Examples of Partial Sale in a sentence
The experience incurred prior to the Partial Sale shall be used in future ratings for the part of the assets or operations disposed of unless a substantial change of operations or employees, in which event the experience incurred prior to the partial sale shall be discarded from future ratings.
To avoid creating a loophole that might enable Invenergy to extinguish the Series B Notes prematurely by engaging in a Material Partial Sale, the drafters of the Series B Agreement included Section 1.4(e).
See LLC Agreement § 8.01(e) (describing notice and election options), § 8.04 (describing when Series B members may be entitled to the Target Multiple, meaning “an amount, in exchange for its entire Company Interest”) (defined at § 1.01, Target Multiple)).295Thus, as late as May 2016, Invenergy continued to manifest its belief that Leaf could compel payment of the Target Multiple in exchange for its interests if Invenergy engaged in a Material Partial Sale without Leaf’s consent.
He wrote that the Series B Consent Rightsays that we must get Leaf’s consent if we want to complete a Material Partial Sale if the proceeds of such transaction are less than the amount of the Target Multiple.
In Section 8.01, titled “Significant Actions,” the Series B LLC Agreement contained a lengthy list of items that required the approval of at least two unaffiliated members holding at least 50% of the equity in the aggregate.43 The list of actions included a Material Partial Sale.