Class I Unit Clause Samples

A Class I Unit clause defines a specific category of ownership interest or unit within a partnership, limited liability company, or similar entity. This clause typically outlines the rights, privileges, and obligations associated with Class I Units, such as voting power, entitlement to distributions, or priority in liquidation events. By clearly distinguishing Class I Units from other classes of units or interests, the clause ensures clarity in governance and financial arrangements, helping to prevent disputes among stakeholders regarding their respective rights and benefits.
Class I Unit. An OP Unit entitling the holder thereof to the rights of a holder of a Class I Unit as provided in the Operating Partnership Agreement.
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Class I Unit. An interest in the Partnership designated as a Class I Unit. Class I Units may be issued to (i) institutional investors at the discretion of the Manager and (ii) qualified persons in the Manager’s sole discretion. If a Limited Partner ceases to be eligible to hold Class I Units, the Manager may, in its sole discretion, exchange such Limited Partner’s Class I Units for Class C Units on five days’ notice, unless such Limited Partner notifies the Partnership during the notice period and the Manager agrees that the Limited Partner is once again eligible to hold Class I Units.
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Related to Class I Unit

  • Class B Units Class B Unitholders shall not be entitled to vote in any matters relating to the Company, unless otherwise reserved to the Members by the Act. In addition to the other rights and obligations of Class B Unitholders hereunder, Class B Units shall entitle the holder of such Class B Units to (i) Tax Distributions pursuant to Section 4.01(b), and (ii) a preferred return equal to the Class B Preferred Return Amount. The Class B Preferred Return Amount shall not be required to be paid annually but shall accrue and become payable at the earlier of (x) the fifth (5th) anniversary of the Effective Time, or (y) a liquidation of, or a taxable sale of substantially all of the assets of, the Company. Upon the occurrence of an event referenced in clause (y) above, each Class B Unitholder shall also be paid such Class B Unitholder’s Class B Preferred Return Base Amount, in addition to all of the outstanding, accrued and unpaid Class B Preferred Return Amount. On the seventh (7th) anniversary of the Effective Time, each Class B Unitholder may, at its option and in accordance with the notice and other procedural provisions set forth in Section 11.01(a) (the “7 Year Put Option”), sell all (but not less than all) of its Class B Units to the Company for an amount equal to such Class B Unitholder’s Class B Preferred Return Base Amount plus any outstanding and accrued Class B Preferred Return Amount of such Class B Unitholder (the “Class B Option Consideration”) and, upon the exercise of the 7 Year Put Option by any Class B Unitholder, the Company shall purchase all of such holder’s Class B Units for the Class B Option Consideration. Notwithstanding anything herein to the contrary, no Class B Preferred Return Amount shall be due and payable with respect to such Class B Units pursuant this Section 3.02(b) at such time or times specified in this Section 3.02(b) unless such Class B Units remain issued and outstanding at such time or times and no Redemption or Direct Exchange of such Class B Units described in Article XI hereof has occurred.

  • Preferred Units Notwithstanding anything to the contrary, the provisions of Section 14.3 are not applicable to Preferred Units or the holders of Preferred Units. Holders of Preferred Units shall have no voting, approval or consent rights under this Article XIV. Voting, approval and consent rights of holders of Preferred Units shall be solely as provided for and set forth in Article XVI.