Parity Partnership Units definition
Examples of Parity Partnership Units in a sentence
Except as set forth in the preceding sentence, unless distributions on the Preferred Units equal to the full amount of accumulated and unpaid distributions have been or contemporaneously are declared and paid, or declared and a sum sufficient for the payment thereof has been or contemporaneously is set apart for such payment, for all past distribution periods, no distributions shall be declared or paid or set apart for payment by the Partnership with respect to any Parity Partnership Units.
Except as set forth in the preceding sentence, unless all accumulated and unpaid distributions on the Class A Preferred Units have been or contemporaneously are declared and paid, or declared and a sum sufficient for the payment thereof has been or contemporaneously is set apart for such payment, no distributions shall be declared or paid or set apart for payment by the Partnership with respect to any Parity Partnership Units.
Notwithstanding the foregoing provisions of this Section 4, the Partnership shall not be prohibited from (i) declaring or paying or setting apart for payment any distribution on any Parity Partnership Units or (ii) redeeming, purchasing or otherwise acquiring any Parity Partnership Units, in each case, if such declaration, payment, redemption, purchase or other acquisition is necessary to maintain the Previous General Partner's qualification as a REIT.
The Series B Partnership Preferred Units are Parity Partnership Units and the Series A Partnership Preferred Units are Junior Partnership Units.
The Series A Preferred Partnership Units are Parity Partnership Units with the Series C Preferred Partnership Units, and all Common Partnership Units shall rank junior to Preferred Partnership Units as to rights to receive distributions and rights upon liquidation, dissolution or winding up of the Partnership.
Upon any liquidation, dissolution or winding up of the Partnership, after all allocations shall have been made in full to the holders of Preferred Units and any Parity Partnership Units to enable them to receive their respective liquidation preferences, any Junior Partnership Units shall be entitled to receive any and all assets remaining to be paid or distributed, and the holders of the Preferred Units and any Parity Partnership Units shall not be entitled to share therein.
When distributions are not paid in full upon the Preferred Units or any Parity Partnership Units, or a sum sufficient for such payment is not set apart, all distributions declared upon the Preferred Units and any Parity Partnership Units shall be declared ratably in proportion to the respective amounts of distributions accumulated and unpaid on the Preferred Units and accumulated and unpaid on such Parity Partnership Units.
The Series A Preferred Partnership Units, the Series C Preferred Partnership Units and the Series D Preferred Partnership Units are Parity Partnership Units with each other, and all Common Partnership Units shall rank junior to Preferred Partnership Units as to rights to receive distributions and rights upon liquidation, dissolution or winding up of the Partnership.
Nothing --------- contained in Exhibit F or Exhibit T to this Partnership Agreement shall prohibit --------- --------- the Partnership from issuing additional Partnership Units which are Parity Partnership Units with the Series D Preferred Partnership Units.
Nothing contained in Exhibit F or --------- --------- Exhibit S to this Agreement shall prohibit the Partnership from issuing --------- additional Partnership Units which are Parity Partnership Units with the Series C Preferred Partnership Units.