Examples of GP Units in a sentence
In addition, there was a re- conversion of Class A GP Units into Class B GP Units for the permanent closure of two (January 1, 2022 – five) SIR Restaurants during 2022.
The amount paid by the Partnership to SIR for the additional Royalty stream was $1.0 million, by conversion of 321,667 Class B GP Units into Class A GP Units of the Partnership on a one-for-one basis.
As the Pooled Revenue from additional SIR Restaurants is included in the Royalty Pooled Restaurants, SIR will acquire additional Class A GP Units of the Partnership as a result of conversions of Class B GP Units based on the resulting increase in the Royalty, while restaurant closures generally result in the reverse.
SIR holds Class A GP Units of the Partnership, which are exchangeable into Units of the Fund.
At each Adjustment Date, SIR will be entitled to convert its Class B GP Units into Class A GP Units based on a conversion formula defined in the Partnership Agreement.SIR began offering Renegade Chicken takeout and delivery services again on a trial basis as of January 27, 2022.