Common use of Unitholders Clause in Contracts

Unitholders. As of the Effective Date, the Company has one (1) Unit issued and outstanding and such Unit is held by Cott Corporation. In consequence, as of the Effective Date, Cott Corporation is the holder of 100% of the ownership interest in the profits and losses of the Company, has the right to receive any and all distributions from the Company, has the sole right to vote on and approve actions and decisions reserved to the Unitholders under this Agreement or the Act and has the right to any and all other benefits to which Unitholders of a limited liability company may be entitled under this Agreement or the Act. No person may become a Unitholder of the Company unless he, she or it holds Units, and no person who acquires a previously outstanding Unit or Units in accordance with this Agreement shall be a Unitholder of the Company within the meaning of the Act unless such Unit or Units are acquired in compliance with the provisions of this Article V. When any person is admitted as a Unitholder or ceases to be a Unitholder, the Board shall prepare an Annex to this Agreement describing the then-current membership of the Company.