Class C Units. Each Unit outstanding immediately prior to the Reclassification Date, regardless of class owned by a Member who is the holder of record of exactly 20,000 Units, by virtue of this Section 4.1(c), and without any action on the part of the holder thereof, shall be reclassified as a Class C Unit, with the new voting rights, preferences, limitations and restrictions set forth in this Agreement.
Appears in 2 contracts
Sources: Operating Agreement (Lake Area Corn Processors LLC), Operating Agreement (Lake Area Corn Processors LLC)