Special Limited Partner definition
Examples of Special Limited Partner in a sentence
Subject to legal, tax, regulatory or other similar considerations, each Limited Partner holding Partnership Units (other than the Special Limited Partner) agrees to participate in the reinvestment program of distributions to the holders of Partnership Units (the “DRIP” and any participating Limited Partner, a “DRIP Participant”) unless the Limited Partner withdraws pursuant to Section 5.8(b)(v) or otherwise agreed with the General Partner in writing.
Distributions on the Performance Allocation may be payable in cash or Class I Units or Class E Units at the election of the Special Limited Partner.
If the Special Limited Partner elects to receive such distributions in Class N Units, Class I Units or Class E Units, the Special Limited Partner will receive the number of Class N Units, Class I Units or Class E Units that results from dividing the Performance Allocation or Class N Performance Allocation, as applicable, by the Net Asset Value per Class N Unit, Class I Unit or Class E Unit at the time of such distribution.
Notwithstanding the foregoing, the Special Limited Partner and the Adviser shall have the right to require the Partnership to redeem all or a portion of their Class N Units, Class I Units or Class E Units, as the case may be, pursuant to this Section 8.5 at any time irrespective of the period the Class N Units, Class I Units or Class E Units, as the case may be, have been held by the Special Limited Partner or the Adviser.
A Limited Partner other than the Special Limited Partner and the Adviser may not exercise the Redemption Right for less than 1,000 Partnership Units or, if such Limited Partner holds less than 1,000 Partnership Units, all of the Partnership Units held by such Partner.