Conversion of Series. Following the end of each fiscal year, any issued and outstanding series of Units of a class (other than the Initial Series of such class) that is at or above its Prior High NAV shall be exchanged (after reduction for the Management Fee and any Incentive Allocation) into Units of the Initial Series of such class (or if such Initial Series is not at or above its Prior High NAV per Unit, the next offered series of such class that is at or above its Prior High NAV) at the prevailing NAV per Unit of the Initial Series or such other series of Units (as applicable).
Conversion of Series. Following the end of each fiscal year, any issued and outstanding series of Units of a class (other than the Initial Series of such class) that is at or above its Prior High NAV may, in the sole discretion of the Managing Member, be exchanged (after reduction for the Management Fee and any Incentive Allocation) into Units of the Initial Series of such class (or if such Initial Series is not at or above its Prior High NAV per Unit, the next offered series of such class that is at or above its Prior High NAV) at the prevailing NAV per Unit of the Initial Series or such other series of Units (as applicable).
Conversion of Series. If, as of the end of a calendar year (or at such other times as determined by the Managing Member) and after taking into account any Performance Allocation(s), repurchases, and distributions made as of such date (i) a Class of Units is subdivided into more than one Series, and (ii) with respect to such Class, the Series NAV per Unit of the Initial Class Series at least equals its High Water Mark per Unit, then each other Series within such Class is subject to conversion into the Initial Class Series as follows. With respect to each other Series within such Class (other than the Initial Class Series), if any, having a NAV per Unit at least equal to its High Water Mark per Unit (each, a “Converted Series”) each Unit within such Converted Series may in the discretion of the Managing Member be converted into a number of Units of the Initial Class Series equal to one (1) multiplied by a fraction, the numerator of which is the Series NAV per Unit of the Converted Series, and the denominator of which is the Series NAV per Unit of the Initial Series, in each case determined as of the effective date of the conversion. Each Unit in the Converted Series shall thereafter have the same High Water Mark as each Unit in the Initial Class Series.
Conversion of Series. A preference shares into ordinary shares: To the extent that any of the Subject Shares are Series A preference shares, the Seller hereby agrees to the conversion of each and every Series A preference share issued in the share capital of Avanseus held by the Seller, with each such Series A preference share being converted into one (1) ordinary share issued in the share capital of Avanseus on a date to be notified by Avanseus to the Seller on or prior to Closing (as defined in paragraph 5 below). For the avoidance of doubt, any such ordinary shares issued in the share capital of Avanseus to the Seller upon conversion of the Series A preference shares held by such Seller shall be included in the definition of “Subject Shares”.
Conversion of Series. A Preferred Stock may be effected by any holder thereof upon the surrender to the Corporation at the offices of the Corporation, or at the office of any agent or agents of the Corporation, as may be designated by the Board (the "Transfer Agent"), of the certificates representing Series A Preferred Stock to be converted, accompanied by a written notice stating that such holder elects to convert all or, except in the case of a conversion pursuant to paragraph (b) of this Section 6, a specified portion of such Series A Preferred Stock in accordance with the provisions of this Section 6 and specifying the name or names in which such holder wishes the certificate or certificates for shares of Common Stock to be issued. The Corporation shall pay any issue and transfer taxes that may be payable in respect of any issue or delivery of shares of Common Stock on conversion of Series A Preferred Stock pursuant hereto. As promptly as practicable, and in any event within five business days after the surrender of such certificates representing Series A Preferred Stock and the receipt of such notice relating thereto, the Corporation shall deliver or cause to be delivered (i) certificates representing the number of validly issued, fully paid and nonassessable shares of Common Stock to which the holder of Series A Preferred Stock being converted shall be entitled and (ii) if less than all of the shares represented by the surrendered certificates are being converted, a new certificate representing the number of shares of Series A Preferred Stock which remains outstanding upon such partial conversion. Such conversion shall be deemed to have been made at the close of business on the date of giving such notice so that the rights of the holder thereof as to Series A Preferred Stock being converted shall cease except for the right to receive shares of Common Stock in accordance herewith, and the person entitled to receive the shares of Common Stock shall be treated for all purposes as having become the record holder of such shares of Common Stock at such time.
Conversion of Series. 1 SHARES
