Class B Members. The Manager (or its members and/or their Affiliates) will retain ownership of fifty percent (50%) of the Interests in the Company in exchange for services to the Company. The Class B Interests shall be subordinate to the Class A Interests. The issuance of Class B Interests is irrevocable even if Xxxxxxx Homes Xxxxxxx Loans, LLC is removed or resigns as the Manager of the Company. The Manager reserves the right to allow the Class B members (or their members or Affiliates) to sell, grant, transfer, or convey a minority of the Class B Interests to others without permission of the Class A Members as long as doing so does not: a) dilute the Interests or percentage returns to the Class A Members, or b) allow any Class B Member to exert management control over the Manager. XXXXXXX HOMES XXXXXXX LOANS LLC, its Affiliates or members (and/or their affiliates) may purchase Class A Interests at such value as may be established from time to time on transfer of a Class A Members Interest per Articles 11 or 12 of this Agreement, but they may be allowed to invest less than the minimum investment amount required of other Class A Members, at the Managers sole discretion.
Class B Members. The Manager (or its members and/or their Affiliates) will retain ownership of thirty-five percent (35%) of the Interests in the Company as a carried interest. The Class B Interests shall be subordinate to the Class A Interests. The issuance of Class B Interests is irrevocable even if CARDONE CAPITAL, LLC is removed or resigns as the Manager of the Company. Class B Interest will be issued as founders’ interests, at formation, without consideration. The Manager reserves the right to allow the Class B Members (or their members or Affiliates) to sell, grant, transfer, or convey a minority of the Class B Interests to others without permission of the Class A Members as long as doing so does not: a) dilute the Interests or percentage returns to the Class A Members, or b) allow any other Class B Member to exert management control over the Manager. Cardone Equity Fund V, LLC 4 Operating Agreement CARDONE CAPITAL, LLC, its Affiliates or members (and/or their affiliates) may purchase Class A Interests at such value as may be established from time to time on transfer of a Class A Member’s Interest per Articles 11 or 12 of this Agreement), but they may be allowed to invest less than the minimum investment amount required of other Class A Members, at the Manager’s sole discretion.
Class B Members. Class B Members must hold at least one hundred (100) Class B Units.
Class B Members. The Manager (or its members and/or their Affiliates) will retain ownership of fifty percent (50%) of the Interests in the Company in exchange for services to the Company. The Class B Interests shall be subordinate to the Class A Interests. The issuance of Class B Interests is irrevocable even if TULSA FOUNDERS, LLC is removed or resigns as the Manager of the Company. Tulsa Real Estate Fund, LLC 4 Company Agreement The Manager reserves the right to allow the Class B Members (or their members or Affiliates) to sell, grant, transfer, or convey a minority of the Class B Interests to others without permission of the Class A Members as long as doing so does not: a) dilute the Interests or percentage returns to the Class A Members, or b) allow any other Class B Member to exert management control over the Manager. TULSA FOUNDERS, LLC, its Affiliates or members (and/or their affiliates) may purchase Class A Interests at such value as may be established from time to time on transfer of a Class A Member’s Interest per Articles 11 or 12 of this Agreement), but they may be allowed to invest less than the minimum investment amount required of other Class A Members, at the Manager’s sole discretion.
Class B Members. Class B Members shall be entitled to vote on all matters coming to a vote of the Class B Members. Each Class B Member may cast one vote for each Class B Capital Unit held by the Class B Member on each matter brought to a vote of the Class B Members. On all matters to be voted upon by the Class B Members, the affirmative vote of the holders of a majority of the Class B Capital Units shall be the affirmative act of the Class B Members.
Class B Members. The Manager (or its members and/or their Affiliates) will retain ownership of fifty percent (50%) of the Interests in the Company as a carried interest. The Class B Interests shall be subordinate to the Class A Interests. The issuance of Class B Interests is irrevocable even if Ark Fund Management, LLC is removed or resigns as the Manager of the Company. Class B Interest will be issued as founders’ interests, at formation, without consideration. The Manager reserves the right to allow the Class B Members (or their members or Affiliates) to sell, grant, transfer, or convey a minority of the Class B Interests to others without permission of the Class A Members as long as doing so does not: a) dilute the Interests or percentage returns to the Class A Members, or b) allow any other Class B Member to exert management control over the Manager. Ark Fund Management, LLC, its Affiliates or members (and/or their affiliates) may purchase Class A Interests at such value as may be established from time to time on transfer of a Class A Member’s Interest per Articles 11 or 12 of this Agreement), but they may be allowed to invest less than the minimum investment amount required of other Class A Members, at the Manager’s sole discretion.
Class B Members. The Manager (or its members and/or their Affiliates) will retain ownership of all of the Class B Interests. The issuance of Class B Interests is irrevocable even if the Manager is removed or resigns as the Manager of the Company. Class B Interest will be issued as founders’ interests, at formation, without consideration. The Manager reserves the right to allow the Class B Members (or their members or Affiliates) to sell, grant, transfer, or convey a minority of the Class B Interests to others without permission of the Class A Members as long as doing so does not: a) dilute the Interests or percentage returns to the Class A Members, or b) allow any other Class B Member to exert management control over the Manager. The Manager, its Affiliates or members (and/or their affiliates) may purchase Class A Interests at such value as may be established from time to time on transfer of a Class A Member’s Interest per Articles 11 or 12 of this Agreement), but they may be allowed to invest less than the minimum investment amount required of other Class A Members, at the Manager’s sole discretion.
Class B Members. From and after the date hereof, the Manager, on behalf of the Company, may in the Manager’s sole discretion, from time to time, accept subscriptions for Class B Membership Units, in each case by execution and delivery of a Subscription Agreement and such other agreements and documents as the Manager may deem necessary and appropriate. Each subscriber to Class B Membership Units under this Section 3.1.2 may be admitted by the Manager on behalf of all Members as a Class B Member, provided that such subscriber or assignee, as applicable, shall in writing have accepted and adopted all of the terms and provisions of this Agreement. The parties acknowledge that all of the Class B Members, prior to or as of the Effective Date, accepted subscriptions for Class B Membership Units by execution and delivery, inter alia, of Subscription Agreements for such Class B Membership Units.
Class B Members. To the extent there are remaining funds available for distribution, to the Class B Members, in proportion to the positive balances in their respective Capital Accounts, as determined after taking into account all Capital Account adjustments for the taxable year during which the Liquidation Event or Deemed Liquidation Event occurs (other than those made pursuant to this Section 13.3(d)(iv)).
Class B Members. Class B Members shall have no right to participate in the management of the Company or to receive any information concerning the affairs of the Company and shall not have any other rights of a Member under this Agreement other than to cause Foreign Voting Interests held by any Affiliate of the Company or the Issuer to be voted in accordance with the directions provided by such Class B Members pursuant to Section 3.3(m). The Company will ensure that there are not less than 12 Class B Members at all times. Except as otherwise provided in this Agreement, the Class B Members have no authority to bind the Company.
