Class M Members Sample Clauses

Class M Members. The Manager (or its members and/or their Affiliates) will retain ownership of all Class M Membership Interest in the Interests in the Company in exchange for services to the Company. The Class M Interests shall be subordinate to the Class G and Class L Interests. The issuance of Class M Interests is irrevocable even if MISSION 1 MANAGEMENT LLC is removed or resigns as the Manager of the Company. The Manager reserves the right to allow the Class M Members (or their members or Affiliates) to sell, grant, transfer, or convey a minority of the Class M Interests to others without permission of the Class G and Class L Members as long as doing so does not: a) dilute the Interests or percentage returns to the Class G and Class L Members, or b) allow any other Class M Member to exert management control over the Manager. MISSION 1 MANAGEMENT LLC, its Affiliates or members (and/or their affiliates) may purchase Class G and Class L Interests at such value as may be established from time to time on transfer of a Class G and Class L Member’s Interest per Articles 11 or 12 of this Agreement), and they may be allowed to invest less than the minimum investment amount required of other Class G and Class L Members, at the Manager’s sole discretion. On all matters requiring a vote of the Class M Interests, each Holder of Class M Interests shall be entitled to one (1) vote for each Class M Interest held by such holder on the record date fixed for such meeting, or on the effective date of such written consent.