Class B Convertible Unit definition

Class B Convertible Unit means a “Class B Convertible Unit” as defined in the SXE Partnership Agreement.
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Class B Convertible Unit as defined in the SXE Partnership Agreement.
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Class B Convertible Unit does not refer to (a) a Common Unit prior to the conversion of a Class B Convertible Unit into a Common Unit pursuant to the terms hereof or (b) a Subordinated Unit.
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Examples of Class B Convertible Unit in a sentence

  • If a Cumulative Class B Convertible Unit Arrearage exists on the Conversion Effective Date, Available Cash shall be distributed 98% to the Unitholders holding Class B Convertible Units, Pro Rata, and 2% to the General Partner, until there has been distributed in respect of each Class B Convertible Unit then Outstanding an amount equal to the Cumulative Class B Convertible Unit Arrearage as of such date.

  • For the avoidance of doubt, each Common Unit issued upon conversion of a Class B Convertible Unit shall be entitled to receive the full distribution payable to the holder of a Common Unit concurrently with the distribution of such Excess Payment.

  • Section 6.5 is hereby amended to add the following as a new penultimate sentence: Available Cash that is deemed to be Capital Surplus shall then be distributed 98% to all Unitholders holding Class B Convertible Units, Pro Rata, and 2% to the General Partner, until there has been distributed in respect of each Class B Convertible Unit then Outstanding an amount equal to the Cumulative Class B Convertible Unit Arrearage.

  • For purposes of this calculation, the initial Class B Conversion Rate of 1.0 (i.e., one Common Unit for each Class B Convertible Unit) was used, although the Class B Conversion Rate may vary.

  • For the taxable year in which an Excess Payment is made, if not previously allocated, each holder of a Class B Convertible Unit shall be allocated items of gross income in an amount equal to the Excess Payment distributed to it as provided in Section 6.1(d)(iii)(A).

  • Upon receipt of the Conversion Approval and compliance with Section 5.12(h), the terms of the Class B Convertible Units will be changed, automatically and without further action, so that each Class B Convertible Unit is converted into one Common Unit and, immediately thereafter, none of the Class B Convertible Units shall be Outstanding.

  • Each Class B Convertible Unit will be entitled to the number of votes equal to the number of Common Units into which a Class B Convertible Unit is convertible at the time of the record date for the vote or written consent on the matter.

  • The Class B Convertible Unit interest is calculated based on the allocation of only net losses for the period.Common Units Subordinated Units ____________________________________________________________________________(1)Because we had a net loss for all periods for common units and the subordinated units, the effect of the dilutive units would be anti-dilutive to the per unit calculation.

  • The initial Capital Account balance in respect of each Class B Convertible Unit issued on the Class B Issuance Date shall be the Class B Issue Price, and the initial Capital Account balance in respect of each Class B PIK Unit shall be zero.


More Definitions of Class B Convertible Unit

Class B Convertible Unit means a “Class B Convertible Unit” as defined in the SXE Partnership Agreement. “ Class B PIK Unit ” means a “Class B PIK Unit” as defined in the SXE Partnership Agreement.
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Related to Class B Convertible Unit

  • 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.

  • Class A Preferred Stock means the Class A preferred stock, nominal value $0.0001 per share, of the Company.

  • Class B Common Unit means one of that certain class of Common Units with those special rights and obligations specified in this Agreement as being appurtenant to a “Class B Common Unit”.

  • Class B Common Shares means the Class B Convertible Voting Common Shares of the Company, par value $1.00 per share.

  • Class A Preferred Shares shall have the meaning ascribed to it in Section 2.4(a).

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

  • Class B Ordinary Share means an Ordinary Share of a par value of US$0.0001 in the capital of the Company, designated as a Class B Ordinary Share and having the rights provided for in these Articles;

  • Series B Convertible Preferred Stock means the Series B Convertible Preferred Stock, $.01 par value, of the Corporation.

  • Class B Ordinary Shares shall have the meaning ascribed to it in Section 2.4(a).

  • Class B Common Stock means the Class B common stock, par value $0.0001 per share, of the Company.

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

  • Series A Preferred Unit means a Preferred Unit having the designations, preferences, rights, powers and duties set forth in Article XVI.

  • Series B-2 Preferred Stock means shares of the Company’s Series B-2 Preferred Stock, par value $0.001 per share.

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

  • Class B Unit means a Partnership Unit which is designated as a Class B Unit of the Partnership.

  • Series B-2 Preferred Shares means the Company’s series B-2 preferred shares, par value US$0.00001 per share.

  • Class A Warrants means, collectively, the Common Stock purchase warrants 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 five (5) years, in the form of Exhibit A attached hereto.

  • Class A Common Unit means a Common Unit having the rights and obligations specified with respect to Class A Common Units in this Agreement.

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

  • Class C Ordinary Share shall have the meaning ascribed to it in Section 2.4(a).

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

  • Class C Common Stock means the Class C Common Stock, par value $0.01 per share, of the Company.

  • Series B-1 Preferred Stock means shares of the Company’s Series B-1 Preferred Stock, par value $0.0001 per share.

  • Class A Common Shares means class A common shares of a nominal or par value of US$0.00001 each in the capital of the Company having the rights provided for in the Memorandum and Articles of Association, and any shares into which such class A common shares may be converted.

  • Preferred Unit means a fractional, undivided share of the Partnership Interests that has distribution rights, or rights upon liquidation, winding up and dissolution, that are superior or prior to the Common Units that the General Partner has authorized pursuant to Section 4.2 hereof.

  • Series B-1 Preferred Shares means the Company’s series B-1 preferred shares, par value US$0.00001 per share.