Common use of Reclassification into Series 11 Preferred Limited Partnership Units at the Option of the Holder Clause in Contracts

Reclassification into Series 11 Preferred Limited Partnership Units at the Option of the Holder. (a) Holders of Series 12 Preferred Limited Partnership Units will have the right, at their option, on each Series 12 Reclassification Date, to reclassify, subject to the applicable law and the terms and provisions hereof, all or any part of the then Outstanding Series 12 Preferred Limited Partnership Units registered in the name of the Holder into Series 11 Preferred Limited Partnership Units on the basis of one (1) Series 11 Preferred Limited Partnership Unit for each Series 12 Preferred Limited Partnership Unit. The Partnership will provide written notice not less than 25 and not more than 60 days prior to the applicable Series 12 Reclassification Date to the Holders of the reclassification privilege provided for herein (the “Reclassification Privilege”). Such notice shall (i) set out the Series 12 Reclassification Date, and (ii) include instructions to such Holders as to the method by which such Reclassification Privilege may be exercised, as described in Section 5.3. On the 30th day prior to the first day of Subsequent Fixed Rate Period, the Partnership will provide to the Holders written notice of the Floating Quarterly Distribution Rate applicable to the Series 12 Preferred Limited Partnership Units for the next succeeding Quarterly Floating Rate Period and the Annual Fixed Distribution Rate applicable to the Series 11 Preferred Limited Partnership Units for the next succeeding Subsequent Fixed Rate Period, in each case as determined by the Partnership.