Conversion of Class B Common Units Sample Clauses

Conversion of Class B Common Units. Upon the Conversion, the terms of this Agreement, including, without limitation, all vesting and forfeiture provisions, will continue to apply to any shares of common stock of IPO Corp. received in exchange for Class B Common Units (the “Restricted Stock”) and thereafter all references to the “Company” shall mean IPO Corp. and all references to the “Employee Units” shall mean the Restricted Stock.
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Conversion of Class B Common Units. (a) Each Class B Member shall be entitled at any time to convert any or all of the outstanding Class B Common Units held by such Class B Member into the same number of Class A Common Units. A Class B Common Holder or Class B Common Holders holding a majority of the Class B Common Units can cause a conversion of 100% of the Class B Common Units into the same number of Class A Common Units.
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Conversion of Class B Common Units. (a) In connection with the occurrence (or the expected occurrence as described in (c) below) of any Conversion Event, each holder of Class B Common Units shall be entitled to convert into an equal number of Class A Common Units any or all of such holder’s Class B Common Units being (or expected to be) distributed, disposed of or sold in connection with such Conversion Event.
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Conversion of Class B Common Units. Class B Common Units shall automatically, and without any action by the Board of Managers or any Member or Unit Holder, convert to Class A Common Units in the following circumstances:
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Conversion of Class B Common Units. (a) Any Limited Partner holding Outstanding Class B Common Units may at any time elect, upon delivery of written notice to the General Partner, that any or all of such Limited Partner’s Class B Common Units convert into Class A Common Units. Upon the General Partner’s receipt of such notice, subject to Section 6.8(c), the number of Outstanding Class B Common Units owned by such Limited Partner that were the subject of such notice shall, automatically and without further action, convert into Class A Common Units on a one-to-one basis.
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Conversion of Class B Common Units. (a) Limited Right to Convert. The holders of Class B Common Units (the "Class B Members") representing a majority of the outstanding Class B Common Units held by all Class B Members shall be entitled at any time to convert any or all of the outstanding Class B Common Units into an equal number of Class A Common Units. Any such conversion of Class B Common Units into Class A Common Units will be effected among all Class B Holders on a pro rata basis according to the number of Class B Common Units held by each such holder at the time of any such conversion (provided that if Vectura or NMI holds directly the Vectura Junior Common Units at the time of such conversion, such conversion may only be made if such conversion does not cause the stockholders of Vectura a Regulatory Problem, assuming that (i) such stockholders of Vectura hold, beneficially and of record, such Vectura Junior Common Units directly and (ii) all such stockholders are subject to the same rules and regulations applicable to 399 Venture).
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Conversion of Class B Common Units. The Class B Common Units shall be converted into an equal number of Class A Common Units, with no further action required by the Company or the holders of the Class B Common Units, upon the earlier to occur of (i) the full repayment in cash of all indebtedness owed under the New PIK Notes and (ii) any issuance of Redemption Units (the occurrence of the events described in either of clause (i) or clause (ii), a “Class B Conversion Event”); provided that in the case of clause (ii), immediately prior to the conversion of the Class B Common Units but immediately after such issuance of Redemption Units (and taking into account any such Redemption Units issued), the Company shall issue to each holder of Class B Common Units the Additional Class B Common Units in proportion to each such holder’s Class B Common Units Percentage Interest (excluding any such Additional Class B Common Units to be issued).
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Related to Conversion of Class B Common Units

  • Series A Preferred Units (a) The authorized number of Series A Preferred Units shall be unlimited. Series A Preferred Units that are purchased or otherwise acquired by the Partnership shall be cancelled.

  • Class B Common Stock 2 Closing........................................................................5

  • Class B Units The term “Class B Units” means the Units having the privileges, preferences, and rights specified with respect to “Class B Units” in this Agreement, including those described in Section 7.1(c)(3).

  • Preferred Units Without the consent of any Common Unitholder, the Board may cause the Company to issue one class of Preferred Units, which Preferred Units would have rights senior to those of the Common Units, and such other characteristics as the Board may determine, but, for so long as the Company operates as a BDC, in a manner that complies with the legal requirements applicable to a BDC. Prior to the issuance of a series of Preferred Units, the Board shall set the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to distributions, qualifications and terms or conditions of redemption.

  • Conversion of LTIP Units (a) An LTIP Holder shall have the right (the “Conversion Right”), at its option, at any time to convert all or a portion of its Vested LTIP Units into Limited Partnership Units; provided, however, that an LTIP Holder may not exercise the Conversion Right for fewer than one thousand (1,000) Vested LTIP Units or, if such LTIP Holder holds fewer than one thousand (1,000) Vested LTIP Units, all of the LTIP Holder’s Vested LTIP Units. LTIP Holders shall not have the right to convert Unvested LTIP Units into Limited Partnership Units until they become Vested LTIP Units; provided, however, that when a LTIP Holder is notified of the expected occurrence of an event that will cause its Unvested LTIP Units to become Vested LTIP Units, such Person may give the Partnership a Conversion Notice conditioned upon and effective as of the time of vesting, and such Conversion Notice, unless subsequently revoked by the LTIP Holder, shall be accepted by the Partnership subject to such condition. The General Partner shall have the right at any time to cause a conversion of Vested LTIP Units into Limited Partnership Units. In all cases, the conversion of any LTIP Units into Limited Partnership Units shall be subject to the conditions and procedures set forth in this Section 4.5.

  • Conversion of Subordinated Units (a) All of the Subordinated Units shall convert into Common Units on a one-for-one basis on the first Business Day following the distribution of Available Cash to Partners pursuant to Section 6.3(a) in respect of the final Quarter of the Subordination Period.

  • Common Units The capital structure of the Company shall consist of one class of common interests (the "Common Units"). The Company shall have authority to issue one thousand (1,000) Common Units. Each Common Unit shall have one vote and shall otherwise be identical with each other Common Unit in every respect.

  • Conversion of Preferred Shares If, at any time, any of the Preferred Shares are converted into REIT Shares, in whole or in part, then a number of Partnership Preferred Units equal to the number of Preferred Shares so converted shall automatically be converted into a number of Partnership Common Units equal to (i) the number of REIT Shares issued upon such conversion divided by (ii) the Adjustment Factor then in effect, and the Percentage Interests of the General Partner and the Limited Partners shall be adjusted to reflect such conversion.

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