Conversion of Class B Units. (i) Immediately before the close of business on the Class B-1 Conversion Date, the Class B-1 Units shall become convertible at the option of the holder into Common Units on a one-for-one basis. Immediately before the close of business on the Class B-2 Conversion Date, the Class B-2 Units shall become convertible at the option of the holder into Common Units on a one-for-one basis. Immediately before the close of business on the Class B-3 Conversion Date, the Class B-3 Units shall become convertible at the option of the holder into Common Units on a one-for-one basis. Notwithstanding the foregoing, all Class B Units that have not yet become convertible pursuant to this Section 5.10(c)(i) shall become convertible at the option of the holder into Common Units on a one-for-one basis immediately before a Change of Control.
Appears in 5 contracts
Samples: Convertible Preferred Unit Purchase Agreement (EQM Midstream Partners, LP), Idr Merger Agreement (EQM Midstream Partners, LP), Idr Merger Agreement (EQM Midstream Partners, LP)
