Common use of Term of Rights Clause in Contracts

Term of Rights. Unless sooner terminated, the rights of the parties with respect to the Conversion Rights shall commence after the first (1st) anniversary of the date of Completion of the Offering and shall lapse for all purposes and in all respects on the fifth (5th) anniversary of the Completion of the Offering, provided, however, that the parties hereto shall continue to be bound by an Exercise Notice delivered to the General Partner prior to such anniversary.