Common use of Class T Units Clause in Contracts

Class T Units. Each Class T 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 T 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 T Units and the DST Interests exchanged for such Class T 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 T Units) of the cash purchase price paid for such DST Interests.