Examples of Class A Members in a sentence
Net Cash Flow determined by the Manager to be distributed shall be allocated and distributed as follows: · First, one hundred percent (100%) of Net Cash Flow shall be paid to Class A Members until they receive an amount equal to a non-compounded per annum IRR of ten percent (10.0%) on their respective capital contribution (the “Preferred Return”).
Manager(s) PRC, Incorporated By: Xxxxxxx Xxxxxxxx, CEO of PRC, Incorporated EXHIBIT “1” Preferred Allocations and Distributions Preferred Allocations and Distributions From Net Cash Flow All distributions, if any, made to Class A Members will be made in such amounts and at such times as determined by the Manager in its sole discretion and shall not be disbursed more frequently than monthly.
An assignee of a Member's Membership Interest shall be admitted as a substitute member and shall be entitled to all the rights and powers of the assignor, provided that (i) a Majority in Interest of the other Class A Members consent to the admission of such assignee as a substitute member and (ii) the assignee accepts, adopts, approves and agrees, in writing, to be bound by all of the terms and provisions of this Agreement.
No Member shall be permitted to sell, assign, transfer, exchange, mortgage, pledge, grant, hypothecate or otherwise dispose of such Member's Membership Interest, other than to another Member, a descendant of a Member, a trust for the benefit of one or more of a Member or a descendant of a Member or, if the Member is a Trust, to the beneficiary of such Trust, except with the written consent of a Majority in Interest of all of the other Class A Members.
In the event of the death, incompetency or resignation of the Manager, a Majority in Interest of the Class A Members shall elect a replacement.