Converted Units definition

Converted Units shall have the meaning set forth in Section 6.1(a).

Converted Units means “Class A Units” as defined in that certain Second Amended and Restated Operating Agreement, dated as of November 20, 2006, as amended, of SPP LLC.

Converted Units means the Common Units acquired by a Holder upon conversion of Class B Units pursuant to Section 5.10(b)(viii) of the Partnership Agreement.

Examples of Converted Units in a sentence

• Each Converting Partner and Non-Voluntary Converting Partner, as the case may be, covenants and agrees with the General Partner and the Partnership that all Converted Units shall be free and clear of all liens, claims and encumbrances whatsoever and should any such liens, claims and/or encumbrances exist or arise with respect to such Converted Units, neither the General Partner nor the Partnership shall be under any obligation to convert the same.

• Upon the Regular Vesting Date, the Restricted Period shall expire with respect to the Retirement Fraction of the Performance Share Units (or the Converted Units), and the Participant will immediately forfeit the remaining fraction of the unvested Performance Share Units (or the Converted Units) to the Company for no consideration.

• Notwithstanding the foregoing, the Performance Share Units, or, as applicable, the Converted Units may be settled at a different time in the circumstances set forth in Section 6(b) and Section 6(d) below, as well as in Section 2(b) of Exhibit A.

• Any such election shall provide that the conversion of Converted Units back into LP Exchangeable Units pursuant to such election in respect of which the holder exercises his or its right of withdrawal from the Exclusionary Offer shall become effective at the time such right of withdrawal is exercised.

• The rights and obligations of a Person who is an Ineligible Holder shall be determined in accordance with Section 4.8. Upon the conversion of Predecessor Units and Converted Units into Common Units on the Conversion Date as described in Article V, the holders thereof will be automatically admitted to the Partnership as Limited Partners in respect of the Common Units issued to them.

More Definitions of Converted Units

Converted Units has the meaning set forth in Section 11.5(e).

Converted Units means Class A Common Units that are converted into Class A Preferred Units pursuant to Section 9.06 when the first Class B Profits Unit is issued by the Company.

Converted Units means the number of Series A Preferred Membership Units outstanding times 1.34.

Converted Units means shares of Class A Common Stock resulting from the exchange of LP Exchangeable Units into shares of Class A Common Stock pursuant to Section 11.2;

Converted Units. Has the meaning set forth in Section 13. Delivery Date: A day that is both a trading day on the New York Stock Exchange and a banking day in the city in which the Company has its headquarters, falling as soon as practicable after the Vesting Date, as determined by the Company, unless otherwise specified in this Award Agreement or the Award Letter.

Converted Units means the Common Units acquired by the Holder upon conversion of Class B Units pursuant to Section 5.10(b)(ix) of the Partnership Agreement.

Converted Units has the meaning set forth in Section 3.15.