Units and Capital Contributions. 2 2.1 Units of Membership Interest 2 2.2 Class A Units 2 2.3 Class B Units 2
Units and Capital Contributions. (a) The Initial Member holds 1,000 Units. The Members may, but shall not be required to, make additional contributions to the capital of the Company; provided, that, no additional contributions to the capital of the Company shall be made without the written consent of the Board of Managers. The Board of Managers shall maintain Schedule I, which shall set forth the number of Units owned by each Member, and amend it as necessary to reflect (i) any transfer of Units permitted hereunder and (ii) the issuance of any additional Units issued in connection therewith. Persons or entities hereafter admitted as additional Members of the Company shall make such contributions of cash, property or services to the Company as shall be determined by the Board of Managers at the time of each such admission. For the purposes of this Agreement, “
Units and Capital Contributions. (a) The Units issued by the Company shall consist of Class A Common Units, Class B Preferred Units, Class C Common Units and Class D Common Units. As of the Execution Date, the Company is authorized to issue up to (a) 100,000 Class A Common Units, (b) 750,000 Class B Preferred Units, (c) 100,000 Class C Common Units and (d) 1,000,000 Class D Common Units (which number shall be automatically increased as contemplated in Section 4.2(e)). The Units shall be uncertificated and shall not be treated as “securities” within the meaning of Article 8 of the Uniform Commercial Code of Delaware. Subject to the terms and conditions set forth in this Agreement and the Contribution and Unit Purchase Agreement, and after giving effect to the Closing and as of the Execution Date, the Company has issued (a) 50,000 Class A Common Units and 95,250 Class C Common Units to CREH and (b) 50,000 Class A Common Units, 750,000 Class B Preferred Units and 4,750 Class C Common Units to Sponsor, in each case, as set forth on the Schedule of Members. As of the Execution Date, there are no issued and outstanding Class D Common Units.
Units and Capital Contributions. (a) All of the Prior Units are hereby converted into 1,000 Units, which are held by the Initial Member. The Members may, but shall not be required to, make additional contributions to the capital of the Company; provided, that, no additional contributions to the capital of the Company shall be made without the written consent of the Managing Member. The Managing Member shall maintain Schedule I, which shall set forth the number of Units owned by each Member, and amend it as necessary to reflect (i) any transfer of Units permitted hereunder and (ii) the issuance of any additional Units issued in connection therewith. Persons or entities hereafter admitted as additional Members of the Company shall make such contributions of cash, property or services to the Company as shall be determined by the Managing Member at the time of each such admission. For the purposes of this Agreement, “
Units and Capital Contributions
