Common use of Class D Units Clause in Contracts

Class D Units. Each Unit outstanding immediately prior to the Classification Date, regardless of class, owned by a Member who is the holder of record of three (3) or fewer Units on the Classification Date shall, by virtue of this Section 6.1(d), and without any action on the part of the holder thereof, hereafter be classified as a Class D Unit. The Classification of each Unit as a Class A Unit, Class B Unit, Class C Unit, or Class D Unit shall remain in effect permanently following the Classification Date. Classes will not be subject to minimum ownership requirements after the Classification.