Examples of Class B Units in a sentence
Subject to and immediately following the Closing, and taking into account the consummation of the transactions under the Other Stock Purchase Agreements to occur contemporaneously with the Closing, Buyer shall hold a majority of the Class A Shares and no Class B Units shall remain outstanding.
Holders of Class B Units shall have full voting rights on all matters requiring Member approval as set forth in this Agreement or by applicable law.
Unless otherwise restricted by law, any Manager may be removed, with or without cause, by an affirmative vote of a majority of the Class B Units.
In order to fill the vacancy created by removal, resignation or death of any Initial Manager or his or her successor, the Company shall provide prompt notice (which shall not be less than five business days) to all Members who own Class B Units of a special meeting (the “Special Meeting”) to elect the replacement of such Initial Manager or his or her successor, as applicable.
If the Company declines to redeem the Offered Interest or fails to provide a Redemption Notice within the time period specified in Section 7.2(b), the Offered Interest shall be offered to the other Members of the Company on a pro rata basis (according to their respective ownership interests of the Class B Units) under the same terms and conditions as those stated in the Offer Notice.