Membership Interest Certificates definition
Examples of Membership Interest Certificates in a sentence
Once Membership Interest Certificates have been issued, they shall continue to be issued as necessary to reflect current Membership Interests held by Members.
In the event that the Company shall purchase any Units of Membership Interest (including Fractional Units), such Units of Membership Interest (or Fractional Units) shall be extinguished, and the Membership Interest Certificates with respect thereto shall be surrendered and cancelled.
Membership Interest Certificates shall be in such form as may be approved by the Members, shall be manually signed by the Members, and shall bear conspicuous legends evidencing the restrictions on transfer and the purchase rights of the Company and Members.
Units of Membership Interest may be evidenced by Membership Interest Certificates (herein referred to collectively as “Membership Interest Certificates” and individually as a “Membership Interest Certificate”), which shall solely be issued, at the written request of any Member or Preferred Holder (as applicable), in accordance with this Section 4.7 and Section 11.17, in the form of Exhibit A.
The Buyer must have received Secretary's certificates from the Company, in form and substance reasonably satisfactory to the Buyer, certifying as to the Company's Organizational Documents, incumbent directors and officers, Membership Interest Certificates ledger and good standing in the jurisdiction of its incorporation and good standing as a foreign corporation in all applicable states.
The Managing Member shall establish reasonable procedures for the delivery and reissuance of Membership Interest Certificates in connection with loss or destruction of Membership Interest Certificates and other eventualities.
Among other matters, such procedures may set forth required fees, indemnification documentation, and signatures (including guarantees thereof) to be obtained from parties requesting reissuance of Membership Interest Certificates.
Membership Interest Certificates shall be consecutively numbered and shall be entered in the books and records of the Company as they are issued and shall exhibit the holder's name, and each Membership Interest Certificate shall bear a restrictive legend as required in Section 14.2 below.
The Membership Interest Certificates represent all the Membership Interests.
All Membership Interest Certificates surrendered for transfer shall be canceled by the Company.