OP Unit Clause Samples
The "OP Unit" clause defines the term "OP Unit" as a specific type of equity interest or partnership unit within a limited partnership or similar entity, often used in real estate investment structures. This clause clarifies what constitutes an OP Unit, typically distinguishing it from other classes of partnership interests, and may outline the rights, privileges, and obligations associated with holding such units, such as voting rights, distributions, or conversion features. Its core practical function is to ensure all parties have a clear and consistent understanding of what an OP Unit is and how it operates within the partnership, thereby reducing ambiguity and potential disputes regarding ownership interests.
OP Unit. A unit of limited partnership interest in the Operating Partnership.
OP Unit. Units of limited partnership interest in the Operating Partnership, other than the Special OP Units.
OP Unit. A unit of limited partnership interest in the Operating Partnership. Organization and Offering Expenses. Any and all costs and expenses, other than Sales Commissions, Dealer Manager Fees, and Distribution Fees, incurred in connection with the Company’s formation, qualification and registration, and the marketing and distribution of Equity Shares in an Offering, including, without limitation, the following: legal, accounting and escrow fees; due diligence expenses; printing, amending, supplementing, mailing and distributing costs; personnel costs associated with processing investor subscriptions and the preparation and dissemination of organizational and offering documents and sales materials; telecopy and telephone costs; charges of transfer agents, registrars, trustees, depositories and experts; and fees, expenses and taxes related to the filing, registration and qualification of the Equity Shares under federal and state laws.
OP Unit. Units of limited partnership interest in the Operating Partnership. Organization and Offering Expenses. Any and all costs and expenses, other than Sales Commissions, Dealer Manager Fees, and Distribution Fees, incurred in connection with the formation of the Corporation and the qualification and registration of all its Offerings, and the marketing and distribution of Shares, including, without limitation, total underwriting and brokerage discounts and commissions (including fees of the underwriters’ attorneys) payable to the Dealer Manager and Soliciting Dealers, expenses for printing and amending registration statements or supplementing prospectuses, mailing and distributing costs, salaries of employees while engaged in sales activity, telephone and other telecommunications costs, all advertising and marketing expenses (including the costs related to investor and broker-dealer sales meetings), charges of transfer agents, registrars, trustees, escrow holders, depositories and experts and fees, expenses and taxes related to the filing, registration and qualification of the sale of the Shares under federal and state laws, including accountants’ and attorneys’ fees. The cumulative Organization and Offering Expense reimbursements paid by the Corporation in connection with all Offerings will not exceed 2.0% of Gross Proceeds from the sale of Shares of all Offerings. Person. An individual, corporation, partnership, trust, joint venture, limited liability company or other entity.
OP Unit. 1 Code..............................
OP Unit. The term “OP Unit” shall mean a “Common Unit” as set forth in the Partnership Agreement and issued pursuant to the Contribution and Sale Agreement.
OP Unit. Units of limited partnership interest in the Operating Partnership. Organization and Offering Expenses. Any and all costs and expenses, other than the Sales Commission and the Dealer Manager Fee, incurred in connection with the formation of the Corporation and the qualification and registration of all its Offerings, and the marketing and distribution of Shares, including, without limitation, total underwriting and brokerage discounts and commissions (including fees of the underwriters’ attorneys) payable to the Dealer Manager and Soliciting Dealers, expenses for printing and amending registration statements or supplementing prospectuses, mailing and distributing costs, salaries of employees while engaged in sales activity, telephone and other telecommunications costs, all advertising and marketing expenses (including the costs related to investor and broker-dealer sales meetings), charges of transfer agents, registrars, trustees, escrow holders, depositories and experts and fees, expenses and taxes related to the filing, registration and qualification of the sale of the Shares under federal and state laws, including accountants’ and attorneys’ fees. The cumulative Organization and Offering Expense reimbursements paid by the Corporation will not exceed 1.75% of Gross Proceeds from the sales of Shares.
OP Unit. Recipient acknowledges and agrees that the first distribution paid in respect of the OP Units will be prorated based on the portion of the quarterly period in respect of which such distribution is paid that such OP Units were outstanding.