Series 1 CPOP Conversion Right. (1) Each Qualifying Party shall have the right from time to time to convert all or any portion of its Series 1 CPOP Units to Partnership Common Units (a “Series 1 CPOP Conversion”), subject to the terms and provisions of this Section 20.6 (the “Series 1 CPOP Conversion Right”). Upon a Qualifying Party’s election to exercise the Series 1 CPOP Conversion Right, the Series 1 CPOP Units for which the Series 1 CPOP Conversion Right is exercised shall be converted into a number of Partnership Common Units equal to the Series 1 CPOP Conversion Amount. Notwithstanding anything to the contrary in this Agreement, the General Partner may, at its option, elect to pay on the applicable Series 1 CPOP Conversion Date all or any portion of any distributions accrued on the Series 1 CPOP Units tendered for conversion through the Series 1 CPOP Conversion Date, in which event the Series 1 CPOP Cash Amount used in determining the Series 1 CPOP Conversion Amount shall not include the amount of such distributions.
Appears in 4 contracts
Samples: Agreement (Rexford Industrial Realty, Inc.), Rexford Industrial Realty, Inc., Rexford Industrial Realty, Inc.
