Class T Units definition

Class T Units means Class T units of the Operating Partnership.

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Class T Units means the traded Class T Units of the Fund;

Class T Units means the Class T Units of Pla-Fit as defined in the Existing LLC Agreement.

Examples of Class T Units in a sentence

• Immediately before liquidation of the Partnership, Class T Units will automatically convert to Class I Units at the Class T Conversion Rate, Class S Units will automatically convert to Class I Units at the Class S Conversion Rate, Class D Units will automatically convert to Class I Units at the Class D Conversion Rate and Class E Units will automatically convert to Class I Units at the Class E Conversion Rate.

• Immediately before liquidation of the Partnership, Class T Units will automatically convert to Class I Units at the Class T Conversion Rate and Class W Units will automatically convert to Class I Units at the Class W Conversion Rate.

• The General Partner is hereby authorized to cause the Partnership to issue Partnership Units designated as Class T Units, Class S Units, Class D Units, Class I Units and Class E Units.

• The General Partner is hereby authorized to cause the Partnership to issue Partnership Units designated as Class T Units, Class S Units, Class D Units and Class I Units.

• Immediately before liquidation of the Partnership, Class T Units will automatically convert to Class I Units at the Class T Conversion Rate, Class S Units will automatically convert to Class I Units at the Class S Conversion Rate and Class D Units will automatically convert to Class I Units at the Class D Conversion Rate.

• The conversion of all or a portion of the Class T Units shall occur automatically after the close of business on the applicable date of conversion, as of which time the holder of Class T Units shall be credited on the books and records of the Partnership with the issuance as of the opening of business on the next day of the number of Class A Units issuable upon such conversion.

• The Operating Partnership will pay the Adviser a management fee (the “OP Management Fee” and, together with the Company Management Fee, the “Management Fee”) equal to 1.25% of the NAV for the Class T Units, Class S Units, Class D Units and Class I Units attributable to Operating Partnership units held by unitholders other than the Company per annum, payable monthly, before giving effect to any accruals for the Management Fee or the Performance Allocation (as defined in the Operating Partnership Agreement).

• For example, if the Partnership incurs a distribution and shareholder servicing fee of $200 that is required to be borne entirely by the Partners holding Class T Units, the $200 servicing fee shall be specially allocated to the holders of Class T Units in proportion to their Class T Units.

• Immediately before liquidation of the Partnership, Class T Units will automatically convert to Class I Units at the Class T Conversion Rate, Class S Units will automatically convert to Class I Units at the Class S Conversion Rate, Class D Units will automatically convert to Class I Units at the Class D Conversion Rate, Class E Units will automatically convert to Class I Units at the Class E Conversion Rate and Class N Units will automatically convert to Class I Units at the Class N Conversion Rate.

• The following is hereby added to the last line of Section 5.2(a)(ii): , provided that the aggregate distributions made hereunder to the holders of Class T Units shall be reduced (but not below zero) by the aggregate Stockholder Servicing Fee payable by the General Partner with respect to the Class T REIT Shares with respect to such Record Date.

More Definitions of Class T Units

Class T Units and collectively, the “Common Units”) offered to the public in the primary offering (the “Primary Units”)1, and (ii) up to $200 million of Class A Units ($9.30 per unit) offered pursuant to the distribution reinvestment plan (the “DRIP Units” and, together with the Primary Units, the “Units”) commencing on the Effective Date (as defined below). Notwithstanding the foregoing, the Partnership has reserved the right to reallocate the Units between Class A Units and Class T Units and between the Primary Units and the DRIP Units. If the Partnership changes the offering price as described in a post-effective amendment, the per unit purchase price for the Primary Units and DRIP Units will vary and shall be equal to the applicable per unit price, solely with respect to the Primary Units, applicable Selling Commissions and Dealer Manager Fees, in each case to be paid pursuant to the Dealer Manager Agreement. Unless otherwise defined herein, capitalized terms used herein shall have the respective meanings therefor as in the Dealer Manager Agreement. In connection with the performance of the Dealer Manager’s obligations under Section 3 of the Dealer Manager Agreement, the Dealer Manager is authorized to retain the services of securities dealers (each a “Soliciting Dealer,” and collectively the “Soliciting Dealers”) who are members of the Financial Industry Regulatory Authority, Inc. (“FINRA”) to solicit subscriptions for Units in connection with the Offering. You are hereby invited to become a Soliciting Dealer and, as such, to use your best efforts to solicit subscribers for Units, in accordance with the following terms and conditions of this Soliciting Dealer Agreement (this “Agreement”). This Agreement shall become effective and binding with respect to the parties hereto on the date set forth on Soliciting Dealer’s signature page hereto.