Special Units definition
Examples of Special Units in a sentence
The Advisor has made capital contributions to the Partnership in exchange for certain partnership units as described as follows: $2,000 in exchange for 200 common units and $1,000 in exchange for 100 Special Units.
Upon the earliest to occur of the termination of this Agreement for Cause, a Termination Event, or a Listing, all of the Special Units shall be redeemed by the Partnership in accordance with the terms of the Partnership Agreement.
No approval from the holders of outstanding Common Units is required under the Partnership Agreement or the rules of the NYSE in connection with the Partnership’s issuance and sale of the Purchased Units to the Purchasers or the Special Units pursuant to the Acquisition Agreement.
Notwithstanding anything to the contrary in this Agreement, the Series A Special Units shall have no voting rights except as set forth in Section 4.8 or as otherwise provided by the Act.
No distribution shall be declared or paid or set apart for payment on any Common Units unless full cumulative Series B Distributions have been or contemporaneously are being paid or provided for on all outstanding Series B Special Units through the most recent respective Series B Distribution Payment Date.