Class S Units Sample Clauses
Class S Units. Each Class S Unit held by a Limited Partner which it received in connection with a DST Acquisition shall automatically, and without any action on the part of the Limited Partner, convert into a number of Class I Units (including fractional Class I Units) equal to the Class S Conversion Rate at the end of the month in which the Dealer Manager and/or the General Partner, in conjunction with the Partnership’s transfer agent, determines that the aggregate Distribution Fees paid with respect to such Class S Units in connection with such DST Acquisition would equal or exceed, in the aggregate, 8.75% (or a lower a limit agreed upon in the applicable selling agreement between the Dealer Manager and the participating broker-dealer that sold the Class S Units) of the value of the Limited Partner’s Class S Units received by the Limited Partner at the closing of the applicable DST Acquisition, as recorded on the Operating Partnership’s books and records.
Class S Units. Each Class S Unit held by a Limited Partner which it received in connection with the exercise of any FMV Purchase Option shall automatically, and without any action on the part of the Limited Partner, convert into a number of Class I Units (including fractional Class I Units) equal to the Class S Conversion Rate at the end of the month in which the Dealer Manager and/or the General Partner, in conjunction with the Partnership’s transfer agent, determines that the aggregate DST Up-Front Commissions and Distribution Fees paid with respect to such Class S Units and the DST Interests exchanged for such Class S Units in connection with the exercise of such FMV Purchase Option would equal or exceed, in the aggregate, 8.75% (or a lower a limit agreed upon in the applicable selling agreement between the Dealer Manager and the participating broker-dealer that sold the DST Interests that were exchanged for such Class S Units) of the cash purchase price paid for such DST Interests.
Class S Units. Except as otherwise provided herein, all Class S Units shall be identical and shall entitle the holders thereof to the same rights and privileges. The holders of the Class S Units will have the voting rights and the distribution rights of Common Unitholders described herein.
Class S Units. Class D Units, Class I Units, Class F-S Units, Class F-D Units, Class F-I Units and Class E Units. The General Partner is hereby authorized to cause the Partnership to issue Partnership Units designated as Class S Units, Class D Units, Class I Units, Class F-S Units, Class F-D Units, Class F-I Units and Class E Units. Each such Class shall have the rights and obligations attributed to that Class under this Agreement.
Class S Units. Each Class S Unit held by a Limited Partner which it received in connection with a DST Acquisition shall automatically, and without any action on the part of the Limited Partner, convert into a number of Class I Units (including fractional Class I Units) equal to the Class S Conversion Rate at the end of the month in which the Dealer Manager and/or the General Partner, in conjunction with the Partnership’s transfer agent, determines that the aggregate DST Acquisition Distribution Fees paid with respect to such Class S Units in connection with such DST Acquisition would equal or exceed, in the aggregate, 8.75% (or a lower a limit agreed upon in the applicable selling agreement between the Dealer Manager and the participating broker-dealer that sold the Class S Units) of the value of the Limited Partner’s Class S Units received by the Limited Partner at the closing of the applicable DST Acquisition, as recorded on the Operating Partnership’s books and records.