Class B Interests definition

Class B Interests. As set forth in the Trust Agreement.

Class B Interests shall have the meaning set forth in Section 3.1(a).

Class B Interests means Class B Profits Interests (as such term was defined in the Initial LLC Agreement), all of which have been reclassified into Common Units pursuant to the Reorganization Agreement and this Agreement.

Examples of Class B Interests in a sentence

• The Manager has the sole and exclusive authority to grant, convey, sell, transfer, hypothecate, disassociate or otherwise dispose of all or a portion of its Class B Interests without input or vote of the Class A Members.

• The Class B Interests shall be subordinate to the Class A Interests.

• With respect to each Mortgage Pool, if (and to the extent that) the sum of (a) the principal payments comprising the Principal Remittance Amount received during the Due Period and (b) the Realized Losses, are insufficient to make the necessary reductions of principal on the Class A and Class B Interests, then interest will be added to the Mortgage Pool’s other Interests that are not receiving Principal Relocation Payments, in proportion to their principal balances.

• The Manager reserves the right to allow the Class B Members (or their members or Affiliates) to sell, grant, transfer, or convey a minority of the Class B Interests to others without permission of the Class A Members as long as doing so does not: a) dilute the Interests or percentage returns to the Class A Members, or b) allow any other Class B Member to exert management control over the Manager.

• If (and to the extent that) the limitation in paragraph (c) prevents the distribution of principal to the Class A and Class B Interests of a Mortgage Pool, and if the Mortgage Pool’s Class C Interest has already been reduced to zero, then the excess principal from that Mortgage Pool will be paid to the Class C Interests of the other Mortgage Pools, the aggregate Class A and Class B Interests of which are less than one percent of the Pool Subordinated Amount.

More Definitions of Class B Interests

Class B Interests has the meaning set forth in the Recitals.

Class B Interests shall have the meaning ascribed thereto in Section 2.4(a) hereof.

Class B Interests refers to the membership interests of the Class B Members in the Company, including all Percentage Interests, Financial Rights and Membership Rights applicable thereto, if any.

Class B Interests means the Interests in the Partnership having the rights and obligations set forth in this Agreement with respect to Class B Interests and issued pursuant to Sections 3.02 and 4.07, as set forth on Exhibit A hereto.

Class B Interests shall have the meaning set forth in the recitals hereto.

Class B Interests means that portion of the Interests that represents the equity interests of certain Sellers in the Target with respect to the GWOG Properties, and the rights and obligations of which are set forth in the Target Operating Agreement.

Class B Interests has the meaning set forth in the Existing Operating Agreement.