Depositary Units definition
Examples of Depositary Units in a sentence
In no event shall the Depositary or any Unit Holder be obligated to make any contribution to the Limited Partnership for any purpose whatsoever other than Capital Contributions of the Depositary representing the proceeds of the offering of Depositary Units.
Within 45 days of the Activation of the Partnership, the Depositary shall execute and forward to each Unit Holder Depositary Receipts evidencing the ownership by the Unit Holder as of the date of Activation the Depositary Units for which such Unit Holder subscribed.
The General Partner may at any time call a meeting of the Unit Holders or for a vote, without a meeting, of the Unit Holders on matters upon which the Unit Holders are entitled to provide their Consent, and shall call for such a meeting or vote upon receipt by the General Partner of a request therefor made by Unit Holders owning at least 10% of the outstanding Depositary Units as of the date of receipt of such Notification.
However, within 90 days thereafter the Depositary, upon the Consent of Unit Holders owning more than 50% of the outstanding Depositary Units, may elect to reconstitute the Limited Partnership prior to application of the liquidation provisions of Section 9.2.
Depositary Units may be transferred only as provided in this Agreement.
Subject to Section 12.3, upon the Consent of the Depositary, which shall be given if the Consent of Unit Holders owning more than 50% of the outstanding Depositary Units is obtained, the power shall be vested in the Depositary to (a) remove the General Partner and (b) cause the General Partner, on behalf of the Limited Partnership, to Remove the Managing Partner.
The participant statement will detail the Unit Holder's cash receipts and disbursements for the Unit Holder's Depositary Units.
Depositary Units which have been converted into Limited Partner Interests will be cancelled and will not be reissued.
The Depositary shall not recognize transfers of Depositary Units except by a transfer of Depositary Receipts therefor.
The Limited Partnership shall recognize as a Unit Holder, for the number of Depositary Units for which the Limited Partnership has received proceeds, each Person to whom the Depositary issues a Depositary Receipt as of the date provided in Section 13.1 or otherwise as the General Partner shall determine in accordance with the provisions of this Agreement.