LTIP Unit definition

LTIP Unit means a Limited Partnership Interest which is designated as an LTIP Unit and which has the rights, preferences and other privileges designated in Section 4.4 hereof and elsewhere in this Agreement in respect of holders of LTIP Units. The allocation of LTIP Units among the Partners shall be set forth on Exhibit A, as may be amended from time to time.

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LTIP Unit means an “LTIP Unit” as defined in the Operating Partnership’s partnership agreement. An LTIP Unit granted under this Plan represents the right to receive the benefits, payments or other rights in respect of an LTIP Unit set forth in that partnership agreement, subject to the terms and conditions of the applicable Agreement and that partnership agreement.

LTIP Unit means, to the extent authorized by the Partnership Agreement, a unit of the Partnership that is granted pursuant to Section 8.7 hereof and is intended to constitute a "profits interest" within the meaning of the Code.

Examples of LTIP Unit in a sentence

The liquidation value of each LTIP Unit shall be zero upon grant.
The parties agree that the intent of this Section 5.4 is to make the Capital Account balance associated with each LTIP Unit to be economically equivalent to the Capital Account balance associated with each Unit outstanding (on a per-Unit basis), but only if and to the extent that the Capital Account balance associated with the Units outstanding, without regard to the allocations under this Section, has increased on a per-Unit basis since the issuance of the relevant LTIP Unit.
The Members acknowledge that the Capital Account balance and liquidation value of each LTIP Unit shall be zero upon grant, for all purposes.
Upon issuance, each LTIP Unit shall have a Capital Account balance of zero and shall not entitle the holder thereof to participate in the value of the Company’s assets existing as of the date of grant, except as provided in Article V.
Subject to the provisions of this Section 4.10, the holder of an LTIP Unit shall have the right (the “Conversion Right”), at such holder’s option, at any time to convert all or a portion of such holder’s Vested LTIP Units into Units; provided, however, that a holder may not exercise the Conversion Right for less than 1,000 Vested LTIP Units or, if such holder holds less than 1,000 Vested LTIP Units, all of the Vested LTIP Units held by such holder.

More Definitions of LTIP Unit

LTIP Unit means any AO LTIP Units, FV LTIP Units or other class or series of Units issued in accordance with Section 8.5 that is designated as “LTIP Units,” in each case having the rights, powers, privileges, restrictions, qualifications and limitations set forth in Schedule H hereto or in this Amendment in respect of the LTIP Unit Limited Partner, as well as the relevant Vesting Agreement or other documentation pursuant to which such LTIP Unit is granted or issued.

LTIP Unit means a Membership Unit which is designated as an LTIP Unit and which has the rights, preferences and other privileges and restrictions, qualifications, and limitations set forth in Section 4.5 hereof (except as may be varied by the designations applicable to any particular class or series of LTIP Units) and elsewhere in this Agreement (including any exhibit hereto creating any new class or series of LTIP Units) or in the Equity Plan or the award, vesting, or other agreement pursuant to which an LTIP Unit is granted to the holder thereof. The allocation of LTIP Units among the Members shall be set forth in the books and records of the Company, as may be amended from time to time.

LTIP Unit means a Partnership Unit that is designated as an LTIP Unit and that has the rights, preferences and other privileges designated in Sections 4.6 and 4.7 and elsewhere in this Agreement in respect of holders of LTIP Units. The allocation of LTIP Units among the Partners shall be set forth on the Partner Registry.

LTIP Unit means an LTIP unit as defined in the Partnership Agreement. An LTIP Unit granted under this Plan represents the right to receive the benefits, payments or other rights set forth in the Partnership Agreement, subject to the terms and conditions of the applicable Award Agreement and the Partnership Agreement.

LTIP Unit shall have the definition set forth in the partnership agreement of the Operating Partnership.

LTIP Unit means a restricted limited partner profits interests in the Partnership.

LTIP Unit shall have the meaning set forth in Section 3.01(a) and Article 14.