Common use of Conversion of Membership Interests Clause in Contracts

Conversion of Membership Interests. At the Effective Time, by virtue of the Merger, and without any action on the part of the holders thereof: 1.2.1. Each of the units of RCP membership interest ("RCP Units") held by RCP members as described in Appendix A (the "RCP Members"), which shall be outstanding immediately prior to the Effective Time and other than RCP Units which are dissenting units, shall cease to be outstanding and shall be converted into shares of common stock, $.01 par value, of Parent ("Parent Common Stock") at a ratio of Three Thousand (3,000) shares of Parent Common Stock for each one (1)