Holdback Units Sample Clauses
Holdback Units. The Contractor daily: performs visual inspections, and inspects oil levels regularly and re-fills, if and when necessary. The Contractor, once a week: inspects for oil leaks; and replaces seals, where necessary; does oil changes to the unit; visually inspects backstops and labyrinth seals for damages and or faults; The Contractor monthly cleans internals with degreasing agent and inspects stop lugs for wear/damage. If lugs are damaged or worn, replace with new. (Never use grease for internal lubrication of backstops.)
Holdback Units. On the first anniversary of the Closing Date, BNP shall issue 37,037 Units, which is calculated by dividing the Holdback Amount by the Unit value of $13.50 per Unit. Of these total 37,037 Units, ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ shall receive 18,518 Units and Family Homes, LLC shall receive 18,519 Units.
Holdback Units. (a) Each Limited Partner acknowledges and agrees that following the date of this Agreement an aggregate of 110,529 Partnership Common Units will be designated in the Register with the Partnership’s capitalization table administrator as “Holdback Units” (to the extent so designated, the “Holdback Units”) and that the Holdback Units will be solely controlled by the General Partner. Each Limited Partner’s pro rata allocation of the Holdback Units is also set forth in the Register. Each Limited Partner further agrees that it will not distribute or otherwise Transfer any Holdback Units without the prior written consent of the General Partner, which consent will be granted in accordance with the terms of the Contribution Agreement, and if any such Holdback Units are so Transferred without the prior written consent of the General Partner, such Transfer will be null, void and without effect and such Holdback Units will automatically be forfeited and cancelled and will no longer be deemed outstanding and the General Partner is authorized to update Exhibit A of this Agreement and the Register to reflect the forfeiture and cancellation of such Holdback Units.
(b) Subject to the terms of Article V of the Contribution Agreement, in the event that there are any Damages indemnifiable or payable pursuant to Section 5.1 of the Contribution Agreement, as determined by final settlement pursuant to Section 5.3(a) or Section 5.3(b) of the Contribution Agreement or a non-appealable judgment of a court of competent jurisdiction in accordance with the Contribution Agreement, that have not been paid in cash within ten days of such judgement or settlement, a number of Holdback Units with a Value equal to the amount of such Damages will automatically be forfeited and cancelled and will no longer be deemed outstanding. Upon any such forfeiture, the General Partner is authorized to update Exhibit A of this Agreement and the Register to reflect the forfeiture of such Holdback Units.
(c) Each Limited Partner hereby consents to the application to it of the forfeiture provisions and restrictions on Transfer provided in this Section 11.8. No course of dealing between the General Partner and any Limited Partner with respect to the Holdback Units and no delay in exercising any right, power, or remedy conferred in this Section 11.8 or now or hereafter existing at law or in equity or by statute or otherwise shall operate as a waiver or otherwise prejudice any such right, power, or remedy.