Common use of Optionee’s Election of Conversion Clause in Contracts

Optionee’s Election of Conversion. In the event that the Contributed Entity is a limited partnership, at any time at least 10 business days prior to Optionee’s exercise of the Purchase Option, Optionee may, in its sole and absolute discretion, provide written notice to the Grantors requiring that the Grantors take all steps reasonably necessary to convert the Contributed Entity from a limited partnership to a limited liability company, either through a merger, conversion or otherwise under applicable law or to merge such limited partnership into a limited liability company that is wholly owned by Optionee. In the event the Contributed Entity shall have been so converted, then all references herein to the “Contributed Entity” shall be deemed to mean such entity as converted to a limited liability company.