Class 2 Units definition

Class 2 Units. Class Z Branch Partners," "Class Z Midland Partners," "Additional Limited Partners," "Common Units," "General Partner Units" and "Percentage Interest" in the Partnership Agreement shall not be deemed to include the Series C Preferred Units. The terms "Limited Partnership Interest" and "Partnership Interest" shall be deemed to include the Series C Preferred Units.
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Class 2 Units means the Partnership Interest in the Partnership issued pursuant to Section 4.2 hereof to a Limited Partner other than an Original Limited Partner or the holders of the Class A Units. As provided in Section 5.2, the distribution rights of the Class 2 Units are subordinate to the distribution rights of the Original Limited Partnership Units and the Class A Units but senior to distribution rights of the Class B Units.
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Class 2 Units means the Partnership Interests issued in connection with the Partnership's acquisition of assets from Midland Development Group, Inc. and certain of its affiliated entities. Pursuant to this Third Amended and Restated Agreement of Limited Partnership of the Partnership, all Class 2 Units have been reclassified as Additional Units.
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Examples of Class 2 Units in a sentence

  • In addition, in order to convert your Class 2 Units, you must not have exercised your Class 2 Put Right.

  • However, in order to convert Class 1 or Class 2 Units, the holder of those Units must not have exercised the Put Right for such Units, as applicable.

  • Class 1 Units have the same priority as Class 2 Units and Class 3 Units (as described below) for sharing in any shortfall as set forth in Section 2.1.4.2(b)(1) of the Operating Agreement.

  • The Board currently has no plans to issue Class 2 Units other than to holders of Class 1 Units who convert their Class 1 Units.

  • In addition, the Board has authorized the issuance of Class 2 Units and Class 3 Units as follows: • Class 2 Units are only authorized for issuance upon the conversion of Class 1 Units into Class 2 Units.

  • Otherwise, the rights to Class 3 Mandatory Monthly Distributions are the same as the rights of the Class 1 and Class 2 Units to Mandatory Monthly Distributions.

  • Class 2 Units will receive Additional Distributions as determined by the Board in its sole discretion.

  • Any holder of Class 2 Units who fails to return the notice of exercise form to us on or before September 28, 2010 will forfeit his or her Class 2 Put Right.

  • Class 3 Units may not be converted back into Class 1 or Class 2 Units.

  • As set forth above, under the discussion of the Suitability of the Class 1 Units, Members who have a low or negative capital account balance should consult their tax advisors to discuss whether such Members should ever consider selling their Class 2 Units, or whether such Class 2 Units should pass to the Member’s heirs.

Related to Class 2 Units

  • Class B Units means the Class B Units of the Company.

  • Class A Units means the Units of partnership interest in the Partnership designated as the “Class A Units” herein and having the rights pertaining thereto as are set forth in this Agreement.

  • Class B LP Units means, collectively, the Class B limited partnership units of the Partnership, and “Class B LP Unit” means any one of them.

  • Class C Units The term "Class C Units" shall have the meaning set forth in the preface.

  • Common Units is defined in the Partnership Agreement.

  • Class B Common Units has the meaning set forth in Section 1(a) hereof.

  • Class A LP Units means the Class A limited partnership units of the Partnership.

  • LTIP Units means LTIP Units, as such term is defined in the Partnership Agreement.

  • Class C Shares means shares of the Class C Common Stock.

  • Class B Interests As set forth in the Trust Agreement.

  • Class D Units has the meaning ascribed to such term in the LLC Agreement.

  • Subordinated Units has the meaning assigned to such term in the Partnership Agreement.

  • Class A Common Units means a Common Unit which is designated as a “Class A Common Unit” and which has the rights, preferences and other privileges designated in Annex A hereto and elsewhere in this Agreement in respect of holders of Common Units.

  • Preferred Units means a Partnership Interest, including the Series A Preferred Units, designated as a “Preferred Unit,” which entitles the holder thereof to a preference with respect to distributions, or as to the distribution of assets upon any Liquidation Event, over Common Units.

  • Class I Shares means Class I Shares in the Company as set forth in the relevant

  • Units means the units of the Company, each comprised of one share of Common Stock and one-half of one Warrant.

  • Class B Stock means Class B Stock, par value $1.00 per share, of the Company.

  • Initial Units means, with respect to any Initial Limited Partner, the aggregate number of Class A Units owned by such Initial Limited Partner as of the date of this Agreement.

  • Series A Preferred Units has the meaning assigned to such term in Section 5.11(a).

  • Core Units means such Units of the Trust that are issued to Core Investors with the condition that these are not redeemable for a period of two years from the close of the First Offer Period. Such Units are transferable with this condition, but otherwise shall rank pari passu with all other Units, save for this restriction. Any transfer of the Core Units, during the first two years of their issue as mentioned herein, shall be affected only on the receipt by the Registrar of a written acceptance of this condition by the transferee.

  • Class B Warrants means, collectively, the Common Stock purchase warrants in the form of Exhibit C attached hereto delivered to the Purchasers at the Closing in accordance with Section 2.2(a) hereof, which warrants shall be exercisable immediately and have a term of exercise equal to one year.

  • OP Units means units of limited partnership interest in the Operating Partnership.

  • Series B Preferred Units shall have the meaning provided in Section 1.

  • Partnership Units or “Units” has the meaning provided in the Partnership Agreement.

  • Class A Stock means the Company's Class A Common Stock, par value $0.01 per share.

  • Class B Shares means the Class B ordinary Shares in the capital of the Company of $0.0001 nominal or par value designated as Class B Shares, and having the rights provided for in these Articles.