Common use of Series 1 Preferred Units Clause in Contracts

Series 1 Preferred Units. (a) The General Partner hereby designates and creates a series of Units to be designated as “Series 1 Preferred Units,” and consisting of a total of 48,000,000 Series 1 Preferred Units and fixes the designations, preferences and relative, participating, optional or other special rights, powers and duties pertaining to the Series 1 Preferred Units as set forth herein. Immediately following the Series 1 Preferred Unit Issuance Date and thereafter no additional Series 1 Preferred Units, Parity Securities or Senior Securities shall be designated, created or issued without the prior written approval of the General Partner and the holders of a majority of the Outstanding Series 1 Preferred Units.

Series 1 Preferred Units. (a) The General Partner hereby designates and creates a series of Units to be designated as “Series 1 Preferred Units,” and consisting of a total of 48,000,000 Series 1 Preferred Units having the terms and fixes the designations, preferences and relative, participating, optional or other special rights, powers and duties pertaining to the Series 1 Preferred Units as conditions set forth herein. Immediately following the Series 1 Preferred Unit Issuance Date and thereafter no additional Series 1 Preferred Units, Parity Securities or Senior Securities shall be designated, created or issued without the prior written approval of the General Partner and the holders of a majority of the Outstanding Series 1 Preferred Units.