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Common use of Related Covenants Clause in Contracts

Related Covenants. (1) The Company shall provide at least fifteen (15) days prior written notice to a Class A Member of a proposal to distribute voting or equity securities to any Member or to repurchase voting or equity securities from any Member. (2) If, in connection with a Regulatory Problem, at any time as a result of any repurchase, redemption or conversion of Company Securities or otherwise, a Class A Member shall hold in excess of 4.99% of any class of voting Securities of the Company, the portion of such Class A Member’s Securities of each such class of Securities entitling such Class A Member to in excess of 4.99% of the voting power of such class shall, without further action on the part of the Class A Member or the Company, be deemed to be non-voting Securities.

Appears in 3 contracts

Samples: Operating Agreement (Bloom Energy Corp), Operating Agreement (Bloom Energy Corp), Operating Agreement (Bloom Energy Corp)

Related Covenants. (1) The Company shall provide at least fifteen (15) [***] days prior written notice to a Class A Member of a proposal to distribute voting or equity securities to any Member or to repurchase voting or equity securities from any Member. (2) If, in connection with a Regulatory Problem, at any time as a result of any repurchase, redemption or conversion of Company Securities or otherwise, a Class A Member shall hold in excess of 4.99% of any class of voting Securities of the Company, the portion of such Class A Member’s Securities of each such class of Securities entitling such Class A Member to in excess of 4.99% of the voting power of such class shall, without further action on the part of the Class A Member or the Company, be deemed to be non-voting Securities.

Appears in 1 contract

Samples: Operating Agreement (Bloom Energy Corp)