Bit Designation definition
Examples of Bit Designation in a sentence
For purposes of this Bit Designation, the following terms have the meanings ascribed to them below.
The rights of all Members and the terms of all Bits are subject to the provisions of this Agreement (including any Bit Designation).
Other than pursuant to Section 4.6 or to the terms of any Bit Designation, holders of Common Bits shall have no conversion, exchange, sinking fund, redemption or appraisal rights, no pre-emptive rights to subscribe for any securities of the Company and no preferential rights to distributions.
Subject to the terms of any Bit Designation (including, without limitation, the preferential rights, if any, of holders of any other class of Bits of the Company), distributions shall be paid to the holders of Common Bits on an equal per-Bit basis as of the Record Date selected by the Manager.
All Bits issued pursuant to, and in accordance with the requirements of, this Article III shall be validly issued Bits in the Company, except to the extent otherwise provided in the Delaware Act or this Agreement (including any Bit Designation).
Subject to the terms of any Bit Designation or to the preferential rights, if any, of holders of any other class of Bits, the Company may declare and pay distributions to holders of Bits that consist of (1) Common Bits and/or (2) other securities or assets held by the Company or any of its subsidiaries.
Except as provided in Section 9.2, Section 9.4, or in any Bit Designation, if any, this Agreement may be amended from time to time by the Manager in its sole discretion; provided, however, that such amendment shall also require the affirmative vote or consent of the Manager and the holders of a majority of the then issued and Outstanding Common Bits if such amendment (i) affects the Members disproportionately or (ii) materially and adversely affects the rights of the Members.
Except to the extent expressly provided in this Agreement (including any Bit Designation), no Bits shall entitle any Member to any preemptive, preferential or similar rights with respect to the issuance of Bits.
The rights of the Class [TBD] Common Bits are as set forth in the Operating Agreement and Class [TBD] Bit Designation of the Company, as filed with the Securities and Exchange Commission (“SEC”) as an exhibit to the Company’s Offering Statement (the “Offering Statement”).
Unless otherwise provided in the applicable Bit Designation, the Manager may at any time increase or decrease the amount of Bits of any class or series, but not below the number of Bits of such class or series then Outstanding.