Subordinated Unit definition

Subordinated Unit means a Limited Partner Interest having the rights and obligations specified with respect to Subordinated Units in this Agreement. The term “Subordinated Unit” does not include a Common Unit. A Subordinated Unit that is convertible into a Common Unit shall not constitute a Common Unit until such conversion occurs.

Subordinated Unit as used herein does not include a Common Unit or Parity Unit. A Subordinated Unit that is convertible into a Common Unit or a Parity Unit shall not constitute a Common Unit or Parity Unit until such conversion occurs.

Subordinated Unit has the meaning assigned to such term in the Partnership Agreement.

Examples of Subordinated Unit in a sentence

• Earnings Per Common and Subordinated Unit The computations of earnings per common unit and subordinated unit are based on the weighted average number of common units and subordinated units, respectively, outstanding during the applicable period.

• Each Subordinated Unit will convert into one Common Unit at the end of the subordination period, which will end once the Issuer meets the financial tests in the partnership agreement, but it generally cannot end before September 30, 2011.

• A Senior Subordinated Unit that has converted into a Common Unit shall be subject to the provisions of Section 6.7(c).

• If applicable, up to one percent (1%) or a maximum of $500,000, whichever is less, of the original board approved total project budget of each new major construction project will be allocated to the enhancement of exteri- or landscape, hardscape, and waterscape features unless an excep- tion is granted by the board.

• A Unitholder shall not be permitted to transfer a Subordinated Unit or a Subordinated Unit that has converted into a Common Unit pursuant to Section 5.7 (other than a transfer to an Affiliate) if the remaining balance in the transferring Unitholder’s Capital Account with respect to the retained Subordinated Units or Retained Converted Subordinated Units would be negative after giving effect to the allocation under Section 5.5(c)(ii)(B).

More Definitions of Subordinated Unit

Subordinated Unit means a subordinated unit representing a limited partner interest in the Partnership having the rights set forth in the Partnership Agreement.

Subordinated Unit means a Unit representing a fractional part of the Partnership Interests of all Limited Partners and having the rights and obligations specified with respect to Subordinated Units in this Agreement. The term “Subordinated Unit” does not include a Common Unit. A Subordinated Unit that is convertible into a Common Unit shall not constitute a Common Unit until such conversion occurs.

Subordinated Unit has the meaning assigned to such term in the MLP Agreement.

Subordinated Unit means a Unit representing a fractional part of the Partnership Interests of all Limited Partners and Assignees and having the rights and obligations specified with respect to Subordinated Units in this Agreement.

Subordinated Unit means the Subordinated Units outstanding at the time of and immediately following the Initial Public Offering. The Subordinated Units converted into Common Units on August 15, 2014.

Subordinated Unit as used herein does not include a Common Unit.

Subordinated Unit means a security of the Trust representing a subordinated proportionate share of the Beneficial Interest having the rights and obligations specified with respect to a Subordinated Unit in this Agreement.