Unit Splits Clause Samples
The Unit Splits clause defines how ownership units or shares in a company or partnership can be divided into smaller units. This clause typically outlines the process for splitting existing units, such as requiring board approval or specifying the ratio of the split, and may address how fractional units are handled. Its core function is to provide a clear mechanism for adjusting the number of units outstanding, which can facilitate transactions, improve liquidity, or accommodate new investors while maintaining proportional ownership.
Unit Splits. Any Units issued to the Security Holders resulting from any distributions or splits of the Restricted Units shall be subject to the prohibitions and restrictions under this Agreement.
Unit Splits. Until the Series A Preferred Units and all preferred units issued pursuant to the LP Amendment are no longer outstanding, the Partnership shall not effect any unit combination, reverse unit split or other similar transaction (or make any public announcement or disclosure with respect to any of the foregoing) (x) unless the Partnership is in compliance with the applicable provisions governing such transactions set forth in the Limited Partnership Agreement and (y) except to the consent necessary to maintain compliance with the continuing listing requirements of the Principal Market.
Unit Splits. The General Partner may, from time to time, in its sole discretion and without the consent of any other Partner, cause the Partnership to split, subdivide, reverse split, combine or reclassify any or all of the Partnership Units in order to maintain a 1:1 correspondence of the number of Class B Common Units and the number of REIT Shares and a 1:1 substantial economic equivalence between the Class A Common Units, Class B Common Units, and Class C Common Units, and any other Partnership Units determined appropriate by the General Partner, on the one hand, and the REIT ▇▇▇▇▇▇, on the other hand. In connection therewith, the General Partner shall update the books and records of the Partnership to reflect the outstanding Partnership Units following any such action.
Unit Splits. Survival of Agreement. This Agreement shall survive any merger, business combination or other similar transaction, including a transaction in which Company is converted into a limited partnership, and be binding on Company or its successor, as applicable. To the extent any successor in such transaction would not be bound by this Agreement by operation of law, as a condition precedent to such transaction, such successor entity shall be required to execute and deliver an instrument, in a form acceptable to Manager, agreeing to be bound by this Agreement to the same extent as Company.
Unit Splits. 22 ARTICLE 5 DISTRIBUTIONS ....................................................................................................23 Section 5.1 Requirement, Characterization, and Priority of Distributions ...................23 Section 5.2 Distributions in Kind..................................................................................24 Section 5.3 Amounts Withheld .....................................................................................24 Section 5.4
Unit Splits. If the Company at any time subdivides (by any Unit split or otherwise) the Residual Units into a greater number of Units, such subdivision shall divide each class of Residual Units proportionately, and if the Company at any time combines (by reverse Unit split or otherwise) the Residual Units into a smaller number of Units, such combination shall combine each class of Residual Units proportionately.