Class B Units definition
Examples of Class B Units in a sentence
The presence, in person or by proxy, of the Class A Member shall constitute a quorum at all meetings of the Members, except as otherwise provided by law or necessitated by the terms of this Agreement; provided that for action requiring approval of the Class B Members, voting as a separate class (a “Class B Vote”), the presence, in person or by proxy, of holders of a majority of the outstanding Class B Units entitled to vote on such matter shall constitute a quorum with respect to a Class B Vote.
Delivery of any certificates or instruments evidencing Class B Units shall be a ministerial act only and shall not be a condition to the effectiveness of the Mandatory Exchange as between the parties hereto.
Unless the vote of a greater number is required by law or is varied by this Agreement, at any meeting of the Members at which a quorum is present, an action approved by the Class A Member shall be the act of the Members; provided that for an action requiring a Class B Vote, at such meeting of the Members at which a quorum is present, an action approved by the holders of a majority of the outstanding Class B Units entitled to vote on such matter shall be the act of the Class B Members.
Effective upon the Mandatory Exchange, all Class B Units so exchanged shall be deemed automatically redeemed by the Company, cancelled and no longer outstanding, and the holders thereof shall cease to have any rights with respect thereto other than the right to receive the consideration described in the preceding sentence.