Class K Unit definition

Class K Unit. The Partnership Interest held by the Class K Limited Partner, each full Class K Unit representing a $250,000 Capital Contribution. Code: The Internal Revenue Code of 1986, as amended from time to time.

Class K Unit means a Partnership Security representing a fractional part of the Partnership Interests of all Limited Partners and Assignees, and having the rights and obligations specified with respect to Class K Units in this Agreement.

Class K Unit means a Unit in the Limited Partnership, designated as a Class K Unit, having the rights, privileges, restrictions and conditions set out in the LP Agreement, which are summarized in Section 4.1.2 of the JKDA.

Examples of Class K Unit in a sentence

• Subject to Section 2.4, each Class K Unit (as defined herein) issued and outstanding as of immediately prior to the Effective Time shall be converted into a unit representing a limited partner interest in SXL (an “SXL Class K Unit”), which constitutes a share of a new class of units in SXL containing provisions substantially equivalent to the provisions set forth in a form of amendment to the ETP Partnership Agreement, attached hereto as Exhibit B, all as set forth in the Amended SXL Partnership Agreement.

• With respect to any matter on which the Class K Units are entitled to vote, each Class K Unit will be entitled to one vote on such matter.

• The initial capital account with respect to each Class K Unit will be equal to the Class K Unit Issue Price.

• Each Class E Unit of ETP, each Class G Unit of ETP, each Class I Unit of ETP, each Class J Unit of ETP and each Class K Unit of ETP, if any, issued and outstanding or deemed issued and outstanding as of immediately prior to the effective time of the Merger will be converted into the right to receive a corresponding unit in SXL with the same rights, preferences, privileges, powers, duties and obligations as such existing ETP unit had immediately prior to the Merger.

• The initial capital account with respect to each Class K Unit will be equal to the capital account of the ETP Class K Unit outstanding in ETP immediately prior to the ETP-SXL Merger that converted into the right to receive such Class K Unit.

• The initial capital account with respect to each Class K Unit was determined in accordance with Section 5.4(a).

• The Percentage Interest with respect to an Incentive Distribution Right, a Class I Unit, a Class J Unit, a Class K Unit, a Series A Preferred Unit, a Series B Preferred Unit and a Series C Preferred Unit shall at all times be zero.

• The Percentage Interest with respect to the General Partner Interest and with respect to a Class K Unit, a Class L Unit, a Class M Unit, a Series A Preferred Unit, a Series B Preferred Unit, a Series C Preferred Unit, a Series D Preferred Unit and a Series E Preferred Unit shall at all times be zero.