Series B Convertible Preferred Units definition

Series B Convertible Preferred Units means the preferred interest of a Member of the Company issued in accordance with Section 12.3.

Series B Convertible Preferred Units has the meaning set forth in Section 9.2(b) hereof.

Series B Convertible Preferred Units means, as of any date, the Series B Convertible Preferred Units designated as such in accordance with this Agreement and which are convertible into Common Units. The number of Series B Convertible Preferred Units held by each Series B Convertible Preferred Member as of any date is set forth on Exhibit A (as amended from time to time in accordance with the terms hereof) as in effect on such date.

Examples of Series B Convertible Preferred Units in a sentence

• The Series B Convertible Preferred Units shall be converted into Common Units at the time, at the conversion price and in such number as the Related Issue is converted into Common Stock.

• Upon the redemption of any shares of the Related Issue, the Operating Partnership shall redeem an equal number of Series B Convertible Preferred Units for a redemption price per unit equal to the redemption price per share of the Related Issue, exclusive of any accrued unpaid dividends.

• Upon any conversion or any redemption, repurchase or other acquisition by the Operating Partnership of Series B Convertible Preferred Units, the Series B Convertible Preferred Units so converted, redeemed, repurchased or acquired shall be retired and canceled.

• The authorized number of shares of Series B Convertible Preferred Units shall be 5,000,000.

• The Company may issue Series B Convertible Preferred Units from time to time subject to the limitations on the issuance of Preferred Units set forth in Section 7.2(a), Section 7.11 and Section 7.12, other than the initial issuance of the Series B Convertible Preferred Units, which shall not be subject to such provisions.

• On the date of the initial issuance of Series B Convertible Preferred Units, the Capital Contributions of each Member shall be revalued as set forth on Exhibit 4.1 attached hereto.

• All redemptions of the Series B Convertible Preferred Units pursuant to this Section 12.4(c) shall be made concurrently with the redemption of Series C Preferred Units pursuant to Section 12.5(c) and, in the case of redemption pursuant to clause (y) above, the consummation of such sale, lease, exchange or other transfer shall be a condition to such redemption.

• Each Series B Convertible Preferred Unit shall accrue distribution rights at a rate of 16% per calendar year on the average daily Liquidation Preference of the Series B Convertible Preferred Units during such calendar year.

• From and after the redemption date (unless there shall be a default by the Company in providing money for the payment of the redemption price) distribution rights on the Series B Convertible Preferred Units so tendered for redemption shall cease to accrue, and such Series B Convertible Preferred Units shall no longer be deemed to be outstanding, and all rights of the holders thereof (except the right to receive from the Company the redemption price therefor) shall cease.

• After the Closing Date, a Member may not transfer any of its Units, Series A Preferred Units or Series B Convertible Preferred Units except as specifically permitted pursuant to this Article XI.

More Definitions of Series B Convertible Preferred Units

Series B Convertible Preferred Units has the meaning assigned to such term in the Partnership Agreement, as in effect on the date of the indenture.

Series B Convertible Preferred Units has the meaning set forth in the Operating Agreement.

Series B Convertible Preferred Units has the meaning set forth in the Company LLCA.

Series B Convertible Preferred Units means the Company’s Series B Convertible Preferred Units and in the event of a Corporate Conversion, shares of NewCo’s Series B Preferred Stock.

Series B Convertible Preferred Units shall have the meaning set forth in Section 4.2(a)(i).

Series B Convertible Preferred Units will have the meaning assigned to such term in the Preamble hereof.