Class B Common Members Clause Samples
The 'Class B Common Members' clause defines the rights, privileges, and obligations of holders of Class B common membership interests in an organization. Typically, this clause outlines how Class B members differ from other classes, such as Class A, in terms of voting power, profit distributions, or management participation. For example, Class B members may have limited or no voting rights but may still receive a share of profits. The core function of this clause is to clearly distinguish the roles and entitlements of different member classes, thereby preventing disputes and ensuring all parties understand their position within the organization.
Class B Common Members. Following a Transfer to a transferee who acquires a Membership Interest from a Class B Common Member under this Agreement by means of a Transfer that is permitted under this Section 11, but who is not admitted as a Class B Common Member, the transferor shall not cease to be a Class B Common Member of the Company and shall continue to be a Class B Common Member until such time as the transferee is admitted as a Class B Common Member under this Agreement.
Class B Common Members. Subject to the conditions and restrictions set forth in Section 11.3 and Section 5.7, a Class B Common Member may Transfer all or any portion of its Class B Common Membership Interest to Parent Company or any of its Affiliates. Except as set forth in the preceding sentence, no Class B Common Member shall Transfer all or any portion of its Class B Common Membership Interest or permit any direct or indirect Transfer of any equity interest in such Class B Common Member, in each case without the consent of the Required Class A Limited Members; provided, however, that in no event shall any approval be required pursuant to this provision if, after giving effect to the applicable Transfer, New Cingular Wireless PCS, LLC or any other Affiliate of Parent Company continues to be the Managing Member and continues to hold, either alone or in the aggregate with one or more of its Affiliates, more than fifty percent (50%) of the then-issued and outstanding Class B Common Membership Interests.