CC Units definition
Examples of CC Units in a sentence
At the Effective Time, AFN shall be the beneficial owner of at least a majority of the New C&C Units.
Notwithstanding the foregoing, no dividends or other distributions with respect to AFN Shares or New C&C Units with a record date after the Effective Time shall be delivered to the holder of any unsurrendered C&C Units, and no cash payment in lieu of fractional shares or membership interests shall be paid to any such holder pursuant to Section 2.2(f), until such C&C Units have been surrendered in accordance with this Article II.
All of the Merger Sub membership units issued and outstanding immediately prior to the Effective Time shall be automatically converted into a number of New C&C Units equal to the sum of 6,017,132 plus the aggregate number of AFN Common Shares issued in the Merger pursuant to Section 2.1(a), and AFN or a wholly owned subsidiary of AFN will be admitted as a member of the C&C Surviving Company.
All AFN Shares and New C&C Units issued upon surrender for exchange of C&C Units in accordance with the terms of this Article II and any cash paid pursuant to Section 2.2(d) or Section 2.2(f) shall be deemed to have been issued (or paid) in full satisfaction of all rights pertaining to C&C Units.
Corporate Taxpayer is a holding company whose only material asset is a direct and indirect equity interest in CC Units following the completion of the CC Reorganization (which were CW Units from the IPO until the CC Reorganization).
AFN, the C&C Surviving Company and the Exchange Agent shall be entitled to deduct and withhold from any consideration payable pursuant to this Agreement to any person who was a holder of C&C Units immediately prior to the Effective Time such amounts as AFN, the C&C Surviving Company or the Exchange Agent may be required to deduct and withhold with respect to the making of such payment under the Code or any other provision of federal, state, local or foreign Tax Law.
The Exchanging Member agrees and confirms that the terms of the Common Shares, CC Shares, Common Units and CC Units described in the Confidential Offering Memorandum and the Exhibits thereto are not final and may be modified depending on the prevailing market conditions at the time of the IPO.
In that event, (i) the undersigned consents to the contribution of the Contributed Membership Interests to Extra Space OP and agrees to receiving, in lieu of the Common Shares and CC Shares, such Common Units and CC Units and (ii) all references to Common Shares and CC Shares in this Irrevocable Exchange and Subscription Agreement shall be deemed to refer to the Common Units and CC Units, respectively.
Each C&C Unit that is owned by AFN and C&C and their respective subsidiaries (other than C&C Units held either in a fiduciary or agency capacity that are beneficially owned by third parties or in satisfaction of prior debts) shall be cancelled and retired and shall cease to exist, and no consideration shall be delivered in exchange therefor.
At the Effective Time, the transfer books and records of C&C shall be closed and there shall be no further registration of transfers on the transfer books of the C&C Surviving Company of C&C Units, which were outstanding immediately prior to the Effective Time.