Conversion to Common Units. Vested LTIP Units are eligible to be converted into Common Units in accordance with Section 4.05 hereof.
Conversion to Common Units. (a) A Qualifying Party holding LTIP Units shall have the right (the “Conversion Right”), at such Qualifying Party’s option, at any time to convert all or a portion of such Qualifying Party’s Vested LTIP Units into Common Units, taking into account all adjustments (if any) made pursuant to Section 16.3; provided, however, that a Qualifying Party may not exercise the Conversion Right for less than one thousand (1,000) Vested LTIP Units or, if such Qualifying Party holds less than one thousand (1,000) Vested LTIP Units, all of the Vested LTIP Units held by such Qualifying Party to the extent not subject to the limitation on conversion under Section 16.9(b) below. Qualifying Parties shall not have the right to convert Unvested LTIP Units into Common Units until they become Vested LTIP Units; provided, however, that in anticipation of any event that will cause such Qualifying Party’s Unvested LTIP Units to become Vested LTIP Units (and subject to the timing requirements set forth in Section 16.9(b) below), such Qualifying Party 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 Qualifying Party in writing prior to such vesting event, shall be accepted by the Company subject to such condition. 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 16.9.
(b) A Qualifying Party may convert such Qualifying Party’s Vested LTIP Units into an equal number of fully paid and non-assessable Common Units, giving effect to all adjustments (if any) made pursuant to Section 16.3. Notwithstanding the foregoing, in no event may a Qualifying Party convert a number of Vested LTIP Units that exceeds the Capital Account Limitation. In order to exercise such Qualifying Party’s Conversion Right, a Qualifying Party shall deliver a written notice (a “Conversion Notice”) in substantially the form attached as Exhibit C to the Company (with a copy to the Managing Member) not less than 3 calendar days nor more than 10 calendar days prior to the date (the “Conversion Date”) specified in such Conversion Notice; provided, however, that if the Managing Member has not given to the Qualifying Party notice of a proposed or upcoming Transaction (as defined below) at least thirty (30) days prior to the effective date of such Transaction, then the Qualifying Party shall have the right to deliver a Conversi...
Conversion to Common Units. Vested Profits Interest Units are eligible to be converted into Common Units under Section 8.7.
Conversion to Common Units. A Qualifying Party holding LTIP 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, taking into account all adjustments (if any) made pursuant to Section 18.3; provided, however, that a Qualifying Party may not exercise the Conversion Right for less than one thousand (1,000) Vested LTIP Units or, if such Qualifying Party holds less than one thousand (1,000) Vested LTIP Units, all of the Vested LTIP Units held by such Qualifying Party, to the extent not subject to the limitation on conversion under Section 18.9.B below. Qualifying Parties shall not have the right to convert Unvested LTIP Units into Common Units until they become Vested LTIP Units; provided, however, that in anticipation of any event that will cause his or her Unvested LTIP Units to become Vested LTIP Units (and subject to the timing requirements set forth in Section 18.9.B below), such Qualifying Party may give the Partnership a Conversion Notice conditioned upon and effective as of the time of vesting and such Conversion Notice, unless subsequently revoked by the Qualifying Party in writing prior to such vesting event, shall be accepted by the Partnership subject to such condition. 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 18.9.
Conversion to Common Units. Vested LTIP Units are eligible to be converted into Common Units under Section 8.8.
Conversion to Common Units. To the extent provided by the Operating Partnership Agreement, upon the lapse of restrictions pursuant to Section 2(a) above, the Participant shall, at his or her option, have the right to convert all or a portion of his or her LTIP Units into Common Units; provided, however, that the Participant may not exercise such right for less than 1,000 LTIP Units or, if the Participant holds less than 1,000 LTIP Units, all of the vested LTIP Units held by the Participant. Such conversion is conditioned on the Participant’s compliance with all applicable procedures and policies as may be required by the Board to effect such conversion. Notwithstanding the foregoing, the Board shall have the right, but not the obligation, at any time to cause a conversion of LTIP Units into Common Units.
Conversion to Common Units. Vested PIUs will be converted into Common Units as provided in Section 8.7.
Conversion to Common Units. Vested LTIP Units that are designated as Class A Units are eligible to be converted into Class A Units in accordance with Section 4.7.
Conversion to Common Units. Vested LTIP Units the Book-Up Target of which has been reduced to zero, are eligible to be converted to Common Units under Section 8.8.
Conversion to Common Units. (a) In the event that a holder of Series F Preferred Stock exercises its right to convert such Series F Preferred Stock into Common Stock, then, concurrently therewith, an equivalent number of Series F Preferred Units shall be automatically converted into a number of Common Units equal to the number of shares of Common Stock issued upon conversion of such Series F Preferred Shares; provided, however, that if a holder of Series F Preferred Stock receives cash or other consideration (including any applicable Make Whole Amount) in addition to or in lieu of Common Stock in connection with such conversion, then the General Partner shall be entitled to receive cash or such other consideration equal (in amount and form) to the cash or other consideration to be paid by the General Partner to such holder of Series F Preferred Stock. Any such conversion will be effective at the same time the conversion of Series F Preferred Stock into Common Stock is effective.
(b) To the extent that a holder of Series F Preferred Stock is entitled to dividend payment thereon in accordance with the Series F Preferred Stock Certificate of Designations in connection with a conversion of Series F Preferred Stock between a dividend record date and a corresponding dividend payment date, the General Partner will be entitled to receive distributions on such corresponding number of Series F Preferred Units that will automatically convert into Common Units pursuant to Section 5(a). In addition, to the extent that a holder of Series F Preferred Stock is required pursuant to the Series F Preferred Stock Certificate of Designations to remit to the General Partner cash to cover any dividend payment in connection with a conversion of Series F Preferred Stock between a dividend record date and a corresponding dividend payment date, the General Partner shall contribute such cash received to the Operating Partnership.
(c) No fractional units will be issued in connection with the conversion of Series F Preferred Units into Common Units. In lieu of fractional Common Units, the General Partner shall be entitled to receive a cash payment in respect of any fractional unit in an amount equal to the fractional interest multiplied by the closing price of a share of Common Stock on the date the Series F Preferred Stock is surrendered for conversion by a holder thereof.
