OPERATING AGREEMENT OF YS RE RAF I LLC Dated as of December 14, 2021Operating Agreement • December 16th, 2021 • Ys Re Raf I LLC • Real estate investment trusts • Delaware
This OPERATING AGREEMENT OF YS RE RAF I LLC, is dated as of __________. Capitalized terms used herein without definition shall have the respective meanings ascribed thereto in Section 1.1 or Section 13.1.
YS RE RAF I LLC A Delaware Limited Liability Company SUBSCRIPTION AGREEMENTSubscription Agreement • December 16th, 2021 • Ys Re Raf I LLC • Real estate investment trusts • New York
THE COMMON SHARES (“SHARES”), WHICH REPRESENT LIMITED LIABILITY COMPANY INTERESTS, OFFERED BY THE COMPANY SUBJECT TO THIS SUBSCRIPTION AGREEMENT (THIS “SUBSCRIPTION AGREEMENT”) ARE SECURITIES WHICH HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). THE SHARES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED TO ANY PERSON AT ANY TIME IN: (A) THE ABSENCE OF (1) AN EFFECTIVE REGISTRATION STATEMENT COVERING SUCH SHARES UNDER THE ACT; OR (2) AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED; OR (B) A MANNER INCONSISTENT WITH THE TERMS OF THE SHARES OR THE OPERATING AGREEMENT (DEFINED BELOW), ALL OF WHICH ARE INCORPORATED HEREIN BY REFERENCE. ANY CAPITALIZED OR DEFINED TERMS NOT DEFINED HEREIN SHALL HAVE THE MEANING GIVEN TO SUCH TERMS IN THE OFFERING CIRCULAR WITH FILE NUMBER (____-_________) QUALIFIED BY THE SEC ON [_____], AS MAY BE AMENDED, RESTATED, SUPPLEMENTED OR OTHERWISE MODIF
