Examples of Unit Equivalents in a sentence
Each time the Offering Member desires to Transfer any of its Units (or applicable Unit Equivalents) (other than Transfers that (i) are permitted by Section 10.2 or (ii) are required to be made by a Member pursuant to Section 10.4), the Offering Member shall first make an offering of the Offered Units to the Company, first, and the ROFO Rightholders, second, all in accordance with the following provisions of this Section 10.3, prior to Transferring such Offered Units to any third party Transferee.
Prior to the consummation of any Transfer of Units (or any Unit Equivalents of such Units) qualifying under Section 10.5(b) and after satisfying its obligations pursuant to Section 10.3, the Selling Member shall deliver to the Company and each Tag-along Member a written notice (a “Sale Notice”) of the proposed Tag-along Sale as soon as practicable following the expiration of the ROFO Rightholder Option Period, and in no event later than five (5) Business Days thereafter.
Any Units or Unit Equivalents which have been so called for redemption shall not be deemed outstanding Units or Unit Equivalents after the date on which written notice of redemption has been given to the holders of those Units or Unit Equivalents if a sum sufficient to redeem such Units or Unit Equivalents shall have been irrevocably deposited or set aside to pay the redemption price to the holders of the Units or Unit Equivalents.
As used herein, the term “ROFO Rightholders” shall mean all Class A Members, Class C Members, Class D Members and Common Members, other than the Offering Member, holding greater than two percent (2%) of the total number of outstanding Units (or applicable Unit Equivalents).
In the event that any redemption or other action by the Company has resulted in any Member owning such number of Units or Unit Equivalents that is in violation of the provisions of Section 3.5, the Company shall have the right to and shall promptly after confirming such violation, redeem such Units or Unit Equivalents for a price per Unit or Unit Equivalent, as applicable, equal to Fair Market Value, and otherwise pursuant to the provisions of this Section 3.7(c) and subject to Section 3.8.