Conversion to Class A Units Sample Clauses

Conversion to Class A Units. (A) In the event that a holder of Series B Preferred Stock exercises its right to convert such Series B Preferred Stock into REIT Shares, then, concurrently therewith, an equivalent number of Series B Preferred Units shall be automatically converted into a number of Class A Units equal to (x) the number of REIT Shares issued upon conversion of such Series B Preferred Shares divided by (y) the Conversion Factor. Any such conversion will be effective at the same time as the conversion of Series B Preferred Stock into REIT Shares is effective. (B) The General Partner, in its capacity as the holder of Series B Preferred Units that are converted pursuant to this Section 4 effective during the period after a Partnership Record Date with respect to the Series B Preferred Shares and prior to the opening of business on the distribution payment record date with respect to the Class A Units for the corresponding Distribution Date, shall not be entitled to receive the distribution payable on such Series B Preferred Units on such Distribution Date notwithstanding such conversion thereof following the corresponding Partnership Record Date and prior to such Distribution Date.

Conversion to Class A Units. Unrestricted Class M Units are eligible to be converted into Class A Units in accordance with Section 15.4 hereof.

Conversion to Class A Units. Class RS LTIP Units are eligible to be converted into Class A Units in accordance with Section 4.7 hereof.

Conversion to Class A Units. If the Partnership consummates the sale of the Contributed Property (other than in a transaction that would not trigger gain under Section 704(c) of the Internal Revenue Code of 1986, as amended), then, on the date that is sixty (60) days following the date of closing of any such sale, each Class D Unit shall automatically convert to a Class A Unit, and each Class D Unit shall be canceled and retired.

Conversion to Class A Units. (a) Beginning on the third anniversary of the date of issuance of a Class C Unit and on each anniversary thereafter, up to and including the seventh anniversary of such issuance, each holder of a Class C Unit shall receive a number of Class A Units, with respect to each Class C Unit owned as of such date, equal to (A) the greater of (y) one (1) or (z) $24.125 divided by the average of the daily market price for the ten (10) consecutive trading days immediately preceding such anniversary date of a REIT Share (determining the "market price" consistent with the method set forth in the definition of "Value" in the Agreement), multiplied by (B) .20. On each date of issuance of Class A Units pursuant to this subparagraph (a), one-fifth of the Class C Units held by each holder thereof immediately prior to such date shall be canceled and retired. (b) If, prior to the fifth anniversary of the date hereof, the Partnership consummates the sale of any of the Contributed Properties (other than The ▇▇▇▇▇▇▇▇▇▇▇ Complex) in a transaction that triggers gain for a Contributor under Section 704(c) of the Code, then, upon the closing of any such sale, each holder of a Class C Unit shall receive a number of Class A Units, with respect to each Class C Unit, equal to (A) the greater of (y) one (1) or (z) $24.125 divided by the average of the daily market price for the ten (10) consecutive trading days immediately preceding such closing date (determining the "market price" consistent with the method set forth in the definition of "Value" in the Agreement), multiplied by (B) a fraction, the numerator of which is the "Contribution Value" for the Contributed Property so sold, as set forth in Schedule 1 of the Contribution Agreement, and the denominator of which is the total "Contribution Value," as set forth in Schedule 1 to the Contribution Agreement. On each date of issuance of Class A Units pursuant to this subparagraph (b), a number of Class C Units held by each holder thereof immediately prior to such date equal to (i) the number of Class C Units held by such holder immediately prior to such date, multiplied by (ii) the fraction set forth in clause (B) above, shall be canceled and retired. (c) Notwithstanding the provisions of subparagraph (a) or (b) above, each holder of a Class C Unit shall receive a number of Class A Units, with respect to each Class C Unit, equal to the greater of (y) one (1) or (z) $24.125 divided by the average of the daily market price for the ten (10) c...

Conversion to Class A Units. (A) Conversion by Persons other than the General Partner. Holders of Series H Preferred Units (other than the General Partner) shall have the right to convert all or a portion of such Series H Preferred Units into Class A Units as follows: (i) Subject to and upon compliance with the provisions of this Section 5, a holder of Series H Preferred Units shall have the right, at any time, at his or her option, to convert such Series H Preferred Units into the number of Class A Units obtained by dividing the aggregate Liquidation Preference of such Series H Preferred Units (exclusive of accrued but unpaid dividends) by the Conversion Price (as in effect at the time and on the date provided for in the last paragraph of paragraph (ii) of this Section 5(A)); provided, however, that the right to convert Series H Preferred Units called for -------- ------- redemption pursuant to Section 4 shall terminate at the close of business on the fifth Business Day prior to the Redemption Date fixed for such redemption, unless the General Partner shall default in making payment of the cash payable upon such redemption under Section 4. (ii) In order to exercise the conversion right, the holder of each Series H Preferred Unit (other than the General Partner) to be converted shall surrender the certificate representing such Series H Preferred Unit, accompanied by written notice to the General Partner that the holder thereof elects to convert such Series H Preferred Units. Unless the Class A Units issuable on conversion are to be issued in the same name as the name in which such Series H Preferred Unit is registered, each Series H Preferred Unit surrendered for conversion shall be accompanied by instruments of transfer, in form satisfactory to the General Partner, duly executed by the holder or such holder's duly authorized attorney and an amount sufficient to pay any transfer or similar tax (or evidence reasonably satisfactory to the General Partner demonstrating that such taxes have been paid). Holders of Series H Preferred Units at the close of business on a distribution record date shall be entitled to receive the distribution payable on such Series H Preferred Units on the corresponding Distribution Date notwithstanding the conversion thereof following such distribution record date and prior to such Distribution Date. However, Series H Preferred Units to be converted during the period between the close of business on any distribution record date and the opening of business on t...