Class B Party definition
Examples of Class B Party in a sentence
Subject to Section 4.04(b), each Member (other than any NEP Class B Party in its capacity as a holder of Class B Units) will have the option (but not the obligation) to make Capital Contributions to the Company in accordance with the terms specified in such Capital Call.
A Qualifying Class B Party shall have the right (subject to the terms and conditions set forth herein) (the “Class B Redemption Right”) to require the Partnership to redeem all or a portion of the Class B Units held by a Class B Tendering Party (Class B Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Class B Units”) in exchange (a “Class B Redemption”) for the Class B Unit Cash Amount payable on the Specified Redemption Date.
Any Class B Redemption shall be exercised pursuant to a Class B Unit Notice of Redemption delivered to the General Partner by the Qualifying Class B Party when exercising the Redemption right (the “Class B Tendering Party”).
For purposes of this Section 8.6, (a) any Limited Partner (whether or not otherwise a Qualifying Common Party or Qualifying Class B Party) may, in the General Partner’s sole and absolute discretion, be treated as a Qualifying Common Party that is a Common Tendering Party, and (b) the provisions of Sections 15.1.F(2) and 15.1.F(3) hereof shall not apply, but the remainder of Section 15.1 hereof shall apply, mutatis mutandis.
Subject to Section 4.04(b), each Member (other than any XPLR Class B Party in its capacity as a holder of Class B Units) will have the option (but not the obligation) to make Capital Contributions to the Company in accordance with the terms specified in such Capital Call.