Examples of Class P Unit in a sentence
Please sign this Award Agreement in the space provided below to confirm your Class P Unit Grants and return a copy at your earliest convenience.
The Class P Common Units constituting each of your Class P Unit Grants are subject to the terms and conditions of the LPAs, including, but not limited to, the vesting and forfeiture terms set forth therein.
For the avoidance of doubt, if more than one event occurs that would give rise to a right to enter into a ITR Agreement pursuant to Section 6 or to a right to Delivered Tax Value or to a payment under Section 7(a), Section 7(b) or Section 8, any Holder of a Class P Unit that would have been entitled to payment in respect of more than one such event will be entitled to elect in respect of which such event such Holder will receive payment in accordance with these Terms.
But, for the avoidance of doubt, no tax benefit or deemed tax benefit shall give rise in connection with more than one such event to a payment or right to payment in respect of a Class P Unit (or other securities into which such Class P Unit is converted or exchanged).
If the Preferred Base Amount or the Compounded Return is reduced by any redemption or repurchase of a Class P Unit pursuant to Section 4 or Section 5 or pursuant to an RP Election (collectively, “Prior Preferred Redemptions”) made between Distribution Payment Dates, from such date of payment the Preferred Return shall accrue at the Applicable Distribution Rate on the basis of such reduced sum of the Preferred Base Amount and Compounded Return.