Class B Membership definition

Class B Membership means a Membership Interest in the Company entitled to receive the distributions described in Section 5.03 of this Agreement and those certain voting rights (if any) described in Section 3.04 of this Agreement.
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Class B Membership means a non-equity Membership Interest in the Company which has no distribution rights or voting rights in the Company.
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Class B Membership. Developer is the sole Class B member of the Association and is allocated five (5) votes for each Lot owned by it. Class B membership shall cease on the earlier of: (a) January 1, 2015, OR (b) when Developer no longer owns any Lot, OR (c) upon the Developer's election to terminate Class B membership, which election will be effective upon Developer's filing of written notice thereof in the public records of ▇▇▇▇▇ County, Florida, OR (d) when seventy-five percent (75.0%) of the Lots have been conveyed to Owners, or as otherwise provided in the By-laws. A vote is sometimes herein referred to as a "voting interest".
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Examples of Class B Membership in a sentence

  • Whenever this Agreement provides for the approval or action of the Class B Members, unless specifically stated otherwise, such approval or action shall be made by the Class B Members owning a Majority of the Class B Membership Interest.

  • The Class A Membership Interests and Class B Membership Interests in the Company are set forth on Schedule I.

  • Any successor Manager shall be appointed by a Majority of the Class B Membership Interest prior to the Conversion Date and by a Majority of the Membership Interest on and after the Conversion Date, unless otherwise provided in this Agreement.

  • Each of the Class A Members involved in a Designated Transfer shall be responsible for the filing fees incurred by all Members involved in the Designated Transfer in connection with the initial filings required by the HSR Act in connection with the Designated Transfers (pro rata in proportion to the percentage of Class B Membership Interests each such Class A Member will acquire in connection with the Designated Transfer).

  • All additional funds contributed by the Class B Members shall be contributed as additional capital to the Company by the Class B Members Pro Rata as to the Class B Membership Interest (or in any such other percentages as they shall agree) within ten (10) days of written notification of the need therefor; provided, that no Additional Capital Contributions funded shall be distributed to the Members without the prior written consent of the Class A Member.

  • It has had a reasonable opportunity to ask questions of and receive answers from Investor concerning (A) Investor, (B) the Company, and (C) the Class B Membership Interests, and all such questions have been answered to the full satisfaction of Sponsor Sub.

  • Sponsor Sub understands that the Class B Membership Interests have not been registered under the Securities Act in reliance on an exemption therefrom, and that the Class B Membership Interests must be held indefinitely unless the sale thereof is registered under the Securities Act, or an exemption from registration is available thereunder, and that Investor is under no obligation to register the Membership Interests.

  • Sponsor Sub is acquiring the Class B Membership Interests for its own account and not for the account of any other person and not with a view to distribution or resale to others.

  • No Class A Membership Interests or Class B Membership Interests are subject to preemptive rights or any other similar rights or any liens or encumbrances suffered or permitted by the Company.

  • Except for an amendment of Schedule 4.2(d), an amendment of Annex II to reflect the issuance of additional Class B Membership Interests or a Transfer of Class B Membership Interests, or an amendment in connection with the admission of a new Member, in each case in accordance with the terms of this Agreement, this Agreement may be changed, modified or amended only by an instrument in writing duly executed by all Members.