Common use of Classification of Membership Interests Clause in Contracts

Classification of Membership Interests. The Company shall issue Class A Voting Capital (“Voting Capital”), to the Voting Members (the “Voting Members”). The Voting Members shall have the right to vote upon all matters upon which Members have the right to vote under the Act or under this Agreement, in proportion to their respective Percentage Voting Interest ("Percentage Voting Interest") in the Company. The Percentage Voting Interest of a Voting Member shall be the percentage that is derived when the Member’s Voting Capital account is divided by the total of all of the Voting Capital accounts. The Company may issue Class B, Nonvoting Capital (“Nonvoting Capital”). Members may own interests in both Voting Capital and Nonvoting Capital. Members who own interests only in Nonvoting Capital (“Nonvoting Members”) shall have no right to vote upon any matters. Notwithstanding, to the extent otherwise permitted by this agreement, a Nonvoting Member shall have the right to file or participate in a mediation or an arbitration action, and shall be bound by an amendment to this agreement only if he signs such amendment.

Classification of Membership Interests. The Company shall issue Class A Voting Capital Interests (“Voting Capital”), ) to the Voting Members (the “Voting Members”). The Voting Members shall have the right to vote upon all matters upon which Members have the right to vote under the Act or under this Agreement, in proportion to their respective Percentage Voting Interest ("Percentage Voting Interest") in the Company. The Percentage Voting Interest of a Voting Member shall be the percentage that is derived when the Member’s Voting Capital account is Interests are divided by the total of all of the Voting Capital accountsInterests. The Company may issue Class B, Nonvoting Capital Interests (“Nonvoting Capital”). Members may own interests in both Voting Capital and Nonvoting Capital. Members who own interests only in Nonvoting Capital (“Nonvoting Members”) shall have no right to vote upon any matters. Notwithstanding, to the extent otherwise permitted by this agreement, a Nonvoting Member shall have the right to file or participate in a mediation or an arbitration action, and shall be bound by an amendment to this agreement only if he signs such amendment. All interests of the Members in distributions and other amounts specified in this Agreement, as well as the rights of Members to vote on, consent to or approve any matter related to the Company, shall be denominated in Membership Interests; and the relative rights, privileges, preferences and obligations of the Members with respect to Membership Interests shall be determined under this Agreement and the Act. The number and the class of Membership Interests held by each Member shall be set forth opposite each Member’s name on the Schedule of Members.

Classification of Membership Interests. The Company shall issue Class A Voting Capital (“Voting Capital”), to the Voting Members (the “Voting Members”). The Voting Members shall have the right to vote upon all matters upon which Members have the right to vote under the Act or under this Agreement, in proportion to their respective Percentage Voting Interest ("Percentage Voting Interest") in the Company. The Percentage Voting Interest of a Voting Member shall be the percentage that is derived when the Member’s Voting Capital account is divided by the total of all of the Voting Capital accounts. The Company may issue Class B, Nonvoting Capital (“Nonvoting Capital”). Members may own interests in both Voting Capital and Nonvoting Capital. Members who own interests only in Nonvoting Capital (“Nonvoting Members”) shall have no right to vote upon any matters. Notwithstanding, to the extent otherwise permitted by this agreement, a Nonvoting Member shall have the no right to file or participate in a mediation or an arbitration action, and shall be bound by an amendment to this agreement only if he signs such amendment.