LP Unit definition

LP Unit means a Partnership Interest issued pursuant to Sections 4.2 or 4.3 and representing a limited partner’s interest in the Partnership.

LP Unit means a fractional, undivided share of the Partnership Interests of all Partners issued pursuant to Sections 4.1, 4.2 and 4.3. The number of L.P. Units outstanding and the Percentage Interests in the Partnership represented by such L.P. Units are set forth in Appendix I, as such Appendix may be amended from time to time. The ownership of L.P. Units shall be evidenced by such form of certificate for units as the General Partner adopts from time to time unless the General Partner determines that the L.P. Units shall be uncertificated securities.

LP Unit means a Partnership Interest of a Limited Partner or Assignee in the Partnership representing a fractional part of the Partnership Interests of all Limited Partners and Assignees, and includes Units and Class B Units.

Examples of LP Unit in a sentence

• Each LP Unit entitles the holder thereof to one vote for the purposes of any approval at a meeting of limited partners, provided that holders of the Redeemable/Exchangeable Partnership Units that are exchanged for LP Units will only be entitled to a maximum number of votes in respect of the Redeemable/Exchangeable Partnership Units equal to 49% of the total voting power of all outstanding units.

• A Special Voting Unit will be issued in tandem with each Class B LP Unit issued.

• Upon exercise of a vested BPY Award, the participant is entitled to receive LP Units or a cash payment equal to the amount by which the fair market value of an LP Unit at the date of exercise exceeds the exercise price of the BPY Award.

• An Exchange LP Unit provides a holder thereof with economic terms that are substantially equivalent to those of a LP Unit.

• Each Class B LP Unit and Class D LP Unit is entitled to one special voting unit, which will entitle the holder to receive notice of, attend and vote at all meetings of the Trust.

More Definitions of LP Unit

LP Unit means the Person in whose name such Unit is registered in the Units Register or (b) any GP Unit means the General Partner.

LP Unit means a Common Unit or a Preferred Unit and “LP Units” means the Common Units and the Preferred Units.

LP Unit means a limited partnership unit representing a beneficial interest in the Partnership issued from time to time in accordance with the Partnership Agreement and having the rights, privileges, restrictions and conditions as set out in the Partnership Agreement;

LP Unit means each Limited Partner’s respective Partnership Interest, including its capital contributions, expressed as an number of units calculated in accordance with Schedule 1 of the Limited Partnership Agreement and specified from time to time in the Partnership Unit Register during the term of this Agreement.

LP Unit means an outstanding limited partnership unit of the Partnership including a Class A LP Unit and a Redeemable LP Unit.

LP Unit means a single unit representing a limited partnership interest in TEPPCO Partners, L.P.

LP Unit means a nonvoting limited partnership interest unit of GDH LP.