Class B Membership Unit definition
Examples of Class B Membership Unit in a sentence
So long as the Designated Class B Holders in the aggregate hold at least one Class B Membership Unit, no holder of Class B Membership Units who is not a Designated Class B Holder may convert such units to Class A Membership Units without the prior written consent of Designated Class B Holders holding a majority of the outstanding Class B Membership Units then held by Designated Class B Holders (which consent may be granted in each such holder’s sole and absolute discretion).
The stated value of each issued Class B Membership Unit shall be deemed to be $1.00 (the “Stated Value”).
Notwithstanding anything to ----------------------------------- the contrary in this Agreement, Edison will not Transfer any Class B Membership Unit to any Person except by operation of law to a Person who shall have succeeded to Edison's obligations to distribute all previously undistributed Class A Membership Units (including any related Reserved Proceeds) pursuant to the Plan of Reorganization.
Notwithstanding the foregoing, the Distribution Threshold established for any Class B Membership Unit will be not less than an amount equivalent to $12.00 per Unit.
Upon the Effective Date, all of the shares of STAC common stock that are issued and outstanding immediately prior to the Effective Date shall be converted aggregately into one validly issued, fully paid and nonassessable Class B Membership Unit of StarTrak and the Class B Membership Unit of StarTrak into which the shares of STAC common stock are so converted shall be the only Membership Unit of StarTrak that is issued and outstanding immediately after the Effective Date.
Each of the Class A Membership Units, the Class B Membership Unit, and the Class C Membership Units will have the relative preferences, rights, limitations or restrictions as set forth in this Agreement.
The Company shall not issue fractional shares of any Class B Membership Unit.
If the Class C Member becomes a Class C Member as a result of conversion of the Class B Non-Voting Convertible Preferred Membership Units, the Consent Requirement contained in paragraph 6 of the Class B Membership Unit Class Addendum shall be retained by the Class C Member upon conversion.
So long as the Designated Class B Holders in the aggregate hold at least one Class B Membership Unit, no holder of Class B Membership Units who is not a Designated Class B Holder may convert such units to Class A Membership Units without the prior written consent of Designated Class B Holders holding a majority of the outstanding Class B Membership Units then held by Designated Class B Holders (which consent may be granted in each such holder's sole and absolute discretion).
In consideration for the initial contribution of One Hundred Dollars ($100) by Stratosphere and the contributions, transfers and assignments of the Debtor-Contributed Litigation Claims to be made by the Debtors pursuant to the Plan, one Class B Membership Unit and 2,030,000 Class C Membership Units will be issued to Stratosphere on the Commencement Date.