treated as Class A Common Units, with all of the rights, privileges and obligations attendant thereto. For purposes of computing the Partners’ Percentage Interests, holders of LTIP Units shall be treated as Class A Common Unit holders and LTIP Units shall be treated as Class A Common Units. In particular, the Partnership shall maintain at all times a one-to-one correspondence between LTIP Units and Class A Common Units for conversion, distribution and other purposes, including, without limitation, complying with the following procedures:

Issuance of LTIP Units. The General Partner may from time to time cause the Partnership to issue LTIP Units to Persons who provide services to the Partnership or the General Partnertime, for such consideration as the General Partner may determine to be appropriate, issue LTIP Units to Persons who provide services to the Partnership or the Parent and admit such Persons as Limited Partners. Subject to the following provisions of this Section 4.04 4.6 and the special provisions of Sections 4.05 4.7 and 5.01(g)6.1.E, LTIP Units shall be treated as Common Class A Units, with all of the rights, privileges and obligations attendant thereto. For purposes of computing the Partners’ Percentage Interests, holders of LTIP Units shall be treated as Common Class A Unit holders and LTIP Units shall be treated as Common Class A Units. In particular, the Partnership shall maintain at all times a one-to-one correspondence between LTIP Units and Common Class A Units for conversion, distribution and other purposes, including, without limitation, complying with the following procedures:

Issuance of LTIP Units. The General Partner may from time to time cause the Partnership to issue LTIP Units to Persons who provide services to the Partnership or the General PartnerPartnership, for such consideration as the General Partner may determine to be appropriate, and admit such Persons as Limited Partners. Subject to the following provisions of this Section 4.04 and the special provisions of Sections 4.05 5.01(g) and 5.01(g)4.05, LTIP Units shall be treated as Common OP Units, with all of the rights, privileges and obligations attendant thereto. For purposes of computing the Partners’ ' Percentage Interests, holders of LTIP Units shall be treated as Common OP Unit holders and LTIP Units shall be treated as Common OP Units. In particular, the Partnership shall maintain at all times a one-to-one correspondence between LTIP Units and Common OP Units for conversion, distribution and other purposes, including, without limitation, complying with the following procedures:

Issuance of LTIP Units. The General Partner may from time to time cause time, for such consideration as the Partnership General Partner may determine to be appropriate, issue LTIP Units to Persons who provide services to the Partnership or the General Partner, for such consideration as the General Partner may determine to be appropriate, and admit such Persons as Limited Partners. Subject to the following provisions of this Section 4.04 4.6 and the special provisions of Sections 4.05 4.7 and 5.01(g)6.1.E, LTIP Units shall be treated as Common Class A Units, with all of the rights, privileges and obligations attendant thereto. For purposes of computing the Partners’ Percentage Interests, holders of LTIP Units shall be treated as Common Class A Unit holders and LTIP Units shall be treated as Common Class A Units. In particular, the Partnership shall maintain at all times a one-to-one correspondence between LTIP Units and Common Class A Units for conversion, distribution and other purposes, including, without limitation, complying with the following procedures:

Issuance of LTIP Units. The General Partner may from time to time cause the Partnership to issue LTIP Units to Persons who provide services to the Partnership or the General PartnerPartnership, for such consideration as the General Partner may determine to be appropriate, and admit such Persons as Limited Partners. Except to the extent a Capital Contribution is made with respect to an LTIP Unit, each LTIP Unit is intended to qualify as a profits interest in the Partnership within the meaning of the Code, the Regulations, and any published guidance by the IRS with respect thereto. Subject to the following provisions of this Section 4.04 ‎4.06 and the special provisions of Sections 4.05 ‎4.07 and 5.01(g‎6.03(c), LTIP Units shall be treated as Common OP Units, with all of the rights, privileges and obligations attendant thereto. For purposes of computing the Partners’ ' Percentage Interests, holders of LTIP Units shall be treated as Common Unit holders of OP Units and LTIP Units shall be treated as Common OP Units. In particular, the Partnership shall maintain at all times a one-to-one correspondence between LTIP Units and Common OP Units for conversion, distribution and other purposes, including, including without limitation, limitation complying with the following procedures:

