Class M Units Sample Clauses

Class M Units. Class M Units are reserved for the Manager, its Affiliates, business partners, services providers, and other Persons in the sole discretion of the Manager. The Company shall be authorized to issue 100 Class M Units. Members holding Class M Units shall have the rights and responsibilities as outlined in this Agreement. The Manager may amend this Agreement at any time to provide for the issuance and creation of additional classes of Units without the vote or consent of the Members. Issued Units shall be set forth in book form and maintained either by the Manager or a transfer agent appointed by the Manager as it determines appropriate in its sole discretion.

Class M Units. It is the intention of the Company and the Members that distributions in respect of Class M Units be limited to the extent necessary so that each Class M Unit constitutes a “profits interest”, and accordingly, no holder of a Class M Unit shall be entitled to receive distributions in respect of any Class M Unit (other than Tax Distributions) unless and until, the aggregate distributions made to all Members pursuant to this Agreement following the issuance of such Class M Units equals or exceeds the sum of the Participation Threshold with respect to such Class M Units and the amount of all Capital Contributions (if any) made on or after the date of such issuance (to the extent such Distribution Threshold has not been adjusted by the Board to reflect such Capital Contributions).

Class M Units. Class M Units are reserved for the Manager, its Affiliates, business partners, services providers, and other Persons in the sole discretion of the Manager. The Company is authorized to issue as many Class M Units as necessary, in the sole discretion of the Manager. Members holding Class M Units shall have the rights and responsibilities as outlined in this Agreement. Class AA, Class A, Class B, and Class C Membership Interests shall collectively comprise fifty percent (50%) and Class M Membership Interests shall collectively comprise fifty percent (50%) of the total Membership Interests in the Company, with Membership Interest percentages for individual Members of each class shall be calculated as set forth in Section 2.1(ff) above. The Manager may amend this Section at any time to provide for the issuance and creation of additional classes of Units (or the removal or modification of classes of Units for which no Units have yet been issued) without the vote or consent of the Members provided, provided that (i) no such amendment shall result in any reallocation of income, gain, loss, distributions, or liquidation proceeds that is materially adverse to any Member, including any Individual Retirement Account or Individual Retirement Annuity described in § 408 of the Internal Revenue Code, and (ii) no such amendment shall be applied in a manner that would cause any IRA investor to engage in a prohibited transaction within the meaning of § 4975 of the Internal Revenue Code. The Manager, or the Company’s designated Transfer Agent, will maintain an updated list of all Members. The Manager or one or more of its Affiliates may be admitted to the Company as a Member solely in its capacity as an investor by purchasing Units in the Company on the same terms and conditions applicable to other investors acquiring the same Class of Units. Units issued in respect of a Manager Capital Contribution shall have the same rights, preferences, and obligations as Units of the same Class issued to other investors and shall not be issued at a discount, with preferential economics, or on terms more favorable than those applicable to such investors. Additionally, neither the Manager nor any of its Affiliates shall receive Units of the Company in satisfaction of fees, reimbursements, advances, or loans. All fees, reimbursements, and other amounts payable to the Manager or its Affiliates shall be paid solely in cash when due, and no such amounts shall be satisfied, offset, converted, o...

Class M Units