Common use of Special Allocations Regarding LTIP Units Clause in Contracts

Special Allocations Regarding LTIP Units. Notwithstanding any other provisions of this Section 6.04 or Section 6.05, after giving effect to the Regulatory Allocations, but prior to any allocations under Section 6.03(b), Net Property Gain and, to the extent necessary, individual items of income and gain comprising Net Property Gain of the Company, shall be allocated to the LTIP Unitholders until their LTIP Economic Capital Account Balances are equal to (i) the Common Unit Economic Balance, multiplied by (ii) the number of their LTIP Units; provided that no such Net Property Gain and, to the extent necessary, individual items of income and gain comprising Net Property Gain of the Company, will be allocated with respect to any particular LTIP Unit unless and to the extent that the Common Unit Economic Balance exceeds the Common Unit Economic Balance in existence at the time such LTIP Unit was issued. Any allocations made pursuant to the first sentence of this Section 6.04(a) shall be made among the LTIP Unitholders in proportion to the amounts required to be allocated to each under this Section 6.04(a). The parties agree that the intent of this Section 6.04(a) is to make the Capital Account balance associated with each LTIP Unit to be economically equivalent to the Capital Account balance associated with the Class A Units and Class B Units outstanding (on a per-unit basis), but only if and to the extent that the Capital Account balance associated with the Class A Units and Class B Units outstanding, without regard to the allocations under this Section 6.04(a), has increased on a per-unit basis since the issuance of the relevant LTIP Unit. To the extent Net Property Losses are allocated to LTIP Unitholders pursuant to Section 6.03(b), such Net Property Loss shall be allocated among the LTIP Unitholders in a manner that reverses the allocation of Net Property Gain to the LTIP Unitholders pursuant to this Section 6.04(a).

Special Allocations Regarding LTIP Units. Notwithstanding any other provisions of this Section 6.04 or Section 6.05Sections 5.01, after giving effect to the Regulatory Allocationsregulatory allocations in Section 5.01(d) and the special allocations in Sections 5.01(c)(ii) and 5.01(c)(iv), but prior to any allocations under Section 6.03(b5.01(b), Net Property Gain and, to the extent necessary, individual items of income and gain comprising Net Property Gain of the CompanyPartnership, shall be allocated to the LTIP Unitholders until their LTIP Economic Capital Account Balances are equal to (i) the Common OP Unit Economic Balance, multiplied by (ii) the number of their LTIP Units; provided that no such Net Property Gain and, to the extent necessary, individual items of income and gain comprising Net Property Gain of the CompanyPartnership, will be allocated with respect to any particular LTIP Unit unless and to the extent that the Common OP Unit Economic Balance exceeds the Common OP Unit Economic Balance in existence at the time such LTIP Unit was issued. Any allocations made pursuant to the first sentence of this Section 6.04(a5.01(c)(v) shall be made among the LTIP Unitholders in proportion to the amounts required to be allocated to each under this Section 6.04(a5.01(c)(v). The parties agree that the intent of this Section 6.04(a5.01(c)(v) is to make the Capital Account balance associated with each LTIP Unit to be economically equivalent to the Capital Account balance associated with the Class A Units and Class B OP Units outstanding (on a per-unit basis), but only if and to the extent that the Capital Account balance associated with the Class A Units and Class B OP Units outstanding, without regard to the allocations under this Section 6.04(a5.01(c)(v), has increased on a per-unit basis since the issuance of the relevant LTIP Unit. To the extent Net Property Losses are Loss is allocated to LTIP Unitholders pursuant to Section 6.03(b5.01(b), such Net Property Loss shall be allocated among the LTIP Unitholders in a manner that reverses the allocation of Net Property Gain to the LTIP Unitholders pursuant to this Section 6.04(a5.01(c)(v).

