Class B Membership Interests definition

Class B Membership Interests means the membership interests in the Company that are initially held by Mehetia and having the rights described in the Company LLC Agreement.

Class B Membership Interests means the Interests in the Company designated as Class B Membership Interests as provided in Section 3.1(a) of this Agreement having the terms provided in this Agreement.

Class B Membership Interests is defined in Section 3.1(b).

Examples of Class B Membership Interests in a sentence

• Beal are the beneficial owners of the Company’s Class B Membership Interests through Affiliate ETX Management #1 LLC, which is also the Manager of the Company.

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

• 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.

• 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.

More Definitions of Class B Membership Interests

Class B Membership Interests has the meaning assigned to such term in the Company LLC Agreement.

Class B Membership Interests has the meaning set forth in Section 3.1 of this Agreement.

Class B Membership Interests means Membership Interests owned by Class B Members.

Class B Membership Interests will be converted to Class A Membership Interests on the earlier of the date on which the Company (or its successor) files a registration statement for the public sale of interests in the Company (or shares of a successor), under the Securities Act of 1933, upon approval by a majority of the Class A Shares Issued of (a) a sale, lease, assignment, transfer, or other conveyance of all or substantially all of the assets of the Company, or (b) a merger, combination, or dissolution of the Company. The conversion shall be reflected by amending Exhibit A to reflect the admission of the Class B Members as Class A Members of the Company and holding the same number of Class A Shares as the number of Class B Shares previously held by such Class B. Members.

Class B Membership Interests mean for each Member the number of Class B Membership Interests set forth on Schedule A opposite such Member’s name.

Class B Membership Interests. The Class A Membership Interests and the Class B Membership Interests shall be identical in all respects, except that the Class A Membership Interests shall have voting rights and the Class B Membership Interests shall not have voting rights. All or any portion of the Class A Membership Interests may be converted and reclassified by the holder thereof, at any time, into an equal number of Class B Membership Interests.

Class B Membership Interests has the meaning established in the DVSL Operating Agreement.