Common use of Non-Voting Membership Interests Clause in Contracts

Non-Voting Membership Interests. Pursuant to Section 1123(a)(6) of Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”), the Company will not issue non-voting Membership Interests (which shall not be deemed to include any warrants or options or similar instruments to purchase Membership Interests); provided, however, that this Section 6(b): (i) will have no further force or effect beyond that required under Section 1123 of the Bankruptcy Code; (ii) will have such force and effect, if any, only for so long as Section 1123 of the Bankruptcy Code is in effect and applicable to the Company or any of its wholly-owned subsidiaries; and (iii) in all events may be amended or eliminated in accordance with applicable law as from time to time in effect, including if determined by the Members in accordance with Section 7(a)(ii)(A) of the Agreement, if the Members have not so determined, as determined by the Sole Member from time to time.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (Noble Drilling (Norway) As), Limited Liability Company Agreement (Noble Drilling (Norway) As)

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Non-Voting Membership Interests. Pursuant to Section 1123(a)(6) of Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”), the Company will not issue non-non- voting Membership Interests (which shall not be deemed to include any warrants or options or similar instruments to purchase Membership Interests); provided, however, that this Section 6(b6(a): (i) will have no further force or effect beyond that required under Section 1123 of the Bankruptcy Code; (ii) will have such force and effect, if any, only for so long as Section 1123 of the Bankruptcy Code is in effect and applicable to the Company or any of its wholly-owned subsidiaries; and (iii) in all events may be amended or eliminated in accordance with applicable law as from time to time in effect, including if determined by the Members in accordance with Section 7(a)(ii)(A) of the Agreement, if the Members have not so determined, as determined by the Sole Member from time to time.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Noble Drilling (Norway) As)

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Non-Voting Membership Interests. Pursuant to Section 1123(a)(6) of Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”), the Company will not issue non-voting Membership Interests (which shall not be deemed to include any warrants or options or similar instruments to purchase Membership Interests); provided, however, that this Section 6(b6(a): (i) will have no further force or effect beyond that required under Section 1123 of the Bankruptcy Code; (ii) will have such force and effect, if any, only for so long as Section 1123 of the Bankruptcy Code is in effect and applicable to the Company or any of its wholly-owned subsidiaries; and (iii) in all events may be amended or eliminated in accordance with applicable law as from time to time in effect, including if determined by the Members Managers in accordance with Section 7(a)(ii)(A) of the Agreement, if the Members Managers have not so determined, as determined by the Sole Member from time to time.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Noble Drilling (Norway) As)

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