Class E Units Clause Samples
The 'Class E Units' clause defines a specific category of ownership interests or equity units within a company or investment fund. This clause typically outlines the rights, privileges, and obligations associated with holding Class E Units, such as voting rights, dividend entitlements, or conversion features. For example, Class E Units may have limited voting power but enhanced profit participation compared to other classes. The core function of this clause is to clearly distinguish the characteristics of Class E Units from other classes, ensuring transparency and preventing disputes among stakeholders regarding their respective rights and benefits.
Class E Units. Class E Units are sold at net asset value, without an initial sales charge. However, Class E Units bear an ongoing annual account servicing fee equal to 0.25% of the value of the Class E Units. This fee is accrued daily and reflected in the NAV of each Portfolio, and is paid to the broker or financial adviser of the Account Owner.
Class E Units. (a) The General Partner hereby designates and creates and authorizes for issuance a class of Units to be designated as “Class E Units,” consisting of a total of 18,114,975 Class E Units, and fixes the preferences and the relative, participating, optional and other special rights, powers and duties pertaining to the Class E Units as set forth herein. Immediately following the Class E Unit Issuance Date and thereafter, except as otherwise provided in Section 4.17(j), no additional Class E Units shall be designated, created or issued without the prior written approval of the General Partner and the holders of a majority of the Outstanding Class E Units.
(b) The holders of Class E Units shall have rights upon dissolution and liquidation of the Partnership, including the right to share in any liquidating distributions pursuant to Sections 14.3 and 14.4, in accordance with Article XIV.
Class E Units. The Board of Managers is hereby expressly authorized to provide for, and issue, one or more series of Class E Units and, with respect to each such series, establish the Applicable Series E Conversion Price. Concurrently with the authorization of such series of Class E Units, a member of the Board of Managers, or the Company’s general counsel, shall execute a “Series E Designation Certificate” (substantially in the form attached hereto as Exhibit C), which certificate will confirm the (i) establishment by the Board of Managers of a series of Class E Units to be issued and (ii) establish the Applicable Series E Conversion Price for such series of Class E Units. Each Class E Unit, regardless of series, shall have the following rights only:
Class E Units. Except as described in Section 4.2(c), each Partnership Unit outstanding immediately before the effective date of this Agreement is hereby reclassified as a Class E Unit, having the rights and subject to the obligations attributed to Class E Units under this Agreement.
Class E Units. Under the authority granted to it by Section 4.2.A hereof, the General Partner hereby establishes an additional class of Partnership Units entitled "Class E Units." Class E Units shall have the same designations, preferences, rights, powers and duties as Class A Units. Notwithstanding the preceding sentence, holders of Class E Units shall be entitled to a special allocation of losses from the Partnership in the aggregate amount of $50,000 per year for a period of twenty-eight (28) years from the date of issuance of such Class E Units.
Class E Units. The number of Purchased Class E Units to be issued and sold to each Purchaser shall be equal to the quotient determined by dividing (i) the amount for such Purchaser under the column entitled “Class E Units” on Schedule 2.01 (including any increase in such number of Class E Units as a result of the proviso contained in Section 2.01(a)) by (ii) the Class E Unit Price (as defined in Section 2.01(c) below), which quotient shall be rounded, if necessary, down to the nearest whole number. The Purchased Class E Units shall have those rights, preferences, privileges and restrictions governing the Class E Units, which shall be reflected in the Limited Liability Company Agreement, as amended by the Class E Amendment.
Class E Units. Are not entitled to voting rights. Participation in distributions issued by the Company will depend on the gross income generated by this Class and shall be determined at the sole discretion of the Board from time to time. This class shall not participate in the losses of the Company.
Class E Units. The term “Class E Units” shall have the meaning set forth in the preface.
Class E Units. The Class E Units shall vest in accordance with the provisions set forth on Schedule B hereto.
Class E Units. Class E Units shall be issued by the Company to those investors whose investments are used by the Company to purchase Renoun Senior Preferred Membership Interests. Class E Units shall be issued at a Unit Price of $1.00 as specified in Schedule V and may be issued in the future as documented in a Class E Member Subscription Agreement. The Company issued to each Person listed on Schedule V the number of Class E Units set forth opposite such Person’s name on Schedule V. Any issuance of additional Class E Units shall require the approval of the Manager but shall not otherwise require any prior written or other consent of the holders of the Class E Units. Owners of Class E units are solely eligible to receive any and all dividends issued to Renoun Holdings as the holder of Renoun Senior Preferred Membership Interests. Value from such dividends will be distributed to all Class E Members pari passu for as long as such Renoun, LLC issues such dividends. ▇▇▇▇▇▇’s Senior Preferred Membership Interests have an 18-month term and are subject to an 18-month extension. At the end of the term, holders of the Renoun’s Senior Preferred Membership Interests (including without limitation RH) have the exclusive option of redeeming their investment. Accordingly, Class E Members of RH also hold such an exclusive option to redeem Class E Membership Units from the Company, and this redemption would be a priority over the B, C and D Classes. At the Class E redemption date, the Class E Member may also elect to convert its Class E investment into a different RH Class available at the time that and therefore would beneficially own a different Renoun, LLC security. RH Class E Members that convert their Class E investment and would then enter into a separate RH Subscription Agreement for such different RH Class. In the event there is a liquidation event with respect to Renoun, LLC before the term of the Renoun Senior Preferred Membership Interests ends, which correspondingly is before the end of the term of the Class E Units, there will be a 15% Carried Interest Allocation payable to RH Class A Members with respect to profits that exceed the Class E Member Preferred Return Percentage. Dividend payments associated with Class E Units will not be subject to any Carried Interest Allocation. Class E Units will be eligible for a one-time 6% Preferred Return, which will be increased to 12% if ▇▇▇▇▇▇ extends the term of the Renoun Senior Preferred Membership Interests past 18 months as describe...