Common use of Vote of Unitholders Clause in Contracts

Vote of Unitholders. Except as provided in this Section 5.11, the Class D Units are not convertible into Common Units. The Board shall, as promptly as practicable following the issuance of the Class D Units, but in any event not later than 135 days after the date hereof, take such actions as may be necessary or appropriate to submit to a vote or consent of the holders of the Units the approval of a change in the terms of the Class D Units to provide that each Class D Unit will automatically convert into one Common Unit (subject to appropriate adjustment in the event of any split-up, combination or similar event affecting the Common Units that occurs prior to the conversion of the Class D Units), except that for purposes of this Section 5.11(d) the term “Unitholders” shall not include the holders of Class D Units (the “Conversion Approval”). Effective immediately upon the Conversion Approval by the Unitholders, the issuance of additional Common Units to be issued upon such automatic conversion shall be approved without any further action by the holders thereof. The vote or consent required for such approval will be the requisite vote required under this Agreement and under the rules or staff interpretations of the National Securities Exchange on which the Common Units are listed or admitted to trading for the listing or admission to trading of the Common Units that would be issued upon any such conversion. Upon receipt of such approval and compliance with Section 5.11(f), the terms of the Class D Units will be changed, automatically and without further action, so that each Class D Unit is converted into one Common Unit and, immediately thereafter, none of the Class D Units shall be Outstanding.

Appears in 5 contracts

Samples: Operating Agreement (Atlas Energy Resources, LLC), Operating Agreement (Atlas Resources Public #16-2007 (A) L.P.), Operating Agreement (Atlas Resources Public #17-2007 (A) L.P.)

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Vote of Unitholders. Except as provided in this Section 5.115.10, the Class D B Units are not convertible into Common Units. The Board shall, as promptly as practicable following the issuance of the Class D B Units, but in any event not later than 135 90 days after from the date hereofissuance of the Class B Units, take such actions as may be necessary or appropriate to submit to a vote or consent of the holders of the Units the approval of a change in the terms of the Class D B Units to provide that each Class D B Unit will automatically convert into one Common Unit (subject to appropriate adjustment in the event of any split-up, combination or similar event affecting the Common Units that occurs prior to the conversion of the Class D B Units), except that for purposes of this Section 5.11(d) the term “Unitholders” shall not include the holders of Class D Units (the “Conversion Approval”). Effective effective immediately upon the Conversion Approval such approval by the Unitholders, Unitholders of the issuance of additional Common Units to be issued upon such automatic conversion shall be approved without any further action by the holders thereof. The vote or consent required for such approval will be the requisite vote required under this Agreement and under the rules or staff interpretations of the National Securities Exchange on which the Common Units are listed or admitted to trading for the listing or admission to trading of the Common Units that would be issued upon any such conversion. Upon receipt of such approval and compliance with Section 5.11(f5.10(f), the terms of the Class D B Units will be changed, automatically and without further action, so that each Class D B Unit is converted into one Common Unit and, immediately thereafter, none of the Class D B Units shall be Outstanding.

Appears in 3 contracts

Samples: Limited Liability Company Agreement (Linn Energy, LLC), Limited Liability Company Agreement (Linn Energy, LLC), Linn Energy, LLC

Vote of Unitholders. Except as provided in this Section 5.115.10, the Class D C Units are not convertible into Common Units. The Board shall, as promptly as practicable following the issuance of the Class D C Units, but in any event not later than 135 days after the date hereofJune 30, 2007, take such actions as may be necessary or appropriate to submit to a vote or consent of the holders of the Units the approval of a change in the terms of the Class D C Units to provide that each Class D C Unit will automatically convert into one Common Unit (subject to appropriate adjustment in the event of any split-up, combination or similar event affecting the Common Units that occurs prior to the conversion of the Class D C Units), except that for purposes of this Section 5.11(d) the term “Unitholders” shall not include the holders of Class D Units (the “Conversion Approval”). Effective effective immediately upon the Conversion Approval such approval by the Unitholders, Unitholders of the issuance of additional Common Units to be issued upon such automatic conversion shall be approved without any further action by the holders thereof. The vote or consent required for such approval will be the requisite vote required under this Agreement and under the rules or staff interpretations of the National Securities Exchange on which the Common Units are listed or admitted to trading for the listing or admission to trading of the Common Units that would be issued upon any such conversion. Upon receipt of such approval and compliance with Section 5.11(f5.10(f), the terms of the Class D C Units will be changed, automatically and without further action, so that each Class D C Unit is converted into one Common Unit and, immediately thereafter, none of the Class D C Units shall be Outstanding.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (Linn Energy, LLC), Limited Liability Company Agreement (Linn Energy, LLC)

