Examples of Series C Preference Units in a sentence
The Series C Preference Units represent perpetual equity interests in the Partnership and shall not give rise to a claim by the holder for redemption thereof at a particular date.
Series C Preference Units that are purchased or otherwise acquired by the Partnership shall be cancelled.
If less than all distributions payable with respect to all Series C Preference Units and any other Parity Securities are paid, any partial payment shall be made pro rata with respect to the Series C Preference Units and any such other Parity Securities entitled to a distribution payment at such time in proportion to the aggregate distribution amounts remaining due in respect of such Series C Preference Units and such other Parity Securities at such time.
On November 15, 2018, the Board of Directors designated and created a series of Preference Units designated as “8.500% Series C Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units,” and fixed the preferences, rights, powers and duties of the holders of the Series C Preference Units as set forth in this Article XVIII.
No distribution shall be declared or paid or set apart for payment on any Junior Securities (other than a distribution payable solely in Junior Securities) unless full cumulative Series C Distributions have been or contemporaneously are being paid or provided for on all Outstanding Series C Preference Units and any other Parity Securities through the most recent respective Series C Distribution Payment Dates.
So long as the Series C Preference Units are held of record by the nominee of the Depositary, declared Series C Distributions shall be paid to the Depositary in same-day funds on each Series C Distribution Payment Date.
To the fullest extent permitted by applicable law, the General Partner, Partnership, the Transfer Agent and the Paying Agent may deem and treat any Series C Holder as the true, lawful and absolute owner of the applicable Series C Preference Units for all purposes, and neither the General Partner, the Partnership nor the Transfer Agent or the Paying Agent shall be affected by any notice to the contrary.
The payment of the Series C Liquidation Preference shall be a payment in redemption of the Series C Preference Units such that, from and after payment of the full Series C Liquidation Preference, any such Series C Preference Unit shall thereafter be cancelled and no longer be Outstanding.
The Series C Preference Units shall not have the benefit of any sinking fund.
The Partnership shall have the right at any time, and from time to time, on or after March 15, 2024 to redeem the Series C Preference Units, in whole or in part, from any source of funds legally available for such purpose.