Common use of Conversion of Convertible Units Clause in Contracts

Conversion of Convertible Units. If the Class is a class, type series or other designation of convertible preferred units or other units convertible into common or ordinary units, in the event that all outstanding units of the Class are converted, automatically or by action of the holders thereof, into common or ordinary units pursuant to the provisions of the Operating Agreement, including, without limitation, in connection with the Company’s initial, underwritten public offering and sale of its units pursuant to an effective registration statement under the Act (the “IPO”), then from and after the date on which all outstanding units of the Class have been so converted, this Warrant shall be exercisable for such number of common or ordinary units into which the Units would have been converted had the Units been outstanding on the date of such conversion, and the Warrant Price shall equal the Warrant Price in effect as of immediately prior to such conversion divided by the number of common or ordinary units into which one Unit would have been converted, all subject to further adjustment thereafter from time to time in accordance with the provisions of this Warrant.