Series A Units definition
Examples of Series A Units in a sentence
So long as the CTC Member holds at least 20.0% of the issued and outstanding Series A Units, the Partnership Representative shall deliver to the CTC Member with respect to each taxable year, a draft of the U.S. federal income tax return of the Company for such taxable year at least fifteen (15) Business Days prior to the applicable due date of such tax return (taking into account valid extensions).
With respect to any Capital Contribution made by a Member pursuant to this Section 5.2, the Company shall issue such additional number of Series A Units as is determined by the Board and sufficient to cause the Sharing Ratio of each Member to equal the percentage calculated by dividing (i) the aggregate amount of Capital Contributions made by such Member and (ii) the aggregate amount of Capital Contributions made by all Members.
Upon receipt of such notice, for a period of 30 days, the other Members shall have the right to collectively acquire all such Units (allocated pro rata among exercising Members in accordance with the number of Series A Units held thereby unless they otherwise agree in writing) at a price equal to the greater of (a) the Fair Market Value of such Units and (b) the aggregate outstanding amount of the indebtedness secured by such security interest (or contractual negative pledge).
If either Member ceases to hold at least 20.0% of the issued and outstanding Series A Units, then the Directors appointed by such Member shall automatically be removed from the Board as a Director, without any further action required on the part of any Person.