Preference Units definition

Preference Units means a Partnership Interest, designated as a “Preference Unit,” including the Series A Preference Units, the Series B Preference Units and the Series C Preference Units, which entitles the holder thereof to a preference with respect to distributions, or as to the distribution of assets upon any Liquidation Event, over Common Units.

Preference Units are units of Partnership Interest more particularly described in Section 3.2 below.

Preference Units means Preference Units as defined in the Partnership Agreement.

Examples of Preference Units in a sentence

• Each Preference Unit Holder irrevocably directs the Trustee to apply any repayment of that Preference Unit Holder’s Initial Loan Contribution in paying up the Unit Holder’s Preference Units for the amount of the Initial Unit Call.

• Where Preference Unit Holders holding (in aggregate) 50% or more of the Preference Units on issue engage an Auditor, all Preference Unit Holders are responsible for payment of all fees and reimbursements charged by the Auditor, payable by each of them pro rata in the proportion that the total Paid Up Amounts on each Preference Unit Holder’s Preference Units bears to the aggregate Paid Up Amounts of all Preference Units on issue.

• Where Preference Unit Holders holding (in aggregate) less than 50% of the Preference Units on issue engage an Auditor, those Preference Unit Holders are responsible for payment of all fees and reimbursements charged by the Auditor, payable by each of them pro rata in the proportion that the total Paid Up Amounts on each Preference Unit Holder’s Preference Units bears to the aggregate Paid Up Amounts of all Preference Units of those Preference Unit Holders who engaged the Auditor.

• The Redemption Price for Ordinary Units is the fair value of the Ordinary Units, determined taking into account the rights attaching to any Preference Units (if any) on issue at the time of the redemption of the Ordinary Units.

• Each Preference Subscriber acknowledges that nil consideration per Preference Unit represents the fair value of that Preference Subscriber’s Preference Units at the time of redemption, on the basis that redemption can only occur on or after the Zero Value Date.

More Definitions of Preference Units

Preference Units has the meaning set forth in Section 4.2.E.

Preference Units means any Limited Partnership Interests of any class ranking senior (as to preferential distributions or redemption or voting rights) to the Common Units.

Preference Units means Series B Preferred Units as such term is defined in the Agreement of Limited Partnership.

Preference Units means the preference units representing preference limited partner interests in the Partnership.

Preference Units means, collectively, the Common Preference Units and the Series A Preference Units.

Preference Units has the meaning set out in the recitals and for greater certainty means the non-voting preferred membership interests issued by the Coop, all of which shall have rights customary to preferred shares (with all such rights set out in the Coop Articles) and which rights shall include (a) the Preference Shares/Units Dividend Right (b) the right to exercise the Preference Shares/Units Put Right, (c) the right to exercise the Preference Units Conversion Right,

Preference Units means the non-voting preferred membership interests in Coop.