Preferred Unit Clause Examples

Preferred Unit. The Capital Account balance of each holder of Series 1 Preferred Units in respect of its Series 1 Preferred Units shall not be increased or decreased except as otherwise provided in this Agreement. The initial Capital Account balance in respect of each Class D Unit issued on the Class D Unit Issuance Date shall be the Class D Unit Notional Value, which amount shall be reallocated from the Capital Account balance of the General Partner. The initial Capital Account balance in respect of each Class E Unit issued on the Class E Unit Issuance Date shall be the Class E Unit Notional Value. The initial Capital Account balance in respect of each Incentive Distribution Unit shall be an amount equal to the current Capital Account balance of the General Partner (as reduced by any reallocation of the Capital Account of the General Partner to Class D Units) less an amount equal to 2% of the total positive Capital Account balances of all Partners (excluding Capital Account balances of Partners in respect of Series I Preferred Units).

Preferred Unit. The term "Preferred Unit" is defined in Exhibit A attached hereto.

Preferred Unit. Any Series A-1 Preferred Units held by any of the Partnership’s subsidiaries or Affiliates shall not be entitled to vote.

Preferred Unit. The Capital Account balance of each holder of Series 1 Preferred Units in respect of its Series 1 Preferred Units shall not be increased or decreased except as otherwise provided in this Agreement. The initial Capital Account balance in respect of each Class D Unit issued on the Class D Unit Issuance Date shall be the Class D Unit Notional Value, which amount shall be reallocated from the Capital Account balance of the General Partner. The initial Capital Account balance in respect of each Incentive Distribution Unit shall be an amount equal to the current Capital Account balance of the General Partner (as reduced by any reallocation of the Capital Account of the General Partner to Class D Units) less an amount equal to 2% of the total positive Capital Account balances of all Partners (excluding Capital Account balances of Partners in respect of Series I Preferred Units).

Preferred Unit. The Capital Account balance of each holder of Series 1 Preferred Units in respect of its Series 1 Preferred Units shall not be increased or decreased except as otherwise provided in this Agreement.

Preferred Unit. Unless ET has received the affirmative vote or consent of the holders of at least two-thirds of the outstanding ET Series D Preferred Units, voting as a separate class, ET may not adopt any amendment to the ET Partnership Agreement that would have a material adverse effect on the terms of the ET Series D Preferred Units. In addition, unless ET has received the affirmative vote or consent of the holders of at least two-thirds of the outstanding ET Series D Preferred Units, voting as a class together with holders of any other parity securities upon which like voting rights have been conferred and are exercisable, ET may not (i) create or issue any parity securities (including any additional ET Series D Preferred Units) if the cumulative distributions payable on then outstanding ET Series D Preferred Units (or parity securities, if applicable) are in arrears, or (ii) create or issue any senior securities. On any matter on which the holders of the ET Series D Preferred Units are entitled to vote as a class, such holders will be entitled to one vote per ET Series D Preferred Unit.

Preferred Unit. The failure to give, or any defect in, any notice provided for in this Section 24 shall not affect the validity of such exchange

Preferred Unit. All distributions shall be cumulative, shall accrue from the original date of issuance and will be payable (i) quarterly (such quarterly periods for purposes of payment and accrual will be the quarterly periods ending on the dates specified in this sentence and not calendar year quarters) in arrears, on February 15, May 15, August 15 and November 15, of each year commencing on the first such payment dates to occur following their original date of issuance, and, (ii), in the event of (A) an exchange of Series D Preferred Units into REIT Series D Preferred Shares, or (B) a redemption of Series D Preferred Units, on the exchange date or redemption date, as applicable (each a "Series D -------- Preferred Unit Distribution Payment Date"). The amount of the ---------------------------------------- distribution payable for any period will be computed on the basis of a 360-day year of twelve 30-day months and for any period shorter than a full quarterly period for which distributions are computed, the amount of the distribution payable will be computed based on the ratio of the actual number of days elapsed in such period to ninety (90) days. If any date on which distributions are to be made on the Series D Preferred Units is not a Business Day (as defined herein), then payment of the distribution to be made on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay) except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on such date. Distributions on the Series D Preferred Units will be made to the Holders of record of the Series D Preferred Units on the relevant record dates to be fixed by the Partnership acting through the General Partner, which record dates shall in no event exceed fifteen (15) Business Days prior to the relevant Series D Preferred Unit Distribution Payment Date (the "Series D Preferred Unit Partnership Record Date"). -----------------------------------------------

Preferred Unit. With respect to the definition of "Preferred -------------- --------- Unit" set forth in Section 1.1, the text "and" is deleted after "Series A ---- Preferred Units" and replaced with a comma; and the text "and Series D Preferred Units" is hereby inserted immediately after the text "Series C Preferred Units".