Common use of Conversion of LTIP Units Clause in Contracts

Conversion of LTIP Units. An LTIP Unitholder shall have the right (the “Conversion Right”), at his or her option, at any time to convert all or a portion of his or her Vested LTIP Units into Common Units; provided, however, that a holder may not exercise the Conversion Right for less than one thousand (1,000) Vested LTIP Units or, if such holder holds less than one thousand Vested LTIP Units, all of the Vested LTIP Units held by such holder. LTIP Unitholders shall not have the right to convert Unvested Incentive Units into Common Units until they become Vested LTIP Units; provided, however, that when a LTIP Unitholder is notified of the expected occurrence of an event that will cause his or her Unvested Incentive Units to become Vested LTIP Units, such LTIP Unitholder may give the Company a Conversion Notice conditioned upon and effective as of the time of vesting and such Conversion Notice, unless subsequently revoked by the LTIP Unitholder, shall be accepted by the Company subject to such condition. The Manager shall have the right at any time to cause a conversion of Vested LTIP Units into Common Units. In all cases, the conversion of any LTIP Units into Common Units shall be subject to the conditions and procedures set forth in this Section 7.6.

Conversion of LTIP Units. An Unless otherwise provided in an LTIP Award or Vesting Agreement or by the General Partner with respect to any particular class or series of LTIP Units, an LTIP Unitholder shall have the right (the “"Conversion Right”"), at his or her option, at any time to convert all or a portion of his or her Vested LTIP Units into Common Series PR OP Units; provided, however, that a holder may not exercise the Conversion Right for less than one thousand (1,000) 1,000 Vested LTIP Units or, if such holder holds less than one thousand 1,000 Vested LTIP Units, all of the Vested LTIP Units held by such holder. LTIP Unitholders shall not have the right to convert Unvested Incentive LTIP Units into Common Series PR OP Units until they become Vested LTIP Units; provided, however, that when a an LTIP Unitholder is notified of the expected occurrence of an event that will cause his or her Unvested Incentive LTIP Units to become Vested LTIP Units, such LTIP Unitholder may give the Company Partnership a Conversion Notice conditioned upon and effective as of the time of vesting and such Conversion Notice, unless subsequently revoked by the LTIP Unitholder, shall be accepted by the Company Partnership subject to such condition. The Manager General Partner shall have the right at any time to cause a conversion of Vested LTIP Units into Common Series PR OP Units. In all cases, the conversion of any LTIP Units into Common Series PR OP Units shall be subject to the conditions and procedures set forth in this Section 7.64.07.

Conversion of LTIP Units. An (i) Subject to Section 4.4.E(ii), a Holder of LTIP Unitholder Units shall have the right (the “Conversion Right”), at his or her option, at any time to convert all or a portion of his or her Vested LTIP Units into Common Units; provided, however, that a holder may not exercise the Conversion Right for less than one thousand (1,000) 100 Vested LTIP Units or, if such holder holds less than one thousand 100 Vested LTIP Units, all of the Vested LTIP Units held by such holder. A Holder of LTIP Unitholders Units shall not have the right to convert Unvested Incentive LTIP Units into Common Units until they become Vested LTIP Units; provided, however, that when a Holder of LTIP Unitholder Units is notified of the expected occurrence of an event that will cause his or her Unvested Incentive LTIP Units to become Vested LTIP Units, such Holder of LTIP Unitholder Units may give the Company Partnership a Conversion Notice (as defined in Section 4.4.E(ii) below) conditioned upon and effective as of the time of vesting and such Conversion Notice, unless subsequently revoked by the such Holder of LTIP UnitholderUnits, shall be accepted by the Company Partnership subject to such condition. The Manager General Partner shall have the right at any time to cause a conversion of Vested LTIP Units into Common Units. In all cases, the conversion of any LTIP Units into Common Units shall be subject to the conditions and procedures set forth in this Section 7.64.4.

Conversion of LTIP Units. An Subject to the terms of the Incentive Plans and the applicable Award Agreement, or as otherwise provided herein, to the extent that an LTIP Unit is fully vested and no longer subject to forfeiture, the LTIP Unitholder of such LTIP Unit shall have the right (the “LTIP Conversion Right”), at his or her option, at any time to convert all or the LTIP Unit into a portion of his or her Vested LTIP Units into Common UnitsUnit; provided, however, that a holder may not exercise the LTIP Conversion Right for less than one thousand (1,000) Vested 1,000 LTIP Units or, if such holder holds less than one thousand Vested 1,000 LTIP Units, all of the Vested vested LTIP Units held by such holder. LTIP Unitholders shall not have the right to convert Unvested Incentive Units into Common Units until they become Vested LTIP Units; provided, however, that when a LTIP Unitholder is notified of the expected occurrence of an event that will cause his or her Unvested Incentive Units to become Vested LTIP Units, such LTIP Unitholder may give the Company a Conversion Notice conditioned upon and effective as of the time of vesting and such Conversion Notice, unless subsequently revoked holder must comply with all applicable procedures and policies as may be required by the LTIP UnitholderManaging Member to effect such conversion. Notwithstanding the foregoing, shall be accepted by the Company subject to such condition. The Manager Managing Member shall have the right right, but not the obligation, at any time to cause a conversion of Vested LTIP Units into Common Units. In all cases, If a holder of EFC LTIP Units exercises its right pursuant to the conversion of any EFC Operating Agreement to convert its EFC LTIP Units into EFC Shares, then an equal number of LTIP Units held by the Managing Member shall be automatically converted into Common Units shall effective as of the date such EFC LTIP Units are converted into EFC Shares, unless the Managing Member in, its sole and absolute discretion, determines that such LTIP Units should not be subject to the conditions and procedures set forth in this Section 7.6converted into Common Units.