Common use of Conversion to Common Units Clause in Contracts

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. A Qualifying Party holding LTIP Performance 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 Performance Units into Common Units, taking into account all adjustments (if any) made pursuant to Section 18.319.3; provided, however, that a Qualifying Party may not exercise the Conversion Right for less than one thousand (1,000) Vested LTIP Performance Units or, if such Qualifying Party holds less than one thousand (1,000) Vested LTIP Performance Units, all of the Vested LTIP Performance Units held by such Qualifying Party, to the extent not subject to the limitation on conversion under Section 18.9.B 19.9.B below. Qualifying Parties shall not have the right to convert Unvested LTIP Performance Units into Common Units until they become Vested LTIP Performance Units; provided, however, that in anticipation of any event that will cause his or her Unvested LTIP Performance Units to become Vested LTIP Performance Units (and subject to the timing requirements set forth in Section 18.9.B 19.9.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 Performance Units into Common Units shall be subject to the conditions and procedures set forth in this Section 18.919.9.