Preference Unit definition

Preference Unit a partnership interest in the Borrower representing a fractional part of the partnership interests of all limited partners of the Borrower and having the rights and obligations specified with respect to Preference Units in the Partnership Agreement.

Preference Unit means any Series A Preference Unit, Series B Preference Unit or other Unit of any class or series of Preference Units hereafter existing.

Preference Unit has the meaning given in the Trust Deed.

Examples of Preference Unit in a sentence

• Each Series A Preference Unit shall be identical in all respects to every other Series A Preference Unit, except as to the respective dates from which the Series A Liquidation Preference shall increase or from which Series A Distributions may begin accruing, to the extent such dates may differ.

• Each Series B Preference Unit shall be identical in all respects to every other Series B Preference Unit, except as to the respective dates from which the Series B Liquidation Preference shall increase or from which Series B Distributions may begin accruing, to the extent such dates may differ.

• Series B Holders shall be entitled to receive Series B Distributions from time to time out of any assets of the Partnership legally available for the payment of distributions at the Series B Distribution Rate per Series B Preference Unit when, as, and if declared by the Board of Directors.

• The payment of the Series B Liquidation Preference shall be a payment in redemption of the Series B Preference Units such that, from and after payment of the full Series B Liquidation Preference, any such Series B Preference Unit shall thereafter be cancelled and no longer be Outstanding.

• The payment of the Series A Liquidation Preference shall be a payment in redemption of the Series A Preference Units such that, from and after payment of the full Series A Liquidation Preference, any such Series A Preference Unit shall thereafter be cancelled and no longer be Outstanding.

More Definitions of Preference Unit

Preference Unit means a Unit in respect of which the terms of issue are as set out in clause 7.1.

Preference Unit has the meaning given in the Unit Holders Deed.

Preference Unit is a unit of Partnership Interest having such rights, preferences and other privileges, variations and designations as may be determined by the General Partner in its sole and absolute discretion (but not in violation of the provisions of Section 3.2(B) or the terms of any other Preference Unit(s) Term Sheets). There may be more than one series or class of Preference Units having differing terms and conditions, but all Preference Units within a given series or class shall have the same rights, preferences and other privileges, variations and designations. With respect to each series or class of Preference Units, the General Partner may also, in its discretion, determine and fix, among other terms and conditions, any of the following: (a) the series to which such Preference Units shall belong, (b) the distribution rate therefor, (c) the price at and the terms and conditions on which such Preference Units may be redeemed, (d) the amount payable in respect of such Preference Units in the event of involuntary or voluntary liquidation, (e) the terms and conditions on which such Preference Units may be converted and the securities into which such Preference Units may be converted (and/or the valuation of such Preference Units as measured in OP Units), if such Preference Units are issued with the privilege of conversion, and (f) the number of such Preference Units to be issued as a part of such series. Once determined and fixed as herein provided, however, the terms and conditions of a particular series or class of Preference Units may not be changed without the written consent of the holders of at least 67% of the Preference Units within the class or series (or such greater percentage as may be provided for in any the applicable Preference Unit Term Sheet). The aggregate total of all Units outstanding as of the date of this Agreement is 21,958.69, all of which consist of OP Units. As of the date of this Agreement, each Partner is deemed to hold Units as shown on Schedule A. Effective as of the date hereof, the Partnership is issuing to HALP a limited partnership interest denominated as a "Participation Interest." The Participation Interest is in addition to, and distinct from, the Units described above and any references to "Units" or OP Units shall not be deemed to include the Participation Interest. It is intended that the Participation Interest constitute a profits interest within the meaning of Section 2.02 of IRS Revenue Procedure 93-27, 1993-2 C.B. 343.

Preference Unit. One of that certain class of LP Units with those special rights and obligations specified in this Agreement as being appurtenant to a ?Preference Unit?.

Preference Unit has the meaning given in the Unit Holders Deed. Preference Unit Holder has the meaning given in the Unit Holders Deed. Rail Corridor Agreement means an agreement entitled “User Funding – Rail Corridor Agreement: [insert Extension name]” between Aurizon Network and the Trustee, substantially in the form shown in schedule 1. Rail Corridor Land means land that, immediately prior to the termination or expiry of the Land Lease, was leased pursuant to the Land Lease.

Preference Unit means a Preference Unit, as defined and described in the Amended and Restated Agreement of Limited Partnership of the Company, dated February 19, 1993, as amended from time to time.

Preference Unit has the meaning set forth in Section 6.