Class P Units. The Company has authorized the issuance of [***] Class P Units, of which [***] are outstanding on the Restatement Date and held by such Members as set forth on Schedule C. The Class P Units shall not have a maturity date.
Class P Units. Class P Units shall consist of those Class P Units to be issued from time to time under Section 3.6 and the applicable Employee Incentive Unit Agreements relating to such Class P Units and those currently outstanding and held by Continuing Class P Unitholders. Class P Units shall have all the rights, privileges, preferences, and obligations as are specifically provided for in such Employee Incentive Unit Agreements and in this Agreement for Class P Units, and as may otherwise be generally applicable to all classes of Units, unless such application is specifically limited to one or more other classes of Units. Notwithstanding anything to the contrary contained herein or in such Employee Incentive Unit Agreements, the Class P Units shall not be entitled to vote on any matter subject to a vote of the Members, except as otherwise required by law.
Class P Units. Each Class P Unit outstanding as of the ------------- Effective Time shall be converted into the right to receive, subject to the terms of this Agreement, an amount in cash equal to the Final Unit Price minus the Net Return Threshold corresponding to such Class P Unit; provided, ----- -------- however, that the amount paid at the Effective Time pursuant to Section 2.07 ------- ------------ below in respect of such Class P Unit shall be an amount in cash equal to the Estimated Closing Unit Price minus the Net Return Threshold ----- corresponding to such Class P Unit. Following the Effective Time, the Final Unit Price (to the extent not paid pursuant to the preceding sentence) minus ----- the corresponding Net Return Threshold shall be paid in respect of each Class P Unit in accordance with the provisions set forth herein and in the Escrow Agreement.
Class P Units. For the avoidance of doubt, if the amount to be distributed pursuant to Section 4.01(a) and Section 4.02 with respect to any particular Distribution would cause the amount of any outstanding Class P Unit’s Participation Threshold to be reduced to zero, then such Class P Unit shall constitute an Eligible Class P Unit for purposes of Section 4.01(a) and Section 4.02 only after the portion of the amount to be distributed in such Distribution that would cause such Class P Unit’s Participation Threshold to be reduced to (but not below) zero has first been distributed to the holders of outstanding Participating Units (taking into account outstanding Class P Units that have lesser Participation Thresholds (determined immediately prior to such Distribution)). For the avoidance of doubt, if any Class P Unit is an Unvested Unit as of the date of any Distribution, such Unvested Unit shall not participate in such Distribution (but such Distribution may reduce the Participation Threshold of such Unvested Unit).