Common use of Effect of Conversion Clause in Contracts

Effect of Conversion. Each Member’s interest, including series interests, in the Converting Entity shall be converted in its entirety to an equal portion of interest ownership in the Converted Entity as set forth on Schedule 1. Each Member shall execute an assignment to evidence the above conversion of his or her entire interest in the Converting Entity to the Converted Entity in exchange for an equal interest ownership in the Converted Entity as provided herein.