Common use of Conversion into Class A Units Clause in Contracts

Conversion into Class A Units. (i) On the Class B Conversion Date, any Class B Units shall be converted into an equal number of Class A Units, subject to adjustment as provided in Section 4.2(b)(i)(A). (ii) Any conversion of Class B Units pursuant to this Section 4.2(c) shall occur automatically after the close of business on the Class B Conversion Date, as of which time the Member holding any converted Class B Units shall be credited on the books and records of the Company with the issuance as of the opening of business on the next day of the number of Class A Units issuable upon such conversion. (iii) The Members and the Company agree to treat the conversion of Class B Units into Class A Units (for the avoidance of doubt, not including any allocations that may be made pursuant to Article V) as disregarded for U.S. federal (and applicable state and local) income tax purposes.