Unit Partner definition
Examples of Unit Partner in a sentence
The Series E Exercise Notice shall set forth the portion of the Limited Partner Interests that such Series E Preferred Unit Partner elects to purchase.
The Series E Preferred Unit Partner shall have ten (10) Business Days after receipt of such notice to submit a written notice (a “Series E Exercise Notice”) to the Partnership.
In the event that the Capital Account balance of more than one OP Common Unit Partner is disproportionate to such OP Common Unit Partner's Percentage Interest, the largest such relative disproportion shall be cured first, until it is equal, on a relative basis, to the next largest such disproportion, and so on, to the extent Net Income or Net Loss (or items thereof) are available.
At the end of such ten (10) year period or earlier period as provided in Section 8(d), Home Properties shall cooperate with each Unit Partner by providing each Unit Partner with the right to execute an agreement obligating such Unit Partner to restore any portion of a deficit balance in such Unit Partner's capital account and/or provide the opportunity to each Unit Partner to enter into a "bottom-tier guaranty" with respect to the debt of the Home Properties.
Thereafter, for a period of ten (10) years from and after the Closing Date or earlier period as provided in Section 8(d), the Capital Account Deficit of each Unit Partner shall be adjusted annually to reflect changes occasioned at the level of Home Properties, including, without limitation, distributions made by Home Properties.
Notwithstanding the foregoing, no Unit Partner will be required to guarantee any debt of Home Properties other than with respect to debt described in the immediately preceding sentence.
For a period of ten (10) years from and after the Closing Date, Home Properties shall not sell, exchange, transfer or otherwise dispose of the Property, or any replacement of the Property (in any event, a "Property Transfer"), unless such Property Transfer occurs in such manner as to be tax free to the relevant Unit Partner.
Thereafter, for a period of ten (10) years from and after the Closing Date, the Capital Account Deficit of each Unit Partner shall be adjusted annually to reflect changes occasioned at the level of Buyer including, without, limitation, distributions made by Buyer.
At the end of such ten-year period, Buyer shall cooperate with each Unit Partner by providing each Unit Partner with the right to execute an agreement obligating such Unit Partner to restore any portion of a deficit balance in such Unit Partner's capital account and/or provide the opportunity to each Unit Partner to enter into a "bottom-tier guaranty" with respect to debt of the Buyer.
The specific Business Unit Partner Program and applicable Benefits and Requirements are as set forth in the applicable Program Guide and Partner Addendum.