Class M Preferred Units definition

Class M Preferred Units shall have the meaning set forth in Section 18.1.

Class M Preferred Units shall have the meaning set forth in the preamble.

Examples of Class M Preferred Units in a sentence

• Any distribution payment made on the Class M Preferred Units shall first be credited against the earliest accrued but unpaid distribution due with respect to such Class M Preferred Units which remains payable.

• Accrued but unpaid distributions on the Class M Preferred Units will not bear interest.

• The Managing Member, as holder of the Class M Preferred Units, shall not be entitled to any distributions, whether payable in cash, other property or otherwise, in excess of the full cumulative distributions described herein.

• Such distributions shall be cumulative, shall accrue from and including January 15, 2023 and will be payable (i) quarterly in arrears on January 15, April 15, July 15 and October 15 of each year, commencing on April 15, 2023, and, (ii), in the event of a redemption of Class M Preferred Units, on the redemption date (each a “Class M Preferred Unit Distribution Payment Date”).

• Subject to the rights of Holders of Parity Preferred Units as to the payment of distributions, pursuant to Section 5.1, the Managing Member, as holder of the Class M Preferred Units, will be entitled to receive, when, as and if declared by the Company acting through the Managing Member, out of Available Cash, cumulative preferential cash distributions in an amount equal to the Class M Priority Return.

• The Class M Preferred Units shall not be transferable except in accordance with Article 11.

• Accrued but unpaid distributions on the Class M Preferred Units will accumulate as of the Class M Preferred Unit Distribution Payment Date on which they first become payable.

• Notwithstanding anything to the contrary in this Agreement, distributions on the Class M Preferred Units will accrue whether or not the Company has earnings, whether or not there are funds legally available for the payment of the distributions and whether or not the distributions are authorized or declared.

• The Managing Member shall not have any voting or consent rights in respect of its membership interest represented by the Class M Preferred Units.

• Upon any voluntary or involuntary liquidation, dissolution or winding-up of the Company, distributions on the Class M Preferred Units shall be made in accordance with Article 13.