Examples of Class L Units in a sentence
In the case of telephone redemptions, the proceeds will not become payable until the receipt at the Administration Centre of a written request.A contract note confirming the subscription or redemption price and the number of units involved will be forwarded, together with a cancellation notice, where appropriate, on the next business day.The most recent issue and redemption prices for Class H and Class L Units will be published on the Manager’s website: www.sjp.co.uk.
In the case of telephone redemptions, the proceeds will not become payable until the receipt at the Administration Centre of a written request.A contract note confirming the subscription or redemption price and the number of units involved will be forwarded, together with a cancellation notice, where appropriate, on the next business day.The most recent issue and redemption prices for Class L Units will be published on the Manager’s website: www.sjp.co.uk.
Class A and Class L Units do not have performance histories as of the date of this Program Description.
The Common Units (which, for the avoidance of doubt, shall include the Common Profits Units) shall be entitled to one vote per Unit on all matters for which the holders of Units are entitled to vote under the terms of this Agreement and the Act, and the Class B Units and Class L Units shall be non-voting (except as explicitly set forth in this Agreement (e.g., pertaining to votes requiring a Majority-in-Interest)).
For the avoidance of doubt, except as set forth in this Section 5.15(b)(iii)(B), the Class L Units will not be entitled to receive distributions.
Fourth, to the holders of Class L Units, Class M Units, Class A Units, and Class B Units, all remaining amounts, pro rata among them based on the holders’ pro rata ownership of the number of Class L Units, Class M Units, Class A Units, and Class B Units outstanding as of the Closing (i.e., in accordance with the percentages set forth under the column labeled Fourth Distribution Participation Percentage on the Capitalization Schedule).
The initial capital account with respect to each Class L Unit will be equal to the capital account of Heritage Holdings or ETC Sunoco, as the case may be, with respect its converted Units, divided by the number of Class L Units issued to such Unitholder.
Upon the issuance of any Class B Units, Class L Units or Common Profits Units as profits interests, the Board shall specify the Distribution Threshold, if any, applicable to such Class B Units, Class L Units or Common Profits Units.
The Class L Units will be perpetual and shall not have any rights of redemption or conversion.
The Board shall have the right to issue, or cause the Company to issue, Class B Units or Class L Units pursuant to the Equity Incentive Plan and Common Profits Units, in each case, as a grant of “profits interests” for U.S. federal income tax purposes.