Common use of Step 1A Clause in Contracts

Step 1A. A Selling Series A-1 Member shall deliver to the Managing Member the written election of exchange (an “Exchange Election”) as contemplated by Section 2.1(b) of the Exchange Agreement. Upon the Exchange contemplated by an Exchange Election, the number of Series A-1 Units designated in the Exchange Election shall be reclassified into an equal number of Series C Units (such Series C Units, the “Reclassified Units”) and such Reclassified Units shall (A) be deemed to have been exchanged by the Selling Series A-1 Member and the Series B Members in accordance with Section 3.3(c), and (B) be exchanged as contemplated by Step 2 and Step 3 below and the Exchange Agreement.