Common use of Conversion Election Clause in Contracts

Conversion Election. (a) If there is a broker of record with respect to any Partnership Units, such broker of record may elect, at any time, on behalf of the holder of such Partnership Units, to convert such Partnership Units to any other Class of Partnership Units by delivering written notice of such election to the General Partner. If there is no broker of record with respect to any Partnership Units, the holder of such Partnership Units may elect, at any time, to convert such Partnership Units to any other Class of Partnership Units by delivering written notice of such election to the General Partner. Notwithstanding the foregoing, in either case above, any request to convert any Partnership Units to Class D Units will require the prior written approval of the General Partner. (b) Unless otherwise agreed in writing by the General Partner and holder of record of the applicable Partnership Units, any conversion of Partnership Units from one Class to another pursuant to this Section 8.6 shall become effective on the first day of the second full calendar month following the calendar month in which such notice was delivered to the General Partner and such Partnership Units will convert into the chosen Class of Partnership Units using the applicable Conversion Rate.

Conversion Election. (a) If there is a broker of record with respect to any Partnership Units, such broker of record may elect, at any time, on behalf of the holder of such Partnership Units, to convert such Partnership Units to any other Class of Partnership Units by delivering written notice of such election to the General Partner. If there is no broker of record with respect to any Partnership Units, the holder of such Partnership Units may elect, at any time, to convert such Partnership Units to any other Class of Partnership Units by delivering written notice of such election to the General Partner. Notwithstanding the foregoing, in either case above, any request to convert any Partnership Units to Class D N Units will require the prior written approval of the General Partner. (b) Unless otherwise agreed in writing by the General Partner and holder of record of the applicable Partnership Units, any conversion of Partnership Units from one Class to another pursuant to this Section 8.6 shall become effective on the first day of the second full calendar month following the calendar month in which such notice was delivered to the General Partner and such Partnership Units will convert into the chosen Class of Partnership Units using the applicable Conversion Rate.