Intermediate Member definition
Examples of Intermediate Member in a sentence
Each of IP, Spinco, xpedx Intermediate and xpedx has all necessary corporate or limited liability company power and authority to execute and deliver this Agreement and each Transaction Agreement to which it is a party, to perform its obligations hereunder and thereunder and, subject to the receipt of the Spinco Stockholder Approval and xpedx Intermediate Member Approval, to consummate the Transactions.
The Members further acknowledge and agree that to the extent the number of Class A common shares issued by the Corporation exceeds the number of Holdings Units issued to the Corporation (such excess shares, the “Excess Class A Shares”), the Company will issue (or has issued) corresponding units to the Corporation (a “Corporation Mirror Unit") or an Intermediate Member (a “Intermediate Mirror Unit,” and, together with the Corporation Mirror Units and the Holdings Mirror Units, the “Mirror Units”).