Class W Units definition
Examples of Class W Units in a sentence
Immediately before liquidation of the Partnership, Class T Units will automatically convert to Class I Units at the Class T Conversion Rate and Class W Units will automatically convert to Class I Units at the Class W Conversion Rate.
For the avoidance of doubt, in no event shall holders of Class W Units or Class F Units be entitled to any distributions whatsoever pursuant to this Agreement, including without limitation this Article X, in respect of such Class W Units or Class F Units, respectively.
The holders of Class W Units shall have the sole and exclusive right to, at any time and from time to time, designate, appoint, replace and/or remove two (2) of the four (4) Managers comprising the entire Board (such two (2) Managers selected by the holders of Class W Units, the “Class W Managers”).
The General Partner is hereby authorized to cause the Partnership to issue Partnership Units designated as Class T Units (which may be designated by the General Partner upon issuance as Series 1 Class T Units, Series 2 Class T Units or Series 3 Class T Units; provided, that all Class T Units issued to the General Partner shall be Series 1 Class T Units), Class W Units and Class I Units.
The General Partner is hereby authorized to cause the Partnership to issue Partnership Units designated as Class A Units, Class I Units and Class W Units.
In addition, with respect to Class W Units, the Company shall pay the Dealer Manager on a monthly basis, a Dealer Manager fee that accrues daily equal to 1/365th of 0.50% of the amount of the net asset value for the Class W Units for such day on a continuous basis from year to year.
For the avoidance of doubt, notwithstanding anything to the contrary contained herein (including without limitation Articles VI and X), in no event shall any Member be entitled to the return of any part of its capital contributions or to receive any distribution from the Company, in each case in respect of any Class W Units or Class F Units.
Additionally, with respect to Class W Units, the Company shall pay the Dealer Manager on a monthly basis, an annual service fee that accrues daily equal to 1/365th of 0.25% of the amount of the net asset value for the Class W Units for such day on a continuous basis from year to year.
Class A Units, Class I Units and Class W Units shall be issued only to the General Partner and only in exchange for contributions by the General Partner to the capital of the Partnership of the proceeds received by the General Partner from the issuance of REIT Shares having the same Class designation as the Class of Partnership Units being issued.
The Classes being offered are Class W Units and Class USW Units of the Fund.