Classes of Partners Sample Clauses

Classes of Partners. The Partnership shall have two classes of Partners: (a) the General Partner and (b) the Class B Partners.
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Classes of Partners. There shall be two classes of Partners: Class A Partners and Class B Partners. A Class A Partner is a Partner who holds Class A Units of Partnership Interest. Partners who hold Class A Units shall be entitled to vote with respect to the Class A Units on all matters subject to the vote of the Partners. Each Class A Unit shall carry one vote. A Class B Partner is a Partner who holds Class B Units. A Partner who holds Class B Units of Partnership shall have no right to vote with respect to the Class B Units on any matter subject to the vote of the Partners except as the Uniform Act or this Agreement may otherwise specifically provide. The Partnership shall not engage in any of the following transactions, however, without the prior unanimous written consent of all Partners, both Class A Partners and Class B Partners: (1) the sale of substantially all of the Partnership's assets; (2) the liquidation of the Partnership; or (3) the redemption of any Unit or Units held by any Partner. A person may hold both Class A Units and Class B Units. In this case, such person is a Class A Partner as respects the Class A Units which he holds and a Class B Partner as respects the Class B Units which he holds.
Classes of Partners. There shall be two classes of limited partnership interests: (i) limited partnership interests purchased prior to February 1, 2006 ("Class A Interests") and (ii) limited partnership interests purchased on or after February 1, 2006 ("Class B Interests"). Limited Partners holding Class A Interests shall be "Class A Limited Partners" and Limited Partners holding Class B Interests shall be "Class B Limited Partners." A Limited Partner can be both a Class A Limited Partner and a Class B Limited Partner depending on limited partnership interests held. The General Partners shall also be considered a separate class of Partners. Additional classes of Limited Partners may be created in the future having such relative rights, powers and duties as may be established in the sole discretion of the Managing Partner, including rights, powers and duties senior to existing classes of Limited Partners. The creation of such classes of Limited Partners and the admission of such classes of Limited Partners, including (subject to Section 11.01) any amendment of this Agreement, will not require the vote or approval of any existing Limited Partner or class of Limited Partners. Subject to Delaware law, future classes of Limited Partners may be granted the right to vote separately or with all or any existing classes of Limited Partners on any matter.
Classes of Partners. (a) Once a Limited Partner’s Subscription Agreement has been accepted in accordance with Section 3.01(c), such Limited Partner shall be designated by the General Partner as a Limited Partner.
Classes of Partners. There shall be four classes of Partners: (i) General Partners; (ii) Limited Partners ("Class A Limited Partners") who execute this Agreement, and are accepted into the Partnership by the Managing Partner, as Class A Limited Partners; (iii) Limited Partners ("Class B Limited Partners") who execute this Agreement, and are accepted into the Partnership by the Managing Partner, as Class B Limited Partners; and (iv) Limited Partners ("Class C Limited Partners" and, together with the Class A Limited Partners and Class B Limited Partners, the "Limited Partners") who execute this Agreement, and are accepted into the Partnership by the Managing Partner, as Class C Limited Partners. Additional classes of Limited Partners may be created in the future having such relative rights, powers and duties as may be established in the sole discretion of the Managing Partner, including rights, powers and duties senior to existing classes of Limited Partners. The creation of such classes of Limited Partners and the admission of such classes of Limited Partners, including (subject to Section 11.01) any amendment of this Agreement, will not require the vote or approval of any existing Limited Partner or class of Limited Partners. Subject to Delaware law, future classes of Limited Partners may be granted the right to vote separately or with all or any existing classes of Limited Partners on any matter.
Classes of Partners. The partnership shall comprise the Regular Partners who are signatories hereto, and such other Regular Partners as may be admitted to the partnership from time to time hereafter. The Firm shall also include Special Partners, Transition Partners, and Retired Partners.

Related to Classes of Partners

  • Redemption of Partnership Interests of Ineligible Holders (a) If at any time a Limited Partner fails to furnish an Eligibility Certificate or any other information requested within the period of time specified in Section 4.9, or if upon receipt of such Eligibility Certificate or other information the General Partner determines, with the advice of counsel, that a Limited Partner is an Ineligible Holder, the Partnership may, unless the Limited Partner establishes to the satisfaction of the General Partner that such Limited Partner is not an Ineligible Holder or has transferred his Limited Partner Interests to a Person who is not an Ineligible Holder and who furnishes an Eligibility Certificate to the General Partner prior to the date fixed for redemption as provided below, redeem the Limited Partner Interest of such Limited Partner as follows:

