Examples of Series B Preference Unit in a sentence
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.
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.
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.
As between the Limited Partners holding Series A Preference Units and the Limited Partners holding Series B Preference Units, any distributions under this Section 5.5(a)(i) shall be allocated (x) first, based on the Preference Unit Sharing Ratios until there has been distributed in respect of each Series B Preference Unit then Outstanding an amount up to (but not in excess of) the Series B Preference Unit Discretionary Distribution Amount and (y) then, 100% to the Series A Preference Units.