Vote of Unitholders. Except as provided in this Section 5.115.10, the Class D Units are not convertible into Common Units. The Board shall, as promptly as practicable following the issuance of the Class D Units, but in any event not later than 135 120 days after following the date hereofClosing Date, take such actions as may be necessary or appropriate to submit to a vote or consent of the holders of the Units the approval of a change in the terms of the Class D Units to provide that each Class D Unit will automatically convert into one Common Unit (subject to appropriate adjustment in the event of any split-up, combination or similar event affecting the Common Units that occurs prior to the conversion of the Class D Units), except that for purposes of this Section 5.11(d) the term “Unitholders” shall not include the holders of Class D Units (the “Conversion Approval”). Effective effective immediately upon the Conversion Approval such approval by the Unitholders, Unitholders of the issuance of additional Common Units to be issued upon such automatic conversion shall be approved without any further action by the holders thereof. The vote or consent required for such approval will be the requisite vote required under this Agreement and under the rules or staff interpretations of the National Securities Exchange on which the Common Units are listed or admitted to trading for the listing or admission to trading of the Common Units that would be issued upon any such conversion. Upon receipt of such approval and compliance with Section 5.11(f5.10(f), the terms of the Class D Units will be changed, automatically and without further action, so that each Class D Unit is converted into one Common Unit and, immediately thereafter, none of the Class D Units shall be Outstanding.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (Linn Energy, LLC), Class D Unit and Unit Purchase Agreement (Linn Energy, LLC)

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Vote of Unitholders. Except as provided in this Section 5.11, the Class D E Units are not convertible into Common Units. The Board shall, as promptly as practicable following the issuance of the Class D E Units, but in any event not later than 135 days after the date hereofJuly 22, 2007, take such actions as may be necessary or appropriate to submit to a vote or consent of the holders of the Common Units the approval of a change in the terms of the Class D E Units to provide that each Class D E Unit will automatically convert into one Common Unit (subject to appropriate adjustment in the event of any split-up, combination or similar event affecting the Common Units that occurs prior to the conversion of the Class D E Units), except that for purposes of this Section 5.11(d) the term “Unitholders” shall not include the holders of Class D Units (the “Conversion Approval”). Effective effective immediately upon the Conversion Approval such approval by the Unitholders, a Common Unit Majority (but not including Privately Placed Common Units) of the issuance of additional Common Units to be issued upon such automatic conversion shall be approved without any further action by the holders thereof. The vote or consent required for such approval will be the requisite vote required under this Agreement and under the rules or staff interpretations of the National Securities Exchange on which the Common Units are listed or admitted to trading for the listing or admission to trading of the Common Units that would be issued upon any such conversion. Upon receipt of such approval and compliance with Section 5.11(f), the terms of the Class D E Units will be changed, automatically and without further action, so that each Class D E Unit is converted into one Common Unit and, immediately thereafter, none of the Class D E Units shall be Outstanding.

Appears in 1 contract

Samples: Operating Agreement (Constellation Energy Partners LLC)

Vote of Unitholders. Except as provided in this Section 5.11, the Class D F Units are not convertible into Common Units. The Board shall, as promptly as practicable following the issuance of the Class D F Units, but in any event not later than 135 days after the date hereofOctober 23, 2007, take such actions as may be necessary or appropriate to submit to a vote or consent of the holders of the Common Units the approval of a change in the terms of the Class D F Units to provide that each Class D F Unit will automatically convert into one Common Unit (subject to appropriate adjustment in the event of any split-up, combination or similar event affecting the Common Units that occurs prior to the conversion of the Class D F Units), except that for purposes of this Section 5.11(d) the term “Unitholders” shall not include the holders of Class D Units (the “Conversion Approval”). Effective effective immediately upon the Conversion Approval such approval by the Unitholders, a Common Unit Majority (but not including Privately Placed Common Units) of the issuance of additional Common Units to be issued upon such automatic conversion shall be approved without any further action by the holders thereof. The vote or consent required for such approval will be the requisite vote required under this Agreement and under the rules or staff interpretations of the National Securities Exchange on which the Common Units are listed or admitted to trading for the listing or admission to trading of the Common Units that would be issued upon any such conversion. Upon receipt of such approval and compliance with Section 5.11(f), the terms of the Class D F Units will be changed, automatically and without further action, so that each Class D F Unit is converted into one Common Unit and, immediately thereafter, none of the Class D F Units shall be Outstanding.

Appears in 1 contract

Samples: Operating Agreement (Constellation Energy Partners LLC)

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