Subordinated LP Units definition

Subordinated LP Units means the subordinated units representing FELP’s limited partnership interests, which are not entitled to receive a distribution from FELP’s operating surplus until the holders of Common LP Units have received a certain minimum quarterly distribution from FELP’s operating surplus.

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Subordinated LP Units means the Subordinated LP Units representing a Limited Partner Interest held by Salomon and Howell immediately prior to the closing of the Restructuring.

Subordinated LP Units means units representing subordinated limited partner interests in Genesis OLP.

Examples of Subordinated LP Units in a sentence

All of the Common GP Units and Subordinated GP Units shall convert into Common LP Units and Subordinated LP Units, respectively, on a one-for-one basis if the Special General Partner ceases to own at least 15% of all Outstanding Units.
The transfer of such converted Special GP Units, Common GP Units and Subordinated GP Units shall be governed by the provisions of this Agreement relating to transfer of Limited Partner Interests as if such Special GP Units, Common GP Units and Subordinated GP Units were Special LP Units, Common LP Units or Subordinated LP Units, respectively.
Preferred A Units shall be exchanged for Common LP Units or Subordinated LP Units in Armada LP in exchange for the Contribution of the Preferred A Units.
Except pursuant to the terms of the Pledge Agreement, the Subordinated LP Units received by Howell Crude pursuant to Section 2 ▇▇ ▇▇is Agreement shall not be transferred to any Person nor shall any Subordinated LP Units be transferred to Howell Crude until the special dis▇▇▇▇▇▇ion pursuant to Section 6.9 of the OLP Agreement has been made.
Except pursuant ------------------------------------------- to the terms of the Pledge Agreement, the Subordinated LP Units received by ▇▇▇▇▇▇ Crude pursuant to Section 2 of this Agreement shall not be transferred --------- to any Person nor shall any Subordinated LP Units be transferred to ▇▇▇▇▇▇ Crude until the special distribution pursuant to Section 6.9 of the OLP Agreement has been made.
The Subordinated LP Units may become Common LP Units after the end of the Subordination Period as described in the Partnership Agreement.
Except pursuant to the terms of the Pledge Agreement, the Subordinated LP Units received by Howell Crude pursuant to Section 2 of this Agreement shall not ▇▇ ▇▇ansferred to any Person nor shall any Subordinated LP Units be transferred to Howell Crude until the special distribution pursuant to Sectio▇ ▇.▇ of the OLP Agreement has been made.
These Subordinated LP Units issued to the General Partner shall be according to the Subordination Period.
Partners holding Certificates evidencing Subordinated GP Units may exchange such Certificates for Certificates evidencing Common GP Units and Partners holding Certificates evidencing Subordinated LP Units may exchange such Certificates for Certificates evidencing Common LP Units, in each case on or after the date on which such Subordinated Units are converted into Common Units pursuant to Section 5.8.
Upon the issuance of Subordinated LP Units pursuant to Section 5.3(a), Basis and the Howell Subsidiaries will be admitted to ▇▇▇ ▇▇rtnership as Initial Limited Partners.

More Definitions of Subordinated LP Units

Subordinated LP Units means the Class B subordinated limited partnership units of Residential Income Fund L.P., a limited partnership established under the laws of the Province of Ontario, and a subsidiary of the Company. All of the outstanding Subordinated LP Units are held by Brookfield.

Subordinated LP Units. ’ means the Class C exchangeable subordinated limited partnership units of AGHLP.

Subordinated LP Units means the Class B subordinated limited partnership units of the Partnership, all of which are held by Brookfield Holdings or an affiliate of Brookfield Holdings;