Common use of Designation of Class N Units Clause in Contracts

Designation of Class N Units. (a) There is hereby designated a class of Partnership Units referred to as “Class N Partnership Units”. Class N Partnership Units shall be identical in all respects to Partnership Units generally, except that holders of Class N Partnership Units shall have no right to participate in any LP Vote, Partner Vote or Fund Vote and shall have no right to vote, consent or make any decision on any matter with respect to which Partners are otherwise permitted to vote, consent or make any decision on under the terms of this Agreement other than as contemplated by clause (i) of the proviso of the first sentence of Section 13.3(a). Each Partner holding Class N Partnership Units hereby further irrevocably waives its corresponding right to vote for a successor general partner under the Act with respect to such Class N Partnership Units, which waiver shall be binding upon such Partner and any Person that succeeds to its interest. (b) The Managing General Partner may cause the Partnership to issue Class N Partnership Units in the same manner and on the same terms as this Agreement provides for the issuance of Partnership Units generally. Each Class N Partnership Unit interest shall remain a non-voting interest at all times and shall continue as a non-voting interest with respect to any assignee or other transferee of such interest. (c) Except where the context otherwise requires, all references in this Agreement to “Partnership Units” or “Units” shall be deemed to be references to undesignated Partnership Units and Class N Partnership Units, collectively.