Issuance of LTIP Units. The General Partner may from time to time cause the Partnership to issue LTIP Units to Persons who provide services to the Partnership or the General PartnerPartnership, for such consideration as the General Partner may determine to be appropriate, and admit such Persons as Limited Partners. Subject to the following provisions of this Section 4.04 4.6 and the special provisions of Sections 4.05 6.3.C and 5.01(g)4.7, LTIP Units shall be treated as Common OP Units, with all of the rights, privileges and obligations attendant thereto. For purposes of computing the Partners’ Percentage Interests, holders of LTIP Units shall be treated as Common Unit holders of OP Units and LTIP Units shall be treated as Common OP Units. In particular, the Partnership shall maintain at all times a one-to-one correspondence between LTIP Units and Common OP Units for conversion, distribution and other purposes, including, including without limitation, limitation complying with the following procedures:

Issuance of LTIP Units. The General Partner may from time to time cause the Partnership to issue LTIP Units to Persons who provide services to the Partnership Partnership, the General Partner or the General PartnerCompany, for such consideration as the General Partner may determine to be appropriate, and admit such Persons as Limited Partners. LTIP Units may be issued as either capital interests for federal income tax purposes (each, a “Capital LTIP Unit”) or profits interests for federal income tax purposes (each, a “Profits LTIP Unit”). Subject to the following provisions of this Section 4.04 4.6 and the special provisions of Sections 4.05 and 5.01(g)Section 4.7, or as otherwise provided in this Agreement with respect to Profits LTIP Units, LTIP Units shall be treated as Common Units, with all of the rights, privileges and obligations attendant thereto. For purposes of computing the Partners’ Percentage Interests, holders of LTIP Units shall be treated as Common Unit holders and LTIP Units shall be treated as Common Units. In particular, the Partnership shall maintain at all times a one-to-one correspondence between LTIP Units and Common Units for conversion, distribution and other purposes, including, without limitation, complying with the following procedures:

Issuance of LTIP Units. The General Partner may from time to time cause the Partnership to issue LTIP Units to Persons who provide services to the Partnership or the General Partner, for such consideration as the General Partner may determine to be appropriate, and admit such Persons as Limited Partners. Subject to the following provisions of this Section 4.04 and the special provisions of Sections 4.05 and 5.01(g), LTIP Units shall be treated as Common Units, with all of the rights, privileges and obligations attendant thereto. For purposes of computing the Partners’ Percentage Interests, holders of LTIP Units shall be treated as Common Unit holders and LTIP Units shall be treated as Common Units. In particular, the Partnership shall maintain at all times a one-to-one correspondence between LTIP Units and Common Units for conversion, distribution and other purposes, including, without limitation, complying with the following procedures:

Issuance of LTIP Units. The General Partner may from time to time cause the Partnership to issue LTIP Units to Persons who provide services to or for the Partnership or benefit of the General PartnerPartnership, for such consideration as the General Partner may determine to be appropriate, and admit such Persons as Limited Partners. Subject to the following provisions of this Section 4.04 4.06 and the special provisions of Sections 4.05 6.03(c) and 5.01(g)4.07, LTIP Units shall be treated as Common OP Units, with all of the rights, privileges and obligations attendant thereto. For purposes of computing the Partners’ Percentage Interests, holders of LTIP Units shall be treated as Common Unit holders of OP Units and LTIP Units shall be treated as Common OP Units. In particular, the Partnership shall maintain at all times a one-to-one correspondence between LTIP Units and Common OP Units for conversion, distribution and other purposes, including, including without limitation, limitation complying with the following procedures:

