Class L Units definition
Examples of Class L Units in a sentence
Class A and Class L Units do not have performance histories as of the date of this Program Description.
The initial capital account with respect to each Class L Unit will be equal to the capital account of Heritage Holdings or ETC Sunoco, as the case may be, with respect its converted Units, divided by the number of Class L Units issued to such Unitholder.
The Class L Units, subject to the satisfaction of any applicable legal, regulatory and contractual requirements, may be assigned or transferred in a manner identical to the assignment and transfer of other Units.
For the avoidance of doubt, except as set forth in this Section 5.15(b)(iii)(B), the Class L Units will not be entitled to receive distributions.
Upon the issuance of any Class B Units, Class L Units or Common Profits Units as profits interests, the Board shall specify the Distribution Threshold, if any, applicable to such Class B Units, Class L Units or Common Profits Units.
The General Partner designated and created a class of Partnership Securities designated as “Class L Units.” In accordance with Section 5.5, the General Partner shall have the power and authority to issue additional Class L Units in the future.
The Company may issue Class B Units, options to acquire Class B Units, Class L Units, options to acquire Class L Units and other similar equity incentives pursuant to the Equity Incentive Plan and subject to the restrictions set forth in this Agreement.
The Common Units (which, for the avoidance of doubt, shall include the Common Profits Units) shall be entitled to one vote per Unit on all matters for which the holders of Units are entitled to vote under the terms of this Agreement and the Act, and the Class B Units and Class L Units shall be non-voting (except as explicitly set forth in this Agreement (e.g., pertaining to votes requiring a Majority-in-Interest)).
With respect to any matter on which the Class L Units are entitled to vote, each Class L Unit will be entitled to one vote on such matter.
The Board shall have the right to issue, or cause the Company to issue, Class B Units or Class L Units pursuant to the Equity Incentive Plan and Common Profits Units, in each case, as a grant of “profits interests” for U.S. federal income tax purposes.