Junior Unit definition

Junior Unit means a fractional share of the Partnership Interests that the General Partner has authorized pursuant to Section 4.01, 4.03 or 4.04 hereof that has distribution rights, or rights upon liquidation, winding up and dissolution, that are junior in rank to the OP Units.

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Junior Unit means a Unit representing a fractional part of the Company Interests of the Members that the Managing Member has authorized pursuant to Section 3.02 that has distribution rights that are inferior or junior to the Common Units.

Junior Unit means any of the Common Units or Class B Units, any unit of a new series of Units that are junior to the Preferred Units in respect of the distribution of assets on liquidation, dissolution or winding up of the Company, if any, and any units or other equity interests into which any of the same shall have been converted or exchanged.

Examples of Junior Unit in a sentence

• If, at any time, any Junior Shares are redeemed (whether by exercise of a put or call, automatically or by means of another arrangement) by the General Partner for cash, the Partnership shall, immediately prior to such redemption of Junior Shares, redeem an equal number of Partnership Junior Units held by the General Partner, upon the same terms and for the same price per Partnership Junior Unit, as such Junior Shares are redeemed.

• If, at any time, any Junior Shares are redeemed (whether by exercise of a put or call, automatically or by means of another arrangement) by the Company for cash, the Partnership shall, immediately prior to such redemption of Junior Shares, redeem an equal number of Partnership Junior Units held by the Company, upon the same terms and for the same price per Partnership Junior Unit, as such Junior Shares are redeemed.

• Any Series C Preferred Unit Distribution shall have equal priority to one another and shall be senior in priority to distributions on any Membership Interest which is a Junior Unit with respect to the payment of distributions.

• Except to the extent specifically set forth in any Partnership Unit Designation, a Partnership Interest of any Class other than a Junior Unit shall not entitle the holder thereof to vote on, or consent to, any matter.

• Each Preferred Unit, Common Unit or Junior Unit that is owned by the Company (as treasury or otherwise) immediately prior to the Effective Time shall be cancelled and retired and shall cease to exist and no payment shall be made with respect thereto.

More Definitions of Junior Unit

Junior Unit means any of the Common Units, Class B Units or Class L Units, any unit of a new series of Units that are junior to the Preferred Units in respect of the distribution of assets on liquidation, dissolution or winding up of the Company, if any, and any units or other equity interests into which any of the same shall have been converted or exchanged.

Junior Unit means a residential unit that complies with the requirements of Napa Municipal Code Section 17.52.015(F), that is no larger than 500 square feet in size, and that is created within the existing walls of an owner-occupied single-family home by carving out a sleeping room, efficiency kitchen and ancillary space into a separate unit. Junior Units may have private or shared bathrooms.

Junior Unit means a residential unit that complies with the requirements of Napa Municipal Code Section 17.52.015(F), that is no larger than 500 square feet in size, and that is created within the existing walls of a single-family home by carving out a sleeping room, efficiency kitchen and ancillary space into a separate unit. The owner must live on-site in either the primary or the Junior Unit. Junior Units may have private or shared bathrooms.

Junior Unit shall include any Common Unit.

Junior Unit means a Partnership Unit that is not a Preferred Unit, and includes the Common Units.

Junior Unit means a Unit representing a fractional part of the Company Interests of the Members that the Managing Member has authorized pursuant to Section3.02 that has distribution rights that are inferior or junior to the Common Units.

Junior Unit means a fractional share of the Partnership Interests that the General Partner has authorized pursuant to Section 4.01 , 4.02 , or 4.03