Class B Unit Holder(s) definition
Examples of Class B Unit Holder(s) in a sentence
Not less than fifty percent (50%) of the Directors shall constitute a quorum for the transaction of business at any Director’s meeting, provided that a majority thereof shall be Directors elected by Class A and Class B Unit Holders.
Distributions to Class A Unit Holders shall not be made unless distributions are first made to Class B Unit Holders in accordance with their respective Profits and Losses percentages set forth beside their names on Schedule A.
The term "Joint Venture Agreement" shall mean for purposes of this Agreement, that certain joint venture agreement between the General Partner and Affiliates of the Class B Unit Holders, to which this Agreement has been attached and entitled Exhibit 3.1.
Unless otherwise waived by majority vote of the Class B Unit Holders, the Class B Unit Holders shall have the preemptive right to acquire any newly-issued Class B Units issued by the Company subject to applicable securities laws.
The names and addresses of the Class A and Class B Unit Holders are set forth on Exhibit A-1 and Exhibit A-2, as amended or restated from time to time, and maintained on the books and records of the Company.
After the Class B Unit Holders are repaid their capital contributions plus the 20% annualized yield on their capital , they wil lshare in a pool of 10% of the profits of the project pro rata based on their interest.
Notwithstanding the foregoing, this Agreement may not be amended, and no provision hereof may be waived, in each case, in any way which would adversely affect the rights of the Class B Unit Holders hereunder in a manner disproportionate to any adverse effect such amendment or waiver would have on the rights of the Class A Unit Holders hereunder, without also the written consent of the holders of fifty- one percent (51%) of the voting power of the Class B Unit Holders.
Class B Unit Holders are not entitled to vote on any Member voting matters, except Class B Unit Holders shall have voting rights with respect to the Class B Voting Matters.
Other than voting rights, the Class A Common Units and the Class B Units shall be entitled to the same rights, duties, liabilities, and obligations hereunder; provided, however, no Class A Unit Holder shall receive a distribution unless all Class B Unit Holders first receive a distribution in proportion to their relative profits and losses percentages set forth on Schedule A.
On Class B Voting Matters, each Class B Unit Holder shall be entitled to that number of votes that is equivalent to such Class B Unit Holder's voting percentage set forth beside such Member's name on Schedule A, and all Class B Voting Matters shall be decided, except as otherwise provided herein, by a majority of the voting power of the Class B Unit Holders.