  • Capital Accounts of the Partners A. The Partnership shall maintain for each Partner a separate Capital Account in accordance with the rules of Regulations Section l.704-l(b)(2)(iv). Such Capital Account shall be increased by (i) the amount of all Capital Contributions and any other deemed contributions made by such Partner to the Partnership pursuant to this Agreement and (ii) all items of Partnership income and gain (including income and gain exempt from tax) computed in accordance with Section 1.B hereof and allocated to such Partner pursuant to Section 6.1 of the Agreement and Exhibit C thereof, and decreased by (x) the amount of cash or Agreed Value of all actual and deemed distributions of cash or property made to such Partner pursuant to this Agreement and (y) all items of Partnership deduction and loss computed in accordance with Section 1.B hereof and allocated to such Partner pursuant to Section 6.1 of the Agreement and Exhibit C thereof.

  • Certificates Describing Partnership Units At the request of a Limited Partner, the General Partner, at its option, may issue a certificate summarizing the terms of such Limited Partner’s interest in the Partnership, including the number of Partnership Units owned and the Percentage Interest represented by such Partnership Units as of the date of such certificate. Any such certificate (i) shall be in form and substance as approved by the General Partner, (ii) shall not be negotiable and (iii) shall bear a legend to the following effect: This certificate is not negotiable. The Partnership Units represented by this certificate are governed by and transferable only in accordance with the provisions of the Second Amended and Restated Limited Partnership Agreement of Strategic Storage Operating Partnership VI, L.P., as amended from time to time.

  • Partnership Units Each Partner shall own Partnership Units in the amounts set forth for such Partner in Exhibit A and shall have a Percentage Interest in the Partnership as set forth in Exhibit A, which Percentage Interest shall be adjusted in Exhibit A from time to time by the General Partner to the extent necessary to reflect accurately redemptions, additional Capital Contributions, the issuance of additional Partnership Units or similar events having an effect on the number of Partnership Units held by, and the Percentage Interest of, any Partner. Each Partnership Unit shall entitle the holder thereof to one vote on all matters on which the Partners (or any portion of the Partners) are entitled to vote under this Agreement.

  • Redemption of Partnership Interests of Non-citizen Assignees (a) If at any time a Limited Partner or Assignee fails to furnish a Citizenship Certification or other information requested within the 30-day period specified in Section 4.9(a), or if upon receipt of such Citizenship Certification or other information the General Partner determines, with the advice of counsel, that a Limited Partner or Assignee is not an Eligible Citizen, the Partnership may, unless the Limited Partner or Assignee establishes to the satisfaction of the General Partner that such Limited Partner or Assignee is an Eligible Citizen or has transferred his Partnership Interests to a Person who is an Eligible Citizen and who furnishes a Citizenship Certification to the General Partner prior to the date fixed for redemption as provided below, redeem the Partnership Interest of such Limited Partner or Assignee as follows:

  • Percentage Interests If the number of outstanding Partnership Units increases or decreases during a taxable year, each Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.6, the Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the adjustment occurs and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests.

  • Transfers of Partnership Interests Except as the Partners may otherwise agree from time to time, a Partner may not Transfer all or any part of its Partnership Interest without the Consent of each other Partner, which Consent may be withheld in the sole discretion of each such other Partner.

  • Partnership Interests Except as may otherwise be provided herein, each Partner’s percentage interest in the assets, profits, and distributions of the Partnership (“Partnership Interest”) shall be as set forth in Exhibit B attached hereto and incorporated herein by reference.

  • Class A Units If a Warrantholder exercises Warrants in connection with a tender offer for settlement prior to the First Regular Call Date, each Class A Unit called in connection with such exercise shall receive, in addition to principal and accrued interest, $1.50 per Class A Unit from the proceeds of the Warrant exercise. Class B Payments: If a Warrantholder exercises Warrants, then the Class B Units designated to be called in connection with such exercise shall receive the corresponding portion of the Class B Present Value Amount, adjusted for accrued Class B Payments on the Class B Units otherwise paid. If the Underlying Security Issuer redeems Underlying Securities and the previous paragraph does not apply, then the Class B Units designated for a redemption in connection with such redemption of Underlying Securities shall receive the amount with respect to the Class B Present Value Amount allocated for distribution in accordance with the applicable provisions of the Distribution Priorities below, paid as of the date of such redemption as an additional distribution.

  • Limited Partners The Limited Partners shall not participate in the general conduct or control of the Partnership’s affairs and shall have no right or authority to act for or to bind the Partnership. The Limited Partners shall not be required to assume, endorse or guarantee any liabilities of the Partnership.

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