Admission of Preferred Members Sample Clauses

Admission of Preferred Members. The Managers may admit any person as a Preferred Member by issuing such person a Preferred Interest. The description of such Preferred Interest, including without limitation, the allocations to such Preferred Member Capital Interest, any preferences in distributions, allocations of income and expenses, profits and losses, voting powers, restrictions, limitations as to distributions, qualifications, and terms and conditions of transfer of such Preferred Interest, shall be as set forth in a resolution adopted by the Managers and in amendments to this Agreement. The Managers may establish a series of such Preferred Interest and issue Preferred Interests of such series. The Managers are expressly authorized, prior to issuance, by adopting resolutions providing for the issuance of Preferred Interests, to set or change any one or more respects the designation of a series, or the preferences, rights, voting powers, restrictions, limitations as to distributions, qualifications, or terms and conditions of transfer of such Preferred Interest or series of Preferred Interests. The authority of the Managers with respect to each Preferred Interest or series of Preferred Interests shall include, but not be limited to, setting or changing the following:
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Admission of Preferred Members. Subject to the terms of the Convertible Notes, upon the execution of this Agreement and the surrender by such holder of its Convertible Note, together with a written conversion notice and a written instrument or instruments of transfer, each in form reasonably satisfactory to the Company, any holder of a Convertible Note shall be admitted to the Company as a Preferred Member. The Company shall issue a number of Preferred Units to each such Preferred Member determined as provided in the Convertible Notes. The name and mailing address of each such Member and the amount contributed by such Member to the capital of the Company shall be listed on Schedule A attached hereto by the Managing Member.
Sample 1
Admission of Preferred Members. . . . . 26 Section 6.4 Withdrawal or Reduction of Members' Capital Contributions. . . . . . . . . . . . 27 Section 6.5
Sample 1
Admission of Preferred Members. (a) A Person shall be admitted to the Issuer as a Preferred Member without execution of this Agreement upon satisfaction of the requirements of paragraph (b) of this Section 6.3 and upon the acquisition of a Preferred Membership Certificate, whether by purchase, gift or devise or otherwise, which acquisition shall be deemed to constitute a request by such Person that the Register reflect such Person's admission as a Preferred Member; provided, however, that such Person shall be admitted to the Issuer as a Preferred Member and shall become bound by this Agreement only at the time a newly issued Preferred Membership Certificate is delivered to such Person in accordance with Article XII.
Sample 1
Admission of Preferred Members. Upon the execution of this Agreement, each holder of Convertible Notes shall surrender to the Company such notes, whereupon such Convertible Notes shall be deemed converted into Preferred Units, and each former holder of a Convertible Note shall be admitted to the Company as a Preferred Member. The Company shall issue a number of Preferred Units to each such Preferred Member as set forth in the Conversion Agreement. The number of Preferred Units issued in accordance with this Section 3.03 to each Preferred Member is set forth on Schedule B attached hereto.
Sample 1

Related to Admission of Preferred Members

  • Admission of Members Other persons may be admitted as Members from time to time pursuant to the provisions of this Agreement.

  • Admission of Partners 48 12.1 Admission of Successor General Partner........................... 48 12.2 Admission of Additional Limited Partners......................... 48 12.3 Amendment of Agreement and Certificate of Limited Partnership.... 49 ARTICLE 13

  • Admission of Member The Member is deemed admitted as the Member of the Company upon its execution and delivery of this Agreement.

  • Admission of Limited Partners It is expressly agreed that this Agreement may be amended from time to time to reflect the admission of additional Limited Partners and the Company shall have full power and authority to execute and file such amendments pursuant to the power of attorney contained herein. Prior to being admitted to the Partnership, a Limited Partner shall agree in writing to be bound by and comply with all provisions of this Agreement. No other person or entity shall be admitted to the Partnership except with the prior written consent of the Company.

  • Admission of Additional Partners After the Private Placement of the Units of Limited Partnership Interest has been terminated by the General Partner, no additional General Partner will be admitted to the Partnership except as described in Paragraph 17(c). The General Partner may take such actions as may be necessary or appropriate at any time to offer new Units or partial Units of Limited Partnership Interest and to admit new or substituted Limited Partners to the Partnership. All subscribers who have been accepted by the General Partner shall be deemed admitted as Limited Partners at the time they are reflected as such in the books and records of the Partnership.

  • Admission of Substituted Members Subject to the other provisions of this Article 10 a transferee of a Membership Interest may be admitted to the Company as a substituted Member only upon satisfaction of the conditions set forth in this Section 10.5.

  • Admission of Additional Members One or more additional members of the Company may be admitted to the Company with the written consent of the Member.

  • Admission of Initial Limited Partners Upon the issuance by the Partnership of Common Units, Subordinated Units and Incentive Distribution Rights to the General Partner and the Underwriters as described in Section 5.3 in connection with the Initial Offering, the General Partner shall admit such parties to the Partnership as Initial Limited Partners in respect of the Common Units, Subordinated Units or Incentive Distribution Rights issued to them.

  • Admission of Substitute Members As to Permitted Transfers, a transferee of Units shall be admitted as a substitute Member provided that such transferee has complied with the following provisions:

  • Admission of Additional Limited Partners A. After the admission to the Partnership of the initial Limited Partners on the date hereof, a Person who makes a Capital Contribution to the Partnership in accordance with this Agreement shall be admitted to the Partnership as an Additional Limited Partner only upon furnishing to the General Partner (i) evidence of acceptance in form satisfactory to the General Partner of all of the terms and conditions of this Agreement, including, without limitation, the power of attorney granted in Section 2.4 and (ii) such other documents or instruments as may be required in the discretion of the General Partner in order to effect such Person’s admission as an Additional Limited Partner.

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