Number of Units Convertible. A holder of Vested LTIP Units may convert such Vested LTIP Units, the Book-Up Target of which is zero, into an equal number of fully paid and non-assessable Common Units, giving effect to all adjustments (if any) made pursuant to Section 1.7.
Number of Units Convertible. A holder of Vested LTIP Units may convert such Vested LTIP Units into an equal number of fully paid and non-assessable Class A Units, giving effect to all adjustments (if any) made pursuant to Section 4. Notwithstanding the foregoing, in no event may a holder of Vested LTIP Units convert a number of Vested LTIP Units that exceeds (x) the Economic Capital Account Balance of such holder, to the extent attributable to its ownership of LTIP Units, divided by (y) the Class A Unit Economic Balance, in each case as determined as of the effective date of conversion (the “Capital Account Limitation”).
Number of Units Convertible. A holder of Vested LTIP Units may convert such Vested LTIP Units into an equal number of fully paid and non-assessable OP Units, giving effect to all adjustments (if any) made pursuant to Section 5 of this Annex A. Notwithstanding the foregoing, in no event may a holder of Vested LTIP Units convert a number of Vested LTIP Units that exceeds the LTIP Unit Capital Account Limitation.
Number of Units Convertible. A holder of Vested Class AO LTIP Units may convert such Vested Class AO LTIP Units into a number (or fraction thereof) of fully paid and non-assessable Vested LTIP Units, giving effect to all adjustments (if any) made pursuant to Section 4 equal to the Class AO LTIP Unit Conversion Factor (as defined below).
Number of Units Convertible. A Holder of Vested LTIP Units may convert such Units into an equal number of fully paid and non-assessable Partnership Common Units, giving effect to all adjustments (if any) made pursuant to Section 4.2(b). Notwithstanding the foregoing, in no event may a Holder of Vested LTIP Units convert a number of Vested LTIP Units that exceeds (x) the Economic Capital Account Balance of such Holder, to the extent attributable to its ownership of LTIP Units, divided by (y) the Partnership Common Unit Economic Balance, in each case as deter mined as of the effective date of conversion (the "Capital Account Limitation").
Number of Units Convertible. A holder of Vested AOLTIP Units may convert each such Vested AOLTIP Unit into a number (or fraction thereof) of fully paid and non-assessable Common Units, giving effect to all adjustments (if any) made pursuant to Section 1.7, equal to the AOLTIP Conversion Factor (as defined below) for such Vested AOLTIP Unit on the AOLTIP Unit Conversion Date for such Vested AOLTIP Unit. The “AOLTIP Conversion Factor” for a Vested LTIP Unit shall mean the amount set forth in the Vesting Agreement or other documentation pursuant to which such AOLTIP Unit is issued, or, if not set forth
Number of Units Convertible. A holder of Vested Formation Units may convert such Vested Formation Units into a number (or fraction thereof) of fully paid and non-assessable Vested LTIP Units, giving effect to all adjustments (if any) made pursuant to Section 4 equal to the Formation Unit Conversion Factor (as defined below).
Number of Units Convertible. A holder of Vested Class O LTIP Units may convert each such Vested Class O LTIP Unit into a number (or fraction thereof) of fully paid and non-assessable Class A Units, giving effect to all adjustments (if any) made pursuant to Section 4, equal to the Class O LTIP Conversion Factor (as defined below) for such Vested Class O LTIP Unit on the Class O Conversion Date for such Vested Class O LTIP Unit. The “Class O LTIP Unit Conversion Factor” shall mean, for a Class O LTIP Unit as of a particular date, the quotient of (i) the excess of the Class O Conversion Value over the Class O LTIP Unit Participation Threshold (as defined below) for such Class O LTIP Unit as of such date (or, if there is no excess, zero), divided by (ii) the Class O Conversion Value. The “Class O Conversion Value” of a Class O LTIP Unit as of a particular date means the Common Stock Price multiplied by the Conversion Factor, in each case, as of such date. “Common Stock Price” means, as of a particular date, (i) if shares of the common stock (or other comparable equity interest) of the General Partner Entity (“Common Stock”), are then listed on a national stock exchange, the closing sales price per share of Common Stock on the exchange for such date (or, if such date is not a trading date or there were no sales on such date, the most recent prior trading date on which
Number of Units Convertible. A holder of Vested AO LTIP Units may convert each such Vested AO LTIP Unit into a number (or fraction thereof) of fully paid and non-assessable Class A Units, giving effect to all adjustments (if any) made pursuant to Section 4, equal to the AO LTIP Conversion Factor (as defined below) for such Vested AO LTIP Unit on the AO Conversion Date for such Vested AO LTIP Unit. The “AO LTIP Unit Conversion Factor” shall mean, for an AO LTIP Unit as of a particular date, the quotient of (i) the excess of the AO Conversion Value over the AO LTIP Unit Participation Threshold (as defined below) for such AO LTIP Unit as of such date (or, if there is no excess, zero), divided by (ii) the AO Conversion Value. The “AO Conversion Value” of an AO LTIP Unit as of a particular date means the Share Price multiplied by the Conversion Factor, in each case, as of such date. “Share Price” means, as of a particular date, (i) if on such date the Shares are listed on the New York Stock Exchange, The NASDAQ Stock Market, Inc. or another national securities exchange or is publicly traded on an established securities market, the Share Price of a Share shall be the closing price per Share of the Shares on such exchange or in such market (if there is more than one such exchange or market, the General Partner shall determine the appropriate exchange or market) on such date (or if there is no such reported closing price, the Share Price shall be the mean between the highest bid and lowest asked prices or between the high and low sale prices on such trading day) or, if no sale of Shares is reported for such trading day, on the next preceding day on which any sale shall have been reported; or (ii) if the Shares are not listed on such an exchange, quoted on such system or traded on AT-5
Number of Units Convertible. A holder of Vested Formation Units may convert such Vested Formation Units into a number (or fraction thereof) of fully paid and non-assessable Vested LTIP Units, giving effect to all adjustments (if any) made pursuant to Section 4 equal to the Formation Unit Conversion Factor (as defined below). “Formation Unit Conversion Factor” shall mean the quotient of (i) the excess of the Value of a common Share as of the date of conversion over the Formation Unit Participation Threshold (as defined below) for such Vested Formation Unit, divided by (ii) the Value of a common Share as of the date of conversion. “Formation Unit Participation Threshold” shall mean, for each Formation Unit, the amount specified as such in the relevant Formation Unit Vesting Agreement or other documentation pursuant to which such Formation Unit is granted. The Formation Unit Participation Threshold of a Formation Unit is intended to be the Value of a common Share as of the date of issuance of such Formation Unit. C.
