Limitation on Ownership. Notwithstanding any other provision herein, no Member shall directly or indirectly own or control more than forty-nine per cent (49%) of the issued and outstanding Units at any time. Units under indirect ownership or control by a Member shall include Units owned or controlled by such Member’s Related Parties, Subsidiaries and Affiliates.
Limitation on Ownership. Immediately after the Initial Closing Date, the Investor, together with its Affiliates, if any, will not beneficially own twenty percent (20%) or more of the shares of Common Stock outstanding immediately prior to the Initial Closing Date.
Limitation on Ownership. Notwithstanding any other provision herein, subsequent to the close of the Company’s initial public offering of equity securities filed with the Securities and Exchange Commission following the Company’s seed capital offering, no Member shall directly or indirectly own or control more than forty percent (40%) of the issued and outstanding Units at any time. Units under indirect ownership or control by a Member shall include Units owned or controlled by such Member's Related Parties, Subsidiaries and Affiliates. For purposes of this Section 6.16, the offering will close upon the earliest occurrence of any of the following: (1) the Company’s acceptance of subscriptions for units equaling the maximum amount as set forth in the Company’s registration statement or offering memorandum; (2) one year from the effective date of the Company’s initial registration statement or offering memorandum; or (3) the Company’s decision to close any time after the acceptance of subscriptions for units equaling the minimum amount as set forth in the Company’s registration statement or offering memorandum.
Limitation on Ownership. For a period commencing on the Common Shares Closing and ending on the earlier of (a) the fifth anniversary thereof, (b) the occurrence of a Default, (c) a Sale of the Company, and (d) the date of a third party offer which could result in the sale of the Company to a third party, or an unsolicited tender offer or proxy contest for control of the Company by a third party, Westar agrees to limit its ownership of the Common Stock to 45% of the Common Stock of the Company outstanding at any time on a Fully Diluted Basis, unless Westar receives the prior written consent of the Company to exceed that limit.
Limitation on Ownership. (a) Notwithstanding anything to the contrary contained herein, unless specifically waived and approved by the Issuer in writing, the number of Expired Warrants subject to this Agreement shall not be in excess of 4.99% of the outstanding shares of common stock of the Issuer. For purposes of this paragraph, the number of outstanding shares of common stock will be ascertained from the Issuer’s transfer agent as of the close of business of the Expiration Date of the subject Plan Warrants. The number of outstanding shares of common stock shall be determined after giving effect to the Shares not yet issued as a result of the exercise of Plan Warrants on or prior to the Expiration Date, including the exercise with respect to this determination.
Limitation on Ownership. The board of Governors shall have the sole discretion to determine a limit on the number of membership units a Member may directly or indirectly own or control at any time. Units under indirect ownership or control by a Member shall include Units owned or controlled by such Member’s Related Parties, Subsidiaries and Affiliates.
Limitation on Ownership. Investor understands that except as expressly provided in the Certificate of Designation and the Warrants, the Investor shall not be entitled to convert the Preferred Stock or exercise Warrants for Common Stock if such conversion or exercise would result in the Investor (together with the Investor’s affiliates) beneficially owning more than 4.99% of the outstanding Common Stock after giving effect to such conversion or exercise. The Investor may increase the ownership limitation percentage to 9.99% effective the 61st day after providing notice of such increase to the Company in writing. For the purposes of this Agreement, beneficial ownership shall be determined in accordance with Section 13(d) of the 1934 Act, and Regulation 13d-3 thereunder.
Limitation on Ownership. Notwithstanding any other provision herein, subsequent to the close of the Company’s initial registered offering no Member shall directly or indirectly own or control more than forty percent (40%) of the issued and outstanding Units at any time. Units under indirect ownership or control by a Member shall include Units owned or controlled by such Member’s Related Parties, Subsidiaries and Affiliates. For purposes of this Section 6.16, the offering will close upon the earliest occurrence of any of the following: (1) the Company’s acceptance of subscriptions for units equaling the maximum amount as set forth in the Company’s registration statement; (2) one year from the effective date of the Company’s initial registration statement; or (3) the Company’s decision to close any time after the acceptance of subscriptions for units equaling the minimum amount as set forth in the Company’s registration statement.
Limitation on Ownership. The Series C Preferred Units shall be owned and held solely by the Managing Member.
Limitation on Ownership. Notwithstanding any other provision herein, upon and after consummation of ethanol production at the first of the Facilities to begin production, no Member shall directly or indirectly own or control more than twenty percent (20%) of the issued and outstanding Units at any time. Units under indirect ownership or control by a Member shall include Units owned or controlled by such Member’s Related Parties, Subsidiaries and Affiliates. All Units held by a Member in excess of such twenty percent (20%) limitation shall be deemed to be automatically forfeited to the Company without payment of consideration therefore. The amendment or repeal of this Section 6.21 or the adoption of any provision inconsistent therewith shall require the approval of a supermajority of 75% of the Membership Voting Interests.
