Series C Preference Units definition
Examples of Series C Preference Units in a sentence
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.
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.
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.
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.
The Series C Preference Units shall not have the benefit of any sinking fund.
Except insofar as distributions accrue on the amount of any accumulated and unpaid Series C Distributions as described in Section 18.3(a), no interest or sum of money in lieu of interest shall be payable in respect of any distribution payment which may be in Arrears on the Series C Preference Units.
All notices or communications in respect of the Series C Preference Units shall be sufficiently given if given in writing and delivered in person or by first class mail, postage prepaid, or if given in such other manner as may be permitted in this Article XVIII, this Agreement or by applicable law.
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.