Examples of New Membership in a sentence
Additional members may only be admitted to the Company through a Certificate of New Membership issuance by the company of new interest in the Company or as otherwise provided in this agreement.
On the Effective Date, as a condition to receiving any distribution of New Membership Interests, all holders of the New Membership Interests shall be deemed parties to and bound by the New Operating Agreement that will be filed with the Plan Supplement and that shall contain customary terms including transfer restrictions, preemptive rights, right of first offer, tag-along rights, drag-along rights, and certain information rights.
Upon the Effective Date, after giving effect to the transactions contemplated hereby, the New Membership Interests of Reorganized Parent shall be governed by the New Organizational Documents.
On the Effective Date, the Reorganized Parent will be authorized to and will issue the New Membership Interests without further notice to or order of the Bankruptcy Court, act or action under applicable law, regulation, order, or rule and without need for any notice to or any vote, consent, authorization, approval, ratification or other action by any Entity or any director, stockholder, securityholder, manager, member, or partner (or board thereof) of any Entity.
The New Membership Interests of Reorganized Parent shall constitute a single class of Equity Security in Reorganized Parent and there shall exist no other Equity Securities, warrants, options, or other agreements to acquire any equity interest in Reorganized Parent.
The New Operating Agreement shall be binding on Reorganized Parent and all parties receiving, and all holders of, the New Membership Interests (whether received under the Plan or otherwise) regardless of whether such parties execute the New Operating Agreement.
To the extent that Cash, New Secured Debt, or New Membership Interests to be distributed under the Plan remain undistributed as a result of the rounding of such fraction to the nearest whole dollar, such Cash or stock shall be treated as unclaimed property under Article VIII.H of the Plan.
New Membership dues received after July 1 are 50% less than the current published dues.
All New Membership Organizations must submit an application for approval as set forth herein.
Any Entity that fails to claim any Cash, New Secured Debt, or New Membership Interests within one year from the date upon which a distribution is first made to such Entity shall forfeit all rights to any distribution under the Plan.