Floating Units definition
Examples of Floating Units in a sentence
As of the Effective Time, the issued and outstanding Units of the Company that in each case were issued and outstanding and held by the Members prior to the execution and effectiveness of this Agreement are hereby canceled and the Class A Units and the Class B Units are hereby issued and outstanding as of the Effective Time (with each Member’s Class B Units consisting of 70% Class B Fixed Units and 30% Class B Floating Units) (the “Recapitalization”).
If Pubco exercises the Pubco Fixed Share Option then (i) Pubco shall complete the exchange of the Class B Fixed Units for the Class B Fixed Share Settlement as if each Class B Unitholder had exercised its Redemption Right pursuant to Section 11.01, and (ii) the Company or USCo, as applicable, shall complete the exchange of the Class B Floating Units for the Class B Floating Share Settlement as if each Class B Unitholder had exercised its Redemption Right pursuant to Section 11.01.
In order to minimize the potential dislocation of Tenants who become ineligible to occupy an Affordable Unit(s), Developer shall treat the Affordable Unit(s) as Floating Units.
Floating Units are changed to maintain conformity with the requirements of this section during the Affordability Period so that the total number of housing units meeting the requirements of this section remains the same, and substituted unit is comparable in terms of size, features, and number of bedrooms to the originally designated NSP-assisted unit.
Floating Units are changed to maintain conformity with the requirements of this section during the Affordability Period so that the total number of housing units meeting the requirements of this section remains the same, and substituted unit is comparable in terms of size, features, and number of bedrooms to the originally designated HOME-assisted unit.
The Agency shall identify and provide to the City for review prior to the commencement of the marketing and lease-up of the units: a schedule of all the units in the project with building/unit numbers, number of bedrooms, square footages, and identification of the HOME-Assisted Units, and shall designate the specific units that are HOME Floating Units as identified in Exhibit A.