Common use of Single Class Clause in Contracts

Single Class. 3.9.1. Notwithstanding the fact that a Member may hold any combination of Classes of Units or only one Class of Units in a particular Series, the Members of each respective Series shall constitute a single class of Members of such Series for all purposes under the Act and this Agreement, except to the extent this Agreement expressly provides otherwise. Upon Issuance of the Units as provided in this Agreement, the Units shall be deemed to be duly authorized, validly issued, fully paid and nonassessable. 3.9.2. In case the Company or a Series at any time or from time to time after the date hereof shall declare or pay any dividend or make any other distribution on any Class of Units of a particular Series payable in such Units, or shall effect a subdivision or split of any Class of outstanding Units of a particular Series into a greater number of such Units (by reclassification or otherwise than by payment of a dividend in such Units), then, and in each such case, the Company or such Series shall simultaneously take the same proportional action with respect to each other Class of Units of such Series then outstanding. 3.9.3. In case the outstanding Units of any Class of a particular Series shall be combined or consolidated, by reclassification or otherwise, into a lesser number of such Units, then, and in each such case, the Company or such Series shall simultaneously take the same proportional action with respect to each other Class of Units of such Series then outstanding. 3.9.4. Sections 3.9.1, 3.9.2 and 3.9.3 shall not apply to any issuances pursuant to Article XVI.