PI Unit definition

PI Unit means a Partnership Unit which is designated as a PI Unit and which has the rights, preferences and other privileges designated in Section 4.6 hereof and elsewhere in this Agreement in respect of Holders of PI Units. The allocation of PI Units among the Partners shall be set forth on Exhibit A, as may be amended from time to time.
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PI Unit means a non-voting (except as otherwise expressly provided in this Agreement) unit of membership interest in the Company owned by an Eligible Incentive Member, including all preferences, rights, liabilities and obligations with respect to such interest as are set forth in this Agreement or the Act. Any PI Units issued by the Company to one or more Eligible Incentive Member(s) shall be considered “profits interests” within the meaning of IRS Revenue Procedures 93-27 and 2001-43.
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PI Unit means a PI Unit (as defined in the Operating Agreement) of the Company.
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Examples of PI Unit in a sentence

  • PI Unitholders shall (a) have the same voting rights as a holder of OP Units, with the PI Units voting as a single class with the OP Units and having one vote per PI Unit; and (b) have the additional voting rights that are expressly set forth below.

  • To the extent a Class PI Unit is no longer eligible to vest in accordance with the provisions of Exhibit B, such Class PI Unit shall be immediately forfeited to the Partnership.

  • The parties agree that the intent of this Section 6.3.E is to make the Capital Account balance associated with each PI Unit to be economically equivalent to the Capital Account balance associated with the General Partner's OP Units (on a per-Unit basis), but only if and to the extent that the Capital Account balance associated with the General Partner's OP Units has increased on a per-Unit basis since the issuance of the relevant PI Unit.

  • For purposes of this Agreement, “Holding Period” will mean the period beginning on the Grant Date and ending on the day immediately following the three (3) year anniversary of the date on which the applicable Class PI Unit became vested hereunder; provided, however, that in the event of a Change in Control, the Holding Period will end as of immediately prior to the effective time of the Change in Control.

  • The portion of the Market Cap Tranche that accelerates vesting pursuant to the immediately preceding sentence will be determined as the lesser of: (i) the product of (x) the PSE Percentage applicable to the Preferred Shareholder Event, multiplied by (y) the number of Total Tranche Class PI Units subject to the Market Cap Tranche (with any fractional Class PI Units resulting from such product rounded to the nearest whole Class PI Unit), or (ii) the portion of the Market Cap Tranche that remains unvested.

  • Except as otherwise provided in this LLC Agreement, (each outstanding Common Unit shall be identical, (x) each outstanding EO Unit shall be identical, (y) each outstanding PI Unit of each series shall be identical and (z) each outstanding PI Unit shall be identical other than with respect to their respective Hurdle Amounts, which shall vary among series of PI Units as set forth on Schedule A.

  • The parties agree that the intent of this Section 6.3.E is to make the Capital Account balance associated with each PI Unit to be economically equivalent to the Capital Account balance associated with the General Partner’s OP Units (on a per-Unit basis), but only if and to the extent that the Capital Account balance associated with the General Partner’s OP Units has increased on a per-Unit basis since the issuance of the relevant PI Unit.

  • Each PI Unit and EO Unit will be subject to such other terms and conditions as are in effect with respect to the Profits Interests Awards or Restricted Interests Awards in respect of which they were initially issued, including with respect to vesting and termination-related provisions.

Related to PI Unit

  • sub-unit means, with respect to any currency other than euro, the lowest amount of such currency that is available as legal tender in the country of such currency and, with respect to euro, means one cent.

  • FTPS Unit means Units which are purchased through the Fund/SERV(R) trading system or on a manual basis through FTP Services LLC or for which FTP Services LLC is acting as FTPS Unit Servicing Agent.

  • Service Unit means a standardized measure of consumption, use, generation, or discharge attributable to an individual unit of development calculated in accordance with generally accepted engineering or planning standards for a particular category of capital improvements.

  • Work Unit means a working department or service, as defined by the Employer.

  • target unit means a facility or group of facilities to which an underlying agreement applies; “tCO2 equivalent” means tonnes of carbon dioxide equivalent;

  • Unit Share has the meaning ascribed thereto in the first paragraph of this Agreement;

  • Partnership Unit means a fractional, undivided share of the Partnership Interests of all Partners issued hereunder. The allocation of Partnership Units among the Partners shall be as set forth on Exhibit A, as may be amended from time to time.

  • LLC Unit means a common limited liability interest in the Company.

  • Share Unit means a unit credited by means of an entry on the books of the Corporation to a Participant pursuant to the Plan, representing the right to receive, subject to and in accordance with the Plan, for each Vested Share Unit one Share, at the time, in the manner, and subject to the terms, set forth in the Plan and the applicable Grant Agreement;

  • GP Unit means a Partnership Unit which is designated as a GP Unit of the Partnership.

  • Units means the units of the Company, each comprised of one share of Common Stock and one-half of one Warrant.

  • New unit means a unit that commences commercial operation on or after November 15, 1990, including any such unit that serves a generator with a nameplate capacity of 25 MWe or less or that is a simple combustion turbine.

  • Common Unit means a common unit representing a limited partner interest in the Partnership having the rights set forth in the Partnership Agreement.

  • Class B Unit means a Partnership Unit which is designated as a Class B Unit of the Partnership.

  • Designated Unit means information technology devices (e.g. hard disks or central processing units) identified by Licensee pursuant to this Agreement that have been officially made known to the public as appropriate for Use or interoperation with the Software.

  • Membership Unit means a Membership Common Unit, a Company Preferred Unit, a Company Junior Unit or any other fractional share of the Membership Interests that the Managing Member has authorized pursuant to Section 4.1 or Section 4.2 hereof.

  • OP Unit means a Partnership Unit which is designated as an OP Unit of the Partnership.

  • Rental unit means a structure or part of a structure used as a home, residence, or sleeping unit by a single person or household unit, or any grounds, or other facilities or area promised for the use of a residential tenant and includes, but without limitation, apartment units, boarding houses, rooming houses, mobile home spaces, and single and 2-family dwellings.

  • LTIP Unit means a Limited Partnership Interest which is designated as an LTIP Unit and which has the rights, preferences and other privileges designated in Section 4.4 hereof and elsewhere in this Agreement in respect of holders of LTIP Units. The allocation of LTIP Units among the Partners shall be set forth on Exhibit A, as may be amended from time to time.

  • Unit and “Quality” means the unit and quantity specified in the schedule.

  • Dividend Equivalent Unit means the right to receive a payment, in cash or Shares, equal to the cash dividends or other cash distributions paid with respect to a Share.