Examples of New Membership Interests in a sentence
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.