Common use of Classification of Membership Units Clause in Contracts

Classification of Membership Units. A Member’s Membership Interest in the Company shall be designated in Units. Effective as of the Effective Date, there shall be three (3) classes of Membership Units such that: (a) each Unit outstanding immediately prior to the Effective Date owned by a Member who is the holder of record of twenty-one (21) or more Units on the Effective Date shall, by virtue of this Section 8.1 and without any action on the part of the holder thereof, hereafter be classified as a Class A Unit; (b) each Unit outstanding immediately prior to the Effective Date owned by a Member who is the holder of record of at least ten (10) but no more than twenty (20) Units on the Effective Date shall by virtue of this Section 8.1 and without any action on the part of the holder thereof, hereafter be classified as a Class B Unit; and (c) each Unit outstanding immediately prior to the Effective Date owned by a Member who is the holder of record of nine (9) or fewer Units on the Effective Date shall, by virtue of this Section 8.1 and without any action on the part of the holder thereof, hereafter be classified as a Class C Unit. The classification of each Unit as a Class A Unit, Class B Unit or Class C Unit effective as of the Effective Date, as provided in this Section 8.1, shall remain in effect permanently following the Effective Date.

Classification of Membership Units. A Member’s Membership Interest in the Company shall be designated in Units. Effective as of the Effective Date, there shall be three (3) classes of Membership Units such that: (a) each Unit outstanding immediately prior to the Effective Date owned by a Member who is the holder of record of twenty-one forty (2140) or more Units on the Effective Date shall, by virtue of this Section 8.1 6.1 and without any action on the part of the holder thereof, hereafter be classified as a Class A Unit; (b) each Unit outstanding immediately prior to the Effective Date owned by a Member who is the holder of record of at least ten twenty-one (1021) but no more than twenty thirty-nine (2039) Units on the Effective Date shall by virtue of this Section 8.1 6.1 and without any action on the part of the holder thereof, hereafter be classified as a Class B Unit; and (c) each Unit outstanding immediately prior to the Effective Date owned by a Member who is the holder of record of nine twenty (920) or fewer Units on the Effective Date shall, by virtue of this Section 8.1 6.1 and without any action on the part of the holder thereof, hereafter be classified as a Class C Unit. The classification of each Unit as a Class A Unit, Class B Unit or Class C Unit effective as of the Effective Date, as provided in this Section 8.16.1, shall remain in effect permanently following the Effective Date.

Classification of Membership Units. A Member’s Membership Interest in the Company shall be designated in Units. Effective as of the Effective Classification Date, there shall be three (3) classes of Membership Units such that: (a) each Unit outstanding immediately prior to the Effective Classification Date owned by a Member who is the holder of record of twenty-one fifty (2150) or more Units on the Effective Classification Date shall, by virtue of this Section 8.1 6.1 and without any action on the part of the holder thereof, hereafter be classified as a Class A Unit; (b) each Unit outstanding immediately prior to the Effective Classification Date owned by a Member who is the holder of record of at least ten eleven (1011) but no more than twenty forty nine (2049) Units on the Effective Classification Date shall by virtue of this Section 8.1 6.1 and without any action on the part of the holder thereof, hereafter be classified as a Class B Unit; and (c) each Unit outstanding immediately prior to the Effective Classification Date owned by a Member who is the holder of record of nine ten (910) or fewer Units on the Effective Classification Date shall, by virtue of this Section 8.1 6.1 and without any action on the part of the holder thereof, hereafter be classified as a Class C Unit. The classification of each Unit as a Class A Unit, Class B Unit or Class C Unit effective as of the Effective Classification Date, as provided in this Section 8.16.1, shall remain in effect permanently following the Effective Classification Date.