Common use of Conversion of LTIP Units Clause in Contracts

Conversion of LTIP Units. A. Unless otherwise provided in an LTIP Award or Vesting Agreement or by the Managing Member with respect to any particular class or series of LTIP Units, an LTIP Unitholder shall have the right (the “Conversion Right”), at its option, at any time to convert all or a portion of its Vested LTIP Units into Membership Common Units; provided, however, that a holder may not exercise the Conversion Right for less than 1,000 Vested LTIP Units or, if such holder holds less than 1,000 Vested LTIP Units, all of the Vested LTIP Units held by such holder. LTIP Unitholders shall not have the right to convert Unvested LTIP Units into Membership Common Units until they become Vested LTIP Units; provided, however, that when an LTIP Unitholder is notified of the expected occurrence of an event that will cause his or her Unvested LTIP Units to become Vested LTIP Units, such LTIP Unitholder may give the Company a Conversion Notice conditioned upon and effective as of the time of vesting and such Conversion Notice, unless subsequently revoked by the LTIP Unitholder, shall be accepted by the Company subject to such condition. In all cases, the conversion of any LTIP Units into Membership Common Units shall be subject to the conditions and procedures set forth in this Section 4.6.

Conversion of LTIP Units. A. Unless otherwise provided in an LTIP Award or Vesting Agreement or by the Managing Member with respect to any particular class or series of LTIP Units, an An LTIP Unitholder shall have the right (the “Conversion Right”), at its his or her option, at any time to convert all or a portion of its his or her Vested LTIP Units into Membership Common OP Units; provided, however, that a holder may not exercise the Conversion Right for less than 1,000 100 Vested LTIP Units or, if such holder holds less than 1,000 100 Vested LTIP Units, all of the Vested LTIP Units held by such holder. LTIP Unitholders shall not have the right to convert Unvested LTIP Incentive Units into Membership Common OP Units until they become Vested LTIP Units; provided, however, that when an LTIP Unitholder is notified of the expected occurrence of an event that will cause his or her Unvested LTIP Incentive Units to become Vested LTIP Units, such LTIP Unitholder may give the Company Partnership a Conversion Notice conditioned upon and effective as of the time of vesting and such Conversion Notice, unless subsequently revoked by the LTIP Unitholder, shall be accepted by the Company Partnership subject to such condition. The General Partner shall have the right at any time to cause a conversion of Vested LTIP Units into OP Units. In all cases, the conversion of any LTIP Units into Membership Common OP Units shall be subject to the conditions and procedures set forth in this Section 4.64.7.

Conversion of LTIP Units. A. Unless otherwise provided in an LTIP Award or Vesting Agreement or by the Managing Member with respect to any particular class or series of LTIP Units, an An LTIP Unitholder shall have the right (the “Conversion Right”), at its his or her option, at any time to convert all or a portion of its his or her Vested LTIP Units into Membership Common Partnership Units; provided, however, that a holder may not exercise the Conversion Right for less than 1,000 100 Vested LTIP Units or, if such holder holds less than 1,000 100 Vested LTIP Units, all of the Vested LTIP Units held by such holder. LTIP Unitholders shall not have the right to convert Unvested LTIP Units into Membership Common Partnership Units until they become Vested LTIP Units; provided, however, that when an LTIP Unitholder is notified of the expected occurrence of an event that will cause his or her Unvested LTIP Units to become Vested LTIP Units, such LTIP Unitholder may give the Company Partnership a Conversion Notice conditioned upon and effective as of the time of vesting and such Conversion Notice, unless subsequently revoked by the LTIP Unitholder, shall be accepted by the Company Partnership subject to such condition. The General Partner shall have the right at any time to cause a conversion of Vested LTIP Units into Partnership Units. In all cases, the conversion of any LTIP Units into Membership Common Partnership Units shall be subject to the conditions and procedures set forth in this Section 4.68.7.

Conversion of LTIP Units. A. Unless otherwise provided in an LTIP Award or Vesting Agreement or by the Managing Member with respect to any particular class or series of LTIP Units, an An LTIP Unitholder shall have the right (the “"Conversion Right”"), at its his or her option, at any time to convert all or a portion of its his or her Vested LTIP Units into Membership Common OP Units; provided, however, that a holder may not exercise the Conversion Right for less than 1,000 300 Vested LTIP Units or, if such holder holds less than 1,000 one thousand Vested LTIP Units, all of the Vested LTIP Units held by such holder. LTIP Unitholders shall not have the right to convert Unvested LTIP Incentive Units into Membership Common OP Units until they become Vested LTIP Units; provided, however, that when an LTIP Unitholder is notified of the expected occurrence of an event that will cause his or her Unvested LTIP Incentive Units to become Vested LTIP Units, such LTIP Unitholder may give the Company Partnership a Conversion Notice conditioned upon and effective as of the time of vesting and such Conversion Notice, unless subsequently revoked by the LTIP Unitholder, shall be accepted by the Company Partnership subject to such condition. The General Partner shall have the right at any time to cause a conversion of Vested LTIP Units into OP Units. In all cases, the conversion of any LTIP Units into Membership Common OP Units shall be subject to the conditions and procedures set forth in this Section 4.64.7.