Issuance of LTIP Units. The General Partner may from time to time cause the Partnership to issue LTIP Units to Persons who provide services to the Partnership or the General PartnerPartnership, for such consideration as the General Partner may determine to be appropriate, and admit such Persons as Limited Partners. Subject to the following provisions of this Section 4.04 4.06 and the special provisions of Sections 4.05 4.07 and 5.01(g6.03(c), LTIP Units shall be treated as Common OP Units, with all of the rights, privileges and obligations attendant thereto. For purposes of computing the Partners’ Percentage Interests, holders of LTIP Units shall be treated as Common Unit holders of OP Units and LTIP Units shall be treated as Common OP Units. In particular, the Partnership shall maintain at all times a one-to-one correspondence between LTIP Units and Common OP Units for conversion, distribution and other purposes, including, including without limitation, limitation complying with the following procedures:

Issuance of LTIP Units. The General Partner may from time to time cause the Partnership to issue LTIP Units to Persons who provide services to the Partnership or the General PartnerPartnership, for such consideration as the General Partner may determine to be appropriate, and admit such Persons as Limited Partners. Except to the extent a Capital Contribution is made with respect to an LTIP Unit, each LTIP Unit is intended to qualify as a profits interest in the Partnership within the meaning of the Code, the Regulations, and any published guidance by the IRS with respect thereto. Subject to the following provisions of this Section 4.04 4.06 and the special provisions of Sections 4.05 4.07 and 5.01(g6.03(c), LTIP Units shall be treated as Common OP Units, with all of the rights, privileges and obligations attendant thereto. For purposes of computing the Partners’ Percentage Interests, holders of LTIP Units shall be treated as Common Unit holders of OP Units and LTIP Units shall be treated as Common OP Units. In particular, the Partnership shall maintain at all times a one-to-one correspondence between LTIP Units and Common OP Units for conversion, distribution and other purposes, including, including without limitation, limitation complying with the following procedures:

Issuance of LTIP Units. The General Partner may from time to time cause the Partnership to issue LTIP Units to Persons who provide services to the Partnership or the General PartnerParent, for such consideration as the General Partner may determine to be appropriate, and admit such Persons as Limited Partners. Subject to the following provisions of this Section 4.04 4.6 and the special provisions of Sections 4.05 Section 4.7 and 5.01(g)Section 6.1E, LTIP Units shall be treated as Common Class A Units, with all of the rights, privileges and obligations attendant thereto. For purposes of computing the Partners’ Percentage Interests, holders of LTIP Units shall be treated as Common Class A Unit holders and LTIP Units shall be treated as Common Class A Units. In particular, the Partnership shall maintain at all times a one-to-one correspondence between LTIP Units and Common Class A Units for conversion, distribution and other purposes, including, without limitation, complying with the following procedures:

Issuance of LTIP Units. The Notwithstanding anything contained herein to the contrary, the General Partner may from time to time cause the Partnership to issue LTIP Units to Persons who provide services to the Partnership or the General Partner, for such consideration as the General Partner may determine to be appropriate, and admit such Persons as Limited Partners. Subject to the following provisions of this Section 4.04 and the special provisions of Sections Section 4.05 and 5.01(g)hereof, LTIP Units shall be treated as Common Units, with all of the rights, privileges and obligations attendant thereto. For purposes of computing the Partners’ Percentage Interests, holders of LTIP Units shall be treated as Common Unit holders and LTIP Units shall be treated as Common Units. In particular, the Partnership shall maintain at all times a one-to-one correspondence between LTIP Units and Common Units for conversion, distribution and other purposes, including, without limitation, complying with the following procedures:

Issuance of LTIP Units. The General Partner may from time to time cause the Partnership to issue LTIP Units to Persons who provide services to the Partnership or the General PartnerPartnership, for such consideration as the General Partner may determine to be appropriate, and admit such Persons as Limited Partners. Subject to the following provisions of this Section 4.04 4.6 and the special provisions of Sections 4.05 6.3.D and 5.01(g)4.7, LTIP Units shall be treated as Common OP Units, with all of the rights, privileges and obligations attendant thereto. For purposes of computing the Partners’ ' Percentage Interests, holders of LTIP Units shall be treated as Common Unit holders OP Unitholders and LTIP Units shall be treated as Common OP Units. In particular, the Partnership shall maintain at all times a one-to-one correspondence between LTIP Units and Common OP Units for conversion, distribution and other purposes, including, including without limitation, limitation complying with the following procedures: