Senior Preferred Units definition

Senior Preferred Units shall have the meaning provided in Section 4.

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Senior Preferred Units has the meaning set forth in Section 3.04(a)(i)

Senior Preferred Units shall be used to refer to any class or series of Partnership Interests of the Partnership now or hereafter authorized, issued or outstanding that are expressly designated by the Partnership to rank senior to Series C Preferred Units with respect to distributions or rights upon voluntary or involuntary liquidation, winding-up or dissolution of the Partnership, or both, as the context may require, whether or not the distribution rates, distribution payment dates or redemption or liquidation prices per unit or conversion rights or exchange rights shall be different from those of the Series C Preferred Units.

Examples of Senior Preferred Units in a sentence

• For the avoidance of doubt, the Junior Preferred Units and the Senior Preferred Units do not need to be transferred together and may be transferred in separate transactions.

• Each Senior Preferred Member owns that number of Senior Preferred Units as appears next to its name on Schedule I hereto.

• Effective upon the Senior Preferred Redemption, the Senior Preferred Units shall have no rights as a Member, economic or otherwise, under this Agreement including, without limitation, any right to distributions under Sections 5.02, 5.03 and 9.03(c) or otherwise.

• Notwithstanding the provisions in Sections 6.1, 6.2.B.1 and 6.2.B.2, but subject to the other provisions of this Article 6, if the Partnership has positive Adjusted Net Income for a fiscal year, such Adjusted Net Income shall first be allocated to the Holders of Senior Preferred Units under Section 6.2.B.1(e) for such fiscal year, with the remaining items of Net Income or Net Loss allocated to the Partners pursuant to Sections 6.2.B.1 and 6.2.B.2.

• The holders of the Series A Preferred Units may deliver a consent in writing or by electronic transmission to the Partnership, and if the holders of the Series A Preferred Units entitled to cast not less than the minimum number of votes that would be necessary to authorize the issuance of the Senior Preferred Units deliver such consent to the Partnership, the Partnership shall not be required to seek the consent of the remaining holders of Series A Preferred Units, if any.

More Definitions of Senior Preferred Units

Senior Preferred Units means all classes or series of Preferred Units issued by the Partnership, the terms of which specifically provide that such Preferred Units rank senior to the Series A Preferred Units, Series B Preferred Units and Series C Preferred Units with respect to distribution rights or rights upon liquidation, dissolution or winding up of the Partnership.

Senior Preferred Units shall have the meaning provided in Section 4 of this Amendment.

Senior Preferred Units means the Class A-1 Units (as defined in the A&R LLC Agreement).

Senior Preferred Units shall have the meaning provided in Section 4. 43694956

Senior Preferred Units means Senior Preferred Units of Horizon Lines, as defined in the LLC Agreement.

Senior Preferred Units has the meaning set forth in the Recitals.

Senior Preferred Units shall be used to refer to any class or series of Partnership Interests now or hereafter authorized, issued or outstanding expressly designated by the Partnership to rank senior to the Series A Preferred Units with respect to distributions and rights upon voluntary or involuntary liquidation, winding-up or dissolution of the Partnership. The term “Junior Units” shall be used to refer to the Common Units and any other class or series of Partnership Interests now or hereafter authorized, issued or outstanding expressly designated by the Partnership to rank junior to the Series A Preferred Units with respect to distributions and rights upon voluntary or involuntary liquidation, winding-up or dissolution of the Partnership. The term “Closing Value Per Unit” means (i) with respect to each Series A Preferred Unit issued to a Contributor LP on the Effective Date, $26.75 and (ii) with respect to each Common Unit issued to a Contributor LP on the Effective Date, $23.50. The term “Series A Preferred LP Return” shall mean, an amount that accrues and accumulates on each Series A Preferred Unit commencing on the Effective Date at a per annum rate equal to 5.99% of the Closing Value per Unit for a Series A Preferred Unit.