Conversion from Class II to Class Sample Clauses

Conversion from Class II to Class. I Subordinated ------------------------------------------------ Limited Partner. --------------- A. In the event a Class II Subordinated Limited Partner has exercised his right pursuant to Section 6.3G, then such Class II Subordinated Limited Partner may request, in writing to the Managing Partner (subject to the other provisions of this Section 6.10), that his Requested Withdrawal Amount be converted to the Capital Contribution of Class I Subordinated Limited Partner and thereafter such Class II Subordinated Limited Partner shall, with respect to such converted amount, be a Class I Subordinated Limited Partner. B. No such conversion shall be permitted unless the Partnership has had Net Income for each of the three (3) proceeding calendar months (for which the Partnership has prepared financial statements) prior to such written request. If a conversion is requested but is not permitted due to the preceding sentence, then such request will be honored (unless withdrawn) as soon as the conditions set forth in the preceding sentence are met by the Partnership. C. The Requested Withdraw Amount of a Class I Subordinated Limited shall be paid to such Class I Subordinated Limited Partner in accordance with the time-table, procedures and restrictions set forth in Section 6.3G which applied to such Requested Withdrawal Amount prior to the conversion referred to in this Section 6.10A. D. On and after the date of conversion of the Requested Withdrawal Amount to the Capital Contribution of a Class I Subordinated Limited Partner, such Requested Withdrawal Amount shall receive Net Income from the Partnership in accordance with Section 8.1A(ii) hereof. E. A Class I Subordinated Limited Partner shall have no right to request the reconversion of his Class I Capital Contribution to the Capital Contribution of a Class II Subordinated Partner. ARTICLE SEVEN TRANSFERABILITY OF PARTNER INTERESTS ------------------------------------