Common use of Reclassification of Units Clause in Contracts

Reclassification of Units. Except as otherwise set forth in a Unit Designation, with the Consent of the General Partner and the Partner holding the applicable Unit of any class, such Unit may be reclassified as a Unit of any other class, provided that such reclassification does not have a material adverse impact on the other Units; provided, further that the reclassification rights provided by this Section 4.2(f) shall not apply to LTIP Units which shall be governed by Article 16. The reclassification of any Unit does not constitute a redemption or issuance of any Unit for purposes of this Agreement (but this sentence shall not be deemed to describe or impact the tax treatment of any such reclassification for U.S. federal income tax purposes or otherwise). The foregoing shall not be deemed to describe or impact the tax treatment of any such reclassification for U.S. federal income or other tax purposes.