Senior Preference Units definition

Senior Preference Units means, collectively, (a) the "Senior Preference Units" issued and outstanding under, and as defined in, the Agreement of Limited Partnership dated as of December 4, 1991 of TNCLP, as such Agreement of Limited Partnership is in effect on the Restatement Date, and (b) the "Common Units" into which such Senior Preference Units have been converted in accordance with Section 5.5 of such Agreement of Limited Partnership.
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Examples of Senior Preference Units in a sentence

  • The Registrar is hereby appointed Registrar for the purpose of registering Senior Preference Units and Preference Units and transfers of such Senior Preference Units and Preference Units as herein provided.

  • The General Partner contributed $10 in cash and received in exchange therefor a 1.0% Partnership Interest as General Partner and Kaneb contributed $990 in cash and received in exchange therefor 46 Senior Preference Units representing a 99% Partnership Interest as Limited Partner in the Partnership.

  • Terra contemplates that, in addition to the Proposed Transaction, Holdco may from time to time purchase Senior Preference Units as part of the SPU Redemption or make loans to Terra or one or more Subsidiaries of Terra for such purpose.

  • The rights, preferences and limitations of the Senior Preference Units are set forth in the Amended and Restated Agreement of Limited Partnership of the Partnership (the "Partnership Agreement"), as the same may, from time to time, be amended and restated, under which the Partnership was formed and is existing, copies of which are on file at the principal office of the General Partner in Richardson, Texas.

  • The Depositary shall then issue or cause to be issued a new Depositary Receipt evidencing the same aggregate number of Common or Senior Preference Units, as the case may be, as evidenced by the Depositary Receipt surrendered and shall deliver the new Depositary Receipt to or upon the order of the Person entitled thereto.

  • A Record Holder shall have the authority to convey to a transferee who does not properly execute and deliver a Transfer Application only (a) the right to assign the Senior Preference Units to a purchaser or other transferee and (b) the right to transfer the right to request admission as a Limited Partner in respect of such Senior Preference Units.

  • The Depositary shall keep books at its Corporate Office for the transfer of Senior Preference Units.

  • The Depositary is hereby initially appointed as Registrar and as Transfer Agent with respect to the Senior Preference Units and the Common Units.

  • Upon surrender of this Depositary Receipt to the Depositary at its Corporate Office and subject to the terms and conditions of the Deposit Agreement and the Partnership Agreement, a Record Holder of this Depositary Receipt who is a Limited Partner is entitled to delivery of a nontransferable Certificate evidencing the Senior Preference Units evidenced hereby.

  • Whenever the Depositary receives from the Partnership any cash distributable to Record Holders, the Depositary shall, subject to the provisions of the Deposit Agreement, make such distribution to the Record Holders on the Record Date based upon the number of Senior Preference Units registered in such Record Holder's name; provided that the amounts distributed may be reduced by any amount required to be withheld by the Partnership or the Depositary on account of taxes.