Series C Preferred Units definition
Examples of Series C Preferred Units in a sentence
The ownership of Series C Preferred Units shall be evidenced by certificates.
The tendering Series C Preferred Unit Holder shall have no right, with respect to any Series C Preferred Units so redeemed, to receive any distributions paid on or after the Series C Preferred Redemption Date.
In such event, the Tendering Series C Preferred Unit Holder shall have no right to cause the Partnership to redeem such Tendered Series C Preferred Units.
Notwithstanding the foregoing, distributions on the Series C Preferred Units will accrue whether or not the terms and provisions set forth in Section 18.2.C hereof at any time prohibit the current payment of distributions, whether or not the Partnership has earnings, whether or not there are funds legally available for the payment of such distributions and whether or not such distributions are authorized.
The Partnership hereby irrevocably elects that all Series C Preferred Units shall be “securities” governed by Article 8 of the Uniform Commercial Code as in effect in the State of Utah and each other applicable jurisdiction.