Additional Unitholder definition
Examples of Additional Unitholder in a sentence
The Recipient shall be designated as an Additional Unitholder (as defined in the Declaration) and shall be bound by the terms and provisions of the Declaration, including the power of attorney set forth in Section 14.11 of Annex A to the Declaration.
A Person may be admitted to the LLC as an Additional Unitholder only as contemplated under, and in compliance with, the terms of this Agreement, including furnishing to the Board (a) a letter of acceptance, in form satisfactory to the Board, of all the terms and conditions of this Agreement, including the power of attorney granted in Section 15.1, and (b) such other documents or instruments as may be necessary or appropriate to effect such Person’s admission as a Unitholder.
If any Person acquires additional Units or other interests in the LLC or is admitted to the LLC as an Additional Unitholder, the LLC shall amend Schedule A to reflect such additional issuance and/or Unitholder, as the case may be.
A Person may be admitted to the Company as an Additional Unitholder only upon the Board’s receipt from such Person of (i) a joinder, in form satisfactory to the Board, whereby such Person agrees to be party to this Agreement and bound by all of its terms and conditions (including the power of attorney granted in Section 15.1) and (ii) such other documents or instruments as may be necessary or appropriate to effect such Person’s admission as a Unitholder.
The admission of an Additional Unitholder will be effective as of the date on which such conditions are satisfied, as the Board reasonably determines, The Board will reflect the admission of an Additional Unitholder on the Company’s books and records.
A Substituted Unitholder or an Additional Unitholder may be admitted to the Company only as permitted by Section 3.05 and ARTICLE 8.