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.

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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

• The initial Capital Account balance in respect of each Senior Subordinated Unit shall be the Issue Price for such Senior Subordinated Unit, and the initial Capital Account balance of each holder of Senior Subordinated Units in respect of all Senior Subordinated Units held shall be the product of such initial balance for a Senior Subordinated Unit multiplied by the number of Senior Subordinated Units held thereby.

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

• Any Common Unit the Capital Account balance of which is less than the Initial Issue Price shall be treated as a converted Subordinated Unit for purposes of Section 5.5(c)(ii) and Section 6.9(b) and as a Final Subordinated Unit for purposes of Section 6.1(d)(ix).

• For purposes of determining fractional units, all Common Units or Subordinated Units or fractions thereof being issued to a holder upon conversion as of a particular Conversion Date shall be aggregated so that, under no circumstances, would any particular conversion by a holder result in more than one fractional Common Unit or Subordinated Unit.

• Within thirty days of the date hereof, the General Partner shall cause the Partnership and the holders of the Subordinated Unit Warrants to terminate the Subordinated Unit Warrants.

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 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. The term "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 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 is defined in the Agreement.

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.

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