Common use of I-Units Clause in Contracts

I-Units. Pursuant to Section 4.4, the General Partner hereby designates and creates a special class of Units designated “I-Units” and fixes the designations, preferences and relative, participating, optional or other special rights, powers and duties of the holders of the I-Units as follows: (a) Except as otherwise provided in Section 5.1(c), a holder of an I-Unit will receive no allocations of income, gain, loss or deductions. Except for distributions made in accordance with Sections 14.3(b) and 14.3(c), no distributions or payments shall be made to a holder of an I-Unit except in additional I-Units (or fractions thereof) or a security that has in all material respects the same rights and privileges as the I-Units, in accordance with Section 5.10. (b) The number of Outstanding I-Units may be subdivided pursuant to Sections 4.11 and 5.10. (c) Except as otherwise provided in this Agreement, each holder of an I-Unit shall have the rights of a holder of a Common Unit with respect to voting. Except as otherwise provided in this Agreement, all Units shall vote or consent together as a single class on all matters submitted for a vote or consent of the Outstanding Units.

Appears in 8 contracts

Samples: Agreement of Limited Partnership (Enbridge Energy Partners Lp), Limited Partnership Agreement, Agreement of Limited Partnership (Enbridge Energy Partners Lp)

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I-Units. (a) Pursuant to Section 4.44.1, the General Partner hereby designates and creates a special class of Units designated "I-Units" and fixes the designations, preferences and relative, participating, optional or other special rights, powers and duties of the holders of the I-Units as follows: (ab) Except as otherwise provided in Section 5.1(c)) upon a Termination Capital Transaction, a holder of an I-Unit will receive no allocations of income, gain, loss or deductions. Except for distributions made in accordance with Sections pursuant to Section 14.3(b) and 14.3(c), no any distributions or payments shall be made to a holder of an I-Unit except in additional I-Units (or fractions thereof) or a security that has in all material respects the same rights and privileges as the I-Units, in accordance with Section 5.10. (b) The number of Outstanding I-Units may be subdivided pursuant to Sections 4.11 and 5.105.7. (c) Except as otherwise provided in this Agreement, each holder of an I-Unit shall have the rights of a holder of a Common Unit with respect to voting. Except as otherwise provided in this Agreement, all Units shall vote or consent together as a single class on all matters submitted for a vote or consent of the Outstanding Units. (d) The Certificates evidencing I-Units shall be separately identified and shall not bear the same CUSIP number as the Certificates evidencing Common Units or Class B Units.

Appears in 2 contracts

Samples: Limited Partnership Agreement (Kinder Morgan Energy Partners L P), Limited Partnership Agreement (Kinder Morgan Energy Partners L P)

I-Units. Pursuant to Section 4.4, the General Partner hereby designates and creates a special class of Units designated "I-Units” UNITS" and fixes the designations, preferences and relative, participating, optional or other special rights, powers and duties of the holders of the I-Units as follows: (a) Except as otherwise provided in Section 5.1(c), a holder of an I-Unit will receive no allocations of income, gain, loss or deductions. Except for distributions made in accordance with Sections 14.3(b) and 14.3(c), no distributions or payments shall be made to a holder of an I-Unit except in additional I-Units (or fractions thereof) or a security that has in all material respects the same rights and privileges as the I-Units, in accordance with Section 5.10. (b) The number of Outstanding I-Units may be subdivided pursuant to Sections 4.11 and Section 5.10. (c) Except as otherwise provided in this Agreement, each holder of an I-Unit shall have the rights of a holder of a Common Unit with respect to voting. Except as otherwise provided in this Agreement, all Units shall vote or consent together as a single class on all matters submitted for a vote or consent of the Outstanding Units.

Appears in 1 contract

Samples: Agreement of Limited Partnership (Enbridge Energy Management L L C)

I-Units. Pursuant to Section 4.4, the General Partner hereby designates and creates a special class of Units designated “I-Units” and fixes the designations, preferences and relative, participating, optional or other special rights, powers and duties of the holders of the I-Units as follows: (a) Except as otherwise provided in Section 5.1(c), a holder of an I-Unit will receive no allocations of income, gain, loss or deductions. Except for distributions made in accordance with Sections 14.3(b) and 14.3(c), no distributions or payments shall be made to a holder of an I-I- Unit except in additional I-Units (or fractions thereof) or a security that has in all material respects the same rights and privileges as the I-I- Units, in accordance with Section 5.10. (b) The number of Outstanding I-Units may be subdivided pursuant to Sections 4.11 and 5.10. (c) Except as otherwise provided in this Agreement, each holder of an I-Unit shall have the rights of a holder of a Common Unit with respect to voting. Except as otherwise provided in this Agreement, all Units shall vote or consent together as a single class on all matters submitted for a vote or consent of the Outstanding Units.

Appears in 1 contract

Samples: Limited Partnership Agreement

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I-Units. Pursuant to Section 4.4, the General Partner hereby designates and creates a special class of Units designated "I-Units” UNITS" and fixes the designations, preferences and relative, participating, optional or other special rights, powers and duties of the holders of the I-Units as follows: (a) Except as otherwise provided in Section 5.1(c), a holder of an I-Unit will receive no allocations of income, gain, loss or deductions. Except for distributions made in accordance with Sections 14.3(b) and 14.3(c), no distributions or payments shall be made to a holder of an I-Unit except in additional I-Units (or fractions thereof) or a security that has in all material respects the same rights and privileges as the I-Units, in accordance with Section 5.10. (b) The number of Outstanding I-Units may be subdivided pursuant to Sections 4.11 and 5.10. (c) Except as otherwise provided in this Agreement, each holder of an I-Unit shall have the rights of a holder of a Common Unit with respect to voting. Except as otherwise provided in this Agreement, all Units shall vote or consent together as a single class on all matters submitted for a vote or consent of the Outstanding Units.

Appears in 1 contract

Samples: Limited Partnership Agreement (Enbridge Energy Partners Lp)

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