Class I Member definition
Examples of Class I Member in a sentence
Simultaneously with any such conversion, the applicable Class R Member will automatically and without any action on the part of such Class R Member or any other Person be admitted to the Company as a Class I Member and shall cease to be a Class R Member.
Simultaneously with any such conversion, the applicable Class R-I Member will automatically and without any action on the part of such Class R-I Member or any other Person be admitted to the Company as a Class I Member and shall cease to be a Class R-I Member.
Such deemed offer and acceptance procedures described in the immediately preceding sentence shall be deemed to be repeated until either (x) all of the Offered Class I Units are accepted by the Other Class I Members or (y) no Other Class I Member desires to subscribe for more Offered Class I Units.
Each Class I Election Notice may include a statement of the maximum number of Offered Class I Units that such Other Class I Member is willing to purchase and must include an offer to acquire the same percentage of each class or series of Membership Interests included in the Offered Class I Units.
In the event that any Class I Manager ceases to serve as a Manager during his term of office, the resulting vacancy shall be filled by a representative designated by Class I Member.
In any situation where a Class I Member is entitled to exercise the vote for his or her Unit, and there is more than one Owner of such Unit, the vote for such Unit shall be exercised as the co- Owners determine among themselves and advise the Secretary of the Association in writing prior to the vote being taken Absent such advice, the Unit's vote shall be suspended if more than one Person seeks to exercise it.
In the event the Class I Member elects not to proceed with the IPO pursuant to the Initial Request or the Second Request , for a period of six months commencing on the date of such request, the Class II Member shall have the right to require Numerex to purchase all or part of its Outstanding Shares for Fair Market Value.
In the event that the Class I Member elects not to proceed with the IPO pursuant to the First Request or the Second Request, for a period of six months commencing on the date of such request, the Class II Member shall have the right to require that the Class I Member purchase all or a portion of its Outstanding Shares by delivering notice to the Class I Member of the exercise of such right ("Put Notice").
On or about the date hereof, the ------------------------------ Executive will be elected by the Board of Directors to serve as a Class I Member of the Board of Directors to serve until the annual stockholders meeting of the Company in the year 2003.
As part of its Capital Contributions to the Company referenced in Section 5.f. of this Amendment, the Class I Member shall, simultaneously with its execution of this Amendment, execute and deliver to the Company a promissory note substantially in the form attached hereto as Exhibit 2 (the "Promissory Note").