Issuance of New Securities. III.8.1.Subject to Section 3.8.2 and to the availability of authorized but unissued Units, the Board may from time to time authorize and cause the Company to issue additional Units, options or warrants to purchase Interests, or any combination of the foregoing, consisting either of the Units authorized hereby or as otherwise may be authorized in accordance with the terms hereof (collectively, “New Securities”), and with such terms and conditions and in exchange for such cash or other lawful consideration as it may determine; provided, however, no Member shall have any obligation to contribute additional capital to the Company. Any such New Securities will be issued pursuant to subscription agreements and such other documents deemed appropriate by the Board. Any such New Securities shall be subject to the pre-emptive rights set forth in Article VII of this Agreement. Notwithstanding any terms or provisions to the contrary, the following shall not be “New Securities” and shall not be subject to the terms of this Section 3.8.1:
Appears in 3 contracts
Samples: Operating Agreement, Operating Agreement, Operating Agreement
Issuance of New Securities. III.8.1.Subject to Section 3.8.2 and to the availability of authorized authorized, but unissued Units, the Board may from time to time authorize and cause the Company to issue additional Units, options or warrants to purchase Interests, or any combination of the foregoing, consisting either of the Units authorized hereby or as otherwise may be authorized in accordance with the terms hereof Equity Securities (collectively, “New Securities”), and with such terms and conditions and in exchange for such cash or other lawful consideration as it may determine; provided, however, no Member shall have any obligation to contribute additional capital to the Company or to purchase any New Securities offered by the Company. Any such New Securities will be issued pursuant to subscription agreements and such other documents deemed appropriate by the Board. Any such New Securities shall be subject to the pre-emptive rights set forth in Article VII of this Agreement. Notwithstanding any terms or provisions to the contrary, the following shall not be “New Securities” and shall not be subject to to, and may be issued without regard to, the terms of this Section 3.8.1:
Appears in 2 contracts
Samples: Operating Agreement, Operating Agreement
