Examples of Outstanding Interests in a sentence
The Board of Directors may impose such restrictions by amending this Agreement in accordance with Article XI; provided, however, that any amendment that would result in the delisting or suspension of trading of any class of Interests on the principal National Securities Exchange on which such class of Interests is then traded must be approved, prior to such amendment being effected, by the holders of at least a majority of the Outstanding Interests of such class.
Except as aforesaid, any Trustee may be removed from office only (i) by action of at least two-thirds (2/3) of the voting power of the Outstanding Interests, or (ii) by the action of at least two-thirds (2/3) of the remaining Trustees, specifying the date when such removal shall become effective.
The determination of Affiliate status for such purposes shall be made by the Managing Member in its sole and absolute discretion, and the Company or its transfer agent may require any Member that owns more than 10% of the Outstanding Interests to provide a legal opinion and/or other information it deems necessary or appropriate to determine such person’s Affiliate status.
However, no derivative action may be brought by Interestholders unless, in addition to any requirements of Delaware law, Interestholders owning not less than one-third of the Outstanding Interests of all Series of the Trust, or of the affected Series or Classes of the Trust, as the case may be, join in the bringing of the derivative action.
If any such Member owns more than 10% of the Outstanding Interests and is deemed to be an Affiliate, notwithstanding the limit on voting, such person will be identified in the beneficial ownership table in the Company’s Annual Report on Form 1-K and in other applicable filings.