Special Allocations Regarding LTIP Units. Notwithstanding any other provisions of this Section 6.04 or Section 6.05Sections 5.01, after giving effect to the Regulatory Allocationsregulatory allocations in Section 5.01(d) and the special allocations in Sections 5.01(c)(ii) and 5.01(c)(iii), but prior to any allocations under Section 6.03(b5.01(b)(iii), Net Property Gain and, to the extent necessary, individual items of income and gain comprising Net Property Gain of the CompanyPartnership, shall be allocated to the LTIP Unitholders until their LTIP Economic Capital Account Balances are equal to (i) the Common OP Unit Economic Balance, multiplied by (ii) the number of their LTIP Units; provided that no such Net Property Gain and, to the extent necessary, individual items of income and gain comprising Net Property Gain of the CompanyPartnership, will be allocated with respect to any particular LTIP Unit unless and to the extent that the Common OP Unit Economic Balance exceeds the Common OP Unit Economic Balance in existence at the time such LTIP Unit was issued. Any allocations made pursuant to the first sentence of this Section 6.04(a5.01(c)(iv) shall be made among the LTIP Unitholders in proportion to the amounts required to be allocated to each under this Section 6.04(a5.01(c)(iv). The parties agree that the intent of this Section 6.04(a5.01(c)(iv) is to make the Capital Account balance associated with each LTIP Unit to be economically equivalent to the Capital Account balance associated with the Class A Units and Class B OP Units outstanding (on a per-unit basis), but only if and to the extent that the Capital Account balance associated with the Class A Units and Class B OP Units outstanding, without regard to the allocations under this Section 6.04(a5.01(c)(iv), has increased on a per-unit basis since the issuance of the relevant LTIP Unit. To the extent Net Property Losses are Loss is allocated to LTIP Unitholders pursuant to Section 6.03(b5.01(b)(iii), such Net Property Loss shall be allocated among the LTIP Unitholders in a manner that reverses the allocation of Net Property Gain to the LTIP Unitholders pursuant to this Section 6.04(a5.01(c)(iv).

Special Allocations Regarding LTIP Units. Notwithstanding any other provisions of this Section 6.04 or Section 6.05Sections 5.01, after giving effect to the Regulatory Allocationsregulatory allocations in Section 5.01(d) and the special allocations in Sections 5.01(c)(ii) and 5.01(c)(iv), but prior to any allocations under Section 6.03(b5.01(b)(ii), Net Property Gain and, to the extent necessary, individual items of income and gain comprising Net Property Gain of the CompanyPartnership, shall be allocated to the LTIP Unitholders until their LTIP Economic Capital Account Balances are equal to (i) the Common OP Unit Economic Balance, multiplied by (ii) the number of their LTIP Units; provided that no such Net Property Gain and, to the extent necessary, individual items of income and gain comprising Net Property Gain of the CompanyPartnership, will be allocated with respect to any particular LTIP Unit unless and to the extent that the Common OP Unit Economic Balance exceeds the Common OP Unit Economic Balance in existence at the time such LTIP Unit was issued. Any allocations made pursuant to the first sentence of this Section 6.04(a5.01(c)(v) shall be made among the LTIP Unitholders in proportion to the amounts required to be allocated to each under this Section 6.04(a5.01(c)(v). The parties agree that the intent of this Section 6.04(a5.01(c)(v) is to make the Capital Account balance associated with each LTIP Unit to be economically equivalent to the Capital Account balance associated with the Class A Units and Class B OP Units outstanding (on a per-unit basis), but only if and to the extent that the Capital Account balance associated with the Class A Units and Class B OP Units outstanding, without regard to the allocations under this Section 6.04(a5.01(c)(v), has increased on a per-unit basis since the issuance of the relevant LTIP Unit. To the extent Net Property Losses are Loss is allocated to LTIP Unitholders pursuant to Section 6.03(b5.01(b)(ii), such Net Property Loss shall be allocated among the LTIP Unitholders in a manner that reverses the allocation of Net Property Gain to the LTIP Unitholders pursuant to this Section 6.04(a5.01(c)(v).”

Special Allocations Regarding LTIP Units. Notwithstanding any other provisions of this Section 6.04 or Section 6.05Sections 5.01, after giving effect to the Regulatory Allocationsregulatory allocations in Section 5.01(d) and the special allocations in Sections 5.01(c)(i) and 5.01(c)(ii), but prior to any allocations under Section 6.03(b5.01(b)(ii), Net Property Gain and, to the extent necessary, individual items of income and gain comprising Net Property Gain of the CompanyPartnership, shall be allocated to the LTIP Unitholders until their LTIP Economic Capital Account Balances are equal to (i) the Common Class A Unit Economic Balance, multiplied by (ii) the number of their LTIP Units; provided that no such Net Property Gain and, to the extent necessary, individual items of income and gain comprising Net Property Gain of the CompanyPartnership, will be allocated with respect to any particular LTIP Unit unless and to the extent that the Common Class A Unit Economic Balance exceeds the Common Class A Unit Economic Balance in existence at the time such LTIP Unit was issued. Any allocations made pursuant to the first sentence of this Section 6.04(a5.01(c)(iii) shall be made among the LTIP Unitholders in proportion to the amounts required to be allocated to each under this Section 6.04(a5.01(c)(iii). The parties agree that the intent of this Section 6.04(a5.01(c)(iii) is to make the Capital Account balance associated with each LTIP Unit to be economically equivalent to the Capital Account balance associated with the Class A Units and Class B Units outstanding (on a per-unit basis), but only if and to the extent that the Capital Account balance associated with the Class A Units and Class B Units outstanding, without regard to the allocations under this Section 6.04(a5.01(c)(iii), has increased on a per-unit basis since the issuance of the relevant LTIP Unit. To the extent Net Property Losses are Loss is allocated to LTIP Unitholders pursuant to Section 6.03(b5.01(b)(ii), such Net Property Loss shall be allocated among the LTIP Unitholders in a manner that reverses the allocation of Net Property Gain to the LTIP Unitholders pursuant to this Section 6.04(a5.01(c)(iii).”

Special Allocations Regarding LTIP Units. Notwithstanding any other provisions of this Section 6.04 or Section 6.05, after giving effect to the Regulatory Allocations, but prior to any allocations under Section 6.03(b), Net Property Gain and, to the extent necessary, individual items of income and gain comprising Net Property Gain of the Company, shall be allocated to the LTIP Unitholders until their LTIP Economic Capital Account Balances are equal to (i) the Common Unit Economic Balance, multiplied by (ii) the number of their LTIP Units; provided that no such Net Property Gain and, to the extent necessary, individual items of income and gain comprising Net Property Gain of the Company, will be allocated with respect to any particular LTIP Unit unless and to the extent that the Common Unit Economic Balance exceeds the Common Unit Economic Balance in existence at the time such LTIP Unit was issued. Any allocations made pursuant to the first sentence of this Section 6.04(a) shall be made among the LTIP Unitholders in proportion to the amounts required to be allocated to each under this Section 6.04(a). The parties agree that the intent of this Section 6.04(a) is to make the Capital Account balance associated with each LTIP Unit to be economically equivalent to the Capital Account balance associated with the Class A Units and Class B Units outstanding (on a per-unit basis), but only if and to the extent that the Capital Account balance associated with the Class A Units and Class B Units outstanding, without regard to the allocations under this Section 6.04(a), has increased on a per-unit basis since the issuance of the relevant LTIP Unit. To the extent Net Property Losses are allocated to LTIP Unitholders pursuant to Section 6.03(b), such Net Property Loss shall be allocated among the LTIP Unitholders in a manner that reverses the allocation of Net Property Gain to the LTIP Unitholders pursuant to this Section 6.04(a).

Special Allocations Regarding LTIP Units. Notwithstanding any other provisions of this Section 6.04 or Section 6.05Sections 5.01, after giving effect to the Regulatory Allocationsregulatory allocations in Section 5.01(d) and the special allocations in Sections 5.01(c)(ii) and 5.01(c)(iii), but prior to any allocations under Section 6.03(b5.01(b)(iii), Net Property Gain and, to the extent necessary, individual items of income and gain comprising Net Property Gain of the CompanyPartnership, shall be allocated to the LTIP Unitholders until their LTIP Economic Capital Account Balances are equal to (i) the Common OP Unit Economic Balance, multiplied by (ii) the number of their LTIP Units; provided that no such Net Property Gain and, to the extent necessary, individual items of income and gain comprising Net Property Gain of the CompanyPartnership, will be allocated with respect to any particular LTIP Unit unless and to the extent that the Common OP Unit Economic Balance exceeds the Common OP Unit Economic Balance in existence at the time such LTIP Unit was issued. Any allocations made pursuant to the first sentence of this Section 6.04(a5.01(c)(iv) shall be made among the LTIP Unitholders in proportion to the amounts required to be allocated to each under this Section 6.04(a5.01(c)(iv). The parties agree that the intent of this Section 6.04(a5.01(c)(iv) is to make the Capital Account balance associated with each LTIP Unit to be economically equivalent to the Capital Account balance associated with the Class A Units and Class B OP Units outstanding (on a per-unit basis), but only if and to the extent that the Capital Account balance associated with the Class A Units and Class B OP Units outstanding, without regard to the allocations under this Section 6.04(a5.01(c)(iv), has increased on a per-unit basis since the issuance of the relevant LTIP Unit. To the extent Net Property Losses are Loss is allocated to LTIP Unitholders pursuant to Section 6.03(b5.01(b)(iii), such Net Property Loss shall be allocated among the LTIP Unitholders in a manner that reverses the allocation of Net Property Gain to the LTIP Unitholders pursuant to this Section 6.04(a5.01(c)(iv).. (d)

Special Allocations Regarding LTIP Units. Notwithstanding any other provisions of this Sections 5.01 (other than Section 6.04 or Section 6.055.01(c)(i)), after giving effect to the Regulatory Allocationsregulatory allocations in Section 5.01(d) and the special allocations in Sections 5.01(c)(ii) and 5.01(c)(iii), but prior to any allocations under Section 6.03(b5.01(a), Net Property Gain and, to the extent necessary, individual items of income and gain comprising Net Property Gain of the CompanyPartnership, shall be allocated to the LTIP Unitholders until their LTIP Economic Capital Account Balances are equal to (i) the Common Class A Unit Economic Balance, multiplied by (ii) the number of their LTIP Units; provided that no such Net Property Gain and, to the extent necessary, individual items of income and gain comprising Net Property Gain of the CompanyPartnership, will be allocated with respect to any particular LTIP Unit unless and to the extent that the Common Class A Unit Economic Balance exceeds the Common Class A Unit Economic Balance in existence at the time such LTIP Unit was issued (and, for this purpose, LTIP awarded under the 2018 Advisor OPP Agreement shall be treated as having been issued when the Master LTIP Unit was issued). Any allocations made pursuant to the first sentence of this Section 6.04(a5.01(c)(iv) shall be made first to the earliest issued LTIP Units and among the LTIP Unitholders issued on the same date in proportion to the amounts required to be allocated to each under this Section 6.04(a5.01(c)(iv). The parties agree that the intent of this Section 6.04(a5.01(c)(iv) is to make the Capital Account balance associated with each LTIP Unit to be economically equivalent to the Capital Account balance associated with the Class A Units and Class B Units outstanding (on a per-unit basis), but only if and to the extent that the Capital Account balance associated with the Class A Units and Class B Units outstanding, without regard to the allocations under this Section 6.04(a5.01(c)(iv), has increased on a per-unit basis since the issuance of the relevant LTIP Unit. To the extent Net Property Losses are Loss is allocated to LTIP Unitholders pursuant to Section 6.03(b5.01(b), such Net Property Loss shall be allocated among the LTIP Unitholders in a manner that reverses the allocation of Net Property Gain to the LTIP Unitholders pursuant to this Section 6.04(a5.01(c)(iv).

Special Allocations Regarding LTIP Units. Notwithstanding any other provisions of this Section 6.04 or Section 6.05Sections 5.01, after giving effect to the Regulatory Allocationsregulatory allocations in Section 5.01(d) and the special allocations in Sections 5.01(c)(i) and 5.01(c)(ii), but prior to any allocations under Section 6.03(b5.01(b), Net Property Gain and, to the extent necessary, individual items of income and gain comprising Net Property Gain of the CompanyPartnership, shall be allocated to the LTIP Unitholders until their LTIP Economic Capital Account Balances are equal to (i) the Common Class A Unit Economic Balance, multiplied by (ii) the number of their LTIP Units; provided that no such Net Property Gain and, to the extent necessary, individual items of income and gain comprising Net Property Gain of the CompanyPartnership, will be allocated with respect to any particular LTIP Unit unless and to the extent that the Common Class A Unit Economic Balance exceeds the Common Class A Unit Economic Balance in existence at the time such LTIP Unit was issued. Any allocations made pursuant to the first sentence of this Section 6.04(a5.01(c)(v) shall be made among the LTIP Unitholders in proportion to the amounts required to be allocated to each under this Section 6.04(a5.01(c)(v). The parties agree that the intent of this Section 6.04(a5.01(c)(v) is to make the Capital Account balance associated with each LTIP Unit to be economically equivalent to the Capital Account balance associated with the Class A Units and Class B Units outstanding (on a per-unit basis), but only if and to the extent that the Capital Account balance associated with the Class A Units and Class B Units outstanding, without regard to the allocations under this Section 6.04(a5.01(c)(v), has increased on a per-unit basis since the issuance of the relevant LTIP Unit. To the extent Net Property Losses are Loss is allocated to LTIP Unitholders pursuant to Section 6.03(b5.01(b), such Net Property Loss shall be allocated among the LTIP Unitholders in a manner that reverses the allocation of Net Property Gain to the LTIP Unitholders pursuant to this Section 6.04(a5.01(c)(v).