Initial Offeree. (i) each Person who Actually holds Units of Partnership Interest as of the date of this Continuing Offer, but only with respect to (x) Units of Partnership Interest held Actually by such Person as of the date of this Continuing Offer, provided such Person would be an Eligible Holder on the date of this Continuing Offer with respect to such Units of Partnership Interest Actually held by such Person assuming this Continuing Offer were to extend to such Units of Partnership
... Interest, and (y) Eligible Assignee Units, in either case provided that such Person is identified on Schedule A hereto, (ii) each assignee of an Initial Offeree, but only if such assignee would be an Eligible Holder at the time of such assignment assuming this Continuing Offer were to extend to such Units of Partnership Interest so assigned, provided, however, the Initial Offeree assigning such Units of Partnership Interest shall have the right to provide in such assignment that such assignee shall not be an Initial Offeree, (and, therefore, the Units of Partnership Interest so assigned, while held by such assignee, shall not be subject to this Continuing Offer), (iii) each Person who is, or hereafter becomes, a holder of an Incentive Option or Rights, but only if such person would be an Eligible Holder at the time of becoming a holder of such Incentive Option or Rights 3 assuming this Continuing Offer were to extend to the Incentive Option or Rights so acquired, (iv) each Person who hereafter becomes a holder of Units of Partnership Interest pursuant to the exercise by such Person of an Incentive Option, but only if such Person would be an Eligible Holder at the time of such exercise assuming this Continuing Offer were to extend to the Units of Partnership Interest acquired through such exercise, or (v) each assignee of a holder of Units of Partnership Interest as of the date hereof, but only if such assignee would be an Eligible Holder at the time of such assignment assuming this Continuing Offer were to extend to the Units of Partnership Interest acquired through such assignment.
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