Senior Preference Units definition

Senior Preference Units means, collectively, (a) the "Senior Preference Units" issued and outstanding under, and as defined in, the Agreement of Limited Partnership dated as of December 4, 1991 of TNCLP, as such Agreement of Limited Partnership is in effect on the Restatement Date, and (b) the "Common Units" into which such Senior Preference Units have been converted in accordance with Section 5.5 of such Agreement of Limited Partnership.

Examples of Senior Preference Units in a sentence

• The Registrar is hereby appointed Registrar for the purpose of registering Senior Preference Units and Preference Units and transfers of such Senior Preference Units and Preference Units as herein provided.

• Pursuant to the terms of the Partnership Agreement, Unit Certificates that purport to represent Senior Preference Units, Preference Units or Common Units will be deemed to represent Units, without distinction.

• The General Partner contributed $10 in cash and received in exchange therefor a 1.0% Partnership Interest as General Partner and Kaneb contributed $990 in cash and received in exchange therefor 46 Senior Preference Units representing a 99% Partnership Interest as Limited Partner in the Partnership.

• In accordance with the Partnership Agreement, the payment of this distribution ends the Preference Period, and all differences and distinctions between Senior Preference Units, Preference Units and Common Units automatically cease.

• During the period which commenced December 4, 1991, and ended on December 31, 1996 (the Preference Period), Senior Preference Units (SPUs) and Common Units participated equally in distributions after each class of units received its Minimum Quarterly Distribution, subject to the General Partner's right to receive cash distributions.

• Xxxxxxx Title: Chairman APPENDIX A-1 CERTIFICATE FOR SENIOR PREFERENCE UNITS IN KANEB PIPE LINE PARTNERS, L.P. No. Senior Preference Units Kaneb Pipe Line Company, a Delaware corporation, as the General Partner of Kaneb Pipe Line Partners, L.P. ("Partnership"), a Delaware limited partnership, hereby certifies that (the "Holder") is the registered owner of Senior Preference Units of limited partner interests in the Partnership ("Senior Preference Units").

• Transfer or withdrawal of the Senior Preference Units evidenced hereby may be refused until such payment is made, and any cash or other distribution may be withheld and applied to payment of such tax or other governmental charge, with the holder or transferee hereof to remain liable for any deficiency.

• The Depositary and any Depositary's Agent may own and deal in, and may act as registrar or transfer agent for, any class of securities of the General Partner, their Affiliates or the Partnership, including the Corrmon or Senior Preference Units and Depositary 'Receipts.

• The Depositary shall then issue or cause to be issued a new Depositary Receipt evidencing the same aggregate number of Common or Senior Preference Units, as the case may be, as evidenced by the Depositary Receipt surrendered and shall deliver the new Depositary Receipt to or upon the order of the Person entitled thereto.

• Upon surrender of this Depositary Receipt to the Depositary at its Corporate Office and subject to the terms and conditions of the Deposit Agreement and the Partnership Agreement, a Record Holder of this Depositary Receipt who is a Limited Partner is entitled to delivery of a nontransferable Certificate evidencing the Senior Preference Units evidenced hereby.