Class Z Unit definition

Class Z Unit means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class Z Unit as provided in this Agreement.
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Class Z Unit means a Unit representing a fractional part of the Member Interests of all Members and, to the extent that they are treated as Members hereunder, Assignees, and having the rights and obligations specified with respect to the Class Z Unit in this Agreement.
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Examples of Class Z Unit in a sentence

  • The Class Z Unit is a non-economic interest, that is without any right to participate in distributions or allocations.

  • Upon compliance with the foregoing provisions of this Section 5.12(c) and Section 5.12(d), the Class Z Unit shall be cancelled and shall no longer be Outstanding upon the earliest to occur of (i) receipt of the approval of the Proposed Amendment or (ii) the applicable date set forth in Section 5.12(b)(i).

  • Upon receipt of the approval of the amendment by the holders of the Class A Units and the Common Units, the Board shall give the holder of the Class Z Unit prompt notice of such approval, and the holder of the Class Z Unit shall promptly surrender the Class Z Unit Certificate therefor, duly endorsed, at the office of the Company or of any transfer agent for the Class Z Unit.

  • The Board hereby designates and creates a series of Company Securities to be designated as the “Class Z Unit” and consisting of a total of one Class Z Unit, and fixes the designations, preferences and relative, participating, optional or other special rights, powers and duties of holders of the Class Z Unit as set forth in this Section